Transactions involving intellectual property play an increasingly significant role in economic activity at every level from global to local, with particular challenges for taxation and revenue authorities. Moreover, the manifold complexities associated with identifying, valuing and transferring intangibles make this an issue requiring a creative review of existing transfer pricing methodologies and techniques. In this ground-breaking new study, Michelle Markham offers an in-depth examination of attitudes at the forefront of this rapidly evolving area of taxation law, focusing her work on a comparative analysis of the US, OECD, and Australian perspectives on the transfer pricing of intangible assets. "The Transfer Pricing of Intangibles" not only highlights the current problems encountered in inter-affiliate transactions of intangible property, but also attempts to offer a variety of solutions to these problems. Among the issues explored are the following: how the tax treatment of intangibles in the context of transfer pricing has become a major international tax concern; definitional issues which are vital to an understanding of transfer pricing; application of the arm's length principle to intangible asset transactions; determination of legal and economic ownership of group intangible assets; intangible asset valuation and transfer; transfer pricing methodologies; global formulary apportionment; transfer pricing documentation requirements; penalties for non-compliance; resolution of transfer pricing disputes; and advance pricing agreements. Revenue authorities, multinational enterprise executives, and tax practitioners around the world will greatly appreciate the recommendations and solutions proposed in this knowledgeable and thoughtful book. Its acute sense of the opportunities and pitfalls of an ever-more-complex area of economic activity place it in a category of its own, of inestimable benefit to interested parties.

Now established as the definitive text in the important area of Revenue Law. This completely revised edition incorporates all of the most recent changes in the law in this important area and now incorporates an entire section on the law relating to Value Added Tax. The principles and policy behind the development and application of revenue law are explored through a contextual approach which helps the reader develop an understanding of their many complex rules and reform. The book will be invaluable to undergraduate and professional students of law, accountancy, business and taxation on traditional as well as open learning courses. It will also serve as an essential reference guide for practitioners of law, accountancy and taxation.

The Foundations of Public Finance presents the most important articles and papers tracing the development of public finance from the earliest tolls and customs duties levied on goods and land to more complex tax systems up to 1950.A signal contribution of this collection is that it allows the founding fathers to describe the development of different schools or doctrines in their own words. It is a fascinating story showing how economic analysis develops partly as a response to the need to gain a deeper insight into practical questions such as 'how progressive should a tax systems be?'. The volume is a companion to and complements Modern Public Finance edited by A.B. Atkinson (also in The International Library of Critical Writings in Economics series) which covers the recent developments in public finance from 1950.

The Law of Compulsory Motor Vehicle Insurance covers motor vehicle compulsory liability insurance in a broad context by putting emphasis on the fundamental principles unique to this type of insurance, their operation together with the general principles of law, and the interventions of the relevant EU Directives and CJEU decisions. The law regarding motor vehicle liability insurance is ever-evolving, fast-developing and offering more intellectual challenges as the disputes vary every day. This book examines the principles applicable in this area of law by studying the grounds where the rules derive from and their continuing developments over decades at both domestic and EU levels. Whilst doing so it also discusses whether the sources of the current applicable law, in several different motor vehicle compulsory insurance related issues, are in line with each other. The book also presents careful analyses of the interplay between the different sources of law, detailed discussions on what the law should be in order to provide consistency amongst the rules and principles identified, and how solutions to newly emerging issues can be found. The regime applicable in this area is overcomplex. This book will be valuable reading for any lawyer, whether academic, practitioner or student who would like to understand the insurance cover required for compulsory motor vehicle third party liability insurance together with the rationale for adopting such rules and their interpretation by the Courts.

