No government can be sustained without the ability to tax its citizens. The question then arises how can a nation do so in a way that's fair and equitable to taxpayers without distorting incentives or the allocation of resources, while simultaneously promoting economic growth and providing the state with the funds it requires to adequately address the needs of its citizens? This insightful work, featuring contributions from a stellar array of international tax experts and economists, addresses the crucial issues which developed countries will confront in the early decades of the twenty-first century: - The pursuit of tax reform. - Personal tax base: income or consumption? - Tax rate scale: equity and efficiency aspects. - Business tax reform: structural and design issues. - Interjurisdictional issues. - Controlling tax avoidance.

In a time of global banking and financial services, globalized money and capital markets, this is a study of German banking law and practice. The articles are designed to cover the subject and take a systematic approach. They are written by experts from authorities, banks and universities. The idea for the book was born in a conference on German and Chinese banking law, held in Beijing/China on October 6th-8th, 1997, and co-sponsored by the Law Centre for European and International Cooperation, Cologne, and the China University of Political Science and Law, Beijing. Inspired by this conference, the authors wrote their contributions in 1998 with due regard to the comparative and international legal perspective of the subject.

This book provides a comprehensive, step-by-step plan that simplifies the myriad complexities surrounding the formation and incorporation of branch offices and subsidiary companies within such havens as the Bahamas, Bermuda, the Cayman Islands, Greece, Hong Kong, Luxembourg, Malta, The Netherlands, Panama, Puerto Rico and Switzerland. In addition, it presents detailed information on each tax haven's economic, legal, political, cultural and geographical aspects, which must be considered if such an enterprise is to operate successfully.;In this compact and informative volume, Adam Starchild reveals the secrets of tax haven business planning for the corporate executive. He details the theory and practice of haven dealings and the incorporation of holding and operating companies. He spells out the advantages and disadvantages of the multitude of haven uses that are available to all companies having any international facets to their business - whether it be manufacturing, importing components, exporting, or services.

Because of its enormous economic power and susceptibility to corruption, public procurement - the purchase by government of goods and services - has come under increasing regulation as world trade expands. Three international leaders in public procurement law fully explain how the procurement award process must be managed to achieve its goals in global market economy. This work should educate government officials, trade lawyers, and students in how to comply with existing and emerging regulatory schemes as they: select a contractor and plan the contract, with detailed attention to terms, conditions and specifications; allow for national security, national industrial development, and environmental protection; get value for money and avoid waste of public funds; publicize contracts; combat corruption; secure successful completion of contracts; balance pressures to buy from domestic sources with the economic benefits of international competition; harness procurement power to promote social and environmental goals; enforce compliance with public procurement rules; and recognize circumstances under which discretion-based (rather than rules-based) initiatives may be more effective.

This work comprises discussions of issues impacting on the development of banking activities in the Latin American region, together with various perspectives on possible reform. It presents a comparative study of several Latin American banking systems and their supervisory bodies, and examines the institutional structures put in place following the reforms of the last decade. There is further discussion about the relationship that should exist between regulations and discretionary power when banks face difficulties. These various subjects are explored through national case studies including Brazil, Ecuador, Venezuela, Colombia, Peru, Mexico, Bolivia, Guatemala, Argentina, Costa Rica and by way of comparison, the United States and Canada. In addition, the text covers a general discussion of the wider international context. There is comparative study of the structure of supervisory bodies in developed countries and the implications for developing countries, and of how recent international trends in banking supervision have been reflected in the experiences of Latin American countries. The crises experienced by South East Asian financial systems are examined and the ways in which they could impact on Latin America. The book also investigates the integration of banking markets at an international level and the harmonization of different regulatory frameworks. A study of the European Union experience provides a background for the discussion of harmonization in the Mercosur countries. This book arose out of the Second High Level meeting on the reform of the financial systems in Latin America and the Caribbean, held in Venezuela in October 1997 under the auspices of the Permanent Secretariat of the Latin American Economic System (SELA). In bringing together the various viewpoints presented at this meeting, the book aims to initiate serious reflection on the reform of Latin American banking systems, and in doing so, to contribute to the achievement of safe and efficient banking markets in the region.

