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1
Soom, Annika. "Does the European Union Primary Law Require Member States to Make Corresponding Adjustments?" EC Tax Review 29, Issue 2 (March 1, 2020): 97–103. http://dx.doi.org/10.54648/ecta2020011.
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Although for the time being the directive on tax dispute resolution mechanisms in the European Union has been transposed to the national legislation of majority of Member States and there is an effective solution for transfer pricing disputes, the taxpayers may need a faster solution for double taxation arising from transfer pricing adjustments. As the double tax burden undermines the internal market, this article analyses whether the European Union primary law could provide taxpayers with a solution. The potential requirement to make a corresponding downward adjustment is analysed in the light of freedom of establishment; moreover, considering the Belgium excess profit scheme, it is also examined whether State aid rules might require a corresponding upward adjustment. Transfer pricing, corresponding adjustment, Belgium excess profit, Article 9, upward adjustment, downward adjustment, profit shifting, double taxation, European Union primary law, OECD
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Stasiukynas, Andrius, Aušra Šukvietienė, and Tadas Sudnickas. "Factors Influencing NGO Activities: Lithuanian Case Study." International Journal of Criminology and Sociology 11 (December 31, 2022): 172–81. http://dx.doi.org/10.6000/1929-4409.2022.11.18.
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The article aims to explore the external and internal factors influencing the activities of NGOs, in Lithuania. A qualitative empirical study was conducted (10 expert surveys) on this issue, what are the factors that help and hinder the activities of NGOs in Lithuania. The study allowed us to identify groups of factors positively influencing the activities of NGOs: human skills; infrastructure, as well as the organisation's relationship with public authorities, the hindering factors were also identified: the application of contracting authority status to NGOs; "activities in the public interest" interpretation; peculiarities of taxation of non-profit organizations; etc. The most relevant groups of NGO activity problems and related legal acts were distinguished: application of the contracting authority status to NGOs (Law on Public Procurement of the Republic of Lithuania); Interpretation of “activities in the public interest” (STI material. Peculiarities of taxation of non-profit organizations; etc. legislation); application of corporate income tax to non-profit organizations (Law on Corporate Income Tax of the Republic of Lithuania).
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Ponomareva, Karina. "INFLUENCE OF INTERNATIONALIZATION OF TAX LAW ON RUSSIAN TAX LAW ENFORCEMENT IN THE AREA OF CORPORATE TAXATION." Law Enforcement Review 1, no. 4 (January 10, 2018): 66–74. http://dx.doi.org/10.24147/2542-1514.2017.1(4).66-74.
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Subject. The influence of internationalization of tax law on Russian tax law enforcement in the area of corporate taxation is considered in the article.The purpose of the paper is to analyze influence of internationalization of tax law on Russian tax law enforcement in the area of corporate taxation.Methodology. The author uses methods of theoretical analysis, particularly the theory of integrative legal consciousness, as well as legal methods, including formal legal method and methods of comparative law.Results, scope of application. The development of Russian tax legislation is influenced by acts of international organizations, primarily the Action Plan aimed at combating base erosion and profit shifting (BEPS).Trends of regulation of corporate taxation in relationships with participation of a foreign element are considered in the article. The main issues of realization of norms in the area of corporate direct taxation are brought into light, and namely, taxation of royalties, intra-group expenses, thin capitalization rules and transfer pricing. Tax agreements concluded by the Russian Federation do not contain special rules aimed at combating abuses (in contrast, for example, from European anti-avoidance rules).In recent years Russian tax law introduced institutions that had been established and applied in the tax law of foreign countries. These processes are moving forward and are characterized by frequent changes of legislation, which indicates that the concept of deoffshorization and implementation of the BEPS plan is not always elaborated at the stage of adoption of bills.Conclusions. The author comes to the conclusion that the most relevant and most controversial issues are taxation of payment of royalties, debt financing and intra-group expenses. The practice of applying the CFC rules is just starts forming. In addition, there is a tendency to increase the quality and quantity of information sources used by tax authorities to collect evidence, including the expansion of the practice of information exchange.
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Дорошина and Olga Doroshina. "TAXATION OF THE NONPROFIT SECTOR: CHALLENGES AND INNOVATIONS OF 2015." Journal of Public and Municipal Administration 4, no. 3 (September 28, 2015): 72–84. http://dx.doi.org/10.12737/13620.
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The variety of forms of NCOs and activities, the availability of different methods and sources of their financial support, changing legislation and other circumstances of the implementation of NGO activities are prerequisites that the taxation of non-profit organizations do not cease to be relevant. The paper describes some peculiarities of taxation of NGOs, business structures in the field of their charities. Based on current tax law changes 2015. Describes the problems NGOs and provides a brief overview of the status of this field at the moment in Russia and the Republic of Tatarstan.
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Kiryanova, Nadezda Nikolaevna. "Taxation of the income of arbitration administrator in form of expenses reimbursed in the bankruptcy procedure: problems of theory and practice." Налоги и налогообложение, no. 3 (March 2020): 34–43. http://dx.doi.org/10.7256/2454-065x.2020.3.32940.
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This article examines the problem of taxation of the income of arbitration administrator in form of expenses reimbursed in the bankruptcy procedure. The author analyzes the problem of outlining the definition of income in tax law, considering the established law enforcement practice on the topic, as well theoretical approaches towards definition of this concept. The need is substantiated for legislative consolidation of the term of economic profit for the purpose of adherence to the principle of certainty of taxation of the incomes of private entities and formation of the universal law enforcement practice in settlement of tax disputes. In the course of this research, the author used a number of formal-logical methods: analysis, synthesis, induction and deduction. Based on the conducted study, it is suggested to form a position at the legislative level, according to which the expenses reimbursed by arbitration administrator in the of bankruptcy procedure are not defined as income according to the norms of tax legislation. The article describes the possibility for optimization of tax administration, related to computation and discharge of taxes by arbitration administrators as the subjects of professional activity.
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du Plessis, Izelle. "‘Place of Effective Management’: Finding Guidelines in Case Law." Intertax 48, Issue 2 (February 1, 2020): 195–217. http://dx.doi.org/10.54648/taxi2020017.
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The concept ‘place of effective management’ (POEM) is used in many States around the world. Yet the meaning of this concept remains somewhat ambiguous. It is important to establish where an entity is effectively managed, since many States still use The POEM as one of the criteria to determine residence in terms of their domestic legislation. Furthermore, The POEM is still relevant in several double taxation treaties (DTTs), even after the changes to the OECD Model Tax Convention and the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. This article critically analyses significant judgments from the United Kingdom, South Africa, Canada and Australia. From these judgments, a set of guidelines to determine an entity’s POEM is compiled. These guidelines may assist both taxpayers and tax administrators in the application of the concept of the POEM to a new set of facts. Place of effective management, Central management and control, Residence, Taxation. Company, Board of directors, Trust, Trustees
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Kobylnik, Dmytro, and Anton Burchak. "Cryptocurrency as an object of tax law: practice of political application and legal regulation." Law and innovations, no. 2 (30) (June 2, 2020): 24–30. http://dx.doi.org/10.37772/2518-1718-2020-2(30)-3.
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Problem setting. The work is devoted to the study of the legal status of cryptocurrency as an object of taxation. The legal status of cryptocurrency in legal relations between tax authorities and individuals or legal entities is an urgent problem, since there is only a small number of works on this issue. Of particular note is the study of international experience in taxation of cryptocurrency transactions, as well as an analysis of the most relevant proposals for amending national legislation in order to establish the legal status of cryptocurrency and transactions related to cryptocurrency as an object of tax legal relations. Analysis of recent researches and publications. Despite the great relevance of this topic, in the modern science of tax law there are no fundamental scientific works and studies on the problems of taxation of cryptocurrency and cryptocurrency transactions. Target of research. The purpose of the scientific article is to conduct research on the legal nature of cryptocurrency, as well as the disclosure of theoretical, practical problems and features of legal regulation of cryptocurrency and operations related to the use of cryptocurrency in modern tax law. Article’s main body. The article deals with the legal nature of transactions connected with the use of the cryptocurrency as an object of tax relations. The issues of the possibility of attributing income, as well as profits from cryptocurrency transactions to the objects of taxation of personal income tax, profit tax, and value-added tax, are disclosed in accordance with the current tax legislation. The following conclusions have been drawn: it is impossible to impose the relevant taxes on income and profits from transactions with the cryptocurrency; there is a conflict in the current legislation, according to which the proceeds from transactions with cryptocurrency may be subject to the Law ‘On Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime or Terrorism Financing, as Well as Financing Proliferation of Weapons of Mass Destruction’ In addition, foreign experience of legal regulation of transactions with cryptocurrency in tax legislation in such economically developed countries as the USA, Great Britain, Canada, Germany, Switzerland, etc. has been analyzed. It has been established that nowadays, in world practice, there is no unambiguous approach to the tax regulation and taxation of cryptocurrency transactions. So, in some countries, the income from operations with cryptocurrency is taxable, while in others cryptocurrency transactions do not belong to objects of taxation. Conclusions and prospects for the development. As a result, the author presents her own proposals on amending the tax legislation aimed at determining the legal status of cryptocurrency transactions in tax law. The article is devoted to the legal nature of transactions related to the use of cryptocurrency as an object of tax relations. Foreign experience of taxation of operations with the cryptocurrency is analyzed. The author considers current proposals for amending the tax legislation of Ukraine, who’s the purpose of which is to determine the legal status and control measures for compliance with tax legislation in the implementation of cryptocurrency transactions in tax law.
