The European Commission's proposed Common Consolidated Corporate Tax Base (CCCTB) is the most ambitious project in the history of direct taxation within the EU. While retaining the right of Member States to set their own corporate tax rate, the proposed system allows for a 'one-stopshop' for filing tax returns and consolidating prof its and losses across the EU. In this book - the first to offer guidance to practitioners whose work will be affected by these new developments - 19 prominent representatives of the business community, tax consultancy, academic taxation scholarship and tax administration discuss the proposed system's rationale, structure and uncertainties, ranging from very technical aspects, to the wording of the proposal, to political considerations. These topics include the following: eligibility; formation of a group; the concept of 'permanent stablishment'; foreign tax credits; 'dual resident' companies; consequences of entering and leaving; depreciation of fixed assets; repackaged asset transfers; appeals procedure; disagreements among Member States; subsidiarity and the 'yellow card procedure'; international aspects and tax treaties; sharing mechanism and transfer pricing; and anti-abuse rules.

Despite the fact that business representatives need to be familiar with EU customs law and that authorities face hundreds of cases of remission and repayment on a daily basis, until now there has been no book explaining how these procedures work. There is also a need for detailed knowledge of the variety of situations with regard to remission and repayment which are not covered in the legislation but in the jurisprudence of the Court of Justice of the European Union. This authoritative analysis by three leading practitioners in this complex area of law clearly describes what procedures to follow, what legislation to rely upon, and how to effectively invoke the case law on remission and repayment created by the Court of Justice. In great detail the authors explain the administrative procedure before the customs authorities and the European Commission, and also describe the possible judicial phase before national courts and the Court of Justice. They provide an overview of how the consolidated body of EU customs legislation and case law is interpreted in different EU countries, with in-depth focus on the particular remission and repayment procedures - from initial request to appeal - in three different jurisdictions. All of the following elements and much more are covered: * the current regulatory framework of the EU customs system; * definitions of importation and exportation under the Community Customs Code; * requirements for an application of remission and repayment; * difference between an appeal against the customs debt and remission and repayment; * examples of error of the customs authorities; * good faith of the operator; * examples of good faith in the remission and repayment context; * the concept of a 'special situation'; * remission or repayment of duty for goods rejected by the importer as defective; * preparation of the dossier by the national customs authority and its transmission to the European Commission; * appeals before the General Court of the European Union and Court of Justice of the European Union; * rights of defence in case of unfavourable decisions; and * the role of the European Ombudsman. The numerous lawyers, advisors, agents, and others who will greatly appreciate this book include EU and third-country trade lawyers and agents, compliance managers of export-import companies, officials of EU Member States and of international organizations dealing with customs issues, and traders and authorities of third countries that export goods to EU Member States. All will find here a constant resource that can be relied upon to answer virtually any pertinent question likely to arise.

The Cayman Islands is one of the world's leading jurisdictions for the establishment of offshore trusts. However, it is not easy for a practitioner to approach the drafting of a Cayman Islands trust instrument with confidence. This eminently practical book solves that problem to near perfection. Arranged as a collection of precedents, with each provision of every precedent explained in detail, "Drafting Cayman Islands Trusts", could hardly make the drafting process easier. The drafter learns the advantages and potential pitfalls associated with each provision as he or she prepares to draft it. The authors provide specific language, although individual variations (based on the authors' expert guidance) are encouraged. The precedents covered include the following: Discretionary trusts (with and without protectors); Interest in possession trust; Reserved powers trust; Charitable trust; STAR trusts; and, Appointments and retirements of trustees. For additional convenience, the precedents are also provided in Word format on a CD-ROM that comes with the book. The detailed annotation answers such key questions as the following: Are hostile beneficiaries clauses valid? Do automatic flee clauses work? What powers can a settlor reserve? How can STAR trusts be used to protect trustees holding high-risk assets? Would STAR trusts be recognised in other jurisdictions? How can one restrict a beneficiary's right to information and trust documents? Can the appointment of a foreign trustee discharge a retiring Cayman trustee? What indemnities should retiring trustees request from successors? As a systematic approach to drafting Cayman Islands trusts, this book will be of immeasurable day-to-day value to practitioners and administrators alike.

