The dilemma of international tax arbitrage
Author: Shay Nisan Menuchin
Publisher:
Published: 2005
Total Pages: 518
ISBN-13:
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Author: Shay Nisan Menuchin
Publisher:
Published: 2005
Total Pages: 518
ISBN-13:
DOWNLOAD EBOOKAuthor: Nigel Feetham
Publisher: Spiramus Press Ltd
Published: 2011
Total Pages: 209
ISBN-13: 1907444432
DOWNLOAD EBOOKPress coverage has often shown little understanding of the distinction between tax avoidance and tax evasion, describing the legitimate behaviour of taxpayer banks, financial institutions and multinational businesses in emotive terms and often inaccurately. This book aims to look at tax arbitrage, and demystify its practice.
Author: Luca Dell'Anese
Publisher:
Published: 2006
Total Pages: 270
ISBN-13: 9788823841314
DOWNLOAD EBOOKAuthor: Jakob Bundgaard
Publisher: Kluwer Law International B.V.
Published: 2016-11-15
Total Pages: 498
ISBN-13: 9041183183
DOWNLOAD EBOOKFinancial innovation allows companies and other entities that wish to raise capital to choose from a myriad of possible instruments that can be tailored to meet the specific business needs of the issuer and investor. However, such instruments put increasing pressure on a question that is fundamental to the tax and financial systems of a country – the distinction between debt and equity. Focusing on hybrid financial instruments (HFIs) – which lie somewhere along the debt-equity continuum, but where exactly depends on the terms of the instrument as well as on applicable laws – this book analyses their treatment under both domestic law and tax treaties. Key jurisdictions, including the EU, some of its Member States, and the United States, are covered. Advocating for a broader scope of application of HFIs as part of the financing of companies in Europe alongside traditional sources of debt and equity financing, the book addresses such issues and topics as the following: • problems associated with the debt-equity distinction in international tax law; • cross-border tax arbitrage and linking rules; • drivers behind the use and design of HFIs; • tax law impact of perpetual and super maturity debt instruments, profit participating loans, convertible bonds, mandatory convertible bonds, contingent convertibles, preference shares and warrant loans on HFIs; • financial accounting treatment; • administrative guidance; • influence of the TFEU on Member States’ approaches to classification of HFIs; • interpretation of the Parent-Subsidiary Directive by the European Court of Justice; • applicability of the OECD Model Tax Convention; and • implications of the OECD Base Erosion and Profit Shifting (BEPS) project. Throughout this book, the analysis draws upon preparatory works, case law, and legal theory in English, German, and the Scandinavian languages. In conclusion, the author considers tax policy issues, and identifies and outlines possible high-level solutions. Actual or potential users of HFIs will greatly appreciate the clarity and insight offered here into the capacity and tax implications of HFIs. The book not only examines whether existing legislation is sufficient to handle the issues raised by international HFIs, but also provides an in-depth analysis of the interaction between corporate financing and tax law in the light of today’s financial innovation. Corporate executives and their counsel will find it indispensable in the international taxation landscape that is currently coming into view, and academics and policymakers will hugely augment their understanding of a complex and constantly changing area of tax law.
Author: Reuven Shlomo Avi-Yonah
Publisher: Foundation Press
Published: 2019
Total Pages: 731
ISBN-13: 9781683286509
DOWNLOAD EBOOKIn 2017, the U.S. adopted the most far reaching changes to its international tax laws since 1962. This updated edition reflects these changes and provides law teachers with a relatively simple, easy to use casebook to teach U.S. international taxation. The field is notoriously complex, more so, perhaps, than any other area of Federal tax law. The focus is on how the details of the tax law fit into a broader structure, which is described in the introduction. The book enables students to fit the particular issues they are working on into a larger context, to develop an intuition for where the problem areas may lie.
Author: Kieran Tahir
Publisher:
Published: 2020
Total Pages: 112
ISBN-13:
DOWNLOAD EBOOKThis thesis conducts a critique of the political economy of international tax arbitrage. It seeks to address a limitation within the tax avoidance literature, which generally fails to critically examine the role of states and the state system in facilitating this widespread practice. Recognising that the practice of tax avoidance is ideologically and functionally grounded in the concept of arbitrage, this thesis calls for the reconceptualisation of tax avoidance as tax arbitrage. In doing so it draws upon a body of literature dedicated to political economic analysis, emphasising the entrenchment of the financial logic of arbitrage within state institutions. It adopts Aotearoa New Zealand as a case study to elucidate state-level justifications for the tax competitive behaviour that facilitates the global regime of tax arbitrage. This thesis seeks to establish that tax arbitrage is not merely peripheral behaviour as commonly suggested within mainstream academic discourse. It does so by providing an account of the global apparatus, institutions and logical foundations of the offshore financial network within which international tax arbitrage takes place. It demonstrates the extensive planning and coordination that is characteristic of this global network. Furthermore, this thesis argues that the actions of the wealth managers and offshore clientele that utilise this network have engendered a radical transformation of the state form that is today fundamental to the operation of the global economy. Governments around the world are significantly impacted by the loss in revenue that this has brought about, inhibiting their ability to provide essential services, undermining democratic legitimacy and threatening the rule of law. Against a backdrop of soaring global inequality, this thesis seeks to understand the key political and economic dynamics that prevent tax arbitrage from being effectively challenged. In light of such consequences, this thesis argues for the development of policy mechanisms capable of effectively regulating tax arbitrage. Ultimately, this thesis presents a progressive internationalist vision for the taxation of capital in order to curtail the dominance that the tax arbitrage regime has over the global political landscape.
Author: Reuven S. Avi-Yonah
Publisher: Cambridge University Press
Published: 2007-09-10
Total Pages: 224
ISBN-13: 9780521852838
DOWNLOAD EBOOKThis book explains how the tax rules of the various countries in the world interact with one another to form an international tax regime: a set of principles embodied in both domestic legislation and treaties that significantly limits the ability of countries to choose any tax rules they please. The growth of this international tax regime is an important part of the phenomenon of globalization, and the book delves into how tax revenues are divided among different countries. It also explains how U.S. tax rules in particular apply to cross-border transactions and how they embody the norms of the international tax regime.
Author: Gaspar Lopes Dias V.S.
Publisher: Kluwer Law International
Published: 2015
Total Pages: 0
ISBN-13: 9789041158758
DOWNLOAD EBOOKThis book explores tax arbitrage opportunities resulting from financial engineering techniques with cross-border financial instruments such as hybrids, synthetics, and non-traditional financial instruments. Firstly the author clarifies the concept of three kinds of complex financial instruments, and thereafter he discusses the most adequate tax treatment of these instruments in cross-border situations. For this purpose he identifies economic substance as an objective benchmark for the taxation of financial instruments to achieve greater international tax neutrality, and examines the role of the expected return taxation theory. The book also contains a comparative analysis of relevant developments in a number of jurisdictions, including Australia, Belgium, Brazil, Luxembourg, Portugal, UK and USA.
Author: Luca Dell'Anese
Publisher:
Published: 2005
Total Pages: 684
ISBN-13:
DOWNLOAD EBOOKAuthor: Mark Brabazon
Publisher: Cambridge University Press
Published: 2019-05-02
Total Pages: 417
ISBN-13: 1108492258
DOWNLOAD EBOOKThis book identifies a set of principles and corresponding tax settings that countries may apply to cross-border income derived by, through, or from a trust and will appeal to international tax practitioners, administrators, policymakers, academics, and students.