Currency fluctuation, currency wars and even potential currency collapse (the Euro, the Bitcoin) are all risks that commercial parties must consider and guard against. This book gathers together in one volume all the information and advice practitioners are likely to need when advising on, advancing or defending claims involving a foreign currency element. The determination of the proper currency (or currencies) of a claim often has a dramatic effect on the level of a court judgment or arbitration award that is ultimately obtained. It is, therefore, vital for practitioners to accurately assess claims which involve a foreign currency element. The authors guide the reader through the legal principles governing how foreign currency claims are treated in English law. The book covers both the treatment of foreign currency in substantive law as well as such procedural matters as how to claim interest correctly on a foreign currency claim and how to plead, prove or disprove the applicability of a particular currency. This book is an invaluable and essential resource for all lawyers involved in international commerce, but will be of particular interest to those engaged in international finance, commodity transactions, international shipping and transport, and the insurance of assets and liabilities abroad. "Those who practise in this country need guidance in navigating the tricky waters that The Despina R unleashed. This excellent book provides that guidance." The authors "have been uniquely well placed to meet the challenge of analysing what is a perplexing body of jurisprudence, and to suggest principled answers to currency issues that have not yet been the subject of judicial decision. They consider not merely claims in contract and tort, but every type of claim that might raise an issue in relation to a foreign currency." The Rt Hon. The Lord Phillips of Worth Matravers, KG, PC, President of the Supreme Court of the United Kingdom, 2009-2012

Globalisation has opened new avenues to corruption. Corrupt practices are proliferating not only within national borders but across different countries. Despite many national and international anti-corruption bodies and strategies, corruption far from being eradicated. There is an urgent global demand for a better understanding of corruption as a phenomenon and a thorough assessment of the existing regulatory remedies, towards the establishment of more effective (and possibly uniform) anti-corruption measures. Our previous collection, Corruption in the Global Era (Routledge, 2019), analysed the causes, the sources, and the forms of manifestation of global corruption. An ideal continuation of that volume, this book moves from the analysis of the phenomenon of corruption to that of the regulatory remedies against corruption and for the promotion of integrity. Corruption, Integrity and the Law provides a unique interdisciplinary assessment of the global anti-corruption legal framework. The collection gathers top experts in different fields of both the academic and the professional world - including criminal law, EU law, international law, competition law, corporate law and ethics. It analyses legal instruments adopted not only at a supranational level but also by different countries, in the attempt of establishing an interdisciplinary and comparative dialogue between theory and practice and between different legal systems towards a better global promotion of integrity. This book will be of value to researchers, academics and students in the fields of law, criminology, sociology, economics, ethics as well as professionals - especially solicitors, barristers, businessmen and public servants.

Business Negotiations and the Law: The Protection of Weak Professional Parties in Standard Form Contracting aims to explore the issues surrounding contract negotiations between entrepreneurs and other professionals when one of the parties does not have the same level of bargaining power as the other. The need to protect weaker parties from unfair contract terms exists not only in relationships between businesses and consumers, but in business to business contracts also. This book focuses on the problem of small enterprises, independent contractors and other professional weak parties and examines these from a European point of view. There are significant differences between Member States as to decisions regarding regulatory context on the protection of weaker professional parties in asymmetrical contractual situations. However, European businesses are overwhelmingly smaller in size, so protecting weaker parties becomes key in facilitating successful and efficient negotiations. The book provides a critical and comparative overview of the area and recent regulatory developments, both to clarify the direction that European legislation is heading, and to explore the tools needed to assure the effectiveness of the common market. This text will be of interest to policy makers, researchers of European legislation, and students of commercial and business law.

Mergers, Acquisitions, and Other Restructuring Activities: An Integrated Approach to Process, Tools, Cases, and Solutions, Eleventh Edition presents the most current and comprehensive M&A information available. Organized according to the context in which topics normally occur in the M&A process, the book covers M&A environments, M&A processes, M&A valuation and modeling, deal structuring and financing strategies, and alternative business and restructuring strategies. Covering industries worldwide, this new edition illustrates the most germane strategies and tactics in today's marketplace. It includes substantially more ancillary materials than previous editions, including an extensive test bank, chapter summaries, and instructor and student PowerPoint slides. More than 100 new references to relevant academic research published since 2018 make the 11th edition a balanced, comprehensive guide to the complex and dynamically changing world of M&A.