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Magwape, Mbakiso. "Debate: Unilateral Digital Services Tax In Africa; Legislative Challenges And Opportunities." Intertax 50, Issue 5 (April 1, 2022): 444–58. http://dx.doi.org/10.54648/taxi2022039.
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As the Base Erosion and Profit Shifting (BEPS) Project attains a significant milestone with 130 Members of the Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework agreeing on international tax rules that address digitalization of the economy (Pillar 2), and the UN globally approving its tax treaty on Article 12(B) on automated digital services, a handful of African countries have joined their international counterparts in deviating from the global approach by developing and imposing unilateral digital services tax (DST) policy and legislation. This article examines the rationale of short-term measures of a unilateral DST, particularly in the African context post the COVID-19 pandemic and critically examines legislative measures imposed by a number of African countries. The article then contrasts general and specific challenges (applicable to African countries) in imposing a unilateral DST with opportunities that digital taxation presents for the continent, particularly in developing policy and legislation, and in implementation by tax administrations. DST, Africa, digital economy, tax, ATAF, OECD/G20 Inclusive Framework, BEPS, Pillar II, permanent establishment, allocation rules
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CHAIKA, Viktoriia V., Liubov M. KASIANENKO, Tamara A. LATKOVSKA, Nadiia Yu PRYSHVA, and Vasyl V. TOPCHII. "Legal Forms of Implementation of Foreign Tax Policy in the Context of European Integration of Ukraine." Journal of Advanced Research in Law and Economics 10, no. 1 (March 31, 2019): 85. http://dx.doi.org/10.14505//jarle.v10.1(39).10.
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The article defines the basic legal forms of implementation of the foreign tax policy of Ukraine. Particular attention is paid to characterizing the features of the EU tax policy. The assessment of the current state of approximation of the Ukrainian tax legislation to the EU standards is based on the legal analysis of the provisions of the Association Agreement between Ukraine and the EU and other regulations. The issue of approximation of the Ukrainian tax legislation to the acquis communitaire in the field of energy taxation has been updated. The legal forms of tax cooperation between Ukraine and the OECD are analyzed. The following areas of Ukraine's foreign tax policy are emphasized: joining the BEPS Action Plan and the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting. The legal description of certain provisions of bilateral agreements of Ukraine with the EU Member States and OECD in the area of avoiding double taxation of income and property is provided. On this basis, the conclusion is made about the decisive role of the contractual legal form in the process of implementing the foreign tax policy of Ukraine.
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Ponomareva, Karina. "Country Note: Legal Framework of Direct Taxation in the Eurasian Economic Union: Specific Ways of Harmonization and Comparison with Existing European Models." Intertax 48, Issue 6/7 (June 1, 2020): 659–86. http://dx.doi.org/10.54648/taxi2020059.
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The article considers directions of harmonization in the area of direct taxation in the Eurasian Economic Union (EAEU). The article also examines the actions of the EAEU Member States on the implementation of the Base Erosion and Profit Shifting (BEPS) Action Plan in national tax legislation. Nigeria, local government, local people, tax, taxing powers, impose tax, collect tax, federalism, socio-legal problems; lack of financial authority. The author comes to the conclusion that the EAEU Treaty and other supranational acts show few limits of tax harmonization and mainly in the area of indirect taxation. In the area of direct taxation, the establishment of the principle of non-discrimination and convergence in the area of taxation of personal income are elements of harmonization in the area of direct taxation. At the national level, Member States have set the same taxes, including corporate income tax and personal income tax. However, in the absence of supranational acts of secondary law, national tax systems differ significantly. This is caused by the fact that the area of direct taxation is highly sensitive from the positions of tax sovereignty of Member States. The important part of the survey is the comparative study. The European Union (EU) has become the most comprehensive form of interstate integration. However, financial and political crises in Europe have shown the need to give up some of the sovereign rights of Member States in order to ensure a coherent policy. The European experience is of great theoretical and practical importance for creating new legal mechanisms of tax regulation in the EAEU. The models of functioning of the EAEU Court and of the European Court of Justice (ECJ) in the area of taxation are also compared in the article. Nigeria, local government, local people, tax, taxing powers, impose tax, collect tax, federalism, socio-legal problems; lack of financial authority.
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Panfilov, Gleb, and Yui Gao. "Reform of the system of oil and gas natural resource payments for the purposed of attracting investments: the experience of the People’s Republic of China." Право и политика, no. 3 (March 2020): 8–18. http://dx.doi.org/10.7256/2454-0706.2020.3.32351.
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The subject of this research consists in the analysis of the experience of the People’s Republic of China (PRC) on reform of the system of taxation of oil and natural gas extraction, which can present significant interest for Russian executive branch and researchers in the conditions of reform of Russian natural resource legislation, as well as introduction of the excess profit tax (Article 25.4 of the Taxation Code of the Russian Federation). Moreover, this is the first Russian-language writer article on exploring the content of the new PRC law “On Resource Tax”, which will be enacted from September 1, 2020. Based on the works of Russian, American, and Chinese scholars alongside Russia’s and China’s legislations, the article employs the method of synchronized and diachronic (historical) comparison and general scientific methods (formal-logical, analysis, synthesis) for determining peculiarities of China’s approach towards execution of legal reforms. The following specificities of China’s legal reforms were determined: preliminary formulation of goals of the legislative changes at the highest levels of state government, testing of the legislative changes in the territories of separate provinces, priority of goals of national development over budget revenue, adaptation of traditions of China’s legal technique to the requirements of foreign investors. The conclusions made in this research can be of interest for lawmakers, as well as all parties interested in comparative legal studies.
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Tredoux, Liezel G., and Kathleen Van der Linde. "The Taxation of Company Distributions in Respect of Hybrid Instruments in South Africa: Lessons from Australia and Canada." Potchefstroom Electronic Law Journal 24 (January 12, 2021): 1–36. http://dx.doi.org/10.17159/1727-3781/2021/v24i0a6781.
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Tax legislation traditionally distinguishes between returns on investment paid on equity and debt instruments. In the main, returns on debt instruments (interest payments) are deductible for the paying company, while distributions on equity instruments (dividends) are not. This difference in taxation can be exploited using hybrid instruments and often leads to a debt bias in investment patterns. South Africa, Australia and Canada have specific rules designed to prevent the circumvention of tax liability when company distributions are made in respect of hybrid instruments. In principle, Australia and Canada apply a more robust approach to prevent tax avoidance and also tend to include a wider range of transactions, as well as an unlimited time period in their regulation of the taxation of distributions on hybrid instruments. In addition to the anti-avoidance function, a strong incentive is created for taxpayers in Australia and Canada to invest in equity instruments as opposed to debt. This article suggests that South Africa should align certain principles in its specific rules regulating hybrid instruments with those in Australia and Canada to ensure optimal functionality of the South African tax legislation. The strengthening of domestic tax law will protect the South African tax base against base erosion and profit shifting through the use of hybrid instruments.
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Jilkine, V. A. "Introduce CRS Standards for the Automatic Exchange of Tax Information into International Practice and Improve the Legal Regime on Controlled Foreign Companies." Russian Journal of Legal Studies 5, no. 4 (December 15, 2018): 70–75. http://dx.doi.org/10.17816/rjls18446.
