This volume contains a stimulating collection of analytical studies focusing on taxation in Mozambique. It tells a compelling story about tax systems in a low income economy increasingly integrated into the world trading system, but very much dependent on foreign trade taxes and international development assistance. Key issues covered include: A better understanding of the historical background of tax reforms in a representative African economy (Mozambique) along with an assessment of taxation performance in a comparative perspective. Insights into the practice and implications of tax policy, both from the perspective of the consumer and the firm level. Discussion of the existing institutional set up in which tax policy and its enforcement operate and analyses of current tax practices. Taxation themes at the border and at domestic level, which are typical for low-income economies, characterized by a high degree of reliance on foreign trade taxes. This volume is meant as a guide for developing country government officials and professional aid practitioners as well as academics, researchers and tax policy analysts working in the development field. It will also be of interest to students of development with a special interest in public finance issues in poor countries and how to improve policy-effectiveness, including tax policy, in a developing country setting.

International taxation is a major research topic, and for a field of research at the intersection of so many disciplines there has been surprisingly little done across disciplinary boundaries. This book fills the gap by combining teams from business, economics, information science, law and political science to offer a unique and innovative approach to the issue of international tax coordination. All the chapters are written in collaboration between at least two authors from two different disciplines. This approach offers a rich and nuanced understanding of the many issues of international tax coordination. The book collects seven papers, each one a valuable contribution in itself, beginning with current problems of international taxation and finishing with potential solutions. The essays explore current EU legislation, tax avoidance and tax fraud, as well as double tax agreements, dividend repatriation and hybrid finance and tax planning. Providing methodological answers to the question of how to conduct interdisciplinary research, the book also gives an accessible introduction into research questions and answers that are important in related disciplines for scholars in various areas. This book will be of interest to postgraduates and researchers in the fields of economics, business, informational science, law and political science, as well as to professional accountants and tax lawyers.

America is currently involved in one of the worst economic crises of modern times. As alarm increases over how the government will balance the budget, handle the debt, and maintain prosperity for the future, the minutia of debts and deficits remains incomprehensible to many. Why is it so hard to find ways to resolve the fiscal crisis? This brief and intelligible book is a guide to understanding both the difficulties involved in managing the federal budget and why the on-going fiscal crisis is so significant for America's future. In order to introduce the reader to the basic composition of federal spending and to the ways that the government raises revenue, Hudson begins his guide with a "map" clarifying how to navigate the federal budget. He defines basic financial vocabulary and outlines concepts by using clear charts and diagrams that both provide basis for discussion and illustrate key points. With this budget map in mind, the second part of the book lays out how the partisan divide in America helps explain the fiscal crisis. Hudson analyzes the debate on the extent of the fiscal crisis, the ways that political parties have tried to solve it, and the political events and institutions that have surrounded the crisis. This citizen's guide reveals how differing views of America inform the arguments over deficits and debt. By the time readers finish the book, they will understand that the conflict over deficits and debt is not simply about where to cut or add spending, but instead is a struggle over national priorities and visions for the future.

This collection of essays deals with aspects of the recent fiscal crisis in developing countries. Macro aspects cover theoretical underpinning of fiscal policy, the size of the required adjustment and the link between internal and external transfers. Micro aspects cover the relation between private and public investment, the experience of tax and expenditure reforms and the impact of fiscal adjustment on the poor. The essays are by applied economists, who analyze real-life issues.

The Friedman-Lucas Transition in Macroeconomics: A Structuralist Approach considers how and to what extent monetarist and new classical theories of the business-cycle can be regarded as approximately true descriptions of a cycle's causal structure or whether they can be no more than useful predictive instruments. This book will be of interest to upper-division undergraduates, graduate students, researchers and professionals concerned with practical, theoretical and historical aspects of macroeconomics and business-cycle modeling.

With all levels of governments currently, and for the foreseeable future, under significant fiscal stress, any new transit funding mechanism is to be welcomed. Value capture (VC) is one such mechanism, which involves the identification and capture of a public infrastructure-led increase in property value. This book reviews four major VC mechanisms: joint development projects; special assessment districts; impact fees; and tax increment financing; all of which are used to fund transit in the United States. Through the study of prominent examples of these VC mechanisms from across the US, this book evaluates their performance focusing on aspects such as equity, revenue-generating potential, stakeholder support, and the legal and policy environment. It also conducts a comparative assessment of VC mechanisms to help policy makers and practitioners to choose one, or a combination of VC mechanisms. Although the book focuses on the US, the use of the VC mechanisms and the urgent need for additional revenue to fund public transportation are world-wide concerns. Therefore, an overview of the VC mechanisms in use internationally is also provided.