The contributions in this volume elucidate both 'synthetic securitization' (which involves the investors in exposure-based securities to particular risks in exchange for a fee) and conventional securitization (issuance of securities for the primary purpose of raising funds for the originator or owner of the assets being securitized). The various contributions illustrate how the structures employed in securitizations are readily capable of being applied to a wide range of income-generating assets, including such innovative asset classes as the following:
- commercial mortgages
- student rents
- intellectual property rights
- carbon emission allowances
- life insurance policies
- project and infrastructure loans
- microfinance loans
- sovereign aid grants
- non-performing loans
- loans to finance corporate takeovers
- tax receivables and other public sector assets
In addition, this volume covers the emergence of new markets for securitization in Asia, Latin America, Islamic countries, and South Africa, as well as major developments in the accounting treatment of securitizations and evolving judicial attitudes to the underlying sale and credit derivative components of securitizations.

Global Finance in the 21st Century: Stability and Sustainability in a Fragmenting World explains finance and its regulation after the global financial crisis. The book introduces non-finance scholars into the wider debate regarding the conduct and regulation of finance to encourage broader discussion on important societal issues that relate to finance. The book also explores the ineffectiveness of the current approach to global prudential governance and places this discussion within the more expansive context of global governance and nationalism in the twenty-first century. The book argues that fragmentation and the growing trend of promoting informality and voluntarism has facilitated a return to nationalism as a primary form of global governance that acts contrary to post-crisis reforms that seek to promote stability and sustainability in the conduct of finance. As a remedy, Kourabas suggests that we need more, not less, of what we have traditionally conceived as international law - treaties and treaty-based international organisations. In the field of finance, this means not only pursuing financial liberalisation through free trade and investment treaties, but also the inclusion of provisions in these treaties that promotes systemic financial stability and sustainable development objectives. Of interest to legal and non-legal academics and students, legal professionals and policy-makers, this book offers a nuanced defence of international law as an approach to global governance in finance and beyond, as well as reform of international law to meet the needs of twenty-first century society.

A compelling explanation of how the law shapes the distribution of wealth What is it that transforms a simple object, an idea, or a promise to pay into an asset that creates wealth? Katharina Pistor explains how, behind closed doors in the offices of private attorneys, capital is created-and why this little-known activity is one of the biggest reasons for the widening wealth gap between the holders of capital and everybody else. A powerful new way of thinking about one of the most pernicious problems of our time, The Code of Capital explores the various ways that debt, complex financial products, and other assets are selectively coded to protect and reproduce private wealth. This provocative book paints a troubling portrait of the pervasive global nature of the code, the people who shape it, and the governments that enforce it.

Taxation has long been the subject of study by both lawyers and economists - pre-dating the law and economics movement - but the gap in the understanding of one another's methodology appears to have widened over time. This important two-volume set aims to address this gap, presenting a selection of papers which have been carefully chosen by the editor not only for their application of economics to distinctly legal issues in the field of taxation, but also for their use of an economic analysis that is relevant and penetrable for lawyers and legal scholars. The collection begins with papers that explore the difference between economic and traditional legal approaches to tax problems. Volume I then focuses on commodity taxation, tax incidence and distribution, progressivity, income taxation, consumption and the choice of tax base. Volume II then turns to more procedural aspects of tax, such as the implementation of the tax base, administration and compliance (including tax shelters), the taxable unit and tax expenditures. This collection will provide an invaluable reference source for lawyers, economists and any student of tax law.

