New PDF release: A Comparative Look at Regulation of Corporate Tax Avoidance

By Karen B. Brown (auth.), Karen B. Brown (eds.)

ISBN-10: 9400723415

ISBN-13: 9789400723412

ISBN-10: 9400723423

ISBN-13: 9789400723429

This quantity offers a desirable examine the anti-tax avoidance options hired by way of greater than fifteen international locations in jap and western Europe, Canada, the Pacific Rim, Asia, Africa, and the us. It surveys the similarities and modifications in anti-avoidance regimes and comprises specific chapters for every kingdom surveying the ethical and felony dimensions of the matter. The proliferation of tax avoidance schemes in recent times indications the worldwide dimensions of an issue proposing a significant problem to the potent management of tax legislation. Tax avoidance consists of unacceptable manipulation of the legislation to procure a tax virtue. those transactions aid wasteful habit within which businesses input into complicated, circuitous preparations completely to reduce tax legal responsibility. It frustrates the facility of governments to assemble adequate profit to supply crucial public items and providers. Avoidance of duly enacted provisions (or manipulation to safe tax advantages accidental via the legislature) poses a danger to the powerful operation of a loose society for the advantage of a small crew of contributors who search the privilege of moving their tax burden onto others purely to compete on the earth of trade. In a global within which international treasuries fight for the assets to conflict terrorist threats and to safe a good lifestyle for components tax avoidance can convey economies with regards to the sting of sustainability. As tax avoidance is without doubt one of the most sensible issues of so much countries, the significance of this paintings can't be overstated.

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Extra resources for A Comparative Look at Regulation of Corporate Tax Avoidance

Example text

71 44 M. Cashmere facts, than was apparent from the approach of the High Court in Hart. In this case, a subsidiary of Macquarie Bank issued a complex stapled security consisting of a redeemable preference share in Macquarie Bank and an interest bearing note in the finance subsidiary, in order to strengthen the Bank’s tier 1 capital. Ultimately, the security holder could only be repaid by selling the redeemable preference shares. The issue was whether the interest on the notes was deductible, and, if it were, whether Part IVA applied to deny that deductibility.

Failure to disclose is subject to an initial penalty of £5,000 and up to £600 per day. Disclosure must be made on the date the tax avoidance scheme is ready for implementation. The reference number received by the promoter upon disclosure must be included in the tax return of each client-participant in the transaction. The Treasury has listed eight areas in which it has announced an intention to challenge schemes in court. The UK provisions appear to have achieved the desired effect. While nearly 2,000 disclosures had been made by 2009 (the reporting regime began in full force in 2006), the rate of disclosure has decreased in subsequent years.

But more recently this dichotomy has been rejected. 40 Lord Hoffmann said: [I]t has occasionally been said that the boundary . . can be defined by asking whether the taxpayer’s actions constituted (acceptable) tax mitigation or 37 The approach of the court to awarding costs is illustrated by Bazaniak v DCT [1999] FCA 864. 38 Administrative Decisions (Judicial Review) Act 1997. 39 [1968] 2 NZLR 513. 40 [2001] UKHL 6; [2001] 1 All ER 865 at para 62: position confirmed by House of Lords in Barclays Mercantile Business Finance Ltd v Mawson (Inspector of Taxes) [2004] UKHL 51; [2005]1 AC 684.

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A Comparative Look at Regulation of Corporate Tax Avoidance by Karen B. Brown (auth.), Karen B. Brown (eds.)

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