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In particular, countries were vying with one another to offer foreign multinationals the most attractive tax rate in an effort to attract investment.
Hundreds of foreign firms register in Liechtenstein to take advantage of its attractive tax laws.
That will keep municipal bonds an attractive tax shelter for wealthy investors — if they choose carefully.
"Our attractive tax system would be meaningless without a strong banking system," Mr. Sarris said.
By using the proceeds to reduce a less attractive tax, the result could be "revenue-neutral".
KPMG, an accountancy firm, describes this to clients as a shareholder-less "orphan entity" with "particularly attractive" tax advantages.
Similar(17)
Among these policies are low attractive corporate tax rates and tax breaks for new local and foreign corporations.
Second, other countries like the United Kingdom become attractive foreign tax locations because they operate under a territorial system that does not tax profits earned outside of the home country.
"But it is more politically attractive to tax these kinds of things.
Other accountants said the sale of the commission woods would make forestry more attractive for tax reasons.
These include Frankfurt, which is home to the European Central Bank and the financial capital of Europe's biggest economy, and Dublin with its attractive corporate tax rates, as well as Amsterdam and Luxembourg.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com