The overall objective of the book is to holistically assess the property tax systems in BRICS megacities. As megacities play a vital role within their respective countries - economically, administratively, and from a human development perspective - they experience the costs and benefits of urbanization simultaneously with major investment needs, rising poverty, and increasing congestion and pollution levels in the context of limited financial resources, raising the question for a suitable decentralized funding source. This book highlights the property tax as a means to help further improve the financial sustainability of megacities, the reliability and quality of their services, and megacities' contribution to supporting economic growth.

Examining the benefits achieved by deferring income or accelerating deductions, this text refers to the income tax systems of the United States and Japan. The United States has been at the forefront of recognizing the time value of money benefit of tax deferral and of devising methods to prevent tax deferral. Japan, on the other hand, is only gradually placing greater emphasis on tax deferral issues, in light of the activities of foreign companies, and the constant introduction of new financial products which take advantage of the tax deferral allowed under Japanese income tax rules. The book starts with a detailed discussion of the 1948 Cary Brown model and its various interpretations, an understanding of which is key to any analysis of tax deferral issues. The author goes on to provide a comparative analysis of the different tax deferral patterns that can arise under the United States and Japanese income tax systems, and of methods introduced by the United States to eliminate the tax deferral benefit. A history and overview of the Japanese income tax system is included in the appendix. Principles of tax deferral and time value of money are crucial in an era of globalization in commerce and finance. They cut across all areas of taxation and are particularly important in the context of taxation of derivatives and other financial instruments.

Though frequently used interchangeably, the terms tax-exempt organization and nonprofit organization do not carry the same legal definition. Nonprofit enterprises are those that do not distribute earnings in the form of dividends or distributions, so while all tax-exempt organizations are nonprofit, not all nonprofit organizations are necessarily tax-exempt. This work provides a comprehensive look at the federal Internal Revenue code governing tax-exempt status, carefully detailing the criteria specified in the code and related Treasury Regulations. Also outlined are the presribed procedures for filing for tax-exempt status.

Robert N. Sughrue and Michelle L. Kopnski present a thorough discussion of the various types of tax-exempt organizations and the characteristics unique to each. Sections 501(c), 521, 527, and 528 of the Internal Revenue Code are closely analyzed, and the organizational tests of 501(c)(3) institutions are provided. In addition, accounting systems for tax-exempt organizations, internal controls, and reporting requirements are also covered. Among the other topics addressed by Sughrue and Kopnski are unrelated business taxable income, private foundations, financial considerations in tax-exempt and other nonprofit organizations, and financial considerations and practical applications. Students and professionals in the fields of finance, investment, accounting, and law will find this work to be a useful reference tool, and academic, public, and law libraries will consider it a worthwhile addition to their collections.

This book provides a detailed assessment of current approaches to transfer pricing in the context of small- and middle-sized enterprises (SMEs), including the newest update of Transfer Pricing Guidelines from 10 July 2017. It analyzes the transfer pricing rules for SMEs across the European Union (EU) and explores two alternative approaches as suitable solutions for current transfer pricing issues. The authors evaluate and discuss alternative approaches like Safe Harbour and Common Consolidated Corporate Tax Base (CCCTB). Taking into account the prominent role of SMEs in the European Union's economy, the book also puts forward policy recommendations to achieve the long-term goals of the EU's 2020 agenda.

During the past decade the issue of a general welfare double dividend (an improvement in environmental quality combined with a positive welfare effect) triggered by a tax shift from labour to energy resources has been extensively debated. In this book, Kurt Kratena studies the employment effects of revenue neutral tax shifts from labour to energy, and measures the impact on theoretical and empirical models of the European labour market. A common theoretical framework is devised to analyse the impact of environmental tax reform. Various 'labour market regimes' (competitive labour markets, union wage bargaining and efficiency wages) are derived and taken as the starting point for different specifications of the labour market. The theoretical outcomes of tax shifts in these different labour market regimes are then analysed and compared. The results reveal that whereas an econometric based multi-sectoral model yields significant double dividend effects, a general equilibrium model only finds employment double dividend effects. The book also highlights the potentially positive economic consequences of environmental tax reform such as a shift in demand from energy to non-energy goods. This book provides a concise appraisal of the general double dividend question combined with an innovative analysis of the employment double dividend effect. It utilises extensive empirical evidence and reveals the sensitivity of the various theoretical concepts surrounding the debate. This book will be of interest and relevance to academics in the fields of environmental economics, labour theory and fiscal studies.

Despite the globalization of accounting standards occurring through convergence to International Financial Reporting Standards, local accounting systems are deeply intertwined with each country's unique institutions such as its corporate system, disclosure practices and enforcement mechanisms. First, this book empirically analyzes the effects of globalization and localization of accounting rules on corporate behavior such as earnings management, signaling, investment behavior and dividend payout policy. Second, the book unravels the economic consequences of disclosure based on the concept of self-disciplining enforcement such as management forecasts, environmental disclosures and risk disclosures by Japanese firms. This volume is a step forward in understanding the link between accounting and corporate behavior based on a new institutional accounting approach.