"Most VAT systems exclude public bodies from the scope of value added tax (VAT) systems. However, a movement to include public sector bodies within the GST system to some extent or even fully (as in New Zealand) is gaining momentum, and underlies the European Commission's 2011 study on the treatment and economic impact of exemptions in the public interest. Whether the present EU treatment really is as bad as some of its critics suggest, and whether the New Zealand model really is so perfect that jurisdictions with exclusion models ought simply to replace these existing systems with a New Zealand style system: these are the questions which triggered this research and which form the basis for the critical analysis contained in this book."

The arm's length principle serves as the domestic and international standard toevaluate transfer prices between members of multinational enterprises for taxpurposes. The OECD has adopted the arm's length principle in Article 9 of itsModel Income Tax Convention in order to ensure that transfer prices betweenmembers of multinational enterprises correspond to those that would have beenagreed between independent enterprises under comparable circumstances. Thearm's length principle provides the legal framework for governments to have theirfair share of taxes, and for enterprises to avoid double taxation on their profits.

'Stefan Weishaar brought an excellent group of authors together in this book, reflecting on key developments for the green market transition! Happy to read so many refreshing contributions on carbon taxes, energy subsidies and smart instrument mixes.' - Kurt Deketelaere, University of Leuven, Belgium The Paris Agreement on climate change constitutes an important milestone in international climate negotiations. Its key objective is the strengthening of the global response to climate change by transitioning the world to an increasingly green economy. In this book, environmental tax and climate law experts address the various issues surrounding green market transitions. Key chapters examine carbon taxes and systems of implementation, energy subsidies, and support schemes for carbon and energy policies. Using a multitude of international case studies, several contributing authors reflect on the underlying policy dynamics and the constraints of various fiscal measures. In addition, this timely work considers the important issue of smart instrument mixes, going beyond instrument choice to examine how they can work in harmony together. Astute and engaging, this book is a vital companion for students and scholars in environmental law, economics and sustainability. Its practical approach also renders it an excellent guide for policy makers and those involved in fiscal reform and green market transition. Contributors include: M. Alsina Pujols, B. Bahn-Walkowiak, P. Castro, M. Distelkamp, N. Droste, E. Fonseca Capdevila, C. Fruhmann, S. Giorgi, A. Grossmann, M. Hasenheit, A. Illes, T. Kawakatsu, C. Kettner, M. Kettunen, D. Kletzan-Slamanig, N. Kreibich, L. Kreiser, V. Kulmer, A. Lerch, C. Lutz, M. Machingambi, M. Meyer, J.E. Milne, I. Ring, S. Rudolph, R. Santos, S. Seebauer, H. Sprohge, L.-A. Steenkamp, C. Stroia, I. Taranic, P. ten Brink, A. Tuerk, S. Van Outryve d'Ydewalle, R. Vasileios, M. Villar Ezcurra, H. Wang-Helmreich, H. Wilts, S. Wolff, G. Woltjer, M. Zahno

The incidence of international tax evasion and tax avoidance is growing rapidly, due in great part to the enormous increase in electronic trading. Although international tax harmonization - particularly in the European Community legal system - has made great strides, it has failed to keep pace with the even more rapid and vigorous manoeuvres of tax evaders (unlawful) and tax avoiders (lawful) as they engender ever more massive losses of revenue. What is required, Professor Amparo Grau proclaims in this book, is adequate regulation of mutual assistance for the recovery of tax claims. It is essential to "internationalize" the link between the power to levy taxes and the power to actually enforce them. In international relations as currently established, the most promising way to achieve effective enforcement in the recovery of tax claims is through the mechanism of mutual assistance - an administrative function that tends to become mired in highly complex webs of procedure. "Mutual Assistance for the Recovery of Tax Claims" offers an in-depth analysis of the potential powers and necessary limits of the mutual assistance function at the national administrative level. This entails close examination of the issues that so often turn out to be the most problematic, such as whether or not claims enforced through mutual assistance merit priority and the validity of the foreign authority's right to enforce.

