Globalization creates positive impacts on taxation throughout the nations. One of the most obvious advantages is that businesses or individuals have the ability to carry on operations in countries outside of its country of residence. Businesses look to transfer their production of businesses in order to generate their products at a lower cost or enable them to be taxed at a lower rate. For this reason, tax havens are developed in countries worldwide. Tax havens are considered territories where certain taxes are levied at a low rate or not at all (Tax). These tax havens allow businesses to take advantage of the lower tax rates in other countries, creating tax incentives for countries to move their developing businesses there. These tax havens also give incentive for the everyday person to live there. Many businesses or individuals may be hesitant, however, to operate its businesses in other countries due to being taxed by both the country of residence and the country that the business arises. However, in order to promote globalizing businesses and avoid double taxation, countries enter into double taxation agreements. For example the Double Taxation Agreement between Australia and the United States facilitated trade and investment and improved efficiency in capital markets and capital movements (Impact). If some countries are not in double taxation agreements, they may look forward to other promising tax incentives, such as tax holidays. Tax holidays are considered one of the most popular tax incentives among developing countries because these holidays allowexemptionsfrom paying taxes for a certain period of time (Tanzi). Tax havens, Double taxation agreements, and tax holidays may all be considered advantageous to globalizing countries.

Bloomfield Township residents file class action lawsuit disputing taxation

Cryptocurrency Could End Taxation

The advent of Bitcoin and blockchain technology has made government taxation obsolete, given how difficult cryptocurrency can be to identify and trace.

In 2007, Secretary of State Ross Miller introduced his deputy, Matt Griffin, to the longtime lobbyist for the Nevada Taxpayers Association.

"I'd like to introduce you to Carole Vilardo," Miller told him. "If you ever testify inaccurately, Carole will correct you.

Griffin told Vilardo he was pleased to meet her and added, "I hope I never hear you testify after me.

Without missing a beat, Vilardo looked at Griffin and declared, Thats what they all say.

Not anymore.

After three decades of providing authoritative testimony on tax policy, of providing invaluable counsel to lawmakers, lobbyists and journalists, Vilardo is retiring. Words that have lost all meaning through overuse - one of a kind, end of an era, living legend - acquire new resonance when it comes to thisĀ sui genrisĀ capital staple.

It's not a matter of whether Vilardo can be replaced; you will find no one who thinks this is possible. It's contemplating just what she has meant to the legislative process and what will be lacking going forward.