DOCSLIB.ORG

Using Global Formulary Apportionment for International Profit Allocation: the Case of Indonesia’S Mining Industry”

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Using Global Formulary Apportionment for International Profit Allocation: the Case of Indonesia’S Mining Industry” “USING GLOBAL FORMULARY APPORTIONMENT FOR INTERNATIONAL PROFIT ALLOCATION: THE CASE OF INDONESIA’S MINING INDUSTRY” Einsny Phionesgo Bachelor of Commerce Submitted in fulfilment of the requirements for the degree of Master of Business (Research) School of Accountancy Faculty of Business Queensland University of Technology November 2015 i Using global formulary apportionment for international profit allocation: The case of Indonesia’s mining industry Keywords Formulary Apportionment, Unitary Taxation, Transfer Pricing, International Profit Allocation Using global formulary apportionment for international profit allocation: The case of Indonesia’s mining industry ii Abstract Currently, separate accounting under the arm’s length principle fails to allocate the income of multinational entities to the jurisdictions that give rise to those profits. In light of this problem, this thesis examined an alternative approach, referred to as the unitary taxation approach to the allocation of profit, which arises from the notion that as a multinational group exists as a single economic entity, it should be taxed as one taxable unit. Thereafter, profits are allocated to the respective jurisdictions using a formulaic approach. However, the plausibility of a unitary taxation regime achieving international acceptance and agreement is highly contestable due to its implementation issues, and economic and political feasibility. Drawing on the experiences of the existing jurisdictions that have applied formulary apportionment at a national-level, this thesis contributes to the existing literature by examining the unitary taxation approach in the context of a developing country. Using a case-study approach focusing on Freeport-McMoRan and Rio Tinto’s mining operations in Indonesia, this paper compares both tax regimes against the criteria for a good tax system - equity, efficiency, neutrality and simplicity. This thesis evaluates key issues that arise when implementing a unitary taxation approach with formulary apportionment based on the context of mining multinational firms in Indonesia. These issues include: (1) the definition of a unitary business, (2) the definition and scope of the tax base, and (3) the formula design. Finally, the findings are discussed within the context of a case-study. iii Using global formulary apportionment for international profit allocation: The case of Indonesia’s mining industry Table of Contents Keywords ................................................................................................................................. ii Abstract ................................................................................................................................... iii Table of Contents .................................................................................................................... iv List of Figures ....................................................................................................................... viii List of Tables .......................................................................................................................... ix List of Abbreviations ................................................................................................................x Statement of Original Authorship ........................................................................................... xi Acknowledgements ................................................................................................................ xii Chapter 1: Introduction .......................................................................................1 1.1 Background .....................................................................................................................1 1.2 Motivation and research significance .............................................................................6 1.3 Expected Contributions ..................................................................................................8 1.4 Thesis Outline .................................................................................................................9 Chapter 2: Institutional Background ................................................................10 2.1 Introduction ..................................................................................................................10 2.2 Background ...................................................................................................................11 2.3 The arm’s length principle ............................................................................................15 2.4 The theoretical problems with separate accounting, the arm’s length principle ...........17 2.4.1 The artificiality of the arm’s length principle .....................................................19 2.4.2 The arm’s length principle fails to reflect the underlying economic substance of the multinational entities ...............................................................20 2.4.3 The arm’s length principle creates artificial incentive for multinational entities to engage in profit-shifting behaviour ....................................................22 2.5 Implementation issues in connection with the application of the arm’s length, separate accounting approach ...............................................................................................................27 2.5.1 The problem in applying the transfer pricing method ........................................27 2.5.1.1 Traditional transfer pricing method .................................................................28 2.5.1.2 Transactional profit method .............................................................................29 2.5.1.3 High complexity and uncertainty ......................................................................31 2.5.1.4 The arm’s length principle creates administrative burden ..............................33 2.6 General overview of Indonesian tax system .................................................................34 2.7 Uniqueness of mining multinational entities ................................................................37 2.8 Conclusion ....................................................................................................................42 Chapter 3: Literature Review ............................................................................44 3.1 Introduction ..................................................................................................................44 3.2 A Unitary Taxation Regime with Formulary Apportionment ......................................44 3.3 Origin and Destination Principles .................................................................................49 Using global formulary apportionment for international profit allocation: The case of Indonesia’s mining industry iv 3.4 Theoretical advantages of unitary taxation ...................................................................50 3.4.1 Better reflection of the underlying economic substance of multinational entities ................................................................................................................50 3.4.2 Eliminates the tax incentive to shift income to low-tax jurisdictions .................52 3.4.3 A simpler tax regime ..........................................................................................56 3.5 Theoretical drawbacks of unitary taxation with apportionment ...................................58 3.5.1 International agreement and co-operation ..........................................................58 3.5.2 Economic distortions ..........................................................................................60 3.6 Implementation issues: The design of a unitary taxation regime .................................65 3.6.1 Experiences of existing jurisdictions ..................................................................65 3.6.1.1 The United States experiences ..........................................................................65 3.6.1.2 The European Union Common Consolidated Tax Base (EU CCCTB) .............67 3.6.1.3 The Canadian Provinces ...................................................................................68 3.6.1.4 Swiss Cantons ...................................................................................................69 3.6.2 Defining the unitary business .............................................................................70 3.6.3 The scope of the tax base....................................................................................72 3.6.3.1 A combined tax base approach ........................................................................75 3.6.3.2 Activity-by-activity formulary apportionment approach .................................76 3.6.3.3 Business and non-business income ..................................................................77 3.6.4 The apportionment factors ..................................................................................78 3.6.4.1 The traditional three-factor apportionment formula .......................................82 3.6.4.2 The property factor ..........................................................................................83 3.6.4.3 The payroll or compensation factor .................................................................86 3.6.4.4 The sales factor ................................................................................................89
Load more

Recommended publications
  • Customary International Law and State Taxation of Corporate Income: the Case for the Separate Accounting Method
    Customary International Law and State Taxation of Corporate Income: The Case for the Separate Accounting Method By Chantal Thomas There has been a long and frequently rancorous conflict over the method by which the states of the United States tax the income of multinational corpora- tions. This debate centers on whether a state should tax the income of a compo- nent entity of a multinational corporation residing within its borders according to the "separate accounting" approach or the "formulary apportionment" ap- proach. The separate accounting method, also known as the "arm's length" method, taxes the entity as though it were independent and separate from its corporate family. However, because "commonly controlled corporations ... usually enter into transactions with each other for the good of the group but which may not maximize profit for each member individually," transaction costs are adjusted to reflect "the income an entity would have realized had it dealt with its affiliates at arm's length."1 In contrast, the formulary apportionment method, also known as the "unitary" approach, requires the entity to report the income of the entire corporate family, and then takes a percentage of that in- come that roughly represents the percentage of the family's operations repre- sented by the resident component entity. This formulary apportionment method rests on the theory that a corporate family functions actuarially as a "unitary business," so that income from its component entities cannot accurately be cal- culated with the separate accounting method.2 1. Rosamaria Caballero, Foreign Multinationals and the Commerce Clause: Should the States Mind Their Own Business?, 41 TAx LAW.
    [Show full text]
  • Can the Income Tax Be Saved? the Rp Omise and Pitfalls of Unitary Formulary Apportionment Julie Roin
    University of Chicago Law School Chicago Unbound Public Law and Legal Theory Working Papers Working Papers 2007 Can the Income Tax Be Saved? The rP omise and Pitfalls of Unitary Formulary Apportionment Julie Roin Follow this and additional works at: https://chicagounbound.uchicago.edu/ public_law_and_legal_theory Part of the Law Commons Chicago Unbound includes both works in progress and final versions of articles. Please be aware that a more recent version of this article may be available on Chicago Unbound, SSRN or elsewhere. Recommended Citation Julie Roin, "Can the Income Tax Be Saved? The rP omise and Pitfalls of Unitary Formulary Apportionment" (University of Chicago Public Law & Legal Theory Working Paper No. 170, 2007). This Working Paper is brought to you for free and open access by the Working Papers at Chicago Unbound. It has been accepted for inclusion in Public Law and Legal Theory Working Papers by an authorized administrator of Chicago Unbound. For more information, please contact [email protected]. CHICAGO PUBLIC LAW AND LEGAL THEORY WORKING PAPER NO. 170 CAN THE INCOME TAX BE SAVED? THE PROMISE AND PITFALLS OF UNITARY FORMULARY APPORTIONMENT Julie Roin THE LAW SCHOOL THE UNIVERSITY OF CHICAGO April 2007 This paper can be downloaded without charge at the Public Law and Legal Theory Working Paper Series: http://www.law.uchicago.edu/academics/publiclaw/index.html and The Social Science Research Network Electronic Paper Collection: http://ssrn.com/abstract_id=984076 DRAFT—Unitary taxation, April 9, 2007 p. 1 Can The Income Tax Be Saved?: The Promise and Pitfalls of Adopting Unitary Formulary Apportionment Julie Roin∗ Abstract Governments must raise revenue to provide the services desired by their constituents.