This book clearly chronicles the evolution of Chinese VAT regulations, with a particular focus on the reforms of recent years. Covering all the provisions of the laws related to VAT, it also provides examples and implementation instructions. Practically structured and easy to consult, it allows readers to quickly find answers to questions that may arise in the course of their work. As such, the book is a valuable tool for accountants, advisors, lawyers, public officials and anyone working in the sector.

This study of entrepreneurship in Europe is a greatly expanded and updated version, in English, of the author's thesis published in Dutch in 1996. Its analysis focuses on "bottlenecks" and cross-border problems confronting European entrepreneurs in the areas of income tax, corporate income tax, and value-added tax. Four countries are chosen as representative of all the tax systems existing within the EC: The Netherlands, Germany, France and the United Kingdom. The author spares no detail in his examination, explaining such important elements and distinctions as the following: how the entrepreneur is viewed under the varying tax regimes and in the different countries; entrepreneurship and the professions; incentives; sources of income; partnerships; companies and shareholders; calculation of taxable profit; justification for a separate corporate income tax; taxation of foundations and societies; and the possibility of fiscal unity among Member States for VAT purposes.

This work contains the full text of the papers presented at the second Tax Law History Conference in July 2004. The Conference was organised by the Cambridge Law Faculty's Centre for Tax Law. The papers range widely in terms of period - from the Old Testament to the twentieth century - and geographical areas, with papers on matters relating to not only the United Kingdom but also Canada, Australia and the US. The matters discussed are also broad and include the concept of taxation developed by Adam Smith and his fellow United Kingdom writers of the Enlightenment, problems of adjudication in tax law and of access to justice for taxpayers, definitions of income and its UK subset 'total income', capital gains tax, stamp duty on newspapers, the wartime excess profits tax, the nature of tithes, the strange tale of Jasper Moore, the real nature of the decision in the Duke of Westminster case, the demise of wealth transfer taxes in Canada, the nature of the US corporate tax and debates in the US about whether to raise war finance by issuing bonds or levying tax. As a whole the papers illustrate not only the wide variety but also the real depth of the issues waiting to be investigated in this rapidly growing field of scholarship.

The principles of equality and non-discrimination are a cornerstone of constitutional law and of international and European human rights law, and there is increasing recognition of the fact that any system of taxation must comply with them. This book examines how these principles influence the tax regimes of eight European jurisdictions. The authors examine the impact of the equality and non-discrimination principles on tax law and policy, with particular reference to their application in national courts and the European Court of Human Rights. The discussion focuses on an individual's right to appeal to the courts, the procedures for judicial review, and the core question of whether objective and reasonable justification exists for instances of unequal treatment of equal cases. This work should be of value to practitioners, policymakers, legislators, judges and researchers working in the field of taxation and human rights.

The new edition of this well-known reference work for the tax community provides an introduction to the application of the United States international taxation system to taxpayers investing or transacting business in the US and other countries. In a relatively brief and manageable form, it sets forth the principles adopted by the US in taxing US or foreign individuals and corporations as they invest, work, or carry on a trade or business in the US or abroad.

This volume continues the work of the International Academy of Estate and Trust Law in 2003 and 2004 in examining through the juxtaposition of civil and common law jurisdictions areas of fundamental importance to estate and trust lawyers internationally. Here we focus upon two themes: the definition of "family" and the impact of the expansion of the concept of "family" in law; and family fights over wills and estates that recourse family members may have in challenging an estate. The first Part, The Challenge of the "New Family" for Law, considers the "challenge" both in the inter vivos and the postmortem contexts in the United States, Canada, France, the United Kingdom, Australia and New Zealand. A particular focus is upon the dramatic expansion of the definition of family from the "traditional" nuclear family consisting of a husband, wife and their mutual children to a definition that includes unmarried heterosexual and same sex couples living together and, in some jurisdictions to new kinds of companionate partnerships that are not based on a sexual relationship. The second Part, Contesting Wills and Intestacies, examines the law in Australia, Switzerland, France, Mexico, and the United Kingdom. In its comparison of civil and common law approaches we see how the law expresses the same principle objects "protection of family and obligations towards key family members" but does so from entirely different perspectives; and where the common law which enshrined the notion of testamentary freedom is being qualified through the expanding domain of family provision legislation, the civil law which is based on codified shares and allocated responsibilities expressed through proportionate entitlements in estates, is being qualified through a range of disqualifying and varying mechanisms. This volume is the fifth of the published deliberations of the International Academy of Estate and Trust Law. It contains the work of solicitors, barristers, notaries, judges and Professors of Law in areas of Trusts, Inheritance and Succession law, Tax and Comparative law. It will be of interest to practitioners and scholars alike in the area of trust and estate law.

