The author provides a commentary on 27 leading tax cases from the European Court of Justice, from Avoir fiscal (1986) to Hoechst and Metallgesellschaft (2001). He delineates the legal framework built by these cases, and the repercussions on national, community, and international tax law and practice. However is the author's proposed EC Model Tax Convention. This Model combines existing provisions of international tax law, as embodied in the OECD Model, with the principles of community tax law as enunciated by the European Court of Justice, and at the same time converts the body of recent scholarship into viable action programmes. The EU Commission supports this solution to the conflict between tax treaties and EC law. This volume includes such a model.

Where there's trade, there's taxation. And more often than not these days, that means United States taxation. This book clearly explains basic structural features and accounting issues, corporate and partnership taxation, and the rules governing international transactions, both inbound and outbound. It provides concise answers to such questions as: what is the US tax treatment of mergers and acqusitions?; how are joint ventures and other hybrid entities taxed in the United States?; how does the US foreign tax credit work?; what are the most tax-beneficial ways to form a business in the United States?; and how can special profit and loss allocations under US partnership law be used in international transactions? It helps to provide a clear "picture" of the US tax system, yet the book is also of great value as a quick reference when a US tax problem needs to be solved.

The global financial crisis that started in 2007 sparked several academic debates about the role that financial sector regulators played in the crisis and prompted policy reforms in the financial supervision architectures of several countries. This book focuses on the question of what accountability, independence, transparency and, more generally, governance mechanisms applicable to financial regulators can better contribute to building responsive, responsible and effective regulatory and supervisory frameworks that tackle the weaknesses of the pre-crisis regimes. It re-visits the concepts of accountability and independence of financial regulators as well as the main economic theories underlying financial services policy-making, in light of the crisis experience. In addition, it critically examines the post-crisis institutional frameworks of financial regulation and supervision in the EU, the US and Canada with a view to assessing whether the financial regulators of the post-global financial crisis era are well suited to effectively address the challenges and threats that global financial markets pose to the stability, integrity and good functioning of financial systems as well as to the protection of consumers, investors and society at large.

Contracting with Companies surveys the main rules of company law governing the making of contracts with companies. It adopts an economic perspective, examining these rules in terms of the risks they apportion between companies and parties contracting with them. It reviews the use that has been made of economics in the analysis of company law and considers what guidance this can provide in analyzing corporate contracting. The book then examines the relevant law and the issues raised by this law, covering the role of corporate constitutions as the source of the authority of corporate agents, the mechanisms of corporate activity and decision-making, the identification of corporate contracting parties, pre-incorporation contracts and other contracts with non-existent companies, the contractual power of a company's board, the protection of parties dealing with subordinate corporate agents and the regulation of contracts in which a director has a conflict of interest.

The global financial and economic crisis which started in 2008 has had devastating effects around the globe. It has caused a rethinking in different areas of law, and posed new challenges to regulators and private actors alike. One of the emerging issues is the apparent eclipse of boundaries between different legal disciplines: financial and corporate lawyers have to learn how public law instruments can complement their traditional governance tools; conversely, public lawyers have had to come to understand the specificities of the financial markets they intend to regulate. While commentary on financial regulation and the global financial crisis abounds, it tends to remain within disciplinary boundaries. This volume not only brings together scholarship from different areas of law (constitutional and administrative law, EU law, financial law and regulation), but also from a variety of backgrounds (the academy, practice, policy-making) and a number of different jurisdictions. The volume illustrates how interdisciplinary scholarship belongs at the centre of any discussion of the economic crisis, and indeed regulation theory more generally. This is a timely exploration of cutting-edge issues of financial regulation.

Grounding its analysis in the historical evolution of financial regulation, this book addresses a range of public policy issues that concern the design of financial regulation and its enforcement, and contributes several new ideas to the debate in this field. Financial systems have become more competitive across sectors of financial institutions and nations, and direct regulations have been removed in pursuit of efficiency. However, as the risk of institutional failures has increased, de-regulation has had to be followed by re-regulation. In which form should this happen? This book answers this question. First revisiting the issue of "why to regulate", Padoa-Schioppa argues that the need to continue to regulate banks in a special way follows from their key role as liquidity providers. At the same time, his argument recognizes the need for close interplay in the regulation of different financial sectors. The book goes on to discuss "how" regulation should be carried out in the modern environment. It should be market-friendly, but the balance between official intervention and market discipline is difficult to get right. Moreover, in an increasingly international context, financial regulation has to be evenly applied across countries to avoid regulatory arbitrage. The final part of the book turns to issues specifically connected with developments in the European Union. One major issue is the maintenance of financial stability in the Euro area where the financial system is becoming especially integrated. Another major issue is the appropriate role of central banks. As the literature and practice are still very much under development, Padoa-Schioppa analyses the general aspects of the financial stability function of central banks - particularly in relation to the monetary policy and supervision functions - as well as the tools available for the Eurosystem.

