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date: 04 December 2020

Abstract and Keywords

The purpose of this article is to provide an overview of the different ways of treating taxation in modern investment treaties and the underlying policies and tensions reflected in the variations of treaty regulation of tax disputes. Unlike in the 1970s, when the main issues were expropriation and transfer pricing by multinational enterprises, at present, the economic role of the state has changed from direct intervention to an indirect rule. It is no longer the exercise of public ownership or direct commands to supervised private operators, but the manipulation of the levers of economic, environmental, and fiscal regulation which are the main instruments to influence the economic environment. Direct public ownership has transformed itself into the ‘regulatory state’. Therefore, it is the regulatory function of the state and how it impacts on foreign investment that is most relevant.

Keywords: taxation, modern investment treaties, policies, treaty regulation, tax disputes, multinational enterprises

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