    [Show full text]
  • BARCLAYS BANK PLC V. FRANCHISE TAX BOARD of CALIFORNIA Certiorari to the Court of Appeal of California, Third Appellate District
    512us2$79Z 01-08-98 12:24:49 PAGES OPINPGT 298 OCTOBER TERM, 1993 Syllabus BARCLAYS BANK PLC v. FRANCHISE TAX BOARD OF CALIFORNIA certiorari to the court of appeal of california, third appellate district No. 92±1384. Argued March 28, 1994ÐDecided June 20, 1994* During the years at issue in these consolidated cases, California used a ªworldwide combined reportingº method to determine the corporate franchise tax owed by unitary multinational corporate group members doing business in California. California's method ®rst looked to the worldwide income of the unitary business, and then taxed a percentage of that income equal to the average of the proportions of worldwide payroll, property, and sales located within California. In contrast, the Federal Government employs a ªseparate accountingº method, which treats each corporate entity discretely for the purpose of determining income tax liability. In Container Corp. of America v. Franchise Tax Bd., 463 U. S. 159, this Court upheld the California scheme as applied to domestic-based multinationals, but did not address the constitutionality of the scheme as applied to domestic corporations with foreign parents or to foreign corporations with foreign parents or foreign subsidiaries. Both petitioner Barclays Bank PLC (Barclays)Ða foreign multina- tionalÐand petitioner Colgate-Palmolive Co. (Colgate)Ða domestic mul- tinationalÐhave operations in California. In separate cases, two mem- bers of the Barclays group and Colgate were denied refunds by the California authorities. Held: The Constitution does not impede application of California's tax to Barclays and Colgate. Pp. 310±331. (a) Absent congressional approval, a state tax on interstate or foreign commerce will not survive Commerce Clause scrutiny if the taxpayer demonstrates that the tax (1) applies to an activity lacking a substantial nexus to the taxing State; (2) is not fairly apportioned; (3) discriminates against interstate commerce; or (4) is not fairly related to the services the State provides.
