The laws of the Member States of the European Union and the tax treaties concluded by them - being part of their national laws - must be consistent with European Community law. Apart from EC Directives and Regulations, the EC Treaty itself contains rules directly applicable to matters of international taxation. In this context the decisions of the European Court of Justice on the fundamental freedoms laid down in the EC treaty are of primary importance. If a provision of a tax treaty is in conflict with the EC Treaty, it is superseded by the Treaty provisions. The EC Treaty may therefore have the effect of changing the content of tax treaties, a matter of crucial importance to international tax planning techniques. This collection of essays examines the effects of primary European Community law, in particular the fundamental freedom provisions in the EC Treaty, on tax treaties concluded by the Member States. Using the method of examination employed by the European Court of Justice, the contributors to this volume present a systematic analysis of the effects of the interaction of national tax law, tax treaty law and the EC Treaty.

This timely book focuses on achieving a sustainable future through the reform of green fiscal policy. Green fiscal policies help not only provide the needed financing but may also serve the Sustainable Development Goals adopted by the United Nations in 2015. In this volume environmental tax experts review the development of fiscal carbon policy, consider the impact of green taxation on trade and competition, analyze the lessons learned from national experiences with fuel and energy pricing, and evaluate a variety of green economic instruments. A comprehensive range of green economic instruments is evaluated, covering emissions trading schemes, energy tax systems, global natural resource consumption taxes and fiscal intervention. The contributions from leading environmental taxation scholars consider thought-provoking innovations in policy and law to deal with climate change and explore a range of fiscal strategies designed to mitigate the negative and maximise the positive effects of a carbon economy. This is a vital reference work for students and academics in environmental law, economics and sustainability, and will serve as an excellent guide for policy makers and those involved in fiscal reform. Contributors include: C. Brandimarte, J. Bruha, H. Bruhova-Foltynova, L. del Federico, A. Gerbeti, S. Giorgi, E. Guglyuvatyy, S.-A. Joseph, C. Kettner, D. Kletzan-Slamanig, D. Leary, Y. Motoki, A. Naito, P. Pearce, V. Pisa, N.P. Stoianoff, S.L. Tan, X. Wang, S. Wright, J. Wu, Z. Yang

In the past twenty years action in respect of the profits of crime has moved rapidly up the criminal justice agenda. Not only may confiscation orders be made,but there are also now serious substantive criminal offences of laundering the proceeds of crime. Moreover, the consequences of the regulatory regimes put in place by the Money Laundering Regulations 1993 and the Financial Services Authority are very significant. This book examines critically the history, theory and practice of all these developments, culminating in the Proceeds of Crime Act 2002, which marks another step in the move towards greater concentration both on the financial aspects of crime and on the internationalisation of criminal law. The Act puts in place the Assets Recovery Agency, which will be central to the strategy of targeting criminal monies and will have power to bring forfeiture proceedings without a prior criminal conviction and to raise assessments to taxation. The author subjects the law of laundering, especially the novel aspects of the Proceeds of Crime Act itself, to thorough analysis and a human rights' audit. Contents: Introduction; The Economics of Money Laundering; Theory: Justifications for Forfeiture, Confiscation, and Criminalisation; History of Forfeiture and Confiscation Provisions; The International Dimension; Forfeiture Provisions; Statutory Confiscation Provisions; Investigatory Powers; Beyond Confiscation - Criminalisation; Acquisition and Deployment of Money for Terrorism; Confiscation without Conviction - 'Civil Recovery'; Money Laundering and the Professions

The European experience suggests that the efforts made to achieve an efficient trade-off between monetary policy and prudential supervision ultimately failed. The severity of the global crisis have pushed central banks to explore innovative tools-within or beyond their statutory constraints-capable of restoring the smooth functioning of the financial cycle, including setting macroprudential policy instruments in the regulatory toolkit. But macroprudential and monetary policies, by sharing multiple transmission channels, may interact-and conflict-with each other. Such conflicts may represent not only an economic challenge in the pursuit of price and financial stability, but also a legal uncertainty characterizing the regulatory developments of the EU macroprudential and monetary frameworks. In analyzing the "legal interaction" between the two frameworks in the EU, this book seeks to provide evidence of the inconsistencies associated with the structural separation of macroprudential and monetary frameworks, shedding light upon the legal instruments that could reconcile any potential policy inconsistency.