The Law of Debtors and Creditors is a new case book for a three-unit law school course focusing on the basic principles of American debtor-creditor law. The book focuses on the law of execution on money judgments, using New York law as a paradigm. It also thoroughly covers fraudulent conveyance law, as it exists under state law and under bankruptcy in general. The book also explores the basic principles of chapter 7 liquidation, as well as a thorough review of the avoidance powers granted to a bankruptcy trustee under the Bankruptcy Code. Excluded from this volume is coverage of issues unique to consumer bankruptcy, on which the author has published a separate case book with Vandeplas Publishing, LLC.About the author: David Gray Carlson is Professor of Law at the Benjamin N. Cardozo School of law. He is the author of a treatise on secured credit in bankruptcy and of over sixty law review articles on various aspects of bankruptcy and debtor-creditor law. Many of these articles have involved procedural and constitutional issues connected with the enforcement of money judgments obtained in state and federal courts and issues involving fraudulent conveyance and voidable preference law, all of which are implicated in the current volume. He has taught a basic debtor-creditor course for over 25 years. Besides teaching at Cardozo Law School, Carlson has taught at the George Washington School of Law, the, University of Miami Law School, the University of Michigan Law School, Washington & Lee School of Law, and the Interdisciplinary Institute at Herzlya, Israel.

This volume provides a fascinating look at the anti-tax avoidance strategies employed by more than fifteen countries in eastern and western Europe, Canada, the Pacific Rim, Asia, Africa, and the United States. It surveys the similarities and differences in anti-avoidance regimes and contains detailed chapters for each country surveying the moral and legal dimensions of the problem. The proliferation of tax avoidance schemes in recent years signals the global dimensions of a problem presenting a serious challenge to the effective administration of tax laws. Tax avoidance involves unacceptable manipulation of the law to obtain a tax advantage. These transactions support wasteful behavior in which corporations enter into elaborate, circuitous arrangements solely to minimize tax liability. It frustrates the ability of governments to collect sufficient revenue to provide essential public goods and services. Avoidance of duly enacted provisions (or manipulation to secure tax benefits unintended by the legislature) poses a threat to the effective operation of a free society for the benefit of a small group of members who seek the privilege of shifting their tax burden onto others merely to compete in the world of commerce. In a world in which world treasuries struggle for the resources to battle terrorist threats and to secure a decent standard of living for constituents tax avoidance can bring economies close to the edge of sustainability. As tax avoidance is one of the top concerns of most nations, the importance of this work cannot be overstated.

This reference work presents a detailed and comprehensive study of the improper use of tax treaties. The author provides a brief overview of both the occurrence and avoidance of double taxation and analyzes the history, purpose and structure of tax treaties, with particular attention to the relation between the treaty subject and treaty object, and the concept of beneficial ownership. The concept of the improper use of tax treaties is explored, specifically in the context of the abuse of rights doctrine, the purpose of tax treaties, and the expectations and policy objectives of contracting states. Finally, the book deals with the phenomenon of treaty shopping, other perceived improper uses of tax treaties, and the efforts to combat this. The latter are categorized in interpretation and application of substance over form principles, and domestic legislation and treaty provisions, in particular limitation on benefit provisions.

Applications in information technology have come to the fore as the major strategies used by both tax agencies and businesses to meet the challenges brought on by the increasing speed, complexity, and global scope of economic transactions. With these applications countries can administer existing taxes better, and also change both the administration and the structure of taxes to better achieve developmental objectives. Techniques for developing tax forecasting and tax simulation models are now sufficiently advanced that even unsophisticated tax departments can use such models to offer new services, enforce compliance, and identify tax evasion schemes.

Disputes arising from foreign investment activities are on the increase, and with them a growing awareness among practitioners of a greater variety of settlement methods than most legal analyses have dealt with heretofore. With the experience gained in recent years from a broad spectrum of successful negotiation, arbitration, and litigation techniques, it is possible to derive a comprehensive, critical survey of the principal methods of settling foreign investment disputes. This book provides such a survey. The subject is treated systematically, dealing first with the internal balances within modern foreign investment contracts, the complexities that arise due to state participation or interference in these contracts, and the stances that are taken when disputes arise. It goes on to examine, in turn, the main issues involved in negotiation, arbitration, and judicial settlement as the methods of settling foreign investment disputes, discussing the controversial themes in each of these methods in detail. Recognizing that the focus of attention is shifting to the misconduct of multinational corporations, the last chapter contains a discussion of the role of domestic courts.

There is an immense tax treaty network between European Union Member States and third countries. These tax treaties are bilateral conventions, governed by international law. At the same time, these agreements are part of the internal law of the various Member States. European Community (EC) law has supremacy over domestic law and, therefore, over tax treaties as well. Consequently tax treaties must conform with EC law.This book examines the areas of tension between EC law and tax treaty law. Since most rules of primary and secondary law are directly applicable, they can substantially impact the implementation of tax treaty provisions and consequently result in serious practical ramifications. As part of its analysis this work devotes particular attention to the growing number of decisions of the European Court of Justice concerning fundamental freedoms and direct taxation. Thus, this book provides an up-to-date and comprehensive analysis of the interaction of national tax law, double tax treaties, and the EC Treaty.

