This book is the only in-depth analysis of VAT to focus on exemptions as a whole. Ten insightful chapters - by economists, lawyers, legal academics, and government tax advisors from a wide variety of jurisdictions - grapple with the essential questions: Are VAT exemptions desirable? Are they avoidable? Are alternative legal designs possible? Are such alternatives necessary? What new problems do such designs give rise to? The authors emphasize in particular the design alternatives to exemptions that characterize 'modern' VAT and the newly proposed 'post-modern' VAT, both those that are already in operation in some countries and others that have not yet been attempted anywhere in the world. Among the core issues discussed are the following: 'out-of-scope' supplies and suppliers; merit or concessional exemptions for, e.g., charities, healthcare, cultural activities, and education services; and 'technical' exemptions applied to, e.g., gambling, immovable property, financial and insurance services.

No study of Black people in America can be complete without considering how openly discriminatory tax laws helped establish a racial caste system in the United States, how they were designed to exclude blacks from lucrative markets and the voting franchise, and how tax laws extracted and redistributed vast sums of black wealth. Not only was slavery nearly a 100% tax on black labor, so too was Jim Crow apartheid and tax laws specified the peculiar institution as "negro slavery." The first instances of affirmative action in the United States were tax laws designed to attract white men to the South. The nineteenth-century Federal Tariff indirectly redistributed perhaps a majority of the profits from slavery from the South to the North and is the principle reason the Confederate states seceded. The only constitutional amendment obtained by the Civil Rights Movement is the Twenty-Sixth Amendment abolishing poll taxes in federal elections. Blending traditional legal theory, neoclassical economics, and a pan-African view of history, these six interrelated essays on race and taxes demonstrate that, even in today's supposedly post-racial society, there is no area of human activity where racial dynamics are absent.

This book does not present a single philosophical approach to taxation and ethics, but instead demonstrates the divergence in opinions and approaches using a framework consisting of three broad categories: tax policy and design of tax law; ethical standards for tax advisors and taxpayers; and tax law enforcement. In turn, the book addresses a number of moral questions in connection with taxes, concerning such topics as: * the nature of government * the relation between government (the state) and its subjects or citizens * the moral justification of taxes* the link between property and taxation* tax planning, evasion and avoidance * corporate social responsibility* the use of coercive power in collecting taxes and enforcing tax laws * ethical standards for tax advisors * tax payer rights * the balance between individual rights to liberty and privacy, and government compliance and information requirements * the moral justification underlying the efforts of legislators and policymakers to restructure society and steer individual and corporate behavior.

This collection of essays critically evaluates the legal framework necessary for the use of autonomous ships in international waters. The work is divided into three parts: Part 1 evaluates how far national shipping regulation, and the public international law background that lies behind it, may need modification and updating to accommodate the use of autonomous ships on international voyages. Part 2 deals with private law and insurance issues such as collision and pollution liability, salvage, limitation of liability and allocation of risk between carrier and cargo interests. Part 3 analyses international convention regimes dealing with maritime safety and other matters, arguing for specific changes in the existing conventions such as SOLAS and MARPOL, which would provide the international framework that is necessary for putting autonomous ships into commercial use. The book also takes the view that amendment of international conventions is important in the case of liability issues, arguing that leaving such matters to national law, particularly issues concerning product liability, could not only restrict or hinder the availability of liability insurance but also hamper the development of technology in this field. Written by internationally-known experts in their respective areas, the book offers a holistic approach to the debate on autonomous ships and makes a timely and important contribution to the literature.

This book provides an analysis and comparison of international insolvency rules, maritime laws and their inevitable intersection in maritime cross-border insolvencies. Until today, the on-going shipping crisis resulted in the insolvency of numerous shipping companies all over the world. The tensions arising between the legal systems of maritime and insolvency law, paired with conflicts of law in maritime insolvencies, are a major source of legal uncertainty and risk. In 2010, the Comite Maritime International installed an international working group on international maritime insolvencies and until today it is work in progress. This book gives an overview on maritime insolvencies, with a focus on Germany, England & Wales and the USA, and assesses the chances of achieving meaningful harmonization in the complex scenarios, where ships as mobile assets add a further complication to international insolvency proceedings.

