Full text: Taxation of foundations in Europe

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costs due to legal fragmentation are far too high and the global competition emposed by 
American or Chinese companies that do not face this problem will further increase the 
pressure.  
? Once the crisis is over the Member States and the European Union itself will have to con-
solidate their budgets. As a result, tax regimes will have to levy more taxes. The fetish to-
ward the stock exchange and the financial sector has lost its cult-like status, hence a who-
le ideology is undergoing a setback. Those who claim the predominance of the State over 
the market and who have become aware of the importance of the real economy are now 
raising their voices and require that the virtual finance sector recognises its part of 
responsibility and make its contribution in cleaning up the mess. If individual measures 
undertaken are questioned with the argument that capital is very mobile and will always 
be in a position to avoid taxation anyway, it is the general framework enabling this tax 
avoidance that needs to be changed. 
 
As things stand today, it seems illusionary to hope for a change of this general framework. 
However, history teaches us that attitudes sometimes change quicker than one may expect - 
especially in times of crisis.
        

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