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Engagement Guidance on Corporate Tax Responsibility Why and How to Engage with Your Investee Companies
ENGAGEMENT GUIDANCE ON CORPORATE TAX RESPONSIBILITY WHY AND HOW TO ENGAGE WITH YOUR INVESTEE COMPANIES An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact THE SIX PRINCIPLES We will incorporate ESG issues into investment analysis and 1 decision-making processes. We will be active owners and incorporate ESG issues into our 2 ownership policies and practices. We will seek appropriate disclosure on ESG issues by 3 the entities in which we invest. We will promote acceptance and implementation of the Principles 4 within the investment industry. We will work together to enhance our effectiveness in 5 implementing the Principles. We will each report on our activities and progress towards 6 implementing the Principles. CREDITS & ACKNOWLEDGEMENTS Authors: Athanasia Karananou and Anastasia Guha, PRI Editor: Mark Kolmar, PRI Design: Alessandro Boaretto, PRI The PRI is grateful to the investor taskforce on corporate tax responsibility for their contributions to the guidance: ■ Harriet Parker, Investment Analyst, Alliance Trust Investments ■ Steven Bryce, Investment Analyst, Arisaig Partners (Asia) Pte Ltd ■ Francois Meloche, Extra Financial Risks Manager, Bâtirente ■ Adam Kanzer, Managing Director, Domini Social Investments LLC ■ Pauline Lejay, SRI Officer, ERAFP ■ Meryam Omi, Head of Sustainability, Legal & General Investment Management ■ Robert Wilson, Research Analyst, MFS Investment Management ■ Michelle de Cordova, Director, Corporate Engagement & Public Policy, NEI Investments ■ Rosa van den Beemt, ESG Analyst, NEI Investments ■ Kate Elliot, Ethical Researcher, Rathbone Brothers Plc ■ Matthias Müller, Senior SI Analyst, RobecoSAM ■ Rosl Veltmeijer, Head of Research, Triodos Investment Management We would like to warmly thank Sol Picciotto, Emeritus Professor, Lancaster University and Coordinator, BEPS Monitoring Group, and Katherine Ng, PRI, for their contribution to the guidance. -
An Overview of the European Tax Havens
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Maftei, Loredana Article An Overview of the European Tax Havens CES Working Papers Provided in Cooperation with: Centre for European Studies, Alexandru Ioan Cuza University Suggested Citation: Maftei, Loredana (2013) : An Overview of the European Tax Havens, CES Working Papers, ISSN 2067-7693, Alexandru Ioan Cuza University of Iasi, Centre for European Studies, Iasi, Vol. 5, Iss. 1, pp. 41-50 This Version is available at: http://hdl.handle.net/10419/198228 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by/4.0/ www.econstor.eu AN OVERVIEW OF THE EUROPEAN TAX HAVENS Loredana Maftei* Abstract: In the actual context of economic globalization, tax havens represent a significant obstacle for global governments seeking to increase their fiscal incomes and a source of polarization of income and wealth. -
Arbeitskreis Quantitative Steuerlehre
arqus Arbeitskreis Quantitative Steuerlehre www.arqus.info Diskussionsbeitrag Nr. 3 Caren Sureth / Ralf Maiterth Wealth Tax as Alternative Minimum Tax ? − The Impact of a Wealth Tax on Business Structure and Strategy − April 2005 arqus Diskussionsbeiträge zur Quantitativen Steuerlehre arqus Discussion Papers on Quantitative Tax Research ISSN 1861-8944 Wealth Tax as Alternative Minimum Tax ? – The Impact of a Wealth Tax on Business Structure and Strategy – Caren Sureth∗ † and Ralf Maiterth∗∗ April 2005 ∗ Prof. Dr. Caren Sureth, University of Paderborn, Faculty of Business Administration and Economics, Warburger Str. 100, D-33098 Paderborn, Germany, e-mail: [email protected] † corresponding author ∗∗ Dr. Ralf Maiterth, University of Hanover, Department of Economics, K¨onigsworther Platz 1, D-30167 Hanover, Germany, e-mail: [email protected] Wealth Tax as Alternative Minimum Tax ? – The Impact of a Wealth Tax on Business Structure and Strategy – Abstract An alternative minimum tax (AMT) is often regarded as desirable. We analyze a wealth tax at corporate and personal level that is designed as an AMT as proposed by the German Green Party. This wealth tax is imputable to profit taxes and is hence intended to prevent multiple (multistage) taxation. Referring to data from annual reports and the German Central Bank we model enterprises of different structure, industry, size and legal status. We show that companies in the service sector which generally maintain rather high gearing rates are more frequently subjected to the wealth tax than capital intensive industries. This result runs counter to well-known effects of a common wealth tax. Capital intensive firms, e.g. in the metal industry, are levied with definitive wealth tax only if they have large loss carry-forwards or extremely volatile profits. -