EU investment in China has increased dramatically since the early 1990s and is poised to increase further in light of Chinas recent accession to the World Trade Organisation. This book explores and critically appraises the existing legal framework governing EU-China investment relations,particularly EU investment in China. The current legal framework is composed of Chinese law, EU law and applicable international law, but the Chinese law is unsystematic and hard to discover and the EU has acquired only shared external investment competence which is vaguely defined. The applicable international treaties are incomplete, incoherent, or either too general or too specialised. Besides this, the international fora to settle investment disputes are still not readily available. Furthermore while law has played a very important role in decision-making by EU investors, the Chinese legal system is generally perceived as ineffective and lacking in effective enforcement of court and arbitration decisions. What the book demonstrates is that the time is ripe for a new international legal framework for foreign investment in China, and that as EU-China economic and political relations continue to improve, construction of such a framework is not only necessary, but also possible.

This textbook deals with the foundations and key issues of corporate insolvency law and approaches the topic from a comparative perspective, i.e. it does not concentrate on one insolvency law in particular but rather introduces the relevant rules from various jurisdictions, primarily England (and Wales), France, Germany, and those of the USA. It is case focused and designed for learning and teaching corporate insolvency law.

Thirteen national jurisdictions are covered in depth in this book. There are also general chapters on the global impact of merger legislation in the European Union and the United States, tax regimes, and private international law. Among the salient factors discussed in context as they arise are the following: a company's debt-to-equity ratio; the role of hedge funds; the role of private equity firms; and, currency mismatches. The authors, each an expert in his or her own country's insolvency law regime, provide precise information on the eligibility requirements, restrictions, and other provisions of the laws they discuss. They also analyze the important relevant cases in their jurisdictions. The jurisdictions covered in this book include: Argentina; Australia; Brazil; Canada; England and Wales; France; Hong Kong; India; Italy; Japan; Poland; Turkey; and, USA.

The European Commission's proposed Common Consolidated Corporate Tax Base (CCCTB) is the most ambitious project in the history of direct taxation within the EU. While retaining the right of Member States to set their own corporate tax rate, the proposed system allows for a 'one-stopshop' for filing tax returns and consolidating prof its and losses across the EU. In this book - the first to offer guidance to practitioners whose work will be affected by these new developments - 19 prominent representatives of the business community, tax consultancy, academic taxation scholarship and tax administration discuss the proposed system's rationale, structure and uncertainties, ranging from very technical aspects, to the wording of the proposal, to political considerations. These topics include the following: eligibility; formation of a group; the concept of 'permanent stablishment'; foreign tax credits; 'dual resident' companies; consequences of entering and leaving; depreciation of fixed assets; repackaged asset transfers; appeals procedure; disagreements among Member States; subsidiarity and the 'yellow card procedure'; international aspects and tax treaties; sharing mechanism and transfer pricing; and anti-abuse rules.

Despite the fact that business representatives need to be familiar with EU customs law and that authorities face hundreds of cases of remission and repayment on a daily basis, until now there has been no book explaining how these procedures work. There is also a need for detailed knowledge of the variety of situations with regard to remission and repayment which are not covered in the legislation but in the jurisprudence of the Court of Justice of the European Union. This authoritative analysis by three leading practitioners in this complex area of law clearly describes what procedures to follow, what legislation to rely upon, and how to effectively invoke the case law on remission and repayment created by the Court of Justice. In great detail the authors explain the administrative procedure before the customs authorities and the European Commission, and also describe the possible judicial phase before national courts and the Court of Justice. They provide an overview of how the consolidated body of EU customs legislation and case law is interpreted in different EU countries, with in-depth focus on the particular remission and repayment procedures - from initial request to appeal - in three different jurisdictions. All of the following elements and much more are covered: * the current regulatory framework of the EU customs system; * definitions of importation and exportation under the Community Customs Code; * requirements for an application of remission and repayment; * difference between an appeal against the customs debt and remission and repayment; * examples of error of the customs authorities; * good faith of the operator; * examples of good faith in the remission and repayment context; * the concept of a 'special situation'; * remission or repayment of duty for goods rejected by the importer as defective; * preparation of the dossier by the national customs authority and its transmission to the European Commission; * appeals before the General Court of the European Union and Court of Justice of the European Union; * rights of defence in case of unfavourable decisions; and * the role of the European Ombudsman. The numerous lawyers, advisors, agents, and others who will greatly appreciate this book include EU and third-country trade lawyers and agents, compliance managers of export-import companies, officials of EU Member States and of international organizations dealing with customs issues, and traders and authorities of third countries that export goods to EU Member States. All will find here a constant resource that can be relied upon to answer virtually any pertinent question likely to arise.