'In The ASEAN Comprehensive Investment Agreement: The Regionalization of Laws and Policy on Foreign Investment, Julien Chaisse and Sufian Jusoh provide analysis --unmatched in scope and detail -- of ACIA's role in supporting the development of the ASEAN Economic Community. This contribution will serve as an invaluable resource for policymakers, business leaders, lawyers, and scholars interested in the development of investment law and policy in Asia.' - Mark Feldman, Peking University, China 'Julien Chaisse and Sufian Jusoh take up the formidable challenge of unpacking the ingredients of the Asian ''noodle bowl'', delivering a comprehensive book that synthesizes the convoluted investment legal standards pertaining to the ASEAN into an intelligible discourse. Throughout, they offer insight into the design and purpose of this model of economic integration, as well as its impact on the rights of investors from states neighbouring the ASEAN region. This volume serves as a reliable and practical guidebook that will edify any reader interested in the subject matter.' - Kyle Dickson-Smith, FCIArb., Canada/Australia The international law of foreign investment is one of the fastest growing areas of international economic law and policy which increasingly rely on large membership investment treaties such as the ASEAN Comprehensive Investment Agreement (ACIA). This book comprehensively examines the role of this specific international treaty on investment and situates it in the wider global trend towards the regionalisation of laws and policy on foreign investment. Considering the state of the ASEAN Economic Community in 2015 and its transformation until 2025, Julien Chaisse and Sufian Jusoh illustrate the pivotal role ACIA has to play in future international investment law negotiations and the benefits to ASEAN and third country investors and their investments. Collective commitment to a common standard contributes to depoliticize any potential conflict between individual investors and host states making the agreement particularly crucial to discussions involving ASEAN member states and between ASEAN and Dialogue Partners as well as to investment decisions including investment liberalization and investment facilitation. Offering the first detailed analysis of ACIA and its applications, this book will prove essential reading for legal practitioners in the field of international investment law as well as researchers and students studying the ASEAN Economic Community and its contemporary moulding.

Drone Law and Policy describes the drone industry and its evolution, describing the benefits and risks of its exponential growth. It outlines the current and proposed regulatory framework in Australia, the United States, the United Kingdom and Europe, taking into consideration the current and evolving technological and insurance landscape. This book makes recommendations as to additional regulatory and insurance initiatives which the authors believe are necessary to achieve an effective balance between the various competing interests. The 23 chapters are written by global specialists on crucial topics, such as terrorism and security, airport and aircraft safety, maritime deployment, cyber-risks, regulatory oversight, licensing, standards and insurance. This book will provide authoritative reference and expert guidance for regulators and government agencies, legal practitioners, insurance companies and brokers globally, as well as for major organisations utilising drones in industrial applications.

Foundations of International Commercial Law provides a fresh analysis of both the contextual features of International Commercial Law and a range of different International Commercial Law instruments. This text covers the various elements which comprise International Commercial Law, the academic debates about the lex mercatoria and harmonisation, as well as a discussion of selected conventions and other instruments. International Commercial Law is concerned with commercial transactions which have an international dimension, for example contracts between parties from multiple jurisdictions. As an area of study, it is characterised by the interaction of a wide range of national and international legal sources which all shape the overall context within which international commercial contracts are made and performed. This book focuses on the international legal sources in particular. It first explores all the different elements which together comprise the context of international commercial transactions, before examining the process of making International Commercial Law. Specific instruments of International Commercial Law discussed in the book include the conventions on the international sale of goods, agency, financial leasing, factoring, receivables financing and secured interests in mobile equipment, together with the UNIDROIT Principles of International Commercial Contracts and documentary credits. There are separate chapters on private international law and international commercial arbitration, and a final chapter exploring the existing and potential impact of the digital economy on International Commercial Law. Offering a detailed overview of the main themes and key aspects of International Commercial Law, this book is for readers who are new to the subject, whether undergraduate or postgraduate students, legal scholars, practitioners or policymakers.

