Tax Law In Times Of Crisis And Recovery

This book examines the relationship between tax law and crisis. In times of environmental, financial, and public health breakdown, policymakers look to tax for solutions. Yet these crises also constrain the ways in which tax liabilities can be imposed and administered, and limit the revenues that can be collected. What should governments do in these circumstances and what are the wider consequences for states, societies, and institutions such as the EU? The book shows how crises place strain on the basic functions of tax, including revenue-raising, institution-building, regulation, redistribution, and the structuring of society. These strains bear more heavily on some sections of business and society than others. This makes the tax consequences of crisis unpredictable. It also means that the best choice of legal response is not merely a technical matter. Instead, it engages deeper attitudes towards crisis relief, change, social values, and democratic control. These issues are highlighted by COVID-19 but are of utmost lasting importance. The book takes a comprehensive approach and looks in more depth at the systemic roles that crises play in contemporary tax systems. It features an impressive cast of leading researchers across multiple jurisdictions and is essential for policymakers and scholars alike.

Series on International Taxation #81 The tax landscape today looks dramatically different from how it appeared even a generation ago. Ongoing sweeping changes in information technologies, massive economic downturns, unforeseen catastrophes such as the global pandemic that hit the world in 2020, and ever more sophisticated methods of tax evasion and avoidance are only some of the factors that have perplexed and even confounded tax authorities. This important book provides a comprehensive overview of the global tax challenges confronting tax policy today, with insightful contributions by both well-known tax experts and fresh new voices in the field. The authors address such critical issues as the following: international tax reform initiatives; effects of climate change; tax justice in times of crisis; international tax cooperation; taxing multinationals; role of tax havens; participation and collaboration of developing countries; the growing presence of artificial intelligence and robots; prospects for a green economic recovery; and tax ethics and social inclusiveness. The contributions originated with the groundbreaking tax summit TaxCOOP2020, held online at the peak of the Covid-19 pandemic in October 2020. At a time when tax policy seems poised at the dawn of a fundamental transformation, this inestimable volume will be welcomed by tax practitioners and academics, concerned government officials, businesspeople, international organizations, and non-governmental organizations (NGOs), all of whom will here have access to a variety of points of view and innovative approaches to the future direction of taxation.

These are papers from the 10th Cambridge Tax Law History Conference, which took place in July 2020. The papers fall within the following basic themes: - UK tax administration issues - UK tax reforms in the 20th century - History of tax in the UK - The UK's first double tax treaty - The 1982 Australia-US tax treaty - The legacy of colonial influence - Reform of Dutch excises, and - Canadian tax avoidance.

The 2017 Home Capital saga represents the shortcomings of a financial system challenged by distinct, siloed regulatory frameworks that fail to communicate with each other. Home Capital is a publicly traded company that acts as a lender through the Home Trust Company, most often providing mortgages to clients rejected by traditional banks. Home Capital’s 2017 announcement that it required $2 billion to sustain a $600-million loss shook customer confidence, and fueled by allegations of corruption, the company suffered a rapid decline in stock price. The Home Capital crisis is the most recent pre-pandemic example of systemic risk in the financial sector in Canada and highlights the invaluable opportunity we have to avoid repeating past mistakes in the nearing post-pandemic economic reality. Using the 2017 Home Capital saga as a starting point, Dangerous Opportunities sheds light on the compartmentalization of regulators and its greater ramifications on board independence and corporate governance, taxation in the competitive housing sector, and the success of non-bank financial institutions in various jurisdictions. A hybrid of law and business, Dangerous Opportunities is a must-read for those interested in the underbelly of financial institutions and is an inspired read in the aftermath of the recent housing crisis, which saw many aspiring homeowners seek dangerous opportunities outside of the traditional banking system.