The Cayman Islands is one of the world's leading jurisdictions for the establishment of offshore trusts. However, it is not easy for a practitioner to approach the drafting of a Cayman Islands trust instrument with confidence. This eminently practical book solves that problem to near perfection. Arranged as a collection of precedents, with each provision of every precedent explained in detail, "Drafting Cayman Islands Trusts", could hardly make the drafting process easier. The drafter learns the advantages and potential pitfalls associated with each provision as he or she prepares to draft it. The authors provide specific language, although individual variations (based on the authors' expert guidance) are encouraged. The precedents covered include the following: Discretionary trusts (with and without protectors); Interest in possession trust; Reserved powers trust; Charitable trust; STAR trusts; and, Appointments and retirements of trustees. For additional convenience, the precedents are also provided in Word format on a CD-ROM that comes with the book. The detailed annotation answers such key questions as the following: Are hostile beneficiaries clauses valid? Do automatic flee clauses work? What powers can a settlor reserve? How can STAR trusts be used to protect trustees holding high-risk assets? Would STAR trusts be recognised in other jurisdictions? How can one restrict a beneficiary's right to information and trust documents? Can the appointment of a foreign trustee discharge a retiring Cayman trustee? What indemnities should retiring trustees request from successors? As a systematic approach to drafting Cayman Islands trusts, this book will be of immeasurable day-to-day value to practitioners and administrators alike.

This book explores the concepts of sustainability and governance in relation to the governance of corporations - hence the ubiquity of the term corporate governance - and other bodies. It examines how these concepts are regularly used by politicians and by the media. The two concepts are however largely treated as being separate and discrete, and given equal coverage. The argument in this book is that the two concepts are inter-related and that good governance is a prerequisite for sustainability. The focus of the book therefore is different from most, as it seeks to integrate these two important issues. The approach used in this book is based on the tradition of the Social Responsibility Research Network - a worldwide body of scholars that, over its 20-year history, has sought to broaden the discourse and to treat all research as inter-related and business-relevant. The book examines diverse aspects of the changes to corporate and institutional behaviour that have recently manifested by focusing on these two aspects of sustainable development. Thus, the authors explore engagement and partnership between organisations, in order to consider the extent to which the focus has changed so much that we need to think about new approaches to our understanding of sustainability and differing effects in practice. The international mix of authors makes this an original contribution, sharing some of the best ideas from around the world.

This book analyzes the legal system for the protection of retail investors under the European Union law of investment services. It identifies the regulatory leitmotiv driving the EU lawmaker and ascertains whether and to what extent such a system is self-sufficient, using a set of EU-made and EU-enforced rules that is essentially different and autonomous from the domestic legal orders. In this regard, the book takes a double perspective: comparative and intra-firm. Given the federal dimension of the US legal system and, thus, the "role-model" it plays vis-a-vis the EU, the book compares the two systems. To fully highlight the existing gaps and measure how self-sufficient the EU system is against its American counterpart, the Union/Federal level as such is analyzed - i.e., detached from the national (in EU terms) and State (in US terms) level. Regulating Investor Protection under EU Law also showcases the unique intra-firm perspective from a European investment firm and analyzes how EU-produced public-law rules become a set of compliance requirements for investment services providers. This "within-the-firm" angle gauges the self-sufficiency of the EU system of retail investor protection from the standpoint of an EU-regulated entity. The book is intended for both compliance professionals and academic scholars interested in this topic while also including illustrative sections intended to provide a broader regulatory view for less-experienced readers.

