Taxing portfolio income in global financial markets

'Taxing Portfolio Income in Global Financial Markets', the second book in the IBFD Academic Council's Doctoral Series, examines the taxation of portfolio income (dividends, interest and capital gains) in the context of global financial markets. Its goal is twofold: to offer an explanation of the current patterns of international taxation in this area, and to provide a normative analysis of what the patterns should look like. To that end, the author makes a survey of the system called 'global financial market', the theory underlying international portfolio income taxation and the current practices of countries in taxing such income. Intergovernmental cooperative patterns in areas adjunct to taxation - such as trade, bank and securities regulation, and money laundering - are presented and contrasted with the findings concerning international taxation. The discussion ends with tentative conclusions regarding the forces that shape the patterns of cooperation observed generally in international taxation. It offers answers to several key questions and outlines the likely shape of developments to come.