Unclassified ECO/WKP(2001)18
Unclassified ECO/WKP(2001)18 Organisation de Coopération et de Développement Economiques Organisation for Economic Co-operation and Development 03-May-2001 ___________________________________________________________________________________________ English text only ECONOMICS DEPARTMENT Unclassified ECO/WKP(2001)18 INCREASING SIMPLICITY, NEUTRALITY AND SUSTAINABILITY: A BASIS FOR TAX REFORM IN ICELAND ECONOMICS DEPARTMENT WORKING PAPERS No. 292 by Richard Herd and ThorsteinnThorgeirsson English text only JT00107006 Document complet disponible sur OLIS dans son format d’origine Complete document available on OLIS in its original format ECO/WKP(2001)18 ABSTRACT/RÉSUMÉ This paper analyses the possibilities for reforming the Icelandic tax system. It puts the current tax structure in its historic context, showing that there has been a steady movement towards simplification. The personal income tax has a lower than average number of bands and, taxes capital income at an unusually low rate. Such a structure favours saving, especially since consumption taxes are particularly high. Nonetheless, there are a number of additional taxes on capital income that serve to raise the overall tax on assets, notably the tax on net wealth. The paper concludes that, if the current budget surplus persists over the medium-term, priority should be given to further reducing corporate taxes and the net wealth tax. At the same time, a number of discriminatory indirect taxes should be replaced by a uniform tax, and the diesel tax reformed. Consideration should also be given to the gradual introduction of a resource tax or to auctioning fishing quotas to help fund the other tax reductions. JEL classification: H2 Keywords: Taxation, tax policy, Iceland * * * Le présent document analyse les possibilités de réformer le système fiscal islandais. -
Taxation in Islam
Taxation in Islam The following article is based on the book Funds in the Khilafah State which is a translation of Al-Amwal fi Dowlat Al-Khilafah by Abdul-Qadeem Zalloom.1 Allah (swt) has revealed a comprehensive economic system that details all aspects of economic life including government revenues and taxation. In origin, the permanent sources of revenue for the Bait ul-Mal (State Treasury) should be sufficient to cover the obligatory expenditure of the Islamic State. These revenues that Shar’a (Islamic Law) has defined are: Fa’i, Jizya, Kharaj, Ushur, and income from Public properties. The financial burdens placed on modern states today are far higher than in previous times. When the Caliphate is re-established it will need to finance a huge re-development and industrial programme to reverse centuries of decline, and bring the Muslim world fully into the 21st century. Because of this, the Bait ul-Mal’s permanent sources of revenue may be insufficient to cover all the needs and interests the Caliphate is obliged to spend upon. In such a situation where the Bait ul-Mal’s revenues are insufficient to meet the Caliphate’s budgetary requirements, the Islamic obligation transfers from the Bait ul-Mal to the Muslims as a whole. This is because Allah (swt) has obliged the Muslims to spend on these needs and interests, and their failure to spend on them will lead to the harming of Muslims. Allah (swt) obliged the State and the Ummah to remove any harm from the Muslims. It was related on the authority of Abu Sa’id al-Khudri, (ra), that the Messenger of Allah (saw) said: “It is not allowed to do harm nor to allow being harmed.” [Ibn Majah, Al-Daraqutni] Therefore, Allah (swt) has obliged the State to collect money from the Muslims in order to cover its obligatory expenditure. -
