Experts: Stricter Legislation for IFCs Would be Counterproductive for EU Attractiveness
The UK Institute of Economic Affairs policy research organisation has published a paper emphasising the positive functions of international financial centres in facilitating global trade and investment. Experts have stressed the importance of working together to reach a conclusion that both acknowledges their effectiveness and regulates all activities accordingly. The call for a rational debate surrounding their role comes directly from the UK in hopes to strengthen the EU and improve protocols within the Eurozone.
The report states IFCs' tax neutrality helps mitigate the risk of double taxation, while the attacks on them by European politicians are more likely to be manipulation and a desire to eradicate any competitive tax jurisdictions outside the EU.