Foundations of International Commercial Law provides a fresh analysis of both the contextual features of International Commercial Law and a range of different International Commercial Law instruments. This text covers the various elements which comprise International Commercial Law, the academic debates about the lex mercatoria and harmonisation, as well as a discussion of selected conventions and other instruments. International Commercial Law is concerned with commercial transactions which have an international dimension, for example contracts between parties from multiple jurisdictions. As an area of study, it is characterised by the interaction of a wide range of national and international legal sources which all shape the overall context within which international commercial contracts are made and performed. This book focuses on the international legal sources in particular. It first explores all the different elements which together comprise the context of international commercial transactions, before examining the process of making International Commercial Law. Specific instruments of International Commercial Law discussed in the book include the conventions on the international sale of goods, agency, financial leasing, factoring, receivables financing and secured interests in mobile equipment, together with the UNIDROIT Principles of International Commercial Contracts and documentary credits. There are separate chapters on private international law and international commercial arbitration, and a final chapter exploring the existing and potential impact of the digital economy on International Commercial Law. Offering a detailed overview of the main themes and key aspects of International Commercial Law, this book is for readers who are new to the subject, whether undergraduate or postgraduate students, legal scholars, practitioners or policymakers.

The European Sovereign Debt Crisis: Breaking the Vicious Circle between Sovereigns and Banks explains why the euro area's progress towards reining in the risks arising from the well-documented bi-directional financial contagion transmission mechanism that links sovereigns to commercial banks has been more prominent compared to the channel of contagion moving from banks to sovereigns. Providing an analysis of the legal and regulatory measures that Europe and the euro area have taken to mitigate the exposure of sovereigns to financial crises generated by commercial banks, this book draws attention to areas where improvements to the arsenal of tools hitherto introduced are either desirable or necessary. Chapters further explain - with recourse to economic and legal arguments - why the channel of contagion moving from sovereigns to commercial banks has proven harder to close, and explores ways in which progress could be made in the direction of closing it so as to avert the risk of future banking sector crises. This work provides essential reading for students, researchers and practitioners with an interest in sovereign debt crises and the euro-area banking system.

With fifty trillion in worldwide assets, the growth of mutual funds is a truly global phenomenon and deserves a broad international analysis. Local political economies and legal regimes create different regulatory preferences for the oversight of these funds, and academics, public officials and legal practitioners wishing to understand the global investing environment will require a keen awareness of these international differences. The contributors, leading scholars in the field of investment law from around the world, provide a current legal analysis of funds from a variety of perspectives and using an array of methodologies that consider the large fundamental questions governing the role and regulation of investment funds. This volume also explores the identity and behavior of investors as well as issues surrounding less orthodox funds, such as money market funds, ETFs, and private funds. This Handbook will provide legal and financial scholars, academics, lawyers and regulators with a vital tool for working with mutual funds. Contributors include: W.A. Birdthistle, M. Bullard, I.H-Y Chiu, B. Clarke, Q. Curtis, D.A. DeMott, J. Fanto, J.E. Fisch, P. Hanrahan, L.P.Q. Johnson, W.A. Kaal, A.K. Krug, A.B. Laby, J.D. Morley, A. Palmiter, I. Ramsay, E.D. Roiter, M. White, D.A. Zetzsche

Although EU Member States have retained national sovereignty in tax matters, a consistent line of decisions by the European Court of Justice requires them to exercise these powers consistent with superseding Community law. In other words, the Member States are not wholly autonomous. This in turn creates serious tensions. This timely resource covers a variety of critical issues, including the current and possible future effects of the internal market on the fiscal sovereignty of Member States; the limits that European law imposes on Member States' policy sovereignty in matters of international tax law; the effect of European law on taxes levied by local authorities; and the consequences the Treaty of Lisbon may have for Member States' fiscal sovereignty.