This volume is a collection of articles based upon presentations given on November 23, 2015 at a conference hosted by the Institute for Law and Finance entitled "Towards a New Age of Responsibility in Banking and Finance: Getting the Culture and the Ethics Right" which brought together leaders from the public and private sectors to discuss the importance of culture and ethics in restoring public trust in financial institutions.

Poor public resource management and the global financial crisis curbing fundamental fiscal space, millions thrown into poverty, and authoritarian regimes running successful criminal campaigns with the help of financial assistance are all phenomena that raise fundamental questions around finance and human rights. They also highlight the urgent need for more systematic and robust legal and economic thinking about sovereign finance and human rights. This edited collection aims to contribute to filling this gap by introducing novel legal theories and analyses of the links between sovereign debt and human rights from a variety of perspectives. These chapters include studies of financial complicity, UN sanctions, ethics, transitional justice, criminal law, insolvency proceedings, millennium development goals, global financial architecture, corporations, extraterritoriality, state of necessity, sovereign wealth and hedge funds, project financing, state responsibility, international financial institutions, the right to development, UN initiatives, litigation, as well as case studies from Africa, Asia and Latin America. These chapters are then theorised by the editors in an introductory chapter. In July 2012 the UN Human Rights Council finally issued its own guidelines on foreign debt and human rights, yet much remains to be done to promote better understanding of the legal and economic implications of the interface between finance and human rights. This book will contribute to that understanding as well as help practitioners in their everyday work. The authors include world-renowned lawyers and economists, experienced practitioners and officials from international organisations.

This liber amicorum honours Professor Leif Muten on the occasion of his 70th birthday. The representation in this volume of 27 well-known authors from all over the world is testimony to the important role of Leif Muten in the international tax community. His scholarly interests are well represented among the contributions, which cover a wide range of issues in law and economics. Key issues examined include international tax problems such as the permanent establishment concept in electronic commerce, multilateral tax treaties, international tax avoidance and limitation of treaty benefits. Certain contributions focus specifically on EC tax matters, such as the implications for income taxation of restrictions on free movement and the principle of non-discrimination, and the problem of tax harmonisation in the context of monetary union. The discussion of basic income tax issues ranges from equity in taxation to corporate income tax issues, while economists on the panel explore ideas such as definitions of tax and charge, the utopia of neutral taxation, and the relationship between income taxation and inflation. In addition, as an appropriate reflection of the many years Professor Muten has served the International Monetary Fund, there are articles on comparative tax law issues and on countries in transition. The scope of the collected essays and the calibre of the contributors make the book a fitting tribute to the work of Professor Muten, and render the book of great interest to anyone interested in theoretical and practical tax problems.

This book addresses concerns with the international trade and investment dispute settlement systems from a statist perspective, at a time when multilateralism is deeply questioned by the forces of mega-regionalism and political and economic contestation. In covering recent case law and theoretical discussions, the book's contributors analyze the particularities of statehood and the limitations of the dispute settlement systems to judge sovereign actors as autonomous regulators. From a democratic deficit coupled with a deficit of legitimacy in relation to the questionable professionalism, independence and impartiality of adjudicators to the lack of consistency of decisions challenging essential public policies, trade and investment disputes have proven controversial. These challenges call for a rethinking of why, how and what for, are States judged. Based on a "sovereignty modern" approach, which takes into account the latest evolutions of a globalized trade and investment law struggling to put people's expectations at its core, the book provides a comprehensive framework and truly original perspective linking the various facets of "judicial activity" to the specific yet encompassing character of international law and the rule of law in international society. In doing so, it covers a large variety of issues such as global judicial capacity building and judicial professionalism from an international and domestic comparative angle, trade liberalisation and States' legitimate rights and expectations to protect societal values, the legal challenges of being a State claimant, the uses and misuses of imported legal concepts and principles in multidisciplinary adjudications and, lastly, the need to reunify international law on a (human) rights based approach.