This book provides a discussion of some of the most pressing challenges facing EU integration: political and economic governance, constitutional status and citizenship. It does so by discussing the work of one of the most original Portuguese voices in EU studies, Francisco Lucas Pires. In his swan song, here translated into English for the first time, Lucas Pires critically discusses the Treaty of Amsterdam, dissecting the process of its enactment, and its wider consequences for the EU. His profound, original and premonitory observations are commented on in this book by six young, prominent EU law scholars from different research areas. The result is an original and sagacious reflection, aimed both at researchers of EU law and policymakers alike, on the victories and shortcomings of the European project, providing refreshing views on a significant but often-neglected moment in the EU's history, as well as new avenues of critical thinking for the development of European integration. Martinho Lucas Pires is Ph.D. Candidate at Nova School of Law Lisbon, Assistant lecturer at Catolica Law School Lisbon, and Counsel at DLA Piper ABBC Advogados Lisbon, Portugal. Francisco Pereira Coutinho is Associate Professor and Vice-Dean at Nova School of Law Lisbon, Faculty of Law of the NOVA University of Lisbon, Portugal.

"International Finance in Korea is a practical guide for foreigners about the Korean financial system and the Korean law on international finance. The author, former General Counsel of Asian Development Bank and now serving as senior advisor for Kim & Chang, has extensive experience in international finance and legal writing. The book is written in a very concise and informative manner concentrating on matters of particular interest to foreigners. The first chapter of the book reviews the Korean legal system and the Korean governmental structures. The second and third chapters of the book examine relevant provisions in the Civil Code and the Commercial Code of Korea, the two primary basic laws on civil and commercial matters. The fourth chapter of the book takes up the Korean financial system and elaborates on the business scopes and functions of different financial institutions in Korea and their interrelationships. The fifth chapter of the book addresses major international finance-related transactions in relation to Korean law including participation, financial derivatives transactions, infrastructure financing, aircraft financing, foreign investment, disclosure of securities ownership, public offering of securities, tender offer, securities lending, marketing and sale of foreign securities to Korean residents, prohibited securities trading activities, bills of exchange and promissory notes. The remaining chapters discuss other subject matters of relevance to international finance such as foreign exchange regulations, insolvency proceedings, enforcement of rights, conflict of laws, taxation, and legal opinions. The foreign exchange regulations of Korea affect all cross-bordertransactions and, therefore, must be dealt with adequately in any transactions between foreign parties and Korean parties. Insolvency laws have become increasingly important for the sufficient protection of credit-providing institutions. The chapters on enforcement of rights and conflict of laws are concerned with legal remedies available to foreign parties for defaults of Korean counterparties. The taxation chapter provides essential information about the Korean tax laws applicable to international finance-related transactions. The final chapter on legal opinions discusses essential points to look after in obtaining legal opinions from Korea on finance-related transactions. A detailed index by subject matter has been included at the end of the book. The book, thus, provides the answers to all questions frequently encountered by foreigners regarding the Korean law on international finance. "International Finance in Korea is of great interest to not only those engaged in finance-related businesses involving Korea but also lawyers assisting these businessmen and academics in the field of international finance or comparative law. The book is unique in introducing Korean law to the international community since there has been no general publication in English about Korean law.

With the creation of a single global market in financial services, the effective regulation of banks at the international level has become essential. This work offers a comprehensive examination of the development and structure of the provisions for the control of international financial markets. It explores the background to the major financial crises of the late 20th-century and the nature of the global response, beginning with the collapse of the Bretton Woods system of managed exchange rates and the resulting establishment of the Basel Committee on Banking Supervision in 1974. The author describes the structure and operation of the Committee and examines both the content of its core supervisory papers and the development of its more general regulatory programme. The emergence of increasingly complex international banking and financial conglomerates has required a fundamental revision of the traditional sector-based methods of supervision and regulation. The book examines the difficulties associated with the cross-border and cross-sector regulation of such groups and assesses the international response to these problems. Financial crises in Asia and elsewhere during the late 1990s generated further anxiety concerning the stability of the international financial market place. The causes of the crises are accordingly examined and the various responses adopted as part of an international financial architecture analysed in detail. This book addresses all the major factors involved in international banking supervision, conglomerate control and financial stability together in a single text. It should prove a useful reference and analytical tool for all those specializing in international banking and financial market control.