This book examines the present status, recent tax reforms and planned tax policies in some South and East Asia countries since the 1990s. The evidence is presented in a user friendly manner, but at the same time uses technically sophisticated methods. The main countries studied are China, India, Japan, Malaysia, South Korea and Thailand. It is unique for being the first systematic treatment of the topic: hitherto, the information available has been widely dispersed and difficult to access. It should prove to be a natural companion to two previous books on taxation published by Routledge and also edited by Luigi Bernardi.

This book provides a comprehensive analysis of the Organisation for Economic Cooperation and Development's (OECD) war on offshore tax evasion. The authors explain the new emerging regulatory regimes on the global exchange of information to combat offshore tax evasion and analyse why Automatic Exchange of Information (AEOI) is not a "magic bullet" solution. Chapters include coverage of the Foreign Account Tax Compliance Act (FATCA), AEOI and the Common Reporting Standards (CRS), and the unprecedented extra-territorial enforcement by the United States of its tax and reporting laws, including the FBAR provisions of the Bank Secrecy Act. These new legal regimes directly impact nearly all financial institutions and financial service providers in the U.S., U.K., EU, Canada, and each of the 132 member jurisdictions of the OECD's Global Forum, as well as 8 million U.S. expats. In light of The Panama Papers, this book offers a timely and valuable contribution on the prevalence and costs of international tax evasion for the global financial community, policy-makers, and practitioners alike.

The European Union (EU) has reached crisis point. Populist and Nativist forces are militating against years of austerity economics, distant elites, and a rising tide of migration. Despite the EU's shortcomings, this book seeks to determine the future of the EU, outlining how the institution can learn lessons from the elements that have plunged much of Europe into social, economic and political turmoil. This book argues for reform not revolution. By interviewing politicians, economists, representatives of national bodies and EU citizens, this book provides unique insights never before disclosed and makes a major contribution to current debates on the future of the EU and the Eurozone.

This study of taxation in Latin America takes a novel approach to the subject, using a framework that posits three dimensions for studying taxes-historical, relational, and transnational. The book argues that: first, taxation should be understood as a relational concept and tax systems as a function of a strategic nexus between the state and society; second, that any analysis of tax systems across Latin America needs to take historical legacies of national tax systems into account; and finally, that transnational phenomena have significant implications for tax regime dynamics in Latin America. The essays included provide diverse and representative insights for a new understanding of taxation in Latin America and highlight the bottlenecks to the development of sustainable tax systems in the region, exploring new links between academic research and policy-making.

This book talks about the past realities, evolving roles and future directions of sovereign wealth fund (SWF) managers in these areas: Investment behavior of SWF managers up to this point due to their massive size: How sovereign wealth funds may behave differently from commercial investment houses managing comparable amounts of assets The evolving role of these SWF managers as "investors of last resort" during the Financial Crisis, and whether there are better ways to understand their investing behavior given that they can destabilize entire market segments Future market scenarios given the likely roles SWF managers going forward, when they may be the only type of entities available with sufficient balance sheets to offer a credible solution to the underlying cause of the Financial Crisis, which is global imbalance. Analyses in this book were developed by working with real-life portfolios of comparable size, making them realistic and useful for investors, allocators as well as policymakers to understand sovereign wealth investments as well as their investment and policy implications.

Few issues in tax policy are as divisive as the capital gains tax. Should capital gains--the increase in value of assets such as stocks or businesses--be taxed at all? If so, when should they be taxed--when they are earned, or when they are realized? Should taxes be adjusted for inflation? And should gains be taxed at both the individual and corporate levels? In this book, Leonard Burman cuts through the political rhetoric to present the facts about capital gains. He begins by explaining the complex rules that govern the taxation of capital gains, examines the kinds of assets that produce them, and the factors that can lead to gains or losses. He then reviews the effects of capital gains taxation on saving and investment and considers the arguments for and against indexing capital gains taxes for inflation, as well as other options for altering the current system.

