In the sixteenth century, the Spanish Empire was larger and "more powerful than any other European state since the Roman Empire.", A historian of that time period said, "[t]he sun never sets on the dominion of the King of Spain." Tax historian Charles Adams asserted that Imperial Spain's failure to reform its tax system significantly contributed to its demise
Lester, Eugene E.
"International Transfer Pricing Rules: Unconventional Wisdom,"
ILSA Journal of International & Comparative Law: Vol. 2
, Article 13.
Available at: http://nsuworks.nova.edu/ilsajournal/vol2/iss1/13