No government can be sustained without the ability to tax its citizens. Democratic societies typically guarantee, in varying forms and degrees, a basic set of taxpayer rights. These rights are essential in establishing an effective and reasonable taxation process.Author Duncan Bentley's work argues that it is timely and beneficial to articulate a Model of taxpayers' rights as a guide to best practice in tax administration. It first finds a rationale for a Model in legal and rights theory and concludes that a Model is necessary, timely and a realistic option in the context of current developments in tax administration. Next, it articulates the principles that should underlie any Model. These are drawn from traditional analysis of tax systems and refined to provide a standard approach and interpretation. It is noted that the content of any Model will be determined in part by the approach taken to its interpretation.A classification of taxpayers' rights in the context of the type of enforcement underlying the rights provides the basis for a detailed analysis of enforcement mechanisms. The analysis is conducted in the light of recent developments in the application of constitutional law and alternative dispute resolution theory. The lion's share of this work comprises a detailed analysis and articulation of the primary and secondary legal and administrative rights that should be available to taxpayers in conjunction with a comprehensive framework of principles of good governance and good practice. A wide-ranging comparative analysis and synthesis of the substantial available literature in both law and other disciplines provides support for the articulation of a Model of taxpayers' rights. The Model is appropriate for use as a guide to best practice in tax administration.Professor Bentley's book effectively tackles a host of important issues such as: the theory and framework of taxpayers' rights to provide support and reassurance for particular approaches to tax administration design; the updated principles for analysis of any tax system; the classification of taxpayers' rights so that they can understand why much tax administration and procedure operates in the way it does; the design of legislative mechanisms to assist in the design and drafting of tax administration; and the design and implementation of dispute resolution systems in tax administration. It also tackles issue such as: specific detail on the powers and duties of tax administrators and how they should be exercised; the design and implementation of taxpayers' charters and other guidelines on taxpayers' rights; specific detail on the rules and procedures in tax administration, relating in any way to taxpayers' rights, and how they should be applied; and, clear and articulated standard of best practice in tax administration and governance for quality assurance purposes.In sum, this work will address a number of important issues faced by international tax professionals - including government officials, academics, and practitioners - in a way that's both instructive and constructive.

International tax practice demands a constantly renewed understanding of tax treaty provisions and how they are applied. Practitioners working with Western European taxation must master the further complexity introduced by the interplay between Community law and national law, especially as it affects the administration of tax law in the various countries. This text is a detailed survey of tax treaty interpretation in the 15 EU states plus Norway. Presented as 16 national reports by authorities from each country, the analysis provided is the result of a conference sponsored by the European Commission and held in Rust, Austria, in January 2001. Each report gives an organized, in-depth summation of the discussion as it related to the country in question, amalgamating the research and commentary brought to the conference by sixty experts in all. "Tax Treaty Interpretation" builds on the 1993 analysis of Klaus Vogel and Rainer Prokisch for the International Fiscal Association (IFA), and takes full account of such developments as the following: court decisions since 1993; the OECD report on partnerships; changes in administrative practice at the national level; and recent Community law affecting taxation and tax practice.

Derivatives trading is now the world's biggest business, with an estimated daily turnover of over US$2.5 trillion and an annual growth rate of around 14 per cent. Derivatives markets have ancient origins, and a long and complex history of trading and regulation. This work examines the history of derivative contracts, their assignability and the regulation of derivatives markets from ancient Mesopotamia to the present day. The author concludes with an analysis of future regulatory prospects and of the implications of the historical data for derivatives trade and regulation.

The corporate-tax policy of the European Commission has proved one of the major failures in the history of the European Community. Despite efforts by the Commission throughout the 30 years of its existence, and pressure from the business community, little progress has been made in harmonizing corporate taxation in the EU; the Commission's proposals have almost always been turned down at the Council level. Yet harmonization is a crucial step in establishing a common market in Europe. This examination of the efforts of the European Commission to achieve harmonization bases its analysis on the study of theoretical economic models of corporate-tax systems which meet the requirements of a common market and avoid economic inefficiencies, and on an examination of the US federal tax system. Through the examination of theoretical models as well as practical examples, the author studies why repeated attempts at harmonization have failed and concludes that they must take into account not only economic aspects, but also political and legal factors. Harmonization of corporate taxation is not only a legislative exercise; other institutions, such as the EC Court, have an important role to play in the harmonization process, as the US federal experience suggests. The book concludes with a model for corporate-tax harmonization which takes into account both economic theory and the realities of the political and legal process.

