What's Wrong with a Federal Inheritance Tax? Wendy G
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Download Article (PDF)
5th International Conference on Accounting, Auditing, and Taxation (ICAAT 2016) TAX TRANSPARENCY – AN ANALYSIS OF THE LUXLEAKS FIRMS Johannes Manthey University of Würzburg, Würzburg, Germany Dirk Kiesewetter University of Würzburg, Würzburg, Germany Abstract This paper finds that the firms involved in the Luxembourg Leaks (‘LuxLeaks’) scandal are less transparent measured by the engagement in earnings management, analyst coverage, analyst accuracy, accounting standards and auditor choice. The analysis is based on the LuxLeaks sample and compared to a control group of large multinational companies. The panel dataset covers the years from 2001 to 2015 and comprises 19,109 observations. The LuxLeaks firms appear to engage in higher levels of discretionary earnings management measured by the variability of net income to cash flows from operations and the correlation between cash flows from operations and accruals. The LuxLeaks sample shows a lower analyst coverage, lower willingness to switch to IFRS and a lower Big4 auditor rate. The difference in difference design supports these findings regarding earnings management and the analyst coverage. The analysis concludes that the LuxLeaks firms are less transparent and infers a relation between corporate transparency and the engagement in tax avoidance. The paper aims to establish the relationship between tax avoidance and transparency in order to give guidance for future policy. The research highlights the complex causes and effects of tax management and supports a cost benefit analysis of future tax regulation. Keywords: Tax Avoidance, Transparency, Earnings Management JEL Classification: H20, H25, H26 1. Introduction The Luxembourg Leaks (’LuxLeaks’) scandal made public some of the tax strategies used by multinational companies. -
Environmental Taxes and Subsidies: What Is the Appropriate Fiscal Policy for Dealing with Modern Environmental Problems?
William & Mary Environmental Law and Policy Review Volume 24 (2000) Issue 1 Environmental Justice Article 6 February 2000 Environmental Taxes and Subsidies: What is the Appropriate Fiscal Policy for Dealing with Modern Environmental Problems? Charles D. Patterson III Follow this and additional works at: https://scholarship.law.wm.edu/wmelpr Part of the Environmental Law Commons, and the Tax Law Commons Repository Citation Charles D. Patterson III, Environmental Taxes and Subsidies: What is the Appropriate Fiscal Policy for Dealing with Modern Environmental Problems?, 24 Wm. & Mary Envtl. L. & Pol'y Rev. 121 (2000), https://scholarship.law.wm.edu/wmelpr/vol24/iss1/6 Copyright c 2000 by the authors. This article is brought to you by the William & Mary Law School Scholarship Repository. https://scholarship.law.wm.edu/wmelpr ENVIRONMENTAL TAXES AND SUBSIDIES: WHAT IS THE APPROPRIATE FISCAL POLICY FOR DEALING WITH MODERN ENVIRONMENTAL PROBLEMS? CHARLES D. PATTERSON, III* 1 Oil spills and over-fishing threaten the lives of Pacific sea otters. Unusually warm temperatures are responsible for an Arctic ice-cap meltdown. 2 Contaminated drinking water is blamed for the spread of avian influenza from wild waterfowl to domestic chickens.' Higher incidences of skin cancer are projected, due to a reduction in the ozone layer. Our environment, an essential and irreplaceable resource, has been under attack since the industrial age began. Although we have harnessed nuclear energy, made space travel commonplace, and developed elaborate communications technology, we have been unable to effectively eliminate the erosion and decay of our environment. How can we deal with these and other environmental problems? Legislators have many methods to encourage or discourage individual or corporate conduct. -
FINANCE Offshore Finance.Pdf
This page intentionally left blank OFFSHORE FINANCE It is estimated that up to 60 per cent of the world’s money may be located oVshore, where half of all financial transactions are said to take place. Meanwhile, there is a perception that secrecy about oVshore is encouraged to obfuscate tax evasion and money laundering. Depending upon the criteria used to identify them, there are between forty and eighty oVshore finance centres spread around the world. The tax rules that apply in these jurisdictions are determined by the jurisdictions themselves and often are more benign than comparative rules that apply in the larger financial centres globally. This gives rise to potential for the development of tax mitigation strategies. McCann provides a detailed analysis of the global oVshore environment, outlining the extent of the information available and how that information might be used in assessing the quality of individual jurisdictions, as well as examining whether some of the perceptions about ‘OVshore’ are valid. He analyses the ongoing work of what have become known as the ‘standard setters’ – including the Financial Stability Forum, the Financial Action Task Force, the International Monetary Fund, the World Bank and the Organization for Economic Co-operation and Development. The book also oVers some suggestions as to what the future might hold for oVshore finance. HILTON Mc CANN was the Acting Chief Executive of the Financial Services Commission, Mauritius. He has held senior positions in the respective regulatory authorities in the Isle of Man, Malta and Mauritius. Having trained as a banker, he began his regulatory career supervising banks in the Isle of Man. -
Staging Power in Tudor and Stuart English History Plays: History, Political Thought, and the Redefinition of Sovereignity Kristin M.S