Economic recovery from the global financial crisis of 2007-2008 has been sketchy, with some areas within the European Union (EU) still trapped in seemingly irremediable industrial stagnation and job loss. EU institutions are called upon to provide concrete amelioration for these situations, through the design and implementation of effective tax policies in accordance with the fundamental principles of EU law. In this original, innovative book, the author presents a new and expanded view of how special tax zones (STZs) - areas of land where territorial advantages are granted on direct and/or indirect taxation - can deliver growth and mitigate economic and social emergency. Recognizing that, although a number of STZs within the EU have been established, there is still no systematic framework for them in the EU legal system, the author works out a comprehensive theory for STZs in the field of European tax law, dealing incisively with the interface of STZs with such essential legal and tax aspects as the following: customs union provisions; benefits on direct and indirect taxation; State-aid rules; free movement of persons; harmful tax competition; and role of EU social cohesion policies and their implementation. Furthermore, the author develops a new model of STZs for the most disadvantaged areas of the EU - the so-called Social Cohesion Zone - to respond decisively to issues of compatibility with such critical variables of EU law as those dealing with the outer limits set by State-aid rules and fundamental freedoms, clearly demonstrating the model's practical viability. Detailed reviews of Member States' practice in existing STZs and their tax regimes are thoroughly described so different variables can be compared. As a comprehensive description of the state of knowledge about STZs, including the relevant background and their current place in EU law, this book has no precedents and no peers. It allows practitioners, policymakers, and academics in tax law to fully understand the relationship between EU law, national legislation, and STZs, focusing on the possibility of reconciling the tax sovereignty of Member States with a supporting and coordinating role of the EU institutions. It will be warmly welcomed by the tax law community.

Highlights ? With 85+ Referencer containing more than 165 procedures, tables & charts ? Containing the following lucid charts for procedures/compliances under the Companies Law: - Compliance requirements – Annual, One-time and Others - Disclosure requirements in Financial Statements, Board Reports etc - Flow chart for Name Change, Conversion, Directors, Auditors, KMP, Allotment, Registered Office, Charges, Managerial Remuneration, Removal of Name, Acceptance of Deposits, Buy-back of Securities, Declaration and Payment of Dividend, Loan, Advances and Borrowings, Related Party Transactions, Dormant/Inactive Company and many more - LLP – Advantage, Registration, Conversion, Closure, Compliances, Returns & Records, FLLP ? Act, Rules, Standards and table/flow charts of procedures- all integrated at one place with comments on each section

Taxes are a crucial policy issue, especially in developing countries. Just recently, proposals to raise middle-class taxes toppled the Bolivian government, and plans to extend or increase the value-added tax caused political unrest in Ecuador and Mexico. Despite the impact of tax policy on developing countries, a comprehensive study has yet to be written. Treating Argentina, Brazil, India, Kenya, Korea, and Russia as key case studies, this volume outlines the major aspects of current tax codes and explores their economic and political implications. Examples of both the poorest and wealthiest developing countries, Argentina, Brazil, India, Kenya, Korea, and Russia uniquely demonstrate the diverse fiscal problems of tax reform. Each economy relies heavily on indirect and corporate income taxes, though recently some have reduced their tariff rates and have switched from excise to value-added taxes. There is a large, informal economy in most of these countries, and tax evasion by firms is a significant concern. As a result, tax revenue remains low, even though rates are as high as those in developed economies. Also, unconventional methods to collect revenue have been implemented, including bank debit taxes, state ownership of firms, and implicit taxes on individuals in the informal sector. Exploring these and other concerns, as well as changes in tax law, administration, and fiscal pressures, this comprehensive anthology clarifies the current landscape of tax administration and the economic future of the world's poorer economies.

Introduction : a tribute to professor Judith Freedman's outstanding career / Glen Loutzenhiser and Rita de la Feria -- Geoffrey and Elspeth Howe and the path towards independent taxation of husbands and wives : 1968-1980 / Glen Loutzenhiser -- Does an inheritance tax have a future? Practical options to consider / Emma Chamberlain -- Should the suggestion that ownership is a 'myth' have any implications for the structure of tax law? / Edwin Simpson -- Income taxation of small business : towards simplicity, neutrality and coherence / David G Duff -- Principles and practice of taxing small business / Stuart Adam and Helen Miller -- Dependent contractors in tax and employment law / Hugh Collins -- Tackling tax avoidance : the use and growth of statutory 'avoidance' language / Malcolm Gammie -- EU general anti-(tax) avoidance mechanisms / Rita de la Feria -- The concept of abuse of law in European taxation : a methodological and constitutional perspective / Wolfgang Schön -- Fiscal jurisdiction and multinational groups. A perspective from 'political right' / John Snape -- Reflections on the allowance for corporate equity after three decades / Michael P Devereux and John Vella -- The changing patterns of EU direct tax integration / Anzhela Cédelle -- The origins, development and future of zero-rating in the UK / Geoffrey Morse -- Drawing the boundaries of HMRC's discretion / Stephen Daly -- Trends in tax administration / Michael Walpole -- True and fair view and tax accounting / Andrés Báez Moreno.