In recent years, stunning advances in telecommunications, capital mobility, and distribution channels have not only greatly increased the number of transactions and ventures subject to multiple taxation, but also have made it easier - for those who know what to look for - to plan around such taxes. Tax and legal professionals, entrepreneurs, and business managers must have a fundamental understanding of the state and local tax implications of key transactions. Those who are able to identify state and local tax issues also can make more effective use of tax consultants because challenges and opportunities can be spotted as they arise before basic negotiations are concluded and the outline of the deal solidified. Written by a team of CPAs, professors, and tax lawyers with over 120 years of combined experience, State and Local Taxation: Principles and Planning, Third Edition, covers the important tax issues of today's global business environment. The authors draw upon numerous real-life examples to identify and explain the fundamental principles of state and local taxation and how to incorporate these principles into strategic business planning. Key Features: Shows how to identify state and local tax issues and spot challenges and opportunities as they arise Details the principles of multi-state taxation and provides an understanding of their effect on business operations Explores the role of state and local tax issues in a strategic business environment and dis-cusses taxation from a strategic planning perspective Explains the economic implications of management decisions involving the application of tax laws Presents an overview of major state and local taxes including income tax, sales tax, property tax, and employment taxes WAV offers instructional material for classroom use

Cartels, Competition and Public Procurement uses a law and economics approach to analyse whether competition and public procurement laws in Europe and Asia deal effectively with bid rigging conspiracies.Stefan Weishaar explores the ways in which economic theory can be used to mitigate the adverse effects of bid rigging cartels. The study sheds light on one of the vital issues for achieving cost-effective public procurement - which is itself a critical question in the context of the global financial crisis. The book comprehensively examines whether different laws deal effectively with bid rigging and the ways in which economic theory can be used to mitigate the adverse effects of such cartels. The employed industrial economics and auction theory highlights shortcomings of the law in all three jurisdictions - the European Union, China and Japan - and seeks to raise the awareness of policymakers as to when extra precautionary measures against bid rigging conspiracies should be taken. Students and researchers who have a keen interest in the relationship between law and economics, competition law and public procurement law will find this topical book invaluable. Practitioners can see how economic theory can be used to identify situations that lend themselves to bid rigging and policymakers will be informed about the shortcomings of existing legislation from a legal and economics perspective and will be inspired by approaches taken in different jurisdictions. Contents: 1. Introduction Part I: Economic Theory 2. Economic Theory on Optimal Deterrence and Enforcement 3. Industrial Economics 4. Auction Theory and Collusion Part II: Legal Analysis 5. The Effectiveness of the Legal Regime Applicable to Bid Rigging in the European Union 6. Application of Auction Theory in Europe 7. The Effectiveness of the Legal Regime Applicable to Bid Rigging in China 8. Application of Auction Theory in China 9. The Effectiveness of the Legal Regime Applicable to Bid Rigging in Japan 10. The Japanese Construction Sector 11. Limits of Economic Theories and Concluding Remarks Appendix 1. Europe - An Overview of Public Procurement Law Appendix 2. China - An Overview of Public Procurement Law Appendix 3. History of Japanese Antitrust Legislation References Index

Over the last several decades, there has been a growing interest in theoretical, empirical, and experimental work on all aspects of tax compliance and tax evasion. The essays in this volume summarize the existing state of knowledge of tax compliance and tax evasion, present new thinking about this issue, and analyze the empirical relevance of these new perspectives. The original essays in this volume represent an attempt to provide a framework on compliance that moves beyond the economics-of-crime perspective, one that provides a more complete understanding of individual (and group) decisions, and one that is more consistent with empirical evidence. It is the insights of behavioural economics that provide much of the bases for these essays and the main theme running through this book is that the basic model of individual choice must be expanded, by introducing some aspects of behaviour or motivation considered explicitly by other social sciences.

Despite the success of policymakers and the European Central Bank in calming down financial markets since the summer of 2012, European leaders are still facing formidable challenges in making the single currency work in a complex environment. This book starts with a review of the necessary elements of a currency union and highlights the reasons why the system has run into its present troubles. It points to important policy recommendations to be drawn from a structural analysis of the currency union, achievements and failures of the currency union and ways to improve fiscal sustainability and arrive at stable macroeconomic performance for the union. It highlights the importance and the effectiveness of structural reforms that have to accompany fiscal consolidation and discusses the appropriate tools of crisis management and why a restructuring of the Eurozone is not the right step. Based on these considerations, a long-term target picture for the Eurozone as a part of the EU is outlined, providing a valuable contribution to a hopefully intense public debate in the coming years.