This book provides clear guidance on what constitutes State Aid in the area of tax law. It clearly explains the situations in which beneficial tax provisions for the taxpayer - e.g., lower tax rates for certain industries or for certain economic zones, advantageous depreciation rules, or exemptions - can be declared void by the European Commission. The difficult controlling concept of 'selectivity' of an aid is dealt with extensively. Drawing on familiarity with the practice of the Commission, as well as the jurisprudence of the General Court and of the Court of Justice, thirteen knowledgeable contributors present valuable arguments in case the Commission requires the repayment of advantages received. Among the topics and issues covered are the following: how unregulated tax incentive competition between States leads to a 'win' by one State and a 'loss' by another; the legal uncertainty attached to the Commission's decision following notification of a proposed tax incentive; the role of the Commission's Code of Conduct; calculating the amount of recovery of illegal State Aid; application of State Aid rules in the area of indirect taxation (e.g., VAT and excise duties); investment fund regimes; subnational regional aid; 'patent box' regimes; foreign source income; and taxpayers' exclusion from infringement proceedings and subsequent appeals.

Multinational corporations face different tax systems in different countries that require careful tax planning. A systematic approach is needed to minimize and avoid unnecessary business taxes. Some core issues of international taxation are part of a successful corporate tax plan in an international context. The first issue is a good understanding and appreciation of the principles of international taxation that include the different philosophies of taxation, the different kinds of taxes, the different tax systems, the different tax treaties and potential tax havens. The second issue is a thorough understanding of U.S. taxation of foreign income to avoid double taxation and the computation of foreign tax credits. The third issue is the choice of a transfer pricing method and the compliance with tax regulations on both the transfer of tangible and intangible assets. The fourth issue is the intelligent use of tax vehicles for exporting which can generate substantial savings and reduce the effective tax rate and involve the choice between the interest-charge domestic international sales corporation and the foreign sales corporation. A final issue is the efficient use of value-added taxation for activities taking place outside the U.S., and a new appreciation of the potential of this form of taxation for the United States. Practicing accountants, academics, business executives, students, legislators, and others who want a better understanding of the complex issues of international taxation will be interested in this book.

The US tax and reporting rules applicable to foreign trusts - principally embodied as Subchapter J of the Internal Revenue Code of 1986, as amended - are notoriously complex. Now, with this volume, anyone who has to deal with these rules can find their use and meaning clearly explained, and proceed confidently to the best outcome in any situation where they apply. This guide covers all the following topics in detail: regular nongrantor (or accumulation) trusts of both the "simple" variety and the "complex" type with its challenging "throwback" rules and interest charge on accumulation distributions; the circumstances under which certain foreign trusts, such as section 672(f) (barring the application of the normal grantor trust rules to certain foreign trusts), section 643(h) (relating to distributions by certain foreign trusts through nominees), and section 643(i) (relating to loans from foreign trusts); reporting and penalty provisions and the accompanying IRS forms; and special issues, such as those surrounding incoming immigrants and outgoing expatriates. The book provides modified versions of the principal IRS forms (3520, 3520-A, 4970, 1040NR, and 1041) that are commonly filed for foreign trusts. These modifications, which scrupulously follow all applicable IRS rules, are much easier to use than the actual forms for the purpose of foreign trusts. Numerous examples throughout the book clarify the valid procedures and alternatives available at every point, a feature particularly useful in applying provisions that still await settled regulation and case law. Compliance issues that may arise on IRS audit are also examined. Professionals and advisors in law, tax, accounting, banking, and securities; settlers and beneficiaries; and students and academics both within and outside the United States should find this an informative and useful volume.