University of Richmond UR Scholarship Repository Bookshelf 2015 Staging Power in Tudor and Stuart English History Plays: History, Political Thought, and the Redefinition of Sovereignity Kristin M.S. Bezio University of Richmond, [email protected] Follow this and additional works at: http://scholarship.richmond.edu/bookshelf Part of the Leadership Studies Commons Recommended Citation Bezio, Kristin M.S. Staging Power in Tudor and Stuart English History Plays: History, Political Thought, and the Redefinition of Sovereignty. Burlington, VT: Ashgate, 2015. NOTE: This PDF preview of Staging Power in Tudor and Stuart English History Plays: History, Political Thought, and the Redefinition of Sovereignity includes only the preface and/or introduction. To purchase the full text, please click here. This Book is brought to you for free and open access by UR Scholarship Repository. It has been accepted for inclusion in Bookshelf by an authorized administrator of UR Scholarship Repository. For more information, please contact [email protected]. Staging Power in Tudor and Stuart English History Plays History, Political Thought, and the Redefinition of Sovereignty KRISTIN M.S. BEZIO University ofRichmond, USA LIBRARY UNIVERSITY OF RICHMOND VIRGINIA 23173 ASHGATE Introduction Of Parliaments and Kings: The Origins of Monarchy and the Sovereign-Subject Compact in the English Middle Ages (to 1400) The purpose of this study is to examine the intersection between early modem political thought, the history that produced the late Tudor and early Stuart monarchies, and the critical interrogation of both taking place on the public theatrical stage. The plays I examine here are those which rely on chronicle histories for their source materials; are set in England, Scotland, or Wales; focus primarily on governance and sovereignty; and whose interest in history is didactic and actively political. -
Tax Heavens: Methods and Tactics for Corporate Profit Shifting
Tax Heavens: Methods and Tactics for Corporate Profit Shifting By Mark Holtzblatt, Eva K. Jermakowicz and Barry J. Epstein MARK HOLTZBLATT, Ph.D., CPA, is an Associate Professor of Accounting at Cleveland State University in the Monte Ahuja College of Business, teaching In- ternational Accounting and Taxation at the graduate and undergraduate levels. axes paid to governments are among the most significant costs incurred by businesses and individuals. Tax planning evaluates various tax strategies in Torder to determine how to conduct business (and personal transactions) in ways that will reduce or eliminate taxes paid to various governments, with the objective, in the case of multinational corporations, of minimizing the aggregate of taxes paid worldwide. Well-managed entities appropriately attempt to minimize the taxes they pay while making sure they are in full compliance with applicable tax laws. This process—the legitimate lessening of income tax expense—is often EVA K. JERMAKOWICZ, Ph.D., CPA, is a referred to as tax avoidance, thus distinguishing it from tax evasion, which is illegal. Professor of Accounting and Chair of the Although to some listeners’ ears the term tax avoidance may sound pejorative, Accounting Department at Tennessee the practice is fully consistent with the valid, even paramount, goal of financial State University. management, which is to maximize returns to businesses’ ownership interests. Indeed, to do otherwise would represent nonfeasance in office by corporate managers and board members. Multinational corporations make several important decisions in which taxation is a very important factor, such as where to locate a foreign operation, what legal form the operations should assume and how the operations are to be financed. -
International Journal of Islamic Economics and Finance Studies
IJISEF INTERNATIONAL JOURNAL OF ISLAMIC ECONOMICS AND FINANCE STUDIES Uluslararası İslam Ekonomisi ve Finansı Araştırmaları Dergisi November 2016, Kasım 2016, Vol: 2, Issue: 3 Cilt: 2, Sayı: 3 e-ISSN: 2149-8407 p-ISSN: 2149-8407 journal homepage: http://ijisef.org/ Islamic Perspective on the Impact of Ethics and Tax for Nigerian Economic Development Almustapha A. Aliyu Department of Accounting, University of Sokoto, [email protected] Mohammed Yusuf Alkali Department of Accounting, Federal Polytechnic Birnin Kebbi, [email protected] Ibrahim Alkali Ministry of Finance Birnin Kebbi, [email protected] ARTICLE INFO ABSTRACT The tax system, policies, and structures have been one of the significant factors that directly affect the social and economic activities of any nation. Despite the importance of tax, the attitude of the taxpayers, their reaction concerning tax, could in greater sense facilitate or draw back the policies Keywords: Ethics, Tax and system from their original intention and purposes, particularly from Evasion, Tax an Islamic perspective. Islamic tax income is for the benefits of poor, Avoidance, Nigerian needy and less privileged people in the society. Even though, policies on Economy, Economic tax approved tax avoidance and made it legal, however, tax evasion is Development illegal in all society because it will deviate from its purpose. The most significant point, however, evading taxes by the people is viewed as unethical behaviour in any economy as the consequences could be greater to the economy and society. Several countries used Islamic system of tax because of the ethics of the system and possibly fewer evasions by the Muslims. Given that, with the number of the Nigerian Muslims, adoption of Islamic tax system will improve the revenue generation, and © 2016 PESA All rights thereby enhance the economic development of Nigerian economy. -
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. -
John Stuart Mill and the French Revolution of 1848