The EU is moving towards the full implementation of the Investment Services Directive (ISD). Indeed, in some Member States, implementation has been or will be complemented by further changes to the domestic legal framework in order to cater more effectively for increased competition among financial institutions and markets. This book analyzes these developments from a legal and economic perspective and includes papers written by academics and practitioners from Europe and the US. Some papers examine critical aspects of the ISD from a comparative viewpoint, in particular considering whether further harmonization would be appropriate. Special attention is paid to the regulation of financial exchanges in the new competitive arena and to the need for co-operation between supervisors. The volume is aimed at all those involved in European securities and derivatives markets in either a legal or economic capacity. It will be of interest to banking and financial lawyers, financial economists, regulators, exchanges and intermediaries.

As the transnational character of banking and finance activities becomes ever more pronounced, there is a clear need for lawyers in the field to become conversant with pertinent legal developments in national jurisdictions other than their own. This book takes a major step towards fulfilling that need. It not only provides essential orientation in the banking law of nine countries in which international financial business is commonly transacted, but also offers experienced, high-quality insights into developments and trends in each of these jurisdictions. With origins in the discussions of the Banking and Finance Commission of the International Association of Young Lawyers (AIJA), this work examines the main areas of banking and finance law across a broad spectrum of areas of law from project finance to financial services regulation. Most of the chapters were originally presented as papers at a conference on "Managing Banking Risks and Combating Fraud" which was jointly organised by IBC and AIJA in London in March 1998. These papers have been updated for inclusion in this work, with the addition of a General Report and a new paper on the United States which takes into account the new Financial Services and Modernization Act (FSMA). Each chapter follows a predetermined outline, so the reader can easily make a comparative analysis across the countries covered.

For undergraduate and graduate courses in Taxation, and for professional use. Get clarity on UK taxation rules and policies in this up-to-date guide for year 2020 Taxation, 26th Edition, by Alan Melville, updated with 2020's Finance Act, is the definitive, market-leading text on UK taxation and is known for its up-to-date coverage of the changes introduced by the annual Budget. Featuring clean, well-structured prose and a wealth of immensely practical examples, this comprehensive guide serves as both a core textbook if you are studying taxation for the first time and a reference text that clearly explains the UK tax system and taxation regulations. Additionally, a free to access Companion Website features opportunities for extra practice, plus chapter appendices and a range of useful links to explore taxation rules and the tax system further. Pearson, the world's learning company.

Banking Regulation in China provides an in-depth analysis of the country's contemporary banking regulatory system, focusing on regulation in practice. By drawing on public and private interest theories relating to bank regulation, He argues that controlled development of the banking sector transformed China's banks into more market-oriented institutions and increased public sector growth. This work proves that bank regulation is the primary means through which the Chinese government achieves its political and economic objectives rather than using it as a vehicle for maintaining efficient financial markets.

The major themes of financial regulation in the U.S., the EEC, and Japan are discussed in four interwoven, but independent, essays. The central focus is the protection of the financial system by insuring prudential rules against systemic risks, particularly through promoting capital adequacy by international and national agreement and with due consideration to the distinction between the banking and securities business. The work concludes with the assertion that international harmonization of regulation is necessary for the long-run efficiency of financial markets.

The past fifteen years witnessed the emergence globally of a plethora of legislative measures aimed at countering money laundering. These developments have been inextricably linked with the growing international focus on newly perceived and/or prioritized global security threats such as organized crime and terrorism with money laundering counter-measures deemed essential to counter these threats. Taking these developments into account, this book examines in detail the evolution and content of money laundering counter-measures in the European Union. These measures constitute a new paradigm of security governance, achieved through three principal methods: criminalization, consisting in the emergence of new criminal offences; responsibilisation, consisting in the mobilization of the private sector to co-operate with the authorities in the fight against money laundering; and the emphasis on the administration of knowledge, through the establishment of new institutions, the financial intelligence units, with extensive powers to administer a wide range of information provided by the private sector. This paradigm may pose significant challenges to fundamental legal principles and to well-established social structures and the book attempts to address this balance. This up-to-date analysis includes the provisions of the new EU money-laundering Directive which was formally adopted in December 2001.

In the field of international tax law, only a handful of scholars have had what it takes to actually affect policy. In recent decades, Sven-Olof Lodin is clearly among that distinct group. The influence of his work in the academic and business worlds has echoed far beyond his native Sweden (where he is honoured as one of the principal architects of the major tax reform of 1990) to the global context, where his great contribution has been signally recognized by his election in 1998 as the first Nordic president of the International Fiscal Association. He was a founding member of the Nordic Tax Research Council, which has done so much to ensure co-operation in tax matters between the Nordic countries. As a delegate of the Federation of Swedish Industries, he has participated in working groups at the European level and presented models of corporate taxation that are visible in EU tax policy. His colleagues and friends respect him not only for his achievements but also for the strong of justice that characterizes his radical proposals for reorientation of the tax system. In this festschrift, 25 tax law scholars from all over the world confront some of the problems that have preoccupied Lodin - cross-border income flows, tax treaties versus national codes, EC law versus national law, VAT, e-commerce income, and much more.