Drawing on EU VAT implementing regulations, ECJ case law, and national case law, this ground-breaking book provides the first in-depth, coherent legal analysis of how the massively changed circumstances of the last two decades affect the EU VAT Directive, in particular the interpretation of its four specified types of establishment: place of establishment, fixed establishment, permanent address, and usual residence. Recognising that a consistent interpretation of types of establishment is of the utmost importance in ensuring avoidance of double or non-taxation, the author sheds clear light on such VAT issues as the following:; the concept of fair distribution of taxing powers in VAT; role of the neutrality principle; legal certainty in VAT; place of business for a legal entity or partnership, for a natural person, for a VAT group; beginning and ending of a fixed establishment; the 'purchase' fixed establishment; meaning of 'permanent address' and 'usual residence'; the position of the VAT entrepreneur with more than one fixed establishment across jurisdictions; whether supplies exchanged between establishments are taxable; administrative simplicity and efficiency; VAT audits and the prevention of fraud; the intervention rule and the reverse charge mechanism; right to deduct VAT for businesses with multiple establishments; and cross-border VAT grouping and fixed establishment. Thoroughly explained are exceptions that take precedence over the general rules, such as provisions regarding: immovable property; transport services; services relating to cultural, artistic, sporting, scientific, educational, entertainment, or similar activities; restaurant and catering services; electronically supplied services; transfers and assignments of intellectual property rights; advertising services; certain consulting services; banking, financial and insurance transactions; natural gas and electricity distribution; telecommunication services; and broadcasting services.

This book showcases the practical insights of some of Europe's foremost tax advisers and lawyers on recent case law issuing from the European Court of Justice. It also provides readers with informed analysis on how the Court may rule on future controversies impacting direct taxation.This timely and useful resource will examine each of the following topics, inter alia: CFC Legislation and Abuse of Law in the Community; free movement of capital and non-member countries; consequences for direct taxation; striking a proper balance between the national fiscal interests and the community interest; a perpetual struggle; personal income taxation of non-residents and the increasing impact of the EC Treaty Freedoms; why the European Court of Justice should interpret directly applicable Community law as a right to most-favoured nation treatment and a prohibition of double taxation; fiscal cohesion, fiscal territoriality, and Preservation of the (Balanced) Allocation of Taxing Power; what is the difference? limitation of the Temporal Effects of Judgments of the ECJ; Tax Facilities for State-induced Costs under the State Aid Rules; and EU Law and rules of tax procedure.

Debates about tax policy arise every year in Washington, and legislative changes occur almost as often. In just the past decade, corporate tax burdens were dramatically reduced and then subsequently increased. But who really bears the burden of taxation? Finding a satisfactory way to address this question remains one of the biggest challenges for economists. While much research has explored this issue using annual data on household incomes and expenditures, this book considers the multiple effects of taxes on individuals over their entire lifetimes.

Since annual incomes typically vary from year to year, and change systematically over the course of a lifetime, annual income is not necessarily a good indicator of a person's relative well-being. Instead, Dianne Rogers and Don Fullerton categorize individuals into lifetime income groups, and re-estimate the pattern of earnings over the lifetime of each group. They utilize a general equilibrium model that encompasses household demands, work effort, and savings, and they calculate the distribution of each current tax. Because their model includes all major U.S. federal, state, and local taxes, it can be used to simulate the effects of changes in any of those taxes on investment, productivity, resource allocation, and the distribution of burdens.

Don Fullerton is professor of economics at the University of Virginia and visiting professor of economics and public policy at Carnegie Mellon, School of Urban and Public Affairs. He served as Deputy Assistant Secretary of the Treasury for Tax Analysis from 1985 to 1987. Diane Lim Rogers is assistant professor of economics at Pennsylvania State University.

This work contains the full text of the papers given at the first Tax Law History Conference in Cambridge in September 2002 and organised by the Cambridge Law Facultys Centre for Tax Law. The papers ranged widely from the time of King John to the 20th century,from Tudor Englands Statute of Wills to the American taxes on slaves, from Hong Kong, Australia and Israel. The sources ranged from the Public Record office to the bowels of Somerset House. The topics ranged from the tax base through tax administration to tax policy making as well as providing detailed accounts of the UKs remittance basis of taxation and the Excess Profits Duty of the First World War. All students of tax law and tax history will want to read these papers by an international team of leading scholars in tax law and history.