This volume contains the scientific papers presented at the 2nd International Conference Perspectives of Business Law in the Third Millennium that was held on November 2, 2012 at Bucharest University of Economic Studies, Romania. The scientific studies included in this volume are grouped into three chapters: Recent developments and perspectives in the regulation of business law at European Union level; Transposition of European Union directives into national law; Recent developments and perspectives in the regulation of international business law. The present volume is addressed to practitioners and researchers in juridical sciences, who are interested in recent developments and prospects for development in the field of business law at European and international level.

This book discusses contemporary banking and monetary policy issues from the perspective of the Austrian School of Economics. Based on the heritage of the Austrian school, leading scholars and practitioners offer a coherent diagnosis and analysis of the factors leading to Europe's current financial crisis. The first part of the book discusses Ludwig von Mises's and Friedrich August von Hayek's ideas on banking and monetary policy from both historical and economic standpoints. It includes contributions on Austrian monetary dynamics and micro-foundational business cycle theory, von Mises's concepts of liquidity and solvency of fractional-reserve banks, and liberalism of Austrian economics. The second part analyzes the measures taken by the European Central Bank (ECB) in light of the ideas of von Mises and Hayek. It includes contributions on non-neutrality of money, ECB monetary policy, and the future of the ECB. The third and final part presents discussions on monetary reforms, including contributions on Bitcoins, Cryptocurrencies and anti-deflationist Paranoia.

The microeconomic foundation of the theory of money has long represented a puzzle to economic theory. Why is there Money? derives the foundations of monetary theory from advanced price theory in a mathematically precise family of trading post models. It has long been recognized that the fundamental theoretical analysis of a market economy is embodied in the Arrow-Debreu-Walras mathematical general equilibrium model, with one great deficiency: the analysis cannot accommodate money and financial institutions. In this groundbreaking book, Ross M. Starr addresses this problem directly, by expanding the Arrow-Debreu model to include a multiplicity of trading opportunities, with the resultant endogenous derivation of money as the carrier of value among them. This fundamental breakthrough is achieved while maintaining the Walrasian general equilibrium price-theoretic structure, augmented primarily by the introduction of separate bid and ask prices reflecting transaction costs. The result is foundations of monetary theory consistent with and derived from modern price theory. This fascinating book will provide a stimulating and thought-provoking read for academics and postgraduate students focusing on economics, macroeconomics, macroeconomic policy and finance, money and banking. Central bankers will also find much to interest them within this book. Contents: Introduction: Why is There No Money? 1. Why is There Money? 2. An Economy Without Money 3. The Trading Post Model 4. An Elementary Linear Example: Liquidity Creates Money 5. Absence of Double Coincidence of Wants is Essential to Monetization in a Linear Economy 6. Uniqueness of Money: Scale Economy and Network Externality 7. Monetization of General Equilibrium 8. Government-Issued Fiat Money 9. Efficient Structure of Exchange 10. Microfoundations of Jevons's Double Coincidence Condition 11. Commodity Money Equilibrium in a Convex Trading Post Economy 12. Efficiency of Commodity Money Equilibrium 13. Alternative Models 14. Conclusion and a Research Agenda Bibliography Index

Decentralism of political power to regions and local government occurs worldwide in response to demands from the periphery. Such devolution of power raises a number of problems - political, financial, and legal. By gathering together important papers from a series of workshops sponsored by the SNS Constitutional Project and the Center for European Integration Studies, this volume presents a number of these problems from a truly interdisciplinary perspective. The authors believe that fiscal federalism, while originating in formally federal states, is relevant also to the analysis of state-local relationships in unitary states with some degree of regional or local authority. Among the topics they cover are the division of responsibilities and powers of taxation, bailouts, systems of equalization, and state grants, as well as problems related to democracy and citizens' rights. While the book's primary focus is Nordic, its international perspective is enhanced by contributions from Europe, Canada, and the U.S.