The fields of insurance law and insurance economics have long and distinguished scholarly histories, but participants in the two disciplines have not always communicated well across academic silos. This Handbook encourages more policy-relevant insurance economics scholarship and more economically sophisticated legal scholarship by bringing together original contributions from leading scholars in both fields. The benefits of this inter-disciplinary approach are introduced and illustrated in four comprehensive sections: - Why and how do individuals purchase insurance? - The role of the state in insurance markets - The regulation of insurance - Insurance law in the courts. Overall, this Handbook synthesizes the insights of insurance economics with the flourishing body of economically oriented research in insurance law. As well as providing a new approach for scholars, the Handbook will prove a useful reference for insurance lawyers and insurance regulators owing to its policy relevant, practical approach. Contributors: K.S. Abraham, D. Asmat, R. Avraham, T. Baker, E.F. Brown, P.-A. Chiappori, M.F. Grace, S.E. Harrington, D. Jaffee, R.W. Klein, H.C. Kunreuther, J. Kwak, K.D. Logue, J.A. Nyman, M.V. Pauly, D. Schwarcz, P. Siegelman, C. Silver, R. Squire, S. Tennyson

In the twentieth century the application of national taxes to income from international business has created complex yet fascinating issues. The co-ordination of national jurisdiction to tax international income has rested formally on a network of bilateral treaties, but its practical administration has relied on a community of specialists; business advisers on the one hand and national officials on the other. The rapid growth of transnational corporations has put great pressure on the international tax system, especially due to the increasing difficulty of ensuring that the internal transfer prices between related firms in different countries reflect a fair and acceptable allocation of costs and profits. Furthermore, the widespread use of intermediary companies formed in tax havens has led to complex counter-measures and a constant process of treaty renegotiation and interaction with national law. The increasingly close administrative co-operation of tax authorities has been criticized as secretive and often arbitrary. Yet proposals for a more comprehensive framework and clearer legitimizing principles and procedures have conflicted with both the vested interests of international firms and with sensitivities about national sovereignity. But major reforms are necessary, even if implemented piecemeal.

Using perspectives from law, economics and social science, this book provides a systematic introduction to the major problems of international taxation of business income. In doing so, it retrieves important policy issues that have become buried in technical intricacies of the international taxation system.

How to plan and implement tax-efficient investment strategies, incorporating all the latest budget amendments

How an economy handles financial and business distress has a major impact on confidence in business, the availability of investment, the cost of credit, and economic growth. The financial crisis of 2007-2008 and its aftermath was a catalyst to legal reform in the field of bankruptcy and restructuring law and brought an added focus to the systemic threat of bank failure to the financial system. This book explores the general principles and practice of legal reform within bankruptcy. From a variety of specialists including practitioners, lawyers, bankers, accountants and judges from the United Arab Emirates, the UK and Singapore, it provides a variety of perspectives on the topic. Chapters include topics such as the 'Four Pillars of Regulatory Framework', the history and application of the UNCITRAL Model Law on Cross-Border Insolvency, the challenges for financial institutions and the treatment of the insolvency of natural persons. The book also offers a comparative study of Islamic Shari'ah principles with modern bankruptcy regimes, an analysis of bankruptcy in the UAE and an evaluation of the legal infrastructure of the DIFC Courts. The authors explore core questions surrounding bankruptcy law, including its ability to facilitate the turnaround of business, to enable efficient reallocation of capital, to provide coherent rules for entrepreneurs, investors, employees, and creditors, and to provide for both appropriate sanctions and for rehabilitation. ?