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Countering crime in taxation area is one of the crucial tasks since this type of offence encroaches upon the economic principles and the power of the state, promotes development of corruption ties and therefore is deemed to be among the most dangerous perils to the national financial security. The Tax Policy Centre of the Organization for Economic Co-operation and Development has launched a system, within the framework of the Automatic Exchange Portal, for disclosure of schemes aimed at circumventing the single standard (CRS) for automatic exchange of information on taxpayers’ accounts. The law on the place of residence (location) is applicable in terms of international private law pertaining to OECD information exchange rules. The legislation on controlled foreign companies proved to be the legislators’ response, in most of the developed countries, to minimization of taxation in offshore zones, having the purpose to prevent tax evasion through offshore companies established in jurisdictions with minimal taxation. On 27.12.2017, within the framework of the course for counteracting offshore structures and obtaining unreasonable tax benefits, certain amendments were introduced in Federal Law No. 376-ФЗ, with specification of conditions for classifying a foreign company as a controlled foreign company; setting the criteria for recognizing individuals and organizations to be controlling entities; introducing a procedure for taxation and exemption of controlled foreign company’s profit from taxation. In this regard, it is necessary to draft a number of laws aimed at development of mechanisms for return of capital to the Russian jurisdiction and regulation of legal norms intending to release business representatives from paying the 13-percent tax in the event of termination of their business abroad.
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Maggs, Peter B. "Islamic Banking in Kazakhstan Law." Review of Central and East European Law 36, no. 1 (2011): 1–32. http://dx.doi.org/10.1163/092598811x12960354394641.
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AbstractKazakhstan has adopted legislation designed to facilitate Islamic banking, and at least one Islamic bank has started operations in Kazakhstan. Islamic banking is based upon traditional Islamic law, which forbids the taking of interest, the making of profit without risk, and profiting from "sinful" businesses such as pornography. The legislation in Kazakhstan forbids such activities for Islamic banks and also requires each Islamic bank to have an independent "Council on the principles of Islamic finance" to rule on bank policies and specific transactions. Islamic banking practices use complex combinations of transactions, each permitted by Islamic law, to mimic common conventional banking transactions, such as loans bearing fixed interest rates and repayable on a fixed date. Stable income and manageable principal obligations from credit-worthy borrowers can ensure that a bank will receive high ratings from leading international credit rating agencies and, thus, can satisfy the requirements of Kazakhstan's bank regulators. The formal difference between Islamic banking transactions and the conventional transactions that they mimic could lead to differing treatment for taxation. To provide a level playing field, Kazakhstan has amended its Tax Code to provide for equal treatment of economically equivalent Islamic and conventional banking transactions. Adjustments have also been made to bankruptcy legislation, reflecting the unavailability of deposit insurance for Islamic banks and the special nature of investment deposits in Islamic banks. There are controversies among Islamic law scholars as to whether or not various practices used to mimic conventional banking transactions are unlawful because they violate the spirit of Islamic law. This creates what is called "Sharia risk", the risk that a transaction will be found unlawful after it has been concluded, with consequences highly unfavorable for a party.
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Khavanova, Inna A. "Diagnostics of a Tax Benefit in National and International Law (Methodological Aspects)." Taxes 1 (February 18, 2021): 36–40. http://dx.doi.org/10.18572/1999-4796-2021-1-36-40.
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The article is devoted to the aspects of substantiation of tax benefit in transnational operations. The schemes of tax evasion including transnational ones face strong opposition in national legislation, judicial doctrine and provisions of international agreements. In author`s opinion, now the doctrine of unfounded tax benefit is at the new stage of development after the adoption of the resolution of the Plenum of the Supreme Arbitration Court of the Russian Federation on appraisal by arbitration courts of relevance of gaining of tax benefit by tax residents, dated October 12 № 53. The author examines interaction between internal (Article 54.1 of the Tax Code of the Russian Federation) and international tax rules taking into account new approaches adopted after the OECD/G20 Base Erosion and Profit Shifting Project was realized. Special attention is paid to Multilateral convention to implement tax treaty related measures to prevent base erosion and profit shifting particularly to principle purpose test. The author notes that principle purpose test was designed on the basis of legal link between principal purposes of tax payer transaction and object and purpose of international agreement. The nature of such approach can be explained by peculiarities of international agreements for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
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Kube, Hanno, and Ekkehart Reimer. "Tax Policy: Trends in the Allocation of Powers Between the Union and Its Member States." EC Tax Review 25, Issue 5/6 (November 1, 2016): 247–61. http://dx.doi.org/10.54648/ecta2016027.
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Over the last twenty-five years, the picture of European tax law has changed significantly. While the European Economic Community (EEC) had largely harmonized indirect taxes already, the law of direct taxation had not realized any substantial influence of EEC law before the 1990 Directives entered into force. With a turbulent start in the mid-1990s, the Court of Justice has reshaped income taxation of cross-border activities and investment by activating the fundamental freedoms. Further developments brought about additional waves of intra-European Union (EU) tax neutrality – joint efforts to combat unfair tax competition, to improve cross-border administrative assistance and to counter Base erosion and profit shifting (BEPS). In their interdisciplinary analysis, two lawyers and one economist reflect on these developments from the specific perspective of the vertical allocation of powers. Avoiding any misleading split-of-sovereignty language, they demonstrate the current balance of taxing powers between the EU (Commission [COM], Court of Justice of the European Union [CJEU]) and its Member States, most notably the balance of positive and negative integration (section 2). On this basis, they explore options for future EU rule-making on the field of direct taxes (section 3), stress the persistent relevance of negative integration (section 4) and indicate ‘third ways’ – informal cooperation in tax legislation, indirect influence of non-tax measures to tax policy (section 5) and eventually, the introduction of European taxes (section 6).
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Kuriacha, Natalia V. "Features of Taxation and Doing Business by Insurance Companies in the Wartime." Business Inform 11, no. 538 (2022): 216–20. http://dx.doi.org/10.32983/2222-4459-2022-11-216-220.
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The purpose of the article is to study the peculiarities of taxation and doing business by insurance companies under martial law and to determine an algorithm of actions if an insured event occurred during the wartime. Our country is at war now, the current task for business consists in supporting the economy of our State, and this can only be done by preserving the business that operates in Ukraine and pays taxes. Insurance companies must accumulate their strength and do everything to be useful to society for the preservation of Ukraine. The rules of doing business have changed, this is also because of the changes in tax legislation in the wartime. The state for the duration of martial law has simplified tax rules and conditions for doing business. The government has introduced significant changes to reduce the tax burden on insurance companies and on citizens of the country. The amount of taxes paid to the State and local budgets depends on the financing of the defense capability of our country and the performance of other functions assigned to the State. Taxes must be paid on time and in full. The current system of taxation of insurance companies has some problems that require their further study and search for solutions. This will give impetus to new opportunities for the development of the insurance business in our country, since precisely the insurance market is an important component of a market economy that protects people’s well-being and makes a profit by investing temporarily free money in promising projects.
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Dirix, Kim. "Harmful Tax Competition: Six Belgian Tax Incentives under the Microscope." EC Tax Review 22, Issue 5 (October 1, 2013): 233–49. http://dx.doi.org/10.54648/ecta2013026.
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In today's globalized environment, tax motives have begun to play an increasingly prominent role in a company's (re)location decision. Because of this development, national states have to ensure that their tax systems remain competitive in order to attract new investments (and the corresponding taxable income). However, in doing so, they should refrain from introducing tax measures which qualify as harmful tax competition, since these may have potential negative effects on the tax base of other states. The Organisation for Economic Co-operation and Development's (OECD's) 1998 Report on 'Harmful Tax Competition: An Emerging Global Issue' and the European Commission's Code of Conduct on business taxation both aim to curb harmful tax practices by establishing the criteria which can be used to identify harmful preferential tax regimes. In addition, the state aid provisions can be used to fight harmful tax competition. The purpose of this article is to evaluate six Belgian tax incentives in search of any potentially harmful features. As will be demonstrated below, it appears there are still a number of loopholes in the current state of legislation, which mainly relate to the special tax regime for expatriates and the excess profit ruling system.
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Singh, Manoj Kumar. "Taxation of Digital Economy: An Indian Perspective." Intertax 45, Issue 6/7 (June 1, 2017): 467–81. http://dx.doi.org/10.54648/taxi2017039.