Increasing globalization and the related cross-border flows of capital resources has only increased interest in the taxation of transnational capital gains among practitioners and scholars. This is particularly true as it relates to investments in immovable property. As a consequence, Article 13 of the OECD Model Convention - covering capital gains - has emerged as one of the document's key provisions. Despite this, international tax literature has devoted little attention to the systematic analysis of capital gains in relation to tax treaties. Stefano Simontacchi's thorough and thoughtful examination of the ramifications of Article 13 addresses this "need to know" in a meaningful - and readily actionable - fashion. Based on in-depth historical research, the book pays particular attention to the definition of capital gains falling within the scope of Article 13. It also thoroughly analyses the treaty regime applicable to gains derived from the alienation of both immovable property and shares of immovable property companies. International tax professionals will quickly recognize Stefano Simontacchi's book as an indispensable and highly accessible guide to an area of practice that continues to grow in scope and importance.

The survey underpinning this invaluable work was inspired by an increasing appreciation within the EU of the need to achieve some degree of direct tax harmony. The essential starting point for such an undertaking is a set of standardized rules for the computation of EU-wide income. Company law developments point to the International Accounting Standards (IAS) / International Financial Reporting Standards (IFRS) financial statements as a basis from which to work. IFRS are now required for published group accounts and are allowed for single-company financial statements. However, as explained in the text, there are serious drawbacks to basing any form of national taxation on IFRS as they stand. IFRS are not designed with tax policy objectives in mind and change too frequently to satisfy any claim to tax legal certainty. Public debate is hampered by a general lack of knowledge of tax accounting customs in other countries, especially as reliable works are often only available in the local language. This comprehensive survey conducted by the universities of Goettingen, Mannheim, and Erlangen-Nuremberg with the support of PricewaterhouseCoopers fills that gap. For the first time, details of the tax computations for corporations from all twenty-five member states of the EU have been collated in a common format and are compared with the IFRS treatment. The book is an invaluable reference work providing the practitioner with a broad range of information on the tax accounting rules in all EU countries. The reader seeking a general impression of the scope of the problem will quickly see the amount of adjustment needed if IFRS is taken as a starting point for designing a set of common tax accounting rules. The reader seeking a basis for taking an active part in the public debate will find a wealth of detail in the Appendices showing exactly how each country computes taxable income and grants tax incentives. The work, unrivalled in the literature, addresses a major knowledge deficit; its tabular form presentation allows exact comparison between all EU countries as well as between the present rules of any one country and the IFRS requirements.

The American cigarette industry is again facing enormous pressure from various groups whose goal is a smoke free society. What differentiates this present wave from the previous two waves of regulation faced by the cigarette industry is the severity with which these measures are applied by the state and local government who are enacting anti-smoking laws and regulations and increased excise taxes. Cigarette taxes are a lucrative revenue for the states, which they must ultimately trade-off with their stated goals of deterring smoking. Frequently, in spite of the needs of public health, states find themselves competing with one another for these excise tax revenues and cigarette sales, making them the primary point of challenge for the cigarette industry.

This book is an up-to-date analysis of current issues affecting marine insurance law and market practice. It is authoritative advice from leading specialists drawn from the academic and professional worlds. The book includes a comparative analysis of aspects of English, Scandinavian, and US law and practice. Its in-depth analysis on key topics is often only touched upon in textbooks. Topics covered include: marine policies and undisclosed principals * the shifting boundary between marine and non-marine risks * jurisdictional issues * piracy and terrorism under the Norwegian Insurance Plan * liability of marine insurers for late payment of indemnity * insuring negligence and due diligence risks * the new Institute Cargo Clauses 2009 * the concept of indemnity in marine insurance * insuring the consequences of unlawful acts committed by third parties * development in US marine insurance law * the Marine Insurance Act 1906 * the Institute Cargo Clauses (2009) A, B, and C * the Institute W

Increasingly, in both common law and civil law jurisdictions, lawyers are seeking to formulate a law of restitution that can provide a reliable remedy in unjust enrichment actions. This pursuit has generated renewed interest in how the law of obligations should be divided. The movement can be seen as both a product of the recent calls for, and recognition of, an English law of restitution and a consequence, in civil law jurisdictions (where traditionally taxonomy has been taken far more seriously), of the modern quest for a general remedy which will overcome the widely-felt disadvantages of existing alternatives. This collection of essays is concerned with these modern developments. It identifies what constitutes unjust enrichment at the plaintiff's expense, and its available remedies, in a number of jurisdictions. Authors explore the boundaries between the law of restitution, the law of torts, and the law of contract. Their analyses reveal how the principle of restitution has permeated, hesitatingly at first and then with greater force, on a case-by-case basis, not only private law but also administrative law, criminal law, and other branches of the law. In the final analysis, unjust enrichment proves to be anything but a Trojan horse smuggled into the well-built structure of the law of obligations; it is a fully-fledged cause of action deserving an appropriate and satisfactory remedy. Scholars and jurists from thirteen countries met in Amsterdam on 18-20 October 2000, for a conference commemorating the late Professor Marcel Henri Bregstein (1900-1957). This book, which presents revised versions of the papers read during this conference, greatly clarifies the status and primary trendsin this important area of legal theory and practice, and is sure to be of value to legal scholars and practitioners everywhere.