This book provides a comprehensive and systematic overview of the main topics of taxation in European law. The sequence of arguments follows an institutional logic, respecting the academic tradition of tax law. It first outlines the general framework of EU institutions, with a particular focus on the set of regulations regarding taxation with reference to the stage of formation of EU rules and the potential contrast with national legal systems. It then explores the general principles emerging from the European treaties that typically involve the taxation system, and examines in detail the fiscal importance of European freedoms, the principle of tax non-discrimination, the balance between national interest and EU values, tax harmonization, state aids and other general principles applicable in tax jurisdiction. Lastly, it offers an overall assessment of the development of the European integration process, with particular regard to the nexus between taxation power and sovereignty, in order to highlight the possible and desirable next stages of the evolution of "European tax law".

Fiscal policy is an incredibly important tool for governments across the world, with many countries facing dilemmas in crafting fiscal policies to meet changing demographic needs, greater demands for social welfare and sudden spending due to shocks such as terrorism. This important book looks at fiscal policy in the Asian Pacific economies and with a broad array of contributors will be a useful tool to students, researchers and professionals working in international economics and finance.

'Carrera and Dunleavy provide a crystal clear and comprehensive account of the complex issues involved in how best to improve the productivity of government services. They offer a nuanced but powerful explanation of productivity puzzles, conundrums and dilemmas in the public sector. But they also offer solutions to many of these problems. Finally, I have found a text on public economics that makes sense, gives genuine management insights and offers real suggestions to practitioners as to what to do next.' - Barry Quirk, Chief Executive, London Borough of Lewisham, UK'This book presents a welcome and sobering analysis of productivity performance in UK central government - a subject that has received remarkably little serious academic attention up to now, in spite of decades of general commentary on managerialism.' - Christopher Hood, All Souls College, UK 'Leandro Carrera and Patrick Dunleavy have performed an amazing feat in this book through their rigorous examination of a thorny topic that has dogged pundits and academics alike. Just how efficient is government and how well does it do its job? As a result of an impressive - but accessible - set of data analyses, the authors make an authoritative attack on the proponents of the New Public Management, and offer some clear recommendations for reform based on better use of new technology.' - Peter John, University College London, UK Productivity is essentially the ratio of an organization's outputs divided by its inputs. For many years it was treated as always being static in government agencies. In fact productivity in government services should be rising rapidly as a result of digital changes and new management approaches, and it has done so in some agencies. However, Dunleavy and Carrera show for the first time how complex are the factors affecting productivity growth in government organizations - especially management practices, use of IT, organizational culture, strategic mis-decisions and political and policy churn. With government budgets under stress in many countries, this pioneering book shows academics, analysts and officials how to measure outputs and productivity in detail; how to cope with problems of quality variations; and how to achieve year-on-year, sustainable improvements in the efficiency of government services.

A plain-English explanation of federal deficits and debt and the threat they pose to our nation and our children's future In this immensely timely book, Andrew Yarrow brings the sometimes eye-glazing discussion of national debt down to earth, explaining in accessible terms why federal debt is rising (and will soon rise much faster), what effects it may have on Americans if debt is not brought under control, why our government borrows, and what it will take to pay it all back. The picture Yarrow paints should concern all Americans. Specifically, he brings to light how rising Medicare, Social Security, and other spending on one hand, and insufficient government revenues on the other, make a mockery of fiscal responsibility. Deficits and debt, Yarrow asserts, are crowding out spending on needed investments in science, environment, infrastructure, and other domestic discretionary programs and could severely harm our nation's and our citizens' future. But he makes clear that this does not have to be a doomsday scenario. If we act in a bipartisan fashion to restore fiscal health, our legacy to the next generation can be much more than trillions of dollars of IOUs.

The Chinese Maritime Customs Service, which was led by British staff, is often seen as one of the key agents of Western imperialism in China, the customs revenue being one of the major sources of Chinese government income but a source much of which was pledged to Western banks as the collateral for, and interests payments on, massive loans. This book, however, based on extensive original research, considers the lower level staff of the Chinese Maritime Customs Service, and shows how the Chinese government, struggling to master Western expertise in many areas, pursued a deliberate policy of encouraging lower level staff to learn from their Western superiors with a view to eventually supplanting them, a policy which was successfully carried out. The book thereby demonstrates that Chinese engagement with Western imperialists was in fact an essential part of Chinese national state-building, and that what looked like a key branch of Chinese government delegated to foreigners was in fact very much under Chinese government control.