‘There never was a time when so great a drama was being played out in one generation’: John Stuart Mill and the French Revolution of 1848 Helen McCabe, University of Nottingham In this article, I want to argue that the events of 1848 in France both mark an important change in John Stuart Mill’s political philosophy and emphasise an important continuity. Joseph Persky has recently shown how Mill was consistently radical 1 , and the revolutions of 1848 serve both to highlight this continued radicalism, and to reveal the changing content of that radical programme. Mill always had a strong interest in French politics, and a long-standing commitment to the call for ‘Liberty, Equality, Fraternity!’. He was a youthful enthusiast for the French Revolution (day-dreaming about being a Girondist in an English Convention2); an excited witness to the events of 1830; and a passionate defender of the ‘authors’ of the revolution of February 1848. This reveals both his consistency, and also the change his political philosophy underwent in the years – in particular – between 1831 and 1848, for when he wrote that the revolution of February 1848 embodied ‘all of “liberty, equality and fraternity” which is capable of being realised now, and…prepare[s] the way for all which can be realised hereafter’3, he was endorsing, not the politics of the Girondin, or the Orléanists, but what he terms ‘legitimate socialism’.4 The events of 1848 expanded Mill’s knowledge and understanding of socialist ideas – that is, of what socialism might mean – developing, in particular, his appreciation for a kind of socialism which came from working people themselves; could only be implemented by them and with their support; and which was possible within existing capitalist structures, rather than necessitating either their complete re-structuring (as Saint-Simonism would involve), or isolating the socialist community from the rest of the world (as in other, earlier, forms of ‘utopian socialism’ based on separatist intentional communities, e.g. -
Handbuch Investment in Germany
Investment in Germany A practical Investor Guide to the Tax and Regulatory Landscape in Germany 2016 International Business Preface © 2016 KPMG AG Wirtschaftsprüfungsgesellschaft, a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Investment in Germany 3 Germany is one of the most attractive places for foreign direct investment. The reasons are abundant: A large market in the middle of Europe, well-connected to its neighbors and markets around the world, top-notch research institutions, a high level of industrial production, world leading manufacturing companies, full employment, economic and political stability. However, doing business in Germany is no simple task. The World Bank’s “ease of doing business” ranking puts Germany in 15th place overall, but as low as 107th place when it comes to starting a business and 72nd place in terms of paying taxes. Marko Gründig The confusing mixture of competences of regional, federal, and Managing Partner European authorities adds to the German gift for bureaucracy. Tax KPMG, Germany Numerous legislative changes have taken effect since we last issued this guide in 2011. Particularly noteworthy are the Act on the Modification and Simplification of Business Taxation and of the Tax Law on Travel Expenses (Gesetz zur Änderung und Ver einfachung der Unternehmensbesteuerung und des steuerlichen Reisekostenrechts), the 2015 Tax Amendment Act (Steueränderungsgesetz 2015), and the Accounting Directive Implementation Act (Bilanzrichtlinie-Umsetzungsgesetz). The remake of Investment in Germany provides you with the most up-to-date guide on the German business and legal envi- ronment.* You will be equipped with a comprehensive overview of issues concerning your investment decision and business Andreas Glunz activities including economic facts, legal forms, subsidies, tariffs, Managing Partner accounting principles, and taxation. -
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. -
INTRODUCTION DFK INTERNATIONAL Is an Organisation Whose Membership Consists of Independent Accounting Firms and Business Advisers Throughout the World
INTRODUCTION DFK INTERNATIONAL is an organisation whose membership consists of independent accounting firms and business advisers throughout the world. It is committed to meeting the needs of businesses and individuals with interests in more than one country. DFK INTERNATIONAL Member Firms provide international tax and accounting services and answers to questions on these subjects. The WORLDWIDE TAX OVERVIEW gives brief details on the taxation régimes in many nations of the world. The Member Firms of DFK INTERNATIONAL can provide additional information concerning taxation legislation in these and other territories upon request. The WORLDWIDE TAX OVERVIEW is published without responsibility on behalf of DFK INTERNATIONAL, its Directors and its Member Firms for loss occasioned by any person acting or refraining from action as a result of any information contained herein. Tax laws change frequently worldwide and some of the information contained herein may be impacted by treaties. You are advised to consult with your local DFK INTERNATIONAL Member or other tax adviser in connection with any data contained in this Overview. © DFK International 2017 Country Corporate Rates Individual Rates VAT Rates Types of Taxes Taxation of Non-Residents Depreciation Miscellaneous Argentina 35% 9%-35% 10.5%-21% Income, VAT, payroll, excise. Tax imposed on income Generally straight-line based Provinces may levy gross 15% on capital gains Tax on assets for companies from resources and activities on probable useful life receipts taxes. Branch profits Fiscal year end: derived from sales of and individuals within Argentina. Withholding tax on foreign company’s 31.12.2017 shares tax between 10%-35% on permanent establishment interests, rents, dividends is 35%.