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The concepts of taxation, essentially important to any governmental set-up, have been modified over time to suit the rapid changes in the economic system. One such example which could be taken here is that of multinational corporations (MNCs) or business entities operating in several tax jurisdictions. Their income and activities being based in multiple jurisdictions may be liable to tax in all of them but, to adhere to the principles of clarity in law and avoidance of double taxation, various concepts emerged, like that of the Permanent Establishment (PE). Such concepts aim at not only bringing predictability for the taxpayer but to balance the conflicting interests of, mostly, the developed nations and the developing nations. In addition to this, certain jurisdictions provide various tax concessions and benefits which can be manipulated by the tax payers so as to have income rendered untaxed Internet advertising is rapidly growing both in terms of revenue and share in the total advertising market. The volume of internet advertising reached USD 135.4 billion in 2014. The market for internet advertising is projected to grow at a rate of 12.1% per year during the period 2014 to 2019. As the stakes started rocketing, taxing such virtual transactions attained prominence. The existing provisions of the income-tax statute were unable to tie the noose around these transactions. Perhaps the reason is Indian income-tax legislation is still governed by physical presence test. The search for new basis of taxation became inevitable. The question was whether the tax should be on consumption or income? Through the Union budget 2016, the government has put forth a proposal to impose an equalization levy at the rate of 6%. This levy is only on B2B Transactions. The author has discussed the features of the proposed equalization levy as per the Committee and the lacunae in the proposed levy will be looked into. In the course of this article, the author seeks to briefly study the dimensions of digital economy and the problems so faced by the taxation regimes. Various recommendations have emerged from academicians and experts, the most prominent of them being the OECD/G20 Base Erosion and Profit Shifting Project, Action 1: 2015 Report (hereinafter referred to as ‘BEPS Report on Action 1’). The models so proposed under will be studied to understand the limitations. Further, in light of the ‘Equalization Levy’ so proposed by the Union Budget, 2016, the stance of the Indian government will be examined keeping in mind the observations of the Report of the Committee on Taxation of E-Commerce3 released in February 2016 (hereinafter referred to as ‘Indian Committee’). However, the author will not dwell into the issues of compliance and infrastructural requirements for each of the proposed solutions, including the one proposed to be adopted by the Indian Government. The scope is further restricted to taxation on income rather than Value Added Tax (VAT).
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Hwang, Heon Sun. "A taxation for Trust without beneficiaries: Focussing on review in “Inheritance Tax and Gift Tax Act”." KOREAN SOCIETY OF TAX LAW 7, no. 3 (September 30, 2022): 5–33. http://dx.doi.org/10.37733/tkjt.2022.7.3.5.
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In general, there are grantor, trustee, and beneficiaries in a trust. And the grantor transfer grantor’s property to the trustee to grant profits to the beneficiary. However, trust can be established in accordance with a ‘contract between the grantor and the trustee’. So, the existence of a beneficiary is not essential in the establishment of the trust.
In terms of the tax law, if there is a beneficiary fixed by the grantor when establishing the trust, the beneficiary will be deemed to have received profits from the grantor and bear the tax obligation. However, if there is no beneficiary, only grantor and trustee exist as trust parties. At this time, the grantor transferred and disposed of own property to the trustee, so grantor will no longer have a tax obligation with respect to the property.
From the trustee’s point of view, the trust property is in trustee’s name, but trustee will argue that paying the beneficiary the profits generated through the management and operation of the trust property is the main task and only receiving remuneration. In other words, the trustee will argue that the trust property is formally in trustee name, but the trustee is not a real owner who can use, profit, or dispose of the trust property like own property, so there is no tax obligation.
This paper review trust without beneficiary in Inheritance Tax and Gift Tax Act. First, it will review the problems of the current regulations related to the judgment of the taxpayer. And this paper presents its own views through comparative legal review with foreign legal systems.
First, in consideration of the relationship between the Trust Act and the Tax Act, it is necessary to prepare provisions on the duration of a trust without beneficiary to prevent unnecessary tax delays and difficulties in evaluating trust property.
Second, in the trust without beneficiaries under Article 33 (2) of the current Inheritance Tax and Gift Tax Act, taxation on grantor did not reflect the Substance over form. In addition, since double taxation problems may arise in this regard, it is not logically reasonable for the grantor to give to the grantor, which should be solved by income tax. In addition, taxation based on Substance over form taxation should be promoted by referring to foreign concepts such as trust taxation in the United States.
Third, if a beneficiary occurs after the trustee’s heir pays the tax, it is necessary to more clearly define. In this case, it is considered logically to give gifts from the grantor’s heir to a new beneficiary, not the grantor, and it is necessary to refer to Japanese legislation.
Fourth, there is a need for taxation on trustees in a trust withot beneficiary. In terms of grantor taxation, it can also be seen in foreign legislation that grantor taxation can be recognized even if the grantor does not enjoy economic benefits. It is necessary to discuss trustee taxation in trust for the existence of beneficiaries by more actively referring to these thinking methods or criteria.
It is expected that the above discussions will contribute to discussions on the literary interpretation and taxation method of the provisions on taxation in the trust without beneficiaries under the Inheritance Tax and Gift Tax Act in the future.
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Statkiewicz, Marta. "Książka jako przedmiot realizacji wartości kulturowych w Unii Europejskiej." Przegląd Prawa i Administracji 107 (April 4, 2017): 227–42. http://dx.doi.org/10.19195/0137-1134.107.13.
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THE BOOK AS AN OBJECT OF CULTURAL VALUE IN THE EUROPEAN UNIONBooks play a significant role in the preservation of cultural diversity within the European Union. Because of the binary character of the book as a cultural artifact, as well as an object of commerce, books are encompassed by special mechanisms of support and protection within the borders of the European Union. Their cultural value may also justify the unique treatment of books in the application of some of the provisions of the Treaties, e.g. in the areas of taxation, copyrights and competition law. Due to the EU legislation in the fields of VAT tax as well as copyrights, the Member States are able to highlight the valuable contribution of books concerning preservation, dissemination and development of national cultures. However, in the era of digital revolution, some of presented provisions are insufficient. Reduced rate of VAT tax cannot be applied to e-books, which were recognized by the Court of Justice of the European Union as electronically supplied services. Moreover, there is still lack of announced EU provisions on fixed book price. As a result, the Member States sharing the same language, are not able to establish joint fixed book price without breaking the European Union law.
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Melnikova, Aleksandra. "Review of case law on notification of tax authorities on the controlled foreign companies." Налоги и налогообложение, no. 5 (May 2021): 10–25. http://dx.doi.org/10.7256/2454-065x.2021.5.36600.
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This article is dedicated to revelation and analysis of the gaps in legal regulation of profit taxation of controlled foreign companies (CFC) and notification of tax authorities on the controlled foreign companies via examining the available case law. The author determines six types of legal disputes that arise in the context of submission of participation notices in CFC, as well as CFC notices. Analysis is conducted on the methods of elimination of gaps in legislation of the Russian Federation on controlled foreign companies by introduction of point amendments to the current legislation on CFC. Settlement of legal disputes over interpretation of the Paragraph 7.1 of the Article 309.1 and Subparagraph 2 of the Paragraph 1 of the Article 25.13-1 of the Tax Code of the Russian Federation requires supplementing the Article 25.14 of the Tax Code of the Russian Federation with the Paragraph 3.2 of the following content: “The obligation on submitting the CFC notice does not depend on the financial results of CFC. The existence of tax exemption does not relieve of the duty to provide CFC notice”. The disputes often arise when the taxpayers default the submission period, and after receiving a request from the inspectorate, provide data for not only the companies listed in the request, but other companies as well. For avoiding any related disputes, it is recommended to supplement the Paragraph 2 of the Article 25.14 of the Tax Code of the Russian Federation with the following content: “A revised notice cannot be submitted with regards to CFC, the information on which was not provided in the initial notice”. In order to minimize the actions of inspectorate “with unacceptable formalism”, it is recommended to supplement the Article 129.6 of the Tax Code of the Russian Federation with the Paragraph 3 of the following content: “Submission of incomplete information or information containing technical or orthographic errors, which do not obstruct the identification of foreign company, are not considered a tax crime”.
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Plakhtii, Tetiana, Lidiia Fedoryshyna, and Olena Tomchuk. "SOCIO-ECONOMIC COMPONENT OF PREFERENTIAL TAXATION OF INDIVIDUAL INCOME." Baltic Journal of Economic Studies 5, no. 2 (May 13, 2019): 171. http://dx.doi.org/10.30525/2256-0742/2019-5-2-171-175.
