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Financial and Fiscal PoliciesCrises and New Realities$
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Y. V. Reddy, Narayan Valluri, and Partha Ray

Print publication date: 2014

Print ISBN-13: 9780199452651

Published to Oxford Scholarship Online: November 2014

DOI: 10.1093/acprof:oso/9780199452651.001.0001

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Taxation and Regulation of the Financial Sector

Taxation and Regulation of the Financial Sector

Chapter:
(p.295) Chapter 13 Taxation and Regulation of the Financial Sector
Source:
Financial and Fiscal Policies
Author(s):

Y.V. Reddy

Narayan Valluri

Partha Ray

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199452651.003.0013

The global financial crisis resulted in renewal of interest in taxation of financial sector. The main focus of such interest was to tax financial sector to defray the fiscal costs of bailout of finance sector in the past or likely to be incurred in future. There is a debate on the extent of under-taxation of financial sector and distortions caused in the financial sector by the tax system. In this context, there is renewed interest in Tobin tax. This interest was, perhaps, in the context of public outcry in advanced economies. To achieve regulatory objectives It is possible to envisage taxes that dissuade excess leverage. However, there are elements of current tax system which may contribute to excessive financialisation, including volatility in financial markets. The chapter, thus, argues for a need to consider regulation and taxation in an integrated manner for policy purposes.

Keywords:   taxation of the financial sector, Tobin tax, G-20, tax distortions in financial sector, regulation of the financial sector

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