    [Show full text]
  • Formulary Apportionment in the US International Income Tax System
    Formulary Apportionment in the U.S. International Income Tax System: Putting Lipstick on a Pig? The Harvard community has made this article openly available. Please share how this access benefits you. Your story matters Citation J. Clifton Fleming Jr., Robert J. Peroni, & Stephen E. Shay, Formulary Apportionment in the U.S. International Income Tax System: Putting Lipstick on a Pig?, 36 Mich. J. Int'l L. 1 (2015). Citable link http://nrs.harvard.edu/urn-3:HUL.InstRepos:13851373 Terms of Use This article was downloaded from Harvard University’s DASH repository, and is made available under the terms and conditions applicable to Open Access Policy Articles, as set forth at http:// nrs.harvard.edu/urn-3:HUL.InstRepos:dash.current.terms-of- use#OAP ARTICLES FORMULARY APPORTIONMENT IN THE U.S. INTERNATIONAL INCOME TAX SYSTEM: PUTTING LIPSTICK ON A PIG?* J. Clifton Fleming, Jr.** Robert J. Peroni*** Stephen E. Shay**** INTRODUCTION ................................................. 2 I. CREATING AND INFLATING THE VALUE OF LOW- AND ZERO-TAXED FOREIGN INCOME UNDER THE PRESENT U.S. SYSTEM ........................................... 9 II. EXPLICIT TERRITORIALITY .............................. 16 III. THE “REAL” WORLDWIDE ALTERNATIVE ............... 18 A. Overview ........................................... 18 B. Ownership Issues ................................... 21 C. Residency Issues .................................... 21 D. Runaway Corporations.............................. 25 E. Consolidation ....................................... 27 F. Complexity
    [Show full text]
  • CORPORATE INCOME TAXES UNDER PRESSURE Why Reform Is Needed and How It Could Be Designed
    CORPORATE INCOME TAXES UNDER PRESSURE Why Reform Is Needed and How It Could Be Designed EDITORS RUUD DE MOOIJ ALEXANDER KLEMM VICTORIA PERRY ©International Monetary Fund. Not for Redistribution © 2021 International Monetary Fund Cover design: Winking Fish Cataloging-in-Publication Data IMF Library Names: Mooij, Ruud A. de. | Klemm, Alexander. | Perry, Victoria J. | International Monetary Fund, publisher. Title: Corporate income taxes under pressure : why reform is needed and how it could be designed / Editors: Ruud de Mooij, Alexander Klemm, Victoria Perry. Description: Washington, DC : International Monetary Fund, 2021. | Includes bibliographical references. Identifiers: ISBN 9781513511771 (paper) Subjects: LCSH: Corporations—Taxation. | International business enterprises—Taxation. Classification: LCC HD2753.M66 2021 DISCLAIMER: The views expressed in this book are those of the authors and do not necessarily represent the views of the IMF’s Executive Directors, its management, or any of its members. The boundaries, colors, denominations, and any other information shown on the maps do not imply, on the part of the International Monetary Fund, any judgment on the legal status of any territory or any endorsement or acceptance of such boundaries. Recommended citation: De Mooij, Ruud, Alexander Klemm, and Victoria Perry, eds. 2021. Corporate Income Taxes under Pressure : Why Reform Is Needed and How It Could Be Designed. Washington, DC: International Monetary Fund. ISBN: 978-1-51351-177-1 (paper) 978-1-51356-399-2 (ePub) 978-1-51356-397-8 (PDF) Please send orders to: International Monetary Fund, Publication Services P.O. Box 92780, Washington, D.C. 20090, U.S.A. Tel.: (202) 623–7430 Fax: (202) 623–7201 E-mail: [email protected] Internet: www.elibrary.imf.org www.bookstore.imf.org ©International Monetary Fund.
    [Show full text]
  • State Tax Reform: Proposals for Wisconsin
    STATE TAX REFORM: PROPOSALS FOR WISCONSIN RICHARD D. POMP* I. INTRODUCTION1 Once upon a time, issues of state and local taxation played to a small audience. Federal tax matters held center stage; state issues were relegated to the wings. But in the last twenty years or so, state tax matters have emerged from their secondary status and have moved into the spotlight. Two federal tax acts helped move state tax issues onto center stage. The first was the Economic Recovery Tax Act of 1981 ("ERTA"),2 which gutted the federal corporate income tax by revamping the treatment of depreciation and by introducing safe-harbor leasing. Many of the largest corporations in the United States paid no federal corporate income tax for several years because of ERTA. If ERTA's rules on depreciation and safe-harbor leasing had been incorporated into state tax laws, many states would have suffered significant losses of tax revenue without receiving commensurate benefits. Accordingly, many states refused to embrace fully the federal changes and "decoupled" from ERTA's rules on depreciation and safe-harbor leasing, similar to what some states have recently done with respect to the new federal bonus depreciation and estate tax changes. ERTA had severe repercussions for state tax practitioners. By decreasing the impact of the federal income tax on many corporations, ERTA substantially increased the relative significance and prominence of state taxes, * Alva P. Loiselle Professor of Law, University of Connecticut Law School, former Director, New York Tax Study Commission. This Article was presented at the Wisconsin Tax Policy Colloquium, Marquette University Law School, April 15-16, 2004.