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The purpose of the article is to study the socio-economic component of the preferential taxation of individuals. It is shown that the Tax Social Benefit is the ability of the taxpayer to reduce the calculated total monthly taxable income in the form of wages. Methodology. The object of taxation is determined according to the status of the payer. So, for a resident – is: the total monthly (annual) taxable income; income from the source of their origin, which are finally taxed when they are charged (payment, provision), and foreign incomes – income (profit) received from sources outside. The object of taxation of a non-resident is: the total monthly (annual) taxable income from the source of its origin and income from the source of their origin in Ukraine, which are finally taxed during their calculation (payment, provision). Results. The basis of taxation is the total taxable income – any taxable income accrued (paid, provided) in favour of the taxpayer during the reporting tax period. Imagine the structure of the aggregate resources of households, which in the overwhelming majority are subject to tax. Individual Income Tax is fiscally significant for budgets of all levels, since after the distribution through the budget system the lion’s share remains at the disposal of local budgets Practical implications. Although Ukraine is a market economy country, in our opinion, observance of these recommendations will have only a positive effect both on activating the regulatory function of the Individual Income Tax and on the level of income differentiation of the population as a result. Value/ originality. In view of a large number of studies of domestic scientists on this issue, it is necessary to systematize tax deductions from Individual Income Tax in accordance with the concept of tax expenditures, taking into account the specifics of tax legislation. The established indicators for the tax social benefit are calculated according to the following algorithm: the maximum amount for the application of the tax social benefit: the subsistence minimum for an able-bodied person on January 1 of the reporting tax year, multiplied by 1.4 and rounded to the nearest 10 hryvnias. The size of the tax social benefit is equal to 50% of the subsistence minimum for an able-bodied person (per month), established by law on January 1 of the reporting tax year.
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LOVINSKA, Ljudmyla, Yana OLIYNYK, and Maria KUCHERIAVA. "Implementation of international recommendations for application of a three-tiered approach to transfer pricing documentation in Ukraine." Fìnansi Ukraïni 2020, no. 9 (December 11, 2020): 95–109. http://dx.doi.org/10.33763/finukr2020.09.095.
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The article considers challenges and consequences of introducing a three-level model of transfer pricing documentation in Ukraine. The purpose of study is to assess the state of regulatory support for implementation of Step 13 of the BEPS Action Plan and to identify institutional measures for further implementation of three-tiered documentation on transfer pricing, taking into account the requirements of the Organization for Economic Co-operation and Development (OECD). The authors analyzed the state of accession of countries all over the world to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting, in order to counteract the erosion of the tax base and the withdrawal of profits from taxation of the OECD, ratified by the Law of Ukraine dated 28.02.2019 No 2692-VIII. Analysis of national legislation to take into account the requirements of the BEPS Action Plan and the experience of cooperation of the Government of Ukraine with international tax organizations allowed to scientifically substantiate the directions of improvement of national regulations on tax issues and to determine methodology for application of innovative reporting form in the context of further implementation of BEPS Action Plan. It is identified that implementation of a three-tiered reporting model for transfer pricing in Ukraine is at the beginning of the development, in particular legislation. The authors emphasize the importance of counteracting information asymmetry by ensuring the unification of terminology and quality of the database for innovative reporting preparation, in particular, for global documentation on transfer pricing, transfer pricing documentation and Country-by-Country reporting of multinational entities. Within the study it was proved that the organization of the reporting process at all levels of the Three-Level Model of transfer pricing documentation (hereinafter the Three-Level Model) should be aimed at preparing reports that contain reliable information with the maximum exclusion of duplication.
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Podshivalova, Daria. "Country Note: Combating Tax Avoidance In Russia: Historical Perspective And Current Trends." Intertax 49, Issue 1 (January 1, 2021): 82–96. http://dx.doi.org/10.54648/taxi2021008.
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The development of anti-avoidance techniques in Russia has historically had some difficulties. The nascent development of anti-avoidance techniques in the pre-revolutionary period was actually suspended by the tax policy of the Soviet Government. After the dissolution of the Soviet Union, Russia faced significant socio-economic transformations that required a reform of the taxation system. The beginning of the XXI century in Russia was characterized by the formation of a modern tax system and intensification of the search for new effective anti-avoidance techniques. In the 1990s, the problem of tax avoidance became extremely acute on the Russian tax policy agenda. Due to the absence of the developed tax legislation and unstable federal government, tax avoidance threatened the economic security of the state and could even have undermined its social and economic development due to budget losses. According to various estimates, as a result of massive tax avoidance in the 1990s, Russia annually lost approximately 30% of the payments that were due. Over the past decade, the mechanism for combating tax avoidance in Russia has been remarkably improved. Currently, the Russian tax authorities are making significant progress in applying various anti-avoidance techniques. The two semantic parts of this article reveal the Russian efforts in the formation of effective anti-avoidance techniques. The first part of the article is devoted to the Russian approach to the definition of ‘tax avoidance’ and outlines the main stages of the development of anti-avoidance techniques. The second part of the article deals with the major financial techniques successfully used in Russia, including judicial, statutory, tax treaties, organizational, and other means for countering tax avoidance. Gig economy, sharing economy, crowd work, online platform, gig worker, employment status, personal service company (PSC), misclassification, deemed employment relationship, independent contractor.
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Korol, Volodymyr. "EU Members States legislation harmonization relating to controlled foreign companies in the area of anti-tax avoidance." Legal Ukraine, no. 7 (September 21, 2020): 36–47. http://dx.doi.org/10.37749/2308-9636-2020-7(211)-5.
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The article is dedicated to the general aspects and peculiarities of the EU Member States legislation harmonization aimed at preventing avoidance of taxation by multinational companies through foreign entities or permanent establishments controlled by parent companies themselves or together with their associated enterprises. On the reasonable basis, the special emphasis was placed on the act of secondary legislation playing the key role in this important area, namely, Council Directive (EU) 2016/1164 of 12 July 2016 laying down rules against tax avoidance practices that directly affect the functioning of the internal market with regard to the controlled foreign companies rules. This Directive came into force on 1January 2019 and became an integral part of EU Anti-Tax Avoidance Package. Harmonization at the regional European level is being provided and, consequently, in-depth researched in the context of OECD/G-20 global Action Plan on Base Erosion and Profit Shifting. From methodological point of view, OECD Final Report on Action 3 BEPS was accepted as the analytical prism allowed the quintessence of constitutive rules of above mentioned EU Anti-Tax Avoidance Directive to be discovered properly. Accordingly, the comparative analysis was conducted through the lens of provisions of vast majority of aforesaid Final Report’s building blocks, more specifically, Rules for defining a CFC, Definition of CFC Income, Rules for computing income as well as CFC exemptions and threshold requirements, in particular, relating tax rate exemption, anti-avoidance requirement, de minimis threshold. Focusing attention on different important aspect related to CFC Income, it’s discovered special considerations of non-distributed income inclusion in the Member State taxpayer’s tax base of certain categories of passive income (interest, royalties, dividends, income from financial leasing, banking, invoicing companies, etc.) or arising from non-genuine arrangements with correlation, respectively, to entity and transaction approaches. Without limiting the foregoing, it’s discovered some argumentative issues considering European researchers as weaknesses of ATAD. It’s offered an illustration cause and effect relationship between non-recognition of passive income to be attributed to controlling parties and CFC’s substantive economic activity as far as there is reason to believe that it refuses to honor case law of the Court of Justice. Key words: controlled foreign company, passive income, substantive economic activity, non-genuine arrangement.
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Ю. С. Шорохова. "Legal regulation of object enterprises." Problems of legality, no. 123 (October 2, 2013): 306–13. http://dx.doi.org/10.21564/2414-990x.123.52552.
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The analysis of changes and additions in the Tax code of Ukraine has been carried out, others normative and legislative acts the problem of the object of the profit tax of the enterprises taxation has been considered. The points of view of many scientists working in this field of law have been analyzed.
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Villegas Aldazosa, Alvaro R. "Windfall Profits Tax on Oil and Gas: US and Latin American Approach." Intertax 37, Issue 1 (January 1, 2009): 74–80. http://dx.doi.org/10.54648/taxi2009007.