What's Wrong with a Federal Inheritance Tax? Wendy G
University of Baltimore Law ScholarWorks@University of Baltimore School of Law All Faculty Scholarship Faculty Scholarship Spring 2014 What's Wrong with a Federal Inheritance Tax? Wendy G. Gerzog University of Baltimore School of Law, [email protected] Follow this and additional works at: http://scholarworks.law.ubalt.edu/all_fac Part of the Estates and Trusts Commons, Taxation-Federal Commons, Taxation-Federal Estate and Gift ommonC s, and the Tax Law Commons Recommended Citation What's Wrong with a Federal Inheritance Tax?, 49 Real Prop. Tr. & Est. L.J. 163 (2014-2015) This Article is brought to you for free and open access by the Faculty Scholarship at ScholarWorks@University of Baltimore School of Law. It has been accepted for inclusion in All Faculty Scholarship by an authorized administrator of ScholarWorks@University of Baltimore School of Law. For more information, please contact [email protected]. WHAT'S WRONG WITH A FEDERAL INHERITANCE TAX? Wendy C. Gerzog* Synopsis: Scholars have proposed a federal inheritance tax as an alternative to the current federal transfer taxes, but that proposal is seriously flawed. In any inheritance tax model, scholars should expect to see significantly decreased compliance rates and increased administrative costs because, by focusing on the transferees instead of on the transferor, an inheritance tax would multiply the number oftaxpayers subject to the tax. This Article reviews common characteristics ofexisting inheritance tax systems in the United States and internationally-particularly in Europe. In addition, the Article analyzes the novel Comprehensive Inheritance Tax (CIT) proposal, which combines some elements of existing inheritance tax systems with some features ofthe current transfer tax system and delivers the CIT through the federal income tax system. -
3 Inheritance Taxation
LWS Working Paper Series No. 35 Inheritance Taxation in Comparative Perspective Manuel Schechtl June 2021 Luxembourg Income Study (LIS), asbl Inheritance Taxation in Comparative Perspective Manuel Schechtl* May 25, 2021 Abstract The role of inheritances for wealth inequality has been frequently addressed. However, until recently, comparative data has been scarce. This paper compiles inheritance tax information from EY Worldwide Estate and Inheritance Tax Guide and combines it with microdata from the Luxembourg Wealth Study. The results indicate substantial differences in the tax base and the distributional potential of inheritance taxation across countries. Keywords: taxes, wealth, inheritance, inheritance tax *Humboldt Universita¨t zu Berlin; Email: [email protected] 1 1 Introduction The relevance of inheritances for the wealth distribution remains a widely debated topic in the social sciences. Using different comparative data sources, previous studies highlighted the positive association between inheritances received and the wealth rank (Fessler and Schu¨rz 2018) or household net worth (Semyonov and Lewin-Epstein 2013). Recent research highlighted the contribution of transferred wealth to overall wealth inequality in this very journal (Nolan et al. 2021). These studies have generated important insights into the importance of inherited wealth beyond national case studies (Black et al. 2020) or economic models of estate taxation (De Nardi and Yang 2016). However, institutional characteristics, such as taxes on inheritances, are seldomly scrutinised. As a notable exemption, Semyonov and Lewin-Epstein examine the association of household net worth and the inheritance tax rate (2013). Due to the lack of detailed comparative data on the design of inheritance taxation, they include inheritance taxes measured as top marginal tax rate in their analysis. -
Press Release
