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Part VII Facilitating Cross-Border Investing, 26 Removing Cross-border Tax Barriers

Loredana Carpentieri, Stefano Micossi

From: Capital Markets Union in Europe

Edited By: Danny Busch, Emilios Avgouleas, Guido Ferrarini

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 18 April 2024

Banks and cross-border issues — Capital markets — Financial regulation

To achieve a fully fledged capital market union, many legal and regulatory obstacles must be confronted and removed in order to harvest the full benefits of the freedom of capital movements. Amongst these obstacles, capital market investors and member states continue to single out withholding tax procedures as a long-standing and highly damaging barrier to cross-border investment. This chapter first analyzes the contents of the freedom of circulation of capital and the consequent prohibition of restrictions. It then considers tax derogations expressly envisaged to the free circulation of capital and the tax hurdles to cross-border investments, which mainly arise from withholding taxation of interest and dividend incomes and attendant procedures.

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