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In terms of tax policy, the excess profit taxation is predominantly recognized as a wartime fiscal instrument designed to capture profits that exceed normal peacetime earnings. Nevertheless, excess profit taxation is also levied to prevent excessive profits in special circumstances other than wartime. United States in the 1980s and Bolivia and Venezuela in recent years have levied windfall profits taxes on oil and gas production. In light of the US legislative history, this article proposes three points of analysis from a tax policy perspective: first, the justification addressed to impose the levy; second, its attributes of efficiency; and third, the revenues and its distributive effects. To that extent, four features are analyzed as fundamental aspects of which a modern windfall profits tax on the oil and gas industry is imposed nowadays.
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Aiusheeva, Irina Z., and Tatiana V. Soyfer. "Sharing economy in Russia: vectors of development of civil legislation." LAPLAGE EM REVISTA 7, Extra-E (August 6, 2021): 571–83. http://dx.doi.org/10.24115/s2446-622020217extra-e1237p.571-583.
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The purpose of the given research is to shape developments of civil legislation which will facilitate the legal framing of adequate mechanisms of civil regulation of relations in the sphere of shared use of goods and services (sharing economy) under growth of digital technologies. The research reviews and analyses basic ideas of economic and legal sciences. It studies empiric material such as sample contracts and cases of judicial practice. The main research methods were deduction (specification of general principles and their application to particular spheres), induction (the study of work arrangement of certain platforms under sharing economy and further specification of general principles), and method of comparative law. Sharing economy activities may be diverse. It can be of profit-seeking or non-profit character. Participants of sharing economy can be considered commercial and non-commercial organizations, citizens, and civil communities which are not legal entities, and it results in the necessity of solving the problem of their legal standing so that they can take part in civil transactions.
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Pohan, Chairil Anwar. "MEREVIU BASIS PEMAJAKAN PERUSAHAAN PELAYARAN NASIONAL BERDASARKAN “DEEMED PROFIT” ATAS PENGHASILAN DARI USAHA ANGKUTAN LAUT." Transparansi Jurnal Ilmiah Ilmu Administrasi 8, no. 2 (March 6, 2018): 112–40. http://dx.doi.org/10.31334/trans.v8i2.66.
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Since Legislative Assembly approved Law No. 7 of 1983 on Income Tax, as last amended by the Law No. 36 of 2008 (so there are four time changes, namely by the Law No. 7 of 1991, then No. 10 of 1994, furthermore No. 17 of 2000 and the last No. 36 of 2008), but the base of the domestic and overseas shipping company taxation which apply Special Calculation Norm of Net Income (deemed profit) for the national and overseas shipping companies taxpayers with the application of Article 15 of the Income Tax (Final Tax) did not change either in the tax rates and the tax bases, whereas the corporate tax rate (Article 17 paragraph 1) has changed from the Law No. 7 of 1983 with progressive rates levying at the rate of 10% -35% with the last change to a flat rate of 25% in the Law No. 36 of 2008. Similarly, the Tax Base used appear to have been unreasonable to overseas shipping Net Income amounted to 6%. Tax Base which reflects the rate of return the company is used as a base taxation income tax shipping company seems too low, compared with the rate of profit (net profit after tax) obtained by shipping companies at home and abroad. These conditions certainly result in low tax revenue from the shipping sector, and on the other aspects of the fulfillment of tax fairness rules also disrupted due to the shipping company suffered a loss nonetheless pay a final tax (VAT Article 15).
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AIUSHEEVA, IRINA ZORIKTUEVNA, and TATIANA VLADIMIROVNA SOYFER. "THE PROSPECTS OF ADMINISTRATION AND ACCOUNTING IN RUSSIA: VECTORS OF DEVELOPMENT OF CIVIL LEGISLATION." Revista Gestão Organizacional 15, no. 2 (April 1, 2022): 06–22. http://dx.doi.org/10.22277/rgo.v15i2.6299.
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Purpose: The process of digitalization changes strategies for social intercourse organization, it predetermines the emergence of disruptive technologies and trends such as sharing economy that plays a special part in the sphere of management. The purpose of the given research is to shape developments of civil legislation, which will facilitate the legal framing of adequate mechanisms of civil regulation of relations in the sphere of shared use of goods and services (sharing economy) under the growth of digital technologies. Method / approach: The research reviews and analyses basic ideas of economic and legal sciences. It studies empiric material such as sample contracts and cases of judicial practice. The main research methods were deduction (specification of general principles and their application to particular spheres), induction (the study of work arrangement of certain platforms under sharing economy and further specification of general principles), and comparative law method. Main Findings: Sharing economy activities may be diverse. It can be of profit-seeking or non-profit character. Thus, relations under discussion can be mediated by gratuitous and non-gratuitous contracts. Participants of sharing economy can be considered commercial and non-commercial organizations, citizens, and civil communities that are not legal entities. It results in the necessity of solving the problem of their legal standing to take part in civil transactions. Methodological / social / managerial contributions: Research findings are important for developing legal science and civil law in particular. Based on the conducted research, the authors determine the main vectors of development of civil legislation to ensure the evolution of sharing economy and management in Russia; therefore, obtained results can be applied in lawmaking, law enforcement activities, the teaching profession, and research in the sphere of legal science. Originality / relevance: In Russia relations existing within the sharing economy sector have not got suitable legislative support yet as some of them lie outside the legal environment, so it creates a lot of disputable problems in real life. In this study, for the first time, an attempt was made to reveal and examine special aspects of emerging relations for their proper legal regulation.
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Basuki, Mulyo. "IMPLICATIONS OF GOVERNMENT LEGAL SUBJECT STATUS AS ONE OF THE CAUSES OF TAX DISPUTES ON PRODUCTION SHARING CONTRACTS FOR THE OIL AND GAS INDUSTRY IN INDONESIA." Yustisia Jurnal Hukum 9, no. 3 (February 23, 2021): 399. http://dx.doi.org/10.20961/yustisia.v9i3.45129.
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<em>Supreme Court Decision Number 2424/B/PK/Pjk/2020 states that the PSC (Production Sharing Contract) is a Government to Business ("G to B") agreement that applies domestic taxes. Therefore, in tax disputes over Branch Profit Tax (BPT) between a Permanent Establishment Taxpayer (BUT) and the Director-General of Taxes, the Supreme Court's decision uses a 20% domestic tax rate instead of 10% in accordance with the Tax Treaty. This study elaborates how the Government's position in the production sharing contract with the private sector or PE is related to Indonesian and international tax law. The main issues raised are the Government's position as a legal subject in the PSC agreement and the process associated with regulating BPT in international taxation. This is a library study with the juridical-normative approach method. The results showed that the Government acts as a subject of civil law in the PSC agreement. However, in the PSC contract, the relationship between the state and the private sector or PE (BUT) in natural resource management must be carried out using a public relationship by giving concessions or permits full of state control and power. For instance, the Indonesian tax law does not apply when there is a tax treaty. The Taxation Law in Indonesia cannot unilaterally interpret taxes on BPT based on Indonesian domestic provisions.</em>
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Rakhma, Silvy Audia, Susilo Wardani, and Selamat Widodo. "Implementation of Agricultural Land Lease Agreements Based on Profit Sharing System in Kejajar District, Wonosobo Regency." UMPurwokerto Law Review 2, no. 2 (September 29, 2021): 108. http://dx.doi.org/10.30595/umplr.v2i2.8679.
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Most of the Wonosobo area is a mountainous area, therefore the livelihoods of the Wonosobo people are still mostly working in agriculture. In Kejajar District, Wonosobo Regency, farmers/cultivators usually enter into lease agreements with landowners. To use the agricultural land is done orally based on trust and has been passed down from generation to generation by the people of Kejajar District, Wonosobo Regency. This becomes unclear if there is a dispute between the landowner and the cultivator. So this research was conducted to find out how the process of implementing the lease of agricultural land. The research method used in this study is a normative juridical approach, which is carried out through a literature study that examines secondary data in the form of legislation and other legal documents, as well as research results, study results, and other references. The normative juridical method can be supplemented by interviews. The people of Kejajar District still use agricultural land production sharing agreements using customary law, which is only done verbally and based on mutual trust between the two parties, even though the government has provided a legal umbrella related to the agricultural land product sharing system, namely Law Number 2 of 1960 concerning Agricultural Product Sharing. Most of the people of the Kejajar Subdistrict, Wonosobo Regency are also not aware of the existence of Law Number 2 of 1960 concerning Agricultural Product Sharing. The factors that occur in the implementation of agricultural land production sharing agreements in Kejajar District, Wonosobo Regency are due to the large number of farmers who do not own land, agricultural land that has been neglected for a long time, landowners who do not have much time to take care of the land because they are busy trading.Keywords: Profit sharing, Agricultural land, Leases
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Adi Purwanto, Thesa, and . "Comparison of Amendments to the Value Added Tax Law between Indonesia and Malaysia to Regulate Murabaha Transactions." International Journal of Engineering & Technology 7, no. 3.25 (August 14, 2018): 114. http://dx.doi.org/10.14419/ijet.v7i3.25.17479.