PRESS RELEASE 23 July 2019 The Mauritius Leaks have once again revealed the devastating impact of tax avoidance. ICRICT calls for multilateral accord to overhaul the international tax system, the end of tax havens, the adoption of a minimum global tax and the creation of a Global Asset Registry The Mauritius Leaks have once again highlighted how rich and powerful corporations and the super-rich skirt paying taxes, whether legally or illegally. The schemes are the same, as already revealed by anonymous sources through the International Consortium of Investigative Journalists the Panama Papers, Paradise Papers, Malta Files, Luxleaks, SwissLeaks, among others. This is the latest in a series of leak that demonstrate how broken the current international tax system is. Why Mauritius? Mauritius built its position as an offshore financial centre on being a hub for tax avoidance. First it enabled multinationals to avoid capital gains tax in India. Then it created schemes to offer multinationals a low rate (3%) on income they could attribute to their subsidiaries in Mauritius supposedly for providing services to related entities in other countries, especially in Africa, with which it negotiated tax treaties. Mauritius has an extensive set of tax treaties with African countries, ensuring that investment made in African countries (profits/capital gains on investments) can be routed via Mauritius to rich countries with no/little taxes paid. No capital gains tax, no inheritance tax, wealth or gift tax, no Controlled Foreign Companies legislation, no transfer pricing rules or thin capitalization rules, no withholding tax on dividends, interest and royalty payments, you name Mauritius doesn’t have it, no wonder it has been used so extensively as a tax haven hub to take money out of Africa and India. -
Bakalářská Práce Vivienne Westwood – from Punk Culture to Haute
Západočeská univerzita v Plzni Fakulta filozofická Bakalářská práce Vivienne Westwood – From Punk Culture to Haute Couture Michaela Vojteková Plzeň 2018 Západočeská univerzita v Plzni Fakulta filozofická Katedra anglického jazyka a literatury Studijní program Filologie Studijní obor Cizí jazyky pro komerční praxi Kombinace angličtina - francouzština Bakalářská práce Vivienne Westwood – From Punk Culture to Haute Couture Michaela Vojteková Vedoucí práce: Mgr. Lenka Dejmalová, Ph.D. Katedra anglického jazyka a literatury Fakulta filozofická Západočeské univerzity v Plzni Plzeň 2018 Prohlašuji, že jsem práci zpracoval (a) samostatně a použil (a) jen uvedených pramenů a literatury. Plzeň, duben 2018 ……………………… Poděkování Ráda bych tímto poděkovala paní Mgr. Lence Dejmalové, Ph.D. za její cenné rady a věcné připomínky při zpracování této bakalářské práce. Table of contents Introduction ..................................................................................................................... 6 1 HISTORY OF FASHION DESIGN AND CLOTHES .......................................... 9 1.1 FASHION DESIGN ......................................................................................... 10 1.2 FASHION AS ART .......................................................................................... 12 1.3 GENDER STEREOTYPES ............................................................................. 12 1.4 FASHION SHOWS .......................................................................................... 13 2 SUBCULTURE AS A TERM -
Worldwide Estate and Inheritance Tax Guide
Worldwide Estate and Inheritance Tax Guide 2021 Preface he Worldwide Estate and Inheritance trusts and foundations, settlements, Tax Guide 2021 (WEITG) is succession, statutory and forced heirship, published by the EY Private Client matrimonial regimes, testamentary Services network, which comprises documents and intestacy rules, and estate Tprofessionals from EY member tax treaty partners. The “Inheritance and firms. gift taxes at a glance” table on page 490 The 2021 edition summarizes the gift, highlights inheritance and gift taxes in all estate and inheritance tax systems 44 jurisdictions and territories. and describes wealth transfer planning For the reader’s reference, the names and considerations in 44 jurisdictions and symbols of the foreign currencies that are territories. It is relevant to the owners of mentioned in the guide are listed at the end family businesses and private companies, of the publication. managers of private capital enterprises, This publication should not be regarded executives of multinational companies and as offering a complete explanation of the other entrepreneurial and internationally tax matters referred to and is subject to mobile high-net-worth individuals. changes