Global finance is in the middle of a radical transformation fueled by innovative financial technologies. The coronavirus pandemic has accelerated the digitization of retail financial services in Europe. Institutional interest and digital asset markets are also growing blurring the boundaries between the token economy and traditional finance. Blockchain, AI, quantum computing and decentralised finance (DeFI) are setting the stage for a global battle of business models and philosophies. The post-Brexit EU cannot afford to ignore the promise of digital finance. But the Union is struggling to keep pace with global innovation hubs, particularly when it comes to experimenting with new digital forms of capital raising. Calibrating the EU digital finance strategy is a balancing act that requires a deep understanding of the factors driving the transformation, be they legal, cultural, political or economic, as well as their many implications. The same FinTech inventions that use AI, machine learning and big data to facilitate access to credit may also establish invisible barriers that further social, racial and religious exclusion. The way digital finance actors source, use, and record information presents countless consumer protection concerns. The EU's strategic response has been years in the making and, finally, in September 2020 the Commission released a Digital Finance Package. This special issue collects contributions from leading scholars who scrutinize the challenges digital finance presents for the EU internal market and financial market regulation from multiple public policy perspectives. Author contributions adopt a critical yet constructive and solutions-oriented approach. They aim to provide policy-relevant research and ideas shedding light on the complexities of the digital finance promise. They also offer solid proposals for reform of EU financial services law.

"Most VAT systems exclude public bodies from the scope of value added tax (VAT) systems. However, a movement to include public sector bodies within the GST system to some extent or even fully (as in New Zealand) is gaining momentum, and underlies the European Commission's 2011 study on the treatment and economic impact of exemptions in the public interest. Whether the present EU treatment really is as bad as some of its critics suggest, and whether the New Zealand model really is so perfect that jurisdictions with exclusion models ought simply to replace these existing systems with a New Zealand style system: these are the questions which triggered this research and which form the basis for the critical analysis contained in this book."

The arm's length principle serves as the domestic and international standard toevaluate transfer prices between members of multinational enterprises for taxpurposes. The OECD has adopted the arm's length principle in Article 9 of itsModel Income Tax Convention in order to ensure that transfer prices betweenmembers of multinational enterprises correspond to those that would have beenagreed between independent enterprises under comparable circumstances. Thearm's length principle provides the legal framework for governments to have theirfair share of taxes, and for enterprises to avoid double taxation on their profits.

Ever since Korea succumbed to the East Asian economic crisis in 1997, its financial sector has been restructuring itself in accordance with the terms of an IMF bail-out package, in addition to meeting urgent domestic banking needs. All this is taking place in the context of an international convergence of supervisory standards in the banking industry, spearheaded by the General Agreement on Trade in Services (GATS) and the "Core Principles" of the Basel Committee for Bank Supervision. This nexus of events makes the current reform of Korean banking laws of special significance as an example - and a test - of the "new international financial architecture" as it can be observed at work in a developing industrial economy. This text provides an in-depth analysis of Korea's banking law reform programme - its complex sources, its particular rules, the effect of international commitments as well as "soft law", the extent of economic recovery to date, and the trends and developments in banking practice and regulation likely to occur in the near future. In the process the author examines such pervasive issues as the following: the need for both short-term and long-term banking sector infrastructures and the tension this creates; the clear necessity to satisfy deep-seated societal predispositions; the role of foreign banks; ensuring the transparency of bank management; the role of banking regulatory institutions; and the importance of domestic financial stability in the global free market system. By revealing the implications for Korea of the international banking and financial standards and principles that are coming into effect throughout the trading world, the text lays bare the underpinnings of a domestic financial system geared to work efficiently in international financial markets, yet designed to protect its own "safety and soundness".

