The Taxation Paradox: It’s Global, Not Local

Conventional wisdom suggests that taxation is a jurisdictionally specific discipline. For those advising private clients, the economic implications of taxation are a critical foundation for incorporating taxes in wealth management. Understanding the intricacies of a specific country's tax code,...

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Bibliographic Details
Published inThe journal of wealth management Vol. 15; no. 4; pp. 29 - 40
Main Authors Horan, Stephen M., Johnson, Robert R., Robinson, Thomas R.
Format Journal Article
LanguageEnglish
Published London Pageant Media 01.04.2013
Subjects
Asset allocation
Asset liability management
Asset management
Citizenship
Codes
International taxation
Investment advisors
Investment policy
Portfolio management
Professionals
Studies
Taxation
Taxes
Wealth management
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Summary:Conventional wisdom suggests that taxation is a jurisdictionally specific discipline. For those advising private clients, the economic implications of taxation are a critical foundation for incorporating taxes in wealth management. Understanding the intricacies of a specific country's tax code, however, provides little insight into the economic implications of taxes and how they impact risk, return, and investment strategy. Therefore, tax-efficient asset management is a global rather than local discipline. At its most basic level, tax on investment and capital is imposed by governments in a finite number of ways. Rather than becoming experts in local tax codes, wealth managers should understand the economic principles of taxation that apply globally to avoid making decisions that may be tax wise but pound foolish. [PUBLICATION ABSTRACT]
ISSN:1534-7524
2374-1368
DOI:10.3905/jwm.2013.15.4.029