    [Show full text]
  • Combined-Reporting Study
    COMBINED-REPORTING STUDY A Study of Practices Relating to and the Potential Impact of Combined Reporting COMBINED-REPORTING STUDY Office of Fiscal and Management Analysis Indiana Legislative Services Agency October 1, 2016 COMBINED-REPORTING STUDY Executive Summary Corporate tax revenue in Indiana accounts for about 5% of the General Fund revenues. Corporate tax rates are being phased down from 8.5% in Fiscal Year 2012 to 4.9% in in Fiscal Year 2022. Even though the Indiana corporate tax base experienced growth during the past five years, historically it has failed to keep up with the growth in U.S. corporate profits and federal corporate tax base. The primary reasons for this base erosion have been the secular shift in business organization from C corporation status to pass-through entity status and the impact of other tax planning strategies by multistate corporations. To reduce the impact of tax planning on state revenues, states have adopted statutes requiring addbacks and disallowing tax benefits that occur from related-party transactions. Indiana has selectively targeted the tax avoidance strategies by implementing an addback of related company expenses. The Indiana Department of State Revenue has also used general statutory authority under IC 6-3-2-2 to make related-party adjustments to a taxpayer’s income tax filing. Several states have adopted or considered adopting mandatory combined reporting. SEA 323-2016 requires the Legislative Services Agency to study the combined-reporting approach to apportioning income for income tax purposes. While combined reporting neutralizes several tax planning strategies like the use of intellectual property holding companies, transfer pricing, captive real estate investment trusts, captive insurance subsidiaries, and overseas management affiliates, it could also create different complexities in the determination of the unitary group, creative manipulation of sales-factor apportionment, and additional administrative burdens during the transition.
    [Show full text]
  • Barclays Bank, PLC V. Franchise Tax Board, an Agency of the State Of
    :Nos. 92-1384 and 92-1839 =======--========~ In The court of the United States Supre111e october Term, 1993 ----------+--------- BARCLAYS BANK PLC, Petitioner, v. FRANCHISE TAX BOARD, ENCY OF THE STATE OF CALIFORNIA, AN AG Respondent. ---------+------~- CoLGATE-PALMOLIVE CoMPANY, Petitioner, V.· FRANCHISE TAX BOARD ENCY OF THE STATE OF CALIFORNIA, AN AG Respondent. ---------+--------- . Of certiorari To The Court Of Appeals On Wrtl state Of California In And For The Of The Third Appellate District ---------+--------- cURIAE BRIEF OF MULTISTATE TAX AMICU~SION IN SUPPORT OF RESPONDENT COMMI FRANCHISE TAX BOARD ---------+--------- ALAN H. FRIEDMAN* General Counsel PAULL MINES Counsel Multistate Tax Commission 444 No. Capitol St., N.W. Suite 425 Washington, D.C. 20001 (202) 624-8699 *Counsel of Record January 19, 1994 =====~ocKLELAW BRIEF PRINTING co., <soo) 225-6964 = C OR CALL COLLECT (402) 342-2831 Of Counsel: PROFESSOR RICHARD PoMP University of Connecticut School of Law 65 Elizabeth Street Hartford, CT 06105-2290 (203) 241-4694 PROFESSOR OLIVER OLDMAN Harvard Law School 1563 Massachusetts Avenue Cambridge, MA 02138 (617) 495-4622 PROFESSOR MICHAEL MciNTYRE Wayne State University Law School 468 West Ferry Mall Detroit, MI 48202 (313) 577-3944 QUESTIONS PRESENTED 1. Whether California's application of worldwide com­ bined reporting to determine the taxable income of domestic corporations with foreign parents, or foreign corporations with either foreign parents or foreign subsidiaries, is uncon­ stitutional under the foreign Commerce Clause. 2. Whether California's application of worldwide com­ bined reporting to determine the taxable income of domestic corporations with foreign parents, or foreign corporations with either foreign parents or foreign subsidiaries, intrudes into an inherently federal area and is pre-empted by the United States Constitution.
