During the financial crisis, G20 countries compelled tax havens to sign bilateral treaties providing for exchange of bank information. Policymakers have celebrated this global initiative as the end of bank secrecy. Exploiting a unique panel dataset, our study is the first attempt to assess how...

This paper studies the effect of sales tax changes on internet and catalog sales. We collect sales data from a retailer that sells its products through its internet and catalog channels. We analyze the retailer's sales before and after a major tax cut in one of the largest metropolitan areas in...

We provide a tradeoff model of the capital structure that allows leverage to be a function of a firm’s choice of tax aggressiveness. The model’s testable implications are supported empirically. Debt use is inversely related to corporate tax aggression for most firms, and the relation is...

In order to combat against the phenomenon of tax evasion, the Government has to make choices that imply a significant change of its traditional modus operandi with regard to firms with large debts and tax liabilities

A special stamp tax has been introduced in Italy on financial assets declared on the basis of provisions regulating the «Scudo Fiscale» (Tax Shield Act). The new tax will apply to taxpayers who took advantage of the tax shield in the past and decided to keep the declared assets segregated

Italian savings is a necessary condition for economic growth and employment development and for this reason it deserves respect and appreciation. It must be supported both by the State and banks and financial intermediaries with initiatives aimed to improve communication, financial education and...

Over the years, the fiscal discipline of the real estate investment funds has been affected by various regulatory measures with the aim to introduce a favourable tax treatment and to prevent their misuse

Italy has recently introduced a financial transactions tax, applied on a range of financial assets, from equities to derivatives, with an emphasis on high frequency trading

Unobserved economy indicates all the productive activities that are beyond the sources of the data normally used to implement National Accounts, thus compromising the comprehensiveness of GDP. This paper aims to survey the five areas that compose the unobserved economy: underground economy,...

This paper investigates the relatively new concept of "individual enterprise", the reason behind its occurrence, how it was perceived by entrepreneurs, its advantages and disadvantages compared to those of companies, how to establish one, accounting and taxation issues of this form of...