Global Tax Governance: Work in Progress?

Abstract

The international financial crisis which broke out in 2008 has had a major impact on fiscal sustainability of countries all over the world. Countries have responded to the global recession with varying measures. However, various initiatives regarding fiscal policy have been taken at the global level as well, and several policies with implications for national tax policy and law are conducted at that level. Quite obviously, they cannot be referred to as - international tax law. It would be more appropriate to see them as a hesitant beginning of a form of - global tax governance. The present contribution focuses on such governance activities at the level of the Group of Twenty (G-20), the Organization for Economic Cooperation and Development (OECD), the United Nations (UN), the International Monetary Fund (IMF) and the World Trade Organization (WTO). Although the gradual emergence of global tax governance is unavoidable in an ever more interdependent and globalized world, this contribution will demonstrate that a number of important challenges lie ahead in order to ensure an evolution towards a more legitimate and effective global tax governance.