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Yet, for returns on financial investment, one could assert that since the residence principle applies, high national tax rates do not lead to capital flight because returns on investment abroad are taxed in the same way as returns on domestic investment. Nevertheless, it should be borne in mind that even this situation can be counteracted by moving the private or company residence abroad or by creating letter-box firms. Moreover, since due to the Tax Reform 2000, the foreign dividends of share owners also benefit from the shareholder relief system, it is easier for German investors to take advantage of international differences in corporate tax rates (Schreiber, 2000).

In the light of these developments and due to the fact that the EU plans to harmonize the corporate income tax base, tax competition is likely to become even fiercer. A reform of German corporate income taxation is therefore urgently required. 5 The Non-Transparent and Complicated German Tax System An additional argument for the need to reform the German tax system is related to the lack of structure and clarity which characterizes the tax system. A redesign of the German tax system is imperativ, for the present tax law is criticized to be rather complicated, non-transparent and inefficient.

Therefore, at present, the measures which aim at improving Germany’s standing as an investment location are of vital importance as a step towards overcoming the economic slump. An additional argument for the need to reform the German tax system is the lack of structure and clarity which characterizes the current tax system. A redesign of the German tax system is imperative, as the present tax law is complicated, non-transparent and inefficient. For example, a recent study by the World Economic Forum (2005), ranks Germany last among 104 surveyed countries regarding the ‘efficiency of the tax system’.

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An introduction to the theory of games by E. S. Venttsel'


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