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Islamic banking in their activity base on Islamic principles that is agreement regulation on Islamic Law between Bank and others to saving and or financing an activity or business which suit Islamic role. There are several forms of financing, such as financing on sharing profit principle (mudharabah), financing on participation principle (musyarakah), transaction goods principle which get profit (murabaha), financing capital goods on rent principle without choice (ijarah), or with transfer authority over the rent goods from bank to others (ijarah wa iqtina). Furthermore, development of Islamic banking either in Indonesia or Malaysia must be followed with new law and regulation from their government, especially for rules on taxation over transaction on Islamic banking. This is critical because there are different interpretation and argumentation between practitioners of Islamic banking and the government about the subject of Value Added Tax on murabaha transaction. This research used a qualitative approach, using literature study, which emphasizes books as an object and field study with collecting data by interviewing and also using secondary data. As a result, both Indonesia and Malaysia has undergone essential steps to provide Islamic finance with appropriate banking and tax regulations that have succeeded in supporting the Islamic financial system.
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Ihsani, Ahmad Kamil, and Asyari Hasan. "Implementation of Mudharabah Contract On Sharia Bank Financing Products In Indonesia." Al Qalam: Jurnal Ilmiah Keagamaan dan Kemasyarakatan 17, no. 1 (January 29, 2023): 88. http://dx.doi.org/10.35931/aq.v17i1.1786.
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This study investigates how Indonesian Islamic Banks implement mudharabah contracts on financing product. This study uses descriptive research, namely research that defines facts, data, and information gathered from published studies such as books and journals to research findings relevant to the research topic. According to this study, the development of Islamic banks in Indonesia has seen positive growth. One of the products offered by Islamic banks is financing products. This financing is accomplished through the use of various contracts, one of which is the mudharabah contract, which employs a profit-sharing system. This profit-sharing system will be devoted to customers who apply for financing from Islamic Banks that are used to run businesses owned by customers. In the process, the bank will carry out several stages and procedures such as verification to determine the provision of such financing to customers. If it has been verified, the Bank will provide funds or capital to the client to be managed. The customer’s results or profits will be divided between both the customer and the bank under the terms of mudharabah contract. In the process of implementation, this mudharabah contract is based on Islamic law such as the Qur'an and al-Hadith as well as legislation such as MUI fatwas, PSAK as well as OJK, and Bank Indonesia policies.
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Nikitas, Alexandros. "How to Save Bike-Sharing: An Evidence-Based Survival Toolkit for Policy-Makers and Mobility Providers." Sustainability 11, no. 11 (June 9, 2019): 3206. http://dx.doi.org/10.3390/su11113206.
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A new mobility ethos is needed for cities looking to overcome the problems that have been accumulated for decades by a transport paradigm that prioritises automobiles over people. Bike-sharing, a measure promoting voluntary travel behaviour change, could be part of a refined toolbox that will help in forging this new ethos. Despite a rapid emergence during the last handful of years, as evidenced by 1956 operational local schemes and approximately 15,254,400 self-service public use bicycles across the world, bike-sharing has been attracting negative attention lately. Tens of schemes have closed down, deemed as financial or operational failures, stigmatising bike-sharing’s brand and putting the future of the concept itself in jeopardy. However, discounting bike-sharing as flawed may not be fair or accurate. This paper identifies a formula of success for bike-sharing operations based on a state-of-the-art case study analysis, which is supported by primary data evidence from two survey-based studies in Sweden and Greece. This paper suggests that residents in cities hosting or looking to host bike-sharing schemes are usually very supportive of them but not always likely to use them. More importantly, this paper delivers some key policy and business lessons that form a survival guide for effectively introducing and running public bicycle schemes. These lessons include, among others, the need for: tailoring the system design and expansion strategy according to the host city needs, city-operator and commercial partner synergies, more bike-friendly infrastructure and legislation, pro-active cultural engagement, anti-abuse measures, enhanced fleet management and realistic profit expectations.
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Wilde, M. F. (Maarten) de. "Debate: International Company Tax Developments And Some Reflections On Ways Forward For The African Continent." Intertax 50, Issue 5 (April 1, 2022): 459–65. http://dx.doi.org/10.54648/taxi2022040.
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The article comments on the contribution in this edition entitled ‘Unilateral Digital Services Tax in Africa; Legislative Challenges and Opportunities’. The current paper also serves as an independent reflection on contemporary developments in company taxation and potential ways forward in this regard for the African continent. With a view to submitting suggestions that could cater to the needs and revenue mobilization interests of African countries and – building on the observations of the commented paper’s author – the current paper proposes some suggestions for potential tax policy approaches for Africa. These are based on securing two objectives: (1) maintain and/or attract investment while (2) devising ways and means to further securing sustainable revenue mobilization policies. The first objective could be pursued by prudently continuing to compete for investment to the extent possible considering the available scope for such under the envisaged Pillar Two approach and on a regionally coordinated basis. Meeting the second objective could occur by furthering the market-based tax base division agenda that has emerged in recent years along with the spread of digital services taxes and in the context of developments towards the construction of the Amount A concept in Pillar One. Such a policy direction could also be pursued if the envisaged Pillars collapse. Corporate Income Tax, base erosion and profit shifting (BEPS), Pillar One, Pillar Two, tax competition, special tax zones, tax incentive regimes, developing countries, developing world, Africa, capacity building, human resource development, fairness.
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Dewi Susilawati, Ni Putu, Putu Ayu Sriasih Wesna, and I. Nyoman Alit Puspadma. "Arrangement of Agricultural Land Production Sharing Agreements in the Development of Environmentally Friendly Agrotourism." Journal Research of Social, Science, Economics, and Management 1, no. 8 (March 15, 2022): 1072–85. http://dx.doi.org/10.36418/jrssem.v1i8.126.
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One model of tourism development that is in line with alternative tourism is community-based tourism as a pattern that is believed to provide economic benefits and equity, environmental preservation, local culture preservation, social empowerment, community empowerment. Community-based tourism is a tourism development with a high level of local community involvement and can be accounted for from the socio-cultural and environmental aspects. So far, there are no clear rules that explicitly regulate the arrangement of profit sharing, especially in the field of agro-tourism. According to Article 1320 of the KUHPerdata, an agreement is valid if it meets the following four conditions: Agree of those who bind themselves, The ability to make an engagement, a certain thing, a lawful cause—referring to the Legal Principles of Agreement as contained in the KUHPerdata (KUHPerdata), namely Personality Principles (Article 1315 jo 1340 KUHPerdata), Consensualotas Principles (Article 1320 KUHPerdata), Freedom of Contract Principles (Article 1338 paragraph (1) KUHPerdata). In the current reformation era, the legal development strategy is directed towards responsive law characterized by the large role of judicial institutions and the broad participation of social groups or the participation of individuals in society to determine the direction of legal development, resulting in the formation of clear legislation. Furthermore, provide legal certainty in making agreements for agricultural land products related to agro-tourism with environmental insight.
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Motala, Michael. "Tax Sovereignty and Investor Protection: Why the Proposed Global Minimum Tax Is not the Final Frontier for Corporate Tax Arbitrage." International Organisations Research Journal 16, no. 2 (June 30, 2021): 99–131. http://dx.doi.org/10.17323/1996-7845-2021-02-06.