Islam encourages business and financial transactions as a way of securing the basic needs for all human beings, but these need to be conducted in accordance with the principles contained in the Qur'an and Sunnah. However, these legal concepts are not classified subject-wise, and the verses on commercial law, like all other topics, are scattered throughout the Qur'an, making it difficult for readers to gain a full understanding of the topic. This, therefore, is the first comprehensive book to demystify Islamic contract law and specifically Islamic financial contracts, and to examine its roots and history. The book is written in a clear style to allow for a greater understanding of the more challenging and misunderstood areas pertaining to Islamic business and financial contracts. It also contributes a series of chapters which address the market niche and need, concerning Shariah compliance for Islamic financial products and services. The book is divided into 16 chapters in order to provide a holistic and thorough overview of Islamic law of contract. It covers the objections and misconceptions surrounding Islamic business and financial contracts. It also includes the key features and guiding principles of Islamic law of contract and offers technical know-how, illustrating the concept of formation of a contract, as well as the essential elements of a valid contract. The authors also offer a discussion on the system of options under Islamic business and financial contracts and potential solutions to breach of contracts. The book will serve as a handy reference for scholars and students of Islamic business and finance and Islamic commercial law and will also be beneficial for practitioners as well as legal and judicial officers. It will open new doors for further research in the field of Islamic financial contracts.

This book tracks the phenomenon of international corporate personhood (ICP) in international law and explores many legal issues raised in its wake. It sketches a theory of the ICP and encourages engagement with its amorphous legal nature through reimagination of international law beyond the State, in service to humanity. The book offers two primary contributions, one descriptive and one normative. The descriptive section of the book sketches a history of the emergence of the ICP and discusses existing analogical approaches to theorizing the corporation in international law. It then turns to an analysis of the primary judicial decisions and international legal instruments that animate internationally a concept that began in U.S. domestic law. The descriptive section concludes with a list of twenty-two judge-made and text-made rights and privileges presently available to the ICP that are not available to other international legal personalities; these are later categorized into 'active' and 'passive' rights. The normative section of the book begins the shift from what is to what ought to be by sketching a theory of the ICP that - unlike existing attempts to place the corporation in international legal theory - does not rely on analogical reasoning. Rather, it adopts the Jessupian emphasis on 'human problems' and encourages pragmatic, solution-oriented legal analysis and interpretation, especially in arbitral tribunals and international courts where legal reasoning is frequently borrowed from domestic law and international treaty regimes. It suggests that ICPs should have 'passive' or procedural rights that cater to problems that can be characterized as 'universal' but that international law should avoid universalizing 'active' or substantive rights which ICPs can shape through agency. The book concludes by identifying new trajectories in law relevant to the future and evolution of the ICP. This book will be most useful to students and practitioners of international law but provides riveting material for anyone interested in understanding the phenomenon of international corporate personhood or the international law surrounding corporations more generally.

In a world of tight legal and economic networks, tax disputes are on the increase. Mutual agreement procedures have virtually been the only means of settling such tax disputes amicably. In practice, mutual agreement procedures have not always proved satisfactory. The Convention on the Elimination of Double Taxation in connection with the adjustment of profits of associated enterprises, can serve as an alternative dispute settlement vehicle. However, only transfer pricing disputes fall within the applicability of this EU Convention and its geographic scope is restricted to EU territory. As part of their treaty policy, some countries have therefore added arbitration clauses to newly negotiated tax treaties. These arbitration clauses extend the competence of an arbitration board not only to transfer pricing disputes but to the entire scope of a tax treaty, thereby avoiding most of the disadvantages of a simple mutual agreement procedure. In addition, related legal areas such as the arbitration provisions of the WTO, NAFTA, ICSID or social security systems may provide interesting inputs for future developments in the settlement of tax treaty disputes. Presented as 18 national reports from leading international authorities, coverage includes not only to the EU, but also Norway, the Czech Republic, Hungary and Latvia. Settlement of Disputes in Tax Treaty Law builds on the work published in Tax Treaty Interpretation (Lang, 2001). The volume distills the findings of a research conference sponsored by the European Commission, and held in Austria in September 2001. At a time of increasing convergence of global financial systems, tax considerations are more vital than ever.