Despite a clear distinction in law between equity and debt, the results of such a categorization can be misleading. The growth of financial innovation in recent decades necessitates the allocation of control and cash-flow rights in a way that diverges from the classic understanding. Some of the financial instruments issued by companies, so-called hybrid instruments, fall into a grey area between debt and equity, forcing regulators to look beyond the legal form of an instrument to its practical substance. This innovative study, by emphasizing the agency relations and the property law claims embedded in the use of such unconventional instruments, analyses and discusses the governance regulation of hybrids in a way that is primarily functional, departing from more common approaches that focus on tax advantages and internal corporate control. The author assesses the role of hybrid instruments in the modern company, unveiling the costs and benefits of issuing these securities, recognizing and categorizing the different problem fields in which hybrids play an important role, and identifying legal and contracting solutions to governance and finance problems. The full-scale analysis compares the U.K. law dealing with hybrid instruments with the corresponding law of the the most relevant U.S. jurisdictions in relation to company law. The following issues, among many others, are raised: A { decisions under uncertainty when the risks of opportunism of the parties is very high; A { contract incompleteness and ex post conflicts; A { protection of convertible bondholders in mergers and acquisitions and in assets disposal; A { use of convertible bonds to reorganise and restructure a firm; A { timing of the conversion and the issuer A|s call option; A { majority-minority conflict in venture capital financing; A { duty of loyalty; A { fiduciary duties to preference shareholders; and A { financial contract design for controlling the board A|s power in exit events. Throughout, the analysis includes discussion, comparison, and evaluation of statutory provisions, existing legal standards, and strategies for protection. It is unlikely that a more thorough or informative account exists of the complex regulatory problems created by hybrid financial instruments and of the different ways in which regulatory regimes have responded to the problems they raise. Because business parties in these jurisdictions have a lot of scope and a strong incentive to contract for their rights, this book will also be of uncommon practical value to corporate counsel and financial regulators as well as to interested academics.

In the wake of the Asian financial crisis that erupted in 1997, an intense scrutiny of the principles and standards of the world's financial system was inevitable. This book presents the insight and practical proposals of 25 experts, including economists, lawyers, bankers, academics and officials from international financial institutions. The contributions offered here were originally presented at a series of conferences sponsored in 1999 and 2000 by the Asian Institute of International Financial Law of the University of Hong Kong in collaboration with leading law faculties from five continents. The issues confronted in this book include the following: reform of domestic securities regulation; investment insurance and risk management; the role of pension funds; accounting standards; financing real estate and construction projects; global competitiveness in the financial sector; responsibility of private lenders; effective anti-money laundering measures; protection of emerging market economies; corporate governance; and institutional investors.

Corporate Finance for Lawyers explores the intricate relationship between law and corporate finance. Utilizing the 'Financial Mindmap' throughout, chapters depict financial concepts by using colours and visualizations in a clear and intuitive manner. The book provides an introduction into the basic building blocks of corporate finance including, Enterprise Value, Equity Value and Net Debt, and the dominant company valuation methods of EBITDA-multiples and Discounted Cash Flow. The book further explains finance patterns from both a finance and a legal perspective, most notably the use of non-interest bearing, secured credit, shareholder loans and guarantees, ending with reorganization procedures. By providing a uniquely integrated analysis of law and corporate finance, this practical book will be a beneficial resource for lawyers, including judges, from all over the world involved in financial transactions and corporate litigation. Students of law and finance will find the book an excellent learning experience, since it discusses the foundational principles of law and finance and how they relate to real-world practices. Finance professionals will also benefit greatly from the depiction of finance in action rather than as assumed under perfect markets.

This book is a comparative study of international practices in bankruptcy law, providing perspectives from a variety of specialisms including practitioners, lawyers, bankers, accountants and judges from the United Arab Emirates, the UK and Singapore.

This unique book covers all aspects of operating and maintaining a tax exempt organization, within federal and state laws, from creation to dissolution. It begins by defining the various functions of organizers; the types of organizations, including unincorporated associations, charitable trusts, foundations, and nonprofit corporations; and the duties and liabilities imposed by the law on such organizations. The author shows how to determine if the goals and purposes of the organization fit into the statutory scheme for obtaining tax exempt status and helps the reader to decide which type of organization will best suit his or her needs. He points out the advantages and disadvantages, the legal effect, and the requirements of each. Finally, he explains how to terminate a tax exempt organization and the consequences of termination.