    [Show full text]
  • Issues in the Design of Formulary Apportionment in the Context of NAFTA Richard Pomp University of Connecticut School of Law
    University of Connecticut OpenCommons@UConn Faculty Articles and Papers School of Law Summer 1994 Issues in the Design of Formulary Apportionment in the Context of NAFTA Richard Pomp University of Connecticut School of Law Follow this and additional works at: https://opencommons.uconn.edu/law_papers Part of the International Trade Law Commons, Taxation-Transnational Commons, and the Tax Law Commons Recommended Citation Pomp, Richard, "Issues in the Design of Formulary Apportionment in the Context of NAFTA" (1994). Faculty Articles and Papers. 241. https://opencommons.uconn.edu/law_papers/241 +(,121/,1( Citation: 49 Tax L. Rev. 795 1993-1994 Content downloaded/printed from HeinOnline (http://heinonline.org) Tue Aug 16 13:05:54 2016 -- Your use of this HeinOnline PDF indicates your acceptance of HeinOnline's Terms and Conditions of the license agreement available at http://heinonline.org/HOL/License -- The search text of this PDF is generated from uncorrected OCR text. -- To obtain permission to use this article beyond the scope of your HeinOnline license, please use: https://www.copyright.com/ccc/basicSearch.do? &operation=go&searchType=0 &lastSearch=simple&all=on&titleOrStdNo=0040-0041 COMMENTARY Issues in the Design of Formulary Apportionment in the Context of NAFTA RICHARD D. POMP* I. INTRODUCTION Professor McDaniel's article1 reflects the breadth of intellectual in- quiry characteristic of his scholarship. He provides an invaluable ser- vice by stimulating serious discussion of "formulary apportionment/ combined reporting" 2 in the context of the North American Free Trade Agreement.3 This issue is a worthy one and his work will be the starting point for any serious discussion in the future.
    [Show full text]
  • Using the Experience in the US States to Evaluate Issues in Implementing Formula Apportionment at the Internati
    Using the Experience in the U.S. States to Evaluate Issues in Implementing Formula Apportionment at the International Level by Joann M. Weiner* U.S. Department of the Treasury OTA Paper 83 April 1999 OTA Papers is an occasional series of reports on the research, models, and data sets developed to inform and improve Treasury’s tax policy analysis. The papers are works in progress and subject to revision. Views and opinions expressed are those of the authors and do not necessarily represent official Treasury positions or policy. OTA papers are distributed to document OTA analytic methods and data and to invite discussions and suggestions for revision and improvement. Comments are welcome and should be directed to the author. Office of Tax Analysis U.S. Department of the Treasury Washington, D.C. 20220 tel: (202) 622-0463; fax (202) 622-2969 [email protected] __________________ * International Economist, Office of Tax Analysis. This paper was prepared as background for Treasury’s Conference on Formula Apportionment, held in Washington, D.C., on December 12, 1996. It greatly benefitted from comments by Len Burman, Lowell Dworin, Gerald Auten, Eric Toder, Barbara Rollinson, and Bill Randolph. A B S T R A C T Using the Experience in the U.S. States to Evaluate Issues in Implementing Formula Apportionment at the International Level Enterprises that do business in the United States and other countries and in several states of the United States have experience with two approaches for measuring their taxable income. For federal tax purposes, multinational enterprises follow a transaction-based approach that requires them to price their internal transactions to they can calculate the taxable income according to the separate accounts they maintain for their affiliates located in each country.
    [Show full text]
  • Formulary Apportionment and the Future of Company Taxation in the European Union : Company Taxation and the Internal Market
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Weiner, Joann Article Formulary apportionment and the future of company taxation in the European Union : company taxation and the internal market CESifo Forum Provided in Cooperation with: Ifo Institute – Leibniz Institute for Economic Research at the University of Munich Suggested Citation: Weiner, Joann (2002) : Formulary apportionment and the future of company taxation in the European Union : company taxation and the internal market, CESifo Forum, ISSN 2190-717X, ifo Institut für Wirtschaftsforschung an der Universität München, München, Vol. 03, Iss. 1, pp. 10-20 This Version is available at: http://hdl.handle.net/10419/166108 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. www.econstor.eu Focus FORMULARY APPORTIONMENT apportionment is now a central element in the new debate over future EU company tax policy.
    [Show full text]