in the law and other applicable The content is based on information current rules. Local publications of a more detailed as of February 2021, unless otherwise nature are frequently available. Readers indicated in the text of the chapter. are advised to consult their local EY professionals for further information. Tax information The WEITG is published alongside three The chapters in the WEITG provide companion guides on broad-based taxes: information on the taxation of the the Worldwide Corporate Tax Guide, the accumulation and transfer of wealth (e.g., Worldwide Personal Tax and Immigration by gift, trust, bequest or inheritance) in Guide and the Worldwide VAT, GST and each jurisdiction, including sections on Sales Tax Guide. -
THE LANGUAGE of TAX PROTESTS © Monica Haven, E.A
THE LANGUAGE OF TAX PROTESTS © Monica Haven, E.A. 120704 Language and the Law Professor Peter Tiersma Loyola Law School Fall 2004 Monica Haven [email protected] Table of Contents I. INTRODUCTION..................................................................................... 1 A. The Purpose of Protest B. Philosophy of Protest C. Syllabus II. THE PRE-DETERMINED OUTCOME ................................................ 6 A. Tax Protesters Defined B. Judicial Response III. THE LANGUAGE OF PROTEST .......................................................... 8 A. Parsing The Code 1. “Individuals” Defined Statutory Definition Common Usage Trade Usage 2. “Income” Defined The Protester’s Misconstrued Precedent Quotes Taken Out Of Context The Burden Of Proof Is Improperly Shifted B. Common Defects IV. TAX SCAMS ........................................................................................... 19 V. JUDICIAL REASONING ...................................................................... 21 A. Historic Development B. Pre-empting Future Protests 1. Finding Support in Constitutional Construction 2. Applying the Plain Meaning Rule 3. Applicable Canons VI. JUDICIAL PREJUDICE ....................................................................... 30 A. Are Judges Passing The Buck? B. Are Judges Afraid? C. Protester Victories? 1. Retrials 2. Settlements 3. Criminal Convictions D. Victories Are Not Always What They Seem VII. CONCLUSION ....................................................................................... 36 i THE LANGUAGE -
GGD-81-83 Illegal Tax Protesters Threaten System
- ./ t REPORTBY THE Comptroller General OF THE UNITEDSTATES Illegal Tax Protesters Threaten Tax System The number of illegal tax protesters--persons who, according to IRS, advocate and/or use schemes to evade paying taxes--has increased significantly in recent years. Since they rep- resent a threat to our Nation’s voluntary tax system, IRS has taken some important counter measures, including the establishment of a high-priority Illegal Tax Protester Program and a program to prevent the filing of false Form W-4s, Employee’s Withholding Allow- ance Certificates. IRS has made some progress in detecting pro- testers and in deterring them through civil . , and criminal enforcement actions. However, it can further increase its effectiveness by in- vestigating protesters in a more timely manner and by making additional organizational and administrative changes. Also, the Congress can help by amending the summons provi- sions of the 1976 Ta Reform Act GGD-81-83 JULY 8.1981 COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON D.C. zo54a B-203682 The Honorable Benjamin S. Rosenthal Chairman, Subcommittee on Commerce, Consumer and Monetary Affairs Committee on Government Operations House of Representatives Dear Mr. Chairman: This report, in response to your request, discusses the nature and extent of.the illegal tax protest problem and the adequacy of the Internal Revenue Service's efforts to detect and deter illegal protesters. The report, which consists of the summary and comprehensive statements given in testimony before your subcommittee on June 10, 1981, makes several recommendations for improving IRS' efforts against illegal tax protesters. We did not obtain official comments from the Internal Rev- enue Service because of time limitations and because the Service had been asked to present its views at your subcommittee's hear- ing.