'History has a way of repeating itself in financial matters because of a kind of sophisticated stupidity,' John Kenneth Galbraith once wrote. In this superb new book, Ross Buckley suggests that the stupidity identified by Galbraith can be traced to the persistence of an inadequate legal system for the regulation of international finance − a system rooted in the failure of economists and investors to take the legal demands of real-world finance seriously. Everywhere, trade is glorified while finance tends to be taken for granted. Yet financial flows far exceed trade flows, by a factor of over sixty to one; international financial transactions represent a far greater proportion of the practice of most major law firms than do trade transactions; and international finance, when it goes wrong, brings appalling suffering to the poorest citizens of poor countries. In a powerful demonstration of how we can learn from history, Professor Buckley provides deep analyses of some of the devastating financial crises of the last quarter-century. He shows how such factors as the origins and destinations of loans, bank behaviour, bad timing, ignorance of history, trade regimes, capital flight, and corruption coalesce under certain circumstances to trigger a financial crash. He then offers well-thought out legal measures to regulate these factors in a way that can prevent the worst from happening and more adequately protect the interests of vulnerable parties and victims. In the course of the discussion he covers such topics as the following:A* the roles of the Bretton Woods institutions in the globalisation process;A* global capital flows;A* debtor nation policies;A* the effects of the Brady restructurings of the 80s and 90s;A* fixed versus floating exchange rates;A* the social costs of IMF policies;A* debt-for-development exchanges; andA* the national balance sheet problem.Professor Buckley's far-reaching recommendations include details of tax, regulatory, banking, and bankruptcy regimes to be instituted at a global level.As a general introduction to the international financial system and its regulation; as a powerful critique of the current system's imperfections; and most of all as a viable overarching scheme for an international finance law framework soundly based on what history has taught us, International Financial System: Policy and Regulation shows the way to amending a system that repeatedly sacrifices the lives of thousands and compromises the future of millions.

A comparative lega, economic and political analysis of the impact of constitutional law and of international economic law on the foreign trade laws and policies of the major trading countries. The countries covered include the United States, Japan, EC and EFTA countries, plus regional trade organizations such as the EEC and EFTA. Developments such as the Cadana-US Free Trade Agreement are also covered. As the benefits of constitutionalism and liberal trade do not depend on the nationalities of traders, producers and consumers, the contributions criticize the frequent "double standards" of "fair trade laws" and suggest "constitutionalism reforms" of international and domestic foreign trade laws and policies.

This international collection studies how the financial crisis of 2007 and the ensuing economic and political crises in Europe and North America have triggered a process of change in the field of economics, law and politics. Contributors to this book argue that both elites and citizens have had to rethink the nature of the market, the role of the state as a market regulator and as a provider of welfare, the role of political parties in representing society's main political and social cleavages, the role of civil society in voicing the concerns of citizens, and the role of the citizen as the ultimate source of power in a democracy but also as a fundamentally powerless subject in a global economy. The book studies the actors, the areas and the processes that have carried forward the change and proposes the notion of 'incomplete paradigm shift' to analyse this change. Its authors explore the multiple dimensions of paradigm shifts and their differentiated evolution, arguing that today we witness an incomplete paradigm shift of financial regulations, economic models and welfare systems, but a stillbirth of a new political and economic paradigm.

Ever since the Great Recession, the global financial regulatory system has undergone significant changes. But have these changes been sufficient? Have they created a new problem of over-regulation? Is the system currently in a better position than in the pre-Recession years, or have we not adequately addressed the basic causes of the financial crisis and resulting Great Recession?These were the questions and issues addressed in the seventeenth annual international banking conference held at the Federal Reserve Bank of Chicago in November 2014. In collaboration with the Bank of England, the theme of the conference was to examine the state of the new global financial system as it has evolved in response to significant market changes and regulatory reforms triggered by the global financial crisis. The papers from that conference are collected in this volume, with contributions from an international array of government officials, regulators, industry practitioners and academics.