This book analyses the ongoing reform of the European economic union in the light of the new objective of 'stability of the euro area as a whole' in Article 136(3) TFEU. On the basis of the relevant legal sources, it qualifies this objective as the obligation to preserve the existence of the monetary union, the establishment of which was an EU goal laid down in Article 3(4) TEU. While to date the objective has been achieved through fiscal and macroeconomic consolidation in the member states and the activation of stabilisation mechanisms in cases of emergency, the book argues that full stability requires a better system of economic governance, either through a process of partial fiscal centralisation or the return to a more efficient and sustainable market discipline of public finances. It also analyses the concrete legal challenges these raise, including compliance with the conferral principle, the longstanding democratic deficit of the governance and the balance between financial solidarity and fiscal responsibility.

With the growth in financial activity in and between the People's Republic of China, the Republic of China or Taiwan and the Hong Kong Special Administrative Region, an understanding of the development and status of financial law and regulation in the Chinese Economic Circle is increasingly important. This book provides an overview of the most significant areas of financial regulation in the Greater China Area, bringing together expert essays on banking, insurance, securities and general financial law in the PRC, banking and insurance in Taiwan, and financial law in Hong Kong. This work collects in a single volume, the significant history and development of financial law within the Greater China Area, providing an insight into the development and relationship of these three diverse but inter-related financial systems.

This collection of essays is dedicated to Brian Harvey,the retired Professor of Property Law at the University of Birmingham. The contributions reflect his eclectic interests and bring new insights to issues of property law, both real and personal, consumer protection, auction sales and tax. Historical, human rights, public law, European Community and international aspects are addressed in addition to persistent domestic conveyancing concerns. Contributors: Peter Cook, David Feldman, Jonathan Harris, Tim Kaye, Jeremy McBride, Frank Meisel, Norman Palmer, Deborah Parry, David Salter, Carla Shapreau, John Stevens, Mark Thompson, Nick Wikeley and John Wylie.

Trustees at Work explores the role bankruptcy trustees play in determining who qualifies as a deserving debtor under Canadian personal bankruptcy law. The idea of a deserving debtor is woven throughout bankruptcy law, with debt relief being reserved for those debtors deemed deserving. The legislation and case law invite trustees to assess debtors based on their pre-bankruptcy choices, but in practice, trustees evaluate debtors based on how cooperative the debtors are during bankruptcy proceedings. This book uses interviews and statistical data to explain how the financial and emotional pressures of trustees' work shape their decision-making process.

INTRODUCTION TO BANKRUPTCY LAW, 6th edition is an excellent bankruptcy reference, whether the reader is a paralegal, a practicing attorney, or taking paralegal courses in bankruptcy law. Using a step-by-step approach, the text presents the reader with a clear and understandable explanation of each type of bankruptcy filing. Signature features include a brief history of bankruptcy law, research aids, alternatives to bankruptcy, a discussion of the role of the various parties involved in the bankruptcy process, and an overview concerning eligibility and the selection of the appropriate bankruptcy chapter under which the case should be filed. Also included are updated cases to detail bankruptcy legal procedures from initiation of the attorney/client relationship through the closing of the case. With its discussion of electronic filing, and updated changes in the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure, the new edition of INTRODUCTION TO BANKRUPTCY LAW, 6th edition is a valuable bankruptcy law resourc

Consumer Bankruptcy and over-indebtedness is an emerging field throughout the world. This book provides a comparative appraisal of global developments in this area. It is one of the first book length publications focusing on comparative consumer bankruptcy and over-indebtedness. It combines theoretical and empirical studies of bankruptcy regimes and consumer credit in civilian and common law jurisdictions as well as exploring current reform trends. The book will be of interest to academics, policymakers and law reformers as well as to practitioners.