This indispensible book offers step-by-step guidance to small and mid-sized companies and non-profit organizations in managing corruption risks in overseas markets. It covers how and why to build a culture of integrity, develop a risk-based anti-corruption compliance programme, and engage with other industry players in collective action against shared corruption challenges. The focus on culture, compliance and collective action helps resource-stretched companies to build a strong foundation for a healthy and flourishing organization, as well as contribute towards raising standards of integrity across their industry. Key features include: Guidance for creating and contributing to collective action Quick definitions, tips and practical tools such as checklists A hands-on approach with an emphasis on culture and leadership Case studies and real-life examples of both corruption risks and the importance of a strong compliance culture. Anti-Corruption Compliance will be an invaluable resource for senior managers of small and mid-sized organizations in minimizing exposure to corruption risks in international markets. It will also prove useful to corporate lawyers and others involved with compliance functions in larger companies, as well as to academics and students of corporate law with an interest in anti-corruption and compliance.

Critically assessing recent developments in environmental and tax legislation, and in particular low-carbon strategies, this timely book analyses the implementation of market-based instruments for achieving climate stabilisation objectives around the world. Through case studies and broader analysis, international experts examine taxes and subsidies in energy intensive sectors including stationary energy and transport in Europe and South America, and low-carbon strategies in Australia and East Asia. They also address cross-cutting policy issues involving water pollution and biodiversity protection. This work illustrates how economic instruments for a low-carbon transition need to align with other governmental policies and together influence behaviour in multiple domains such as energy, mobility, trade, land use and innovation. Providing a rich economic modelling of environmental fiscal policies, this topical book will be an engaging read for environmental tax scholars and professionals, as well as academics across energy and environmental economics, law and policy. Policy makers and practitioners in energy and climate policy will also benefit from its problem-solving approach. Contributors include: M.S. Andersen, E. Aydos, E. Belletti, M. Bisogno, C. Camara Barroso, Q. Changbo, G. Chazhong, J. Dellatte, B. Fenfen, L. Feng, S. Geringer, E. Guglyuvatyy, T. Iliopoulos, T. Kawakatsu, D. Kortschak, K. Kratena, V. Kulmer, A. Lerch, I. Meyer, M. Molinos-Senante, M. Pizzol, S. Rudolph, K. Schlegelmilch, S. Seebauer, M. Sommer, C. Sotiriou, N.P. Stoianoff, H. Thodsen, A. Tomo, J. Tumpel, M. Villar Ezcurra, Z. Zachariadis, J.M.M. Zanocchi

This book explores the role of law and regulation in sustaining financial markets in both developed and developing countries, particularly the European Union, United States and China. The central argument of this book is that law matters for the operation of financial markets, which, in turn, significantly influences the performance of firms, industries, and economies.

"

The Role of Law and Regulation in Sustaining Financial Markets" is divided into four parts. Part one addresses the connection between law, financial development, and economic growth. Part two deals with the role of financial regulation, which can be used to correct market failures, such as negative externalities, information asymmetries, and monopolies. Part three focuses on the design, functioning, and performance of different financial instruments. Part four examines the topic of Corporate Social Responsibility. This book contributes to the law and finance literature by studying certain conventional issues, such as the relationship between finance and economic growth, and the effects of regulatory quality on financial development, from new perspectives and/or with new evidence, data, and cases. It also explores novel topics, such as project finance contracts, insurance and climate change, the shadow banking system, that have been overlooked in current literature.

This book is meaningful not only for the EU and the US, which have suffered considerably from the financial crisis of 2008, but also for China, which is struggling to build a sound institutional infrastructure to govern its increasingly complicated financial system. By comparing the regulatory philosophies and practices of the EU, the US and China, this book will help the reader to understand the diverse nature of the global law and finance nexus and avoid succumbing to the myth of "one size fits all.""

The U.S. Constitution contains several limitations on the national taxing power. These limitations are almost always ignored due to the assumption that Congress is unconstrained in imposing taxes. The Taxing Power proves that assumption faulty by illustrating the importance of such limitations as the uniformity rule, the direct-tax apportionment rule, and the Export Clause. By looking at the historical origins of these limitations, Jensen argues that they are essential parts of the Constitution and should be taken seriously, as the founders intended. This full-scale treatment of the subject is a timely reminder that the national taxing power is not absolute. In the last decade the Supreme Court has begun to see the Export Clause as an important factor in taxation. This has opened the door for other limitations to be considered, making this work of utmost importance in the study of taxation.