A Comparative Look at Regulation of Corporate Tax Avoidance by Karen B. Brown

By Karen B. Brown

This quantity offers a desirable examine the anti-tax avoidance ideas hired via greater than fifteen nations in jap and western Europe, Canada, the Pacific Rim, Asia, Africa, and the USA. It surveys the similarities and modifications in anti-avoidance regimes and includes particular chapters for every state surveying the ethical and felony dimensions of the problem.  The proliferation of tax avoidance schemes lately signs the worldwide dimensions of an issue offering a major problem to the potent management of tax legislation. Tax avoidance consists of unacceptable manipulation of the legislations to acquire a tax virtue. those transactions aid wasteful habit during which firms input into problematic, circuitous preparations completely to reduce tax legal responsibility. It frustrates the power of governments to assemble adequate profit to supply crucial public items and companies. Avoidance of duly enacted provisions (or manipulation to safe tax advantages unintentional by means of the legislature) poses a hazard to the potent operation of a loose society for the advantage of a small team of participants who search the privilege of moving their tax burden onto others basically to compete on this planet of trade. In a global within which global treasuries fight for the assets to conflict terrorist threats and to safe an honest lifestyle for materials tax avoidance can convey economies with regards to the sting of sustainability. As tax avoidance is without doubt one of the most sensible issues of such a lot international locations, the significance of this paintings can't be overstated. 

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Extra resources for A Comparative Look at Regulation of Corporate Tax Avoidance (Ius Gentium: Comparative Perspectives on Law and Justice) (English and French Edition)

Example text

Few prosecutions have been launched under this legislation, but it is credited with bringing certain blatant mass-marketed dividend stripping schemes to an end in the early 1980s. 114 Section 5(1) and (2), Crimes (Taxation Offences) Act 1980. Section 5-8, Crimes (Taxation Offences) Act 1980. 1 2009; Section 4AB, Crimes Act 1914. 117 Section 6, Crimes (Taxation Offences) Act 1980. 118 R v Ready [1942] VLR 85 at 88. 11 Administrative Offences In addition to the special offences detailed above, a taxpayer may be guilty of offences under the Taxation Administration Act of 1953 which more generally relate to the administration of the tax system.

120 58 M. 127 These provisions are designed to disallow deductions where: • expenditure was incurred where some other advantage is obtained that is not assessable income; • expenditure was incurred in association with an associated company and the income of the associate is deferred; or • deductions were claimed in respect of expenditure that is to be wholly or partly recouped. The kind of expenditure which may fall within these provisions includes: • • • • • • • • • • borrowing money; discharging mortgages; losses or outgoings incurred in acquiring trading stock; interest expenses; rent; losses or outgoings incurred in producing, marketing or distributing a film, including the creation of copyright and sound recordings; market research; commissions paid for collecting assessable income; establishing, managing and harvesting forests; expenditure incurred to increase the value of shares.

This is partly attributable to the drafting of Part IVA (since it removed some of the shortcomings which had been exposed in section 260). More pertinently Part IVA enabled the courts to look afresh at the GAAR, without being trammelled by the interpretive approach which had constrained the application of the previous GAAR. 79 79 Several cases on s 260 Income Tax Assessment Act 1936 were heard after Part IVA was enacted and those decisions largely redressed the excesses caused by excessively favourable decisions for taxpayers by the High Court during the 1970s; FCT v Gulland, Watson v FCT, Pincus v FCT (1985) 160 CLR 55.

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