Time itself creates advantages and disadvantages in the field of
taxation. The timing of the recognition of income and expenses for
tax purposes has two main implications: firstly, for the timing of
the collection of tax, and secondly, for the question of
quantification, i.e., how to ensure that the difference between the
timing of the recognition of income or expenses, as opposed to the
respective dates on which the amounts are actually received or
paid, does not distort the determination of the amount of
chargeable income.
The time component is a weapon in the confrontation between the
opposing motivations of the taxpayers and the tax authorities. In
any given fiscal year, taxpayers seek to present a minimal picture
of their chargeable income, by "deferring" the recognition of
income or "advancing" the recognition of expenses. As opposed to
this, the tax authorities adopt the opposite strategy: maximizing
taxable "profit" in any given year.
This book critically examines the various approaches that have
been adopted in the tax systems in the UK, the US and Israel in
relation to the timing of income recognition and expenses for tax
purposes. It suggests an innovative tax model that identifies the
advantages that arise to the taxpayer as a result of the
differences between the timing of the recognition of income and
expenses, and the timing of the receipt of the revenue or the
payment of a liability, and taxes only that advantage.
General
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