From modest beginnings in the early 1990's, a reform movement in the regulation of public procurement has mushroomed into a global imperative. Two fundamental values of international free trade policy--value for money and the deterrence of corruption--have brought intense scrutiny to bear on public procurement practices in nearly every country. Now international standards (notably those of the WTO and the EU) must be met if a trading nation is to take its place in the global markets. This collection of essays offers fifteen distinct views on the current status and trends in public procurement and its various aspects. From general discussion of setup, overcoming obstacles, ensuring transparency, and compliance with international rules to specific issues raised in economies as diverse as Kosovo, China, and the United States, "Public Procurement: The Continuing Revolution provides a great wealth of insight and information. Although the emphasis throughout is on legal issues, the contributors include not only lawyers but also economists and specialists in purchasing practice. In addition, this is the first book to note the relatively recent trend, in developed countries, toward a less prescriptive, more flexible approach to regulation in which a degree of transparency is sacrificed. The question of how this trend will affect international procurement regimes is perhaps the most viral and interesting aspect of current theory and practice in the field. "Public Procurement: The Continuing Revolution is of inestimable value not only to public procurement specialists, whatever their profession, but to a much wider audience who will recognise the decisive influence of this important economicactivity on the entire area embracing trade and even international relations. Most of these essays were originally presented as papers at an international conference hosted by the Public Procurement Research Group at the University of Nottingham in September 2001.

'Stefan Weishaar brought an excellent group of authors together in this book, reflecting on key developments for the green market transition! Happy to read so many refreshing contributions on carbon taxes, energy subsidies and smart instrument mixes.' - Kurt Deketelaere, University of Leuven, Belgium The Paris Agreement on climate change constitutes an important milestone in international climate negotiations. Its key objective is the strengthening of the global response to climate change by transitioning the world to an increasingly green economy. In this book, environmental tax and climate law experts address the various issues surrounding green market transitions. Key chapters examine carbon taxes and systems of implementation, energy subsidies, and support schemes for carbon and energy policies. Using a multitude of international case studies, several contributing authors reflect on the underlying policy dynamics and the constraints of various fiscal measures. In addition, this timely work considers the important issue of smart instrument mixes, going beyond instrument choice to examine how they can work in harmony together. Astute and engaging, this book is a vital companion for students and scholars in environmental law, economics and sustainability. Its practical approach also renders it an excellent guide for policy makers and those involved in fiscal reform and green market transition. Contributors include: M. Alsina Pujols, B. Bahn-Walkowiak, P. Castro, M. Distelkamp, N. Droste, E. Fonseca Capdevila, C. Fruhmann, S. Giorgi, A. Grossmann, M. Hasenheit, A. Illes, T. Kawakatsu, C. Kettner, M. Kettunen, D. Kletzan-Slamanig, N. Kreibich, L. Kreiser, V. Kulmer, A. Lerch, C. Lutz, M. Machingambi, M. Meyer, J.E. Milne, I. Ring, S. Rudolph, R. Santos, S. Seebauer, H. Sprohge, L.-A. Steenkamp, C. Stroia, I. Taranic, P. ten Brink, A. Tuerk, S. Van Outryve d'Ydewalle, R. Vasileios, M. Villar Ezcurra, H. Wang-Helmreich, H. Wilts, S. Wolff, G. Woltjer, M. Zahno

This book explores the transnational legal infrastructure for dispute resolution in transnational securities transactions. It discusses the role of law and dispute resolution in securities transactions, the types of disputes arising from them, and the institutional and legal aspects of dispute resolution, both generally and regarding aggregate litigation. It illustrates different dispute resolution systems and aggregate litigation methods, and examines the legal issues of dispute resolution arising from transnational securities transactions. In addition, the book proposes two systems of dispute resolution for transnational securities transactions depending on the type of dispute: collective redress through arbitration and a network of alternative dispute resolution systems.