This user-friendly book aims to summarize the principal topics of Chinese Taxation and offers readers a general overview of the Chinese Taxation and informative updates on tax changes. The book provides a variety of facts, figures, graphs and data in an easy-to read table format. Firstly, the book proposes an introduction to taxation and to the Chinese tax system, secondly, it focuses on direct taxes, indirect taxes and other taxes and, in the end, it covers international taxation. Moreover, the book offers a quick overview of the Chinese M&A taxation and of the Chinese Free Trade Zones.

For multinational corporations (MNCs), there is arguably no more important operational function that affects all areas of manufacturing, marketing, management, and finance as international transfer pricing--the practicing of supplying products or services across borders from one part of the organization to another. Its complexity is compounded by the impact of e-commerce, speeding the flow of goods and services; "intangible" assets, such as intellectual property, whose value is difficult to quantify; and the activites of policymakers around the world to update their tax laws and regulations, in efforts to close loopholes that have historically encouraged tax avoidance. In Critical Concerns in Transfer Pricing Policy and Practice, Wagdy Abdallah provides an in-depth overview of these recent trends and developments, and considers their implications for the management of MNCs. In particular, he discusses methods for pricing transferred goods and services in the e-commerce era and analyzes the most recent regulation reforms in such countries as Germany, Mexico, Japan, Canada, the United Kingdom, the United States, and the Netherlands. Anticipating increased scrutiny of MNC transfer pricing practices from governments and other external stakeholders, Abdallah outlines a set of practical recommendations for creating a successful transfer pricing system that maximizes value for the company while remaining sensitive to local policies in all of the countries in which it operates.

In the twentieth century the application of national taxes to income from international business has created complex yet fascinating issues. The co-ordination of national jurisdiction to tax international income has rested formally on a network of bilateral treaties, but its practical administration has relied on a community of specialists; business advisers on the one hand and national officials on the other. The rapid growth of transnational corporations has put great pressure on the international tax system, especially due to the increasing difficulty of ensuring that the internal transfer prices between related firms in different countries reflect a fair and acceptable allocation of costs and profits. Furthermore, the widespread use of intermediary companies formed in tax havens has led to complex counter-measures and a constant process of treaty renegotiation and interaction with national law. The increasingly close administrative co-operation of tax authorities has been criticized as secretive and often arbitrary. Yet proposals for a more comprehensive framework and clearer legitimizing principles and procedures have conflicted with both the vested interests of international firms and with sensitivities about national sovereignity. But major reforms are necessary, even if implemented piecemeal.

Using perspectives from law, economics and social science, this book provides a systematic introduction to the major problems of international taxation of business income. In doing so, it retrieves important policy issues that have become buried in technical intricacies of the international taxation system.

Transfer pricing is a dynamic and multidimensional topic that has captured the attention of academicians, corporate executives, and tax authorities for many decades. The issues of transfer pricing are very complex and the stakes are extremely high because more than 40 percent of international trade is trade between related entities. This book examines many important tax and management issues related to transfer pricing. These issues include new transfer pricing regulations and their implications, the selection of proper transfer pricing methods, major environmental variables, and issues concerning the administration of a transfer pricing system. The author also presents many interesting findings from a recent study on U.S. transfer pricing practices.

The author begins by describing the nature of intrafirm transactions in a corporate environment and the significance of intrafirm transactions in international trade. Recent changes and major transfer pricing legislation and regulations in the United States are explained. New transfer pricing regulations in Canada, Japan, South Korea, and the European Community and their implications are also discussed. These are followed by a presentation on research methodology and profile of 143 respondent firms. The author then explains the findings on transfer pricing methods and environmental variables of international transfer pricing. Current transfer pricing practices are compared with those of an earlier study done in 1977. Other issues such as system objectives, resolution of policy conflicts, and policies on outside purchases are covered by this monograph. General conclusions from this research and suggestions for further research are also provided.

This book brings together the work of scholars from England, France, Germany, Sweden, and the United States to examine the ways in which industrialized nations have used and are developing tax laws to help alleviate environmental problems. For each country, the contributors offer a thorough review of existing and proposed initiatives and an in-depth evaluation of their effectiveness. They also discuss the theoretical framework behind environmental tax initiatives, explain alternative systems to taxation, reveal problems in dealing with environmental concerns that are common to all of the countries studied, and suggest ways to more efficiently coordinate tax and environmental policies. Based on their research, the contributors conclude that the general tax systems of the United States and other countries unintentionally conflict with environmental policies and that no country has yet been able to adequately control automobile pollution, although some have had varying degrees of success in other areas.

The volume begins with an introduction that presents a nontechnical discussion of the current economic thinking on environmental taxes and alternatives such as direct government regulation and granting polluters limited or tradable rights to pollute. The following chapters discuss each country in turn. Each chapter first examines the institutional framework of the country--central versus regional government, how legislation is enacted and executed, the distribution of authority over environmental matters, and important environmental policy goals. Next, the compatability of the tax system with environmental goals is analyzed. Finally, there is a thorough treatment of that country's environmental tax initiatives, including an in-depth assessment of their relative success or failure. Policymakers, lobbyists, economists, and attorneys will find Taxation for Environmental Protection enlightening reading.

