In recent years, the international tax planning strategies of multinationals have become a source of – often heated – debate. This course provides learners with the tools to become fully informed participants in the debate by explaining the foundations and practice of international tax law as well as addressing current developments and the ethical aspects of tax planning.
Interview Antonio Russo
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Из курса от партнера Universiteit Leiden
Rethinking International Tax Law
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Tax planning & ethical dimensions
This sixth and last module will be about the ethical aspects of tax planning. Prof. Douma will be interviewing a number of key stakeholders in the current debate to reflect on what we have learned in the previous modules. In addition, you will find the final exam which will enable you to complete the course.
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Prof. Dr. Sjoerd DoumaFaculty of Law
International Tax Center
Thank you very much for your time today, Antonio.
Could I ask you perhaps to briefly introduce yourself?
>> Sure.
Thank you, Sjoerd for this opportunity.
My name is Antonio Russo.
I'm with Baker & McKenzie in Amsterdam.
I am Italian, national Italian.
Lived different places in different stages of my life.
Now it's been almost 13 years in Holland.
I'm responsible for the transfer pricing practice of Baker & McKenzie.
Locally and in the Netherlands.
But I have a broader global and regional responsibility.
>> In the international text planning debate, we see a lot of different views.
What would be your own opinion?
>> Well, that, of course, is a very sensitive topic.
And.
There are multiple stakeholders involved, the of course Government,
we have taxpayers, but beyond that is the public opinion that is
weighed in tremendously especially in the last few years,
beyond public opinion is of course is the interest of specific countries.
Emerging economies.
We have non-governmental organizations that are weighing in as well.
So the debate is indeed something that cannot escape
the attention of anyone involved in the world of taxation.
I must say that my views have to be
qualified in the sense that I believe that the reason it.
To look more closely at the world of taxation today.
There is a need of probably refreshing some of the rules.
Maybe revisiting some of the rules.
Of course, that is dictated by on the one hand, the phenomenon on erosion.
And profit shifting, but that I think we need to
make sure that we understand it's limited to certain situations,
so it's not as diffused as people maybe feel,
from articles that are being published, from the public debate.
At the same time, I think we need to understand that we have dominated,
as Western economies, the global access to resources.
For a very long time compared to what other countries,
that are now emerging, have done.
And, there is a shift In the balance of power clearly, and
that is something that is impacting the debate on taxation.
Lastly, I think the other thing I mentioned is tax competition and that is
probably in around especially to Europe where what we have seen is the that.
The European community has created a void of powers
with the member states in connection with the levers of economic policy.
So fiscal policy paradoxically is a very powerful weapon.
And we have some watchdogs, of course the commission on competition.
And the international community because of the attention on taxation and on.
But yet tax competition is happening.
And that is an important information that explains certain reactions,
explains positions that are taken by governments.
So it's all of this that is happening at the same time and
it's what makes it very complex.
And very interesting.
>> So do you think that the international debate
is mainly about a conflict of interests between countries?
Between old economies and new economies?
Or do you think there is also a moral dimension in companies,
in tax advisors such as yourself in the current debate?
Yeah, it's a bit of everything as a matter of fact.
It's certainly the positioning between
jurisdictions that have relied on foreign investments investments, and
still intend to rely on foreign investments.
For those jurisdictions, it is important to be attractive.
And tax is one component of business cost and a very important one.
So of course you can expect that there are countries are trying to attract also
creating incentives from a tax perspective.
The question there is.
Are they stepping beyond that line which is being harmful
vis-a-vis other jurisdictions?
Are they stepping beyond the line, especially in the European community which
is really breaching the door to competition issues?
So effects state aid.
That's what we are talking about.
Then of course the other dimension and important one in terms of balance of power
between emerging markets and traditional economies that have grown.
And they have in the regional state or play out base, maybe others.
And now they're resilient, but stable and the ones that are growing very fast.
I think one important aspect is of course, moral issues now.
Where are they important?
They are important in connection with all this taxation.
If we see taxation as a form of contribution for
the use of the system, country system, which is the legal system,
which is the infrastructure, which is the schools, which is the resources that are.
Put the disposal of the citizens, then you can see a moral issue there,
because in fact if you are not paying what you are supposed to pay
then you could damage that system.
And that is where the moral aspect could come into play, but
I want to emphasize that, again, we are talking about exceptional situations here.
It is not the norm.
Then in terms of you introducing the mention, tax payers,
tax authorities, community tax advisors, of course also there.
There is an ethical issue.
And especially the ones that are regulated by bodies,
such as, I don't know, bodies Attorneys, or Accountants.
Ethics are very important.
And we are reminded very often of that and
it goes down to the values at the end of the day.
And, in terms of how that impacts the day-to-day basis, we always think about.
What is the impact of what we do?
And that is, of course, an important dimension.
>> So you spoke about values of your firm, your personal values.
Do you think there is a need to take those values into account
when giving professional tax advice?
To clients because you are, after all, a partner in a global law firm.
>> Well I think one thing is personal values, individual values, and
one thing is the ethics of your profession.
So, it's very important to distinguish between the two.
And I always rely on the ethics.
I believe the correct ethics in what I do, and what I do for my clients.
Certainly I'm aware of the broader implications of what happens and
again, in some cases, It may be necessary to really question
whether in fact you can be engaged on specific assignments.
But as I said, I think we need to distinguish in our profession.
We are professionals.
And we need to distinguish without the individual values and without the business
ethics, and what is important in connection with the business ethics.
Because individual values of course are also influenced by your political views
and that shouldn't play a role in your advice.
>> So Antonio, you told us a little bit about yourself.
For 13 years you've been living in The Netherlands.
Could I perhaps ask you at the end of this interview a more personal question?
And that question would be, what drives you personally in your profession?
>> My [LAUGH] main drivers relate to
the fact that this business is a people business.
And I really love being in
contact with people, and I really love understanding companies and
business models and seeing how companies operate.
So these are two main drivers, but I would say the fact that this is the people
business predominantly drives my efforts.
>> Great. Thank you very much for this.
>> You're welcome.
Thank you.
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