Towards a new architecture for progressive international capital taxation

Authors

  • Valpy FitzGerald Emeritus Professor of International Development Finance, University of Oxford

DOI:

https://doi.org/10.46661/rec.10712

Abstract

The application and operation of the Global Anti-Base Erosion (GloBE) Rules agreed at the OECD and released in December 2021 have both strengths and weaknesses for developing countries. Now is the time to address directly the multilateral institutional "architecture" in relation to international tax negotiations. Despite the current geopolitical tensions, the nature of climate change and increased possibility of future health pandemics have made the need for global public goods provision – and thus global tax coordination – even more necessary. Moreover, the GloBe rules reflect the underrepresentation of non-OECD members in the process of the "Inclusive Framework," as evidenced by their absence in key committee leadership, paucity of specialised delegates and lack of explicit voting rights. Therefore, it is correct to welcome the recent UN resolution to work towards a worldwide Tax Convention.

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Author Biography

Valpy FitzGerald, Emeritus Professor of International Development Finance, University of Oxford

Valpy FitzGerald was trained as an economist at Oxford (BA, 1968) and Cambridge (PhD, 1972). Between these two degrees he worked for The Economist. Valpy was Assistant Director of Development Studies at Cambridge (1973-79), Professor of Development Economics at Erasmus University Rotterdam (1980-91) and Professor of International Development Finance at Oxford (1992-2014). Since retirement he is Emeritus Professor of Oxford University and Emeritus Fellow of St Antony´s College.
During his professional career Professor FitzGerald acted as macroeconomic adviser to a number of Latin American governments; as well as several United Nations agencies and the OECD. He acted as adviser on international investment to the newly formed UK Department for International Development 1997-2002, contributing to the seminal 2000 White Paper Eliminating World Poverty: Making Globalization Work for the Poor.
Valpy has a close relationship with progressive Spanish academic economics, having held the Queen Victoria Eugenia chair at the Universidad Complutense (Madrid) 1995-6 and 1996-7; receiving the Gabarrón Prize in Economics in 2007 and an Honorary Doctorate from the Complutense in 2014. He was elected Honorary President of the Sociedad de Economia Mundial in 2015.
Currently, he serves as a commissioner – with colleagues Piketty, Zucman, Ocampo and Stiglitz - on the Independent Commission on the Reform of International Corporate Taxation (ICRICT): www.icrict.org. Since its formation in 2015, the Commission has influenced international negotiations on global corporate tax reform, and is now working on the effective taxation of private wealth.
Valpy continues to actively research the relationship between income and wealth on the one hand, and macroconomic policy and international finance on the other.

References

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Published

2024-06-28

How to Cite

FitzGerald, Valpy. 2024. “Towards a New Architecture for Progressive International Capital Taxation”. Revista De Economía Crítica, no. 37 (June):174-83. https://doi.org/10.46661/rec.10712.

Issue

No. 37 (2024): Primer semestre 2024 - Una visión actualizada de la globalización

Section

Globalization: an updated perspective

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Copyright (c) 2024 Revista de Economía Crítica

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