Through the arguments for corporate tax harmonisation in the EU and describing the current stage of this process, the legislative rules which are insufficient to solve the many problems implied by the proper functioning of the single market are revealed. The book is an excellent source of documentation for Students of Economics and other readers interested in understanding the taxation trends in the EU.

Simplicity in taxation has considerable potential advantages. However, attempts to simplify tax systems are only likely to be successful and enduring if they take account of the reasons why taxation is complex. There are strong pressures on tax systems to accommodate a range of important factors, as well as complex and changing national and international environments within which modern tax systems have to operate. This book explores the experiences of simplification in a range of countries and jurisdictions. The authors analyse a range of manifestations of simplification, including tax systems, tax law, taxpayer communications and tax administration. They also review the longer term or more fundamental approaches to simplification, suggesting that in order to strike the optimum balance between simplicity and the aims of a tax system in terms of efficiency and equity, a range of complex environmental factors must all be taken into account. With chapters reflecting on experiences from Australia, China, Canada, Malaysia, New Zealand, Russia, South Africa, Thailand, Turkey, the UK and the US, the authors illustrate differences between jurisdictions and the changing environment in which they operate. This book addresses the crucial balance between simplicity and the other objectives of tax design and reform, and suggests that reformers of the tax system should include simplicity as one of the key evaluators of any design or reform proposal.

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

Taxation in Latin America is largely viewed as a means of generating income to keep the government in business. In recent years, progress has been made towards increasing total revenue, but most countries in the region still lag well behind other countries with similar levels of development. More importantly, Latin American policymakers still largely ignore the potential of taxation to contribute to other important development goals. Yet dependence on consumption taxes such as the VAT and the regressive bent of the personal income tax structure have squandered the opportunity to attack the region's serious income inequality. In addition, the importance of efficiency in taxation has also been underestimated with a proliferation of inefficient ad hoc taxes such as those on bank transactions and exports. Governments have repeatedly missed the chance to influence consumption and production patterns by using taxes to effect relative price changes. More than Revenue aims to provide an up-to-date overview of the current state of taxation in the Latin America and Caribbean (LAC) region, its main reform needs, and possible reform strategies that take into account the likely economic, institutional, and political constraints on the reform process.

Tax "justice" has become an increasingly central issue of political debate in many countries, particularly following the cardiac arrest of global financial services in 2008 and the subsequent worldwide slump in trade and production. The evident abuse of tax systems by corporations and rich individuals through tax avoidance schemes and offshore shadow banking is increasingly in the public eye. Above all, the political challenges of recovery and structural reform have raised core issues of burden-sharing and social equity on the agendas of both civil society groups and political elites. Democratic states need tax revenue to fund public goods and combat public "bads" with any degree of legitimacy. The contributions to this book discuss the haphazard evolution of contemporary taxation systems, their contradictory effects in a globalized economy, and the urgency of their reform as a precondition for social justice.

Nothing impacts more on citizens than taxes, and nothing has had more impact on the way taxes are administered than the information technology revolution. This volume analyzes the experiences of a dozen or more countries in their effort to use information technology to improve taxpayer service, compliance and revenue performance. Administrative re-engineering using information technology is the order of the day. Information technology is changing the boundaries of tax administration from isolated single tax administrative units, to unified tax authorities that administer all taxes including the functions of customs. Information sharing by the many areas of tax administration is the key to reducing compliance costs borne by taxpayers, as well as enhancing the levels of voluntary compliance with tax laws. Private sector service providers are becoming an integrated part of the administration of taxes. The tax administration system of the future is likely to operate much more like the service oriented financial services sector of the present, than the heavy handed, and too often corrupt, bureaucractic institutions of the past. This volume provides some insight into what is being done now, including a sobering discussion of the implementation problems being faced, in order to bring the possibilities of the information technology revolution into the reality of tax administration.

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

This theoretically rooted and research-based book provides insights on the JESSICA funding model which - unlike the traditional non-repayable aid - focuses on supporting sustainable urban development projects in a repayable and recyclable way. Looking through the lens of the JESSICA financial engineering mechanism used in urban transformation, it examines the functioning and performance thereof and formulates policy recommendations for the future. The aim of this volume is to contribute to a deeper understanding of the JESSICA sustainable funding model by exploring its repayable assistance mechanism to support sustainable urban development projects. The authors make several noteworthy contributions to the literature on EU cohesion policy and shed light on the use of the repayable instruments within public interventions, while providing, for the first time, a critical analysis of the JESSICA sustainable funding model from the holistic perspective which is especially relevant for supporting sustainable urban development. Financial Engineering in Sustainable Funding of Urban Development in the EU provides policy-significant findings that are important for EU cohesion policy in the field of repayable assistance to be reinvested in the long term in urban and regional transformation.