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Over the past decade, international tax governance has evolved with bewildering speed in response to the challenges of digitalization and widespread corporate tax avoidance. Since the launch of the Group of 20 (G20)-Organisation for Economic Co-operation and Development (OECD) base erosion and profit shifting (BEPS) initiative in 2012, 135 countries and 14 international organizations have joined the BEPS Inclusive Framework, committing to implement new global standards on corporate tax, which has already been lauded as a revolution in the architecture of international tax law and policy. Even further expanding the scope of the OECD’s work on international taxation in a landmark announcement in March 2021, the U.S. administration further proposed imposing a global minimum corporate tax at a rate of 21% to be implemented through an international agreement by mid-2021. If the new OECD initiative is agreed, will the plan to implement a minimum corporate tax be fully implemented by G20 members, and if so, will it do enough to address the tax challenges of digitalization embodied in corporate tax arbitrage? Although the evidence suggests legislative and public policy compliance is likely to be high among G20 members, this article argues the minimum tax initiative is unlikely to go far enough to address deficiencies in global tax dispute resolution, which are extremely germane to the success of the proposed minimum tax. As explained in this article, U.S. leaders and global policymakers must enhance the mutual agreement procedure (MAP), a cornerstone of tax dispute resolution, given a growing body of tax litigation in investment law that threatens the implementation of BEPS 2.0. To do so, global policymakers must also reconcile the conflict of norms between tax sovereignty and investor protection contained in the investor-state dispute settlement (ISDS) regime. Only by addressing the conflict between the principles of tax sovereignty and investor protection can they prevent a tidal wave of investor disputes that will challenge the implementation of the minimum tax through national tax laws.
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Herdiyanti, Chita. "KEPEMILIKAN TANAH ABSENTEE OLEHPEGAWAI NEGERI SIPIL BERDASARKAN PERATURAN PEMERINTAH NOMOR 4 TAHUN 1977." Jurnal Magister Hukum ARGUMENTUM 6, no. 1 (May 3, 2019): 951–75. http://dx.doi.org/10.24123/argu.v6i1.1848.
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Agricultural land that is owned by a cord (Absentee) is legally prohibited. Because the ownership of the Absentee-owned Agricultural Land distances the ideals and spirit of land reform as the basic rule of every National Agrarian law. Absentee land tenure is prohibited because it can restore a very detrimental Landlord system especially to local farmers residing in Absentee land. True agricultural land should be utilized and done in an effort to meet the productivity that will raise the economy nationally. However, Government Regulation No. 4 of 1977 concerning Agricultural Land Ownership by Clothes (Absentee) for Retired Civil Servants states that "a Servant within 2 (two) years preceding retirement allowed to buy agricultural land in guntai (absentee) covering an area of up to 2/5 of a part the maximum limit of land tenure for the relevant Level II Regions. ". Is the ban on the ownership of farmland in a strand (Absentee) applies to all the people of Indonesia ?. The prohibition of land ownership does not apply to Civil Servants State From the provisions of the law above can be concluded that Civil Servants (PNS) can have Absentee land because it is considered Civil Servants have been credited as a driver of the state system. However, with the conditions set forth in the legislation. Civil Servants or Retired Civil Servants who have farmland by hand (Absentee) can make a profit-sharing system as an effort to manage the absentee land to be more productive again by sticking to the prevailing laws and regulations.
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Kim, Sungki, Nina Shin, and Sangwook Park. "Closed-Loop Supply Chain Coordination under a Reward–Penalty and a Manufacturer’s Subsidy Policy." Sustainability 12, no. 22 (November 10, 2020): 9329. http://dx.doi.org/10.3390/su12229329.
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Government legislation significantly impacts closed-loop supply chain (CLSC) operations. This study examines the collection rate of and decisions on the product greening improvement level in a three-level CLSC with the government’s reward–penalty and a manufacturer’s subsidy policy. Four game-theoretic models are analyzed in order to evaluate the ways in which the policy and revenue-sharing contracts (RSCs) between the manufacturer and retailer affect the CLSC members’ optimal decisions and profits. We found that a reward–penalty and subsidy policy raise the collection rate, as well as the product greening improvement level. A manufacturer’s financial conflict of interest can be mitigated using RSCs. The RSCs between the manufacturer and the retailer also increase the profit of a recycling company that successfully coordinates the CLSC. An interesting result is that, when the RSCs are used under the subsidy policy, the collection rate is higher than it is in a centralized model. We also found that the subsidy level needs to be adjusted according to the price of the recycling resources, and that increasing the value of the recyclable resources and lowering the recycling costs in the early stages of the supply chain collaboration could lead to higher environmental sustainability. These results illustrate that using an RSC can effectively coordinate the CLSC, and can thus help policy implementation by governments.
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Martins, António. "The Portuguese intellectual property box: issues in designing investment incentives." Journal of International Trade Law and Policy 17, no. 3 (September 17, 2018): 86–102. http://dx.doi.org/10.1108/jitlp-11-2017-0044.
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Purpose The purpose of this paper is to discuss tax and accounting issues related to the evolution of the intellectual property box in Portugal and present a preliminary view of its impact. In 2014, Portugal adopted an Intellectual Property (IP) box, exempting from corporate taxation half of the gross revenue obtained from selling IP rights. In 2016, the country adopted a new IP regime, in line with BEPS’ recommendations, with stricter rules for exempting income. The “modified nexus approach”, recommended by the OECD, was the cornerstone of legal changes. The research questions addressed in this paper are as follows: was the Portuguese IP box, set up in 2014, internationally competitive in terms of the scope of qualifying assets and the tax rate when compared to other EU countries? Could its legal design induce potential corporate tax avoidance? Does the new IP box framework reduce avoidance opportunities and does it increase tax and accounting complexity for companies and tax auditors? Design/methodology/approach The methodology used in this paper is based on the legal research method combined with a case study analysis of the IP box in Portugal. The economic motivation for legal changes, the interaction between the tax authorities and the policy makers in the wake of BEPS’ recommendations, and the economic crisis that Portugal faced, influenced legislative options. A multidisciplinary approach is required to analyse the IP box modifications, and the methodology follows this line of enquiry. Findings The author concludes that the 2014 IP box was not competitive in terms of the scope of qualifying assets and the tax rate. However, it could be a potential tool for tax avoidance, mainly linked to transfer pricing strategies. Legal changes, introduced in 2016, by enacting stricter rules for granting tax benefits, fit a worldwide trend of restraining profit shifting opportunities linked to intangibles. The new framework clearly impacts tax and accounting complexity, for companies and tax auditors. Preliminary data, for 2014 and 2015, show a negligible impact of the IP box on corporate taxation. Practical implications The “modified nexus approach” is not a definitive panacea for fighting tax avoidance. Multinationals may move resources (e.g. highly specialized persons) to entities that are developing IP, curtailing the restriction associated with acquiring services from related parties. Tax authorities may fight these schemes, but face a challenging task. The grandfathering option and new accounting choices related to expense allocation are delicate issues. Not all countries adopted BEPS’ recommendations at the same time, which may impact international profit shifting activities and increase tax authorities’ costs to control them. The paper also provides preliminary and exploratory evidence that IP boxes, per se, do not suddenly raise the R&D activity of firms. Originality/value The analysis highlights legal, accounting and economic issues in dealing with changes in investment incentives and can or may be a useful remainder for countries in the process of setting up, or amending, IP boxes.
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Conlon, Kathe M., Margaret A. Dimler, Sylvia J. Petrone, and Michael A. Marano. "563 “After the Fire”; The Legacy of a College Dormitory Fire Twenty Years Later." Journal of Burn Care & Research 42, Supplement_1 (April 1, 2021): S131—S132. http://dx.doi.org/10.1093/jbcr/irab032.213.
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Abstract Introduction In January 2000 fire erupted at a local college. Panicked students, many who failed to attend school-sponsored fire drills or ignored the alarms that night, found themselves scrambling to escape. Seven students were admitted for severe burns to a near-by burn center (BC), with 54 initially staged in the Emergency Department. While this dormitory fire took place more than twenty years ago, its legacy is still being felt today. Methods History shows that, with any tragedy, there are lessons to learn that lessen the impact of property destruction, injury or death. Literature review of several major fires looked at their impact promoting burn care and fire safety to correlate those lessons with this fire. Four key areas of improvement emerged: disaster preparedness, media relations, legislation, and fire prevention. Results Changes to BC disaster preparedness included formation of a more comprehensive plan, revisions to triage and transfer protocols, new guidelines for unit staffing, creation of a mid-Atlantic group of BCs that eventually morphed into the Eastern Regional Burn Disaster Consortium, and installation of a medical command center for regional disaster response. Media relations saw a collaboration with law enforcement, due to criminal investigation, and a partnership with a syndicated newspaper to document the journey of two survivors. A series of articles eventually resulted in a Pulitzer Prize-finalist book, with award winning photographs displayed at a national museum. Redesigned fire safety programs targeted high school and college students emphasizing escape plans, and clinical education included disaster drills. Two survivors became motivational speakers, sharing their personal story on campuses across the United States. New legislation mandated sprinkler installation in dormitories nationwide, and a non-profit foundation was formed to improve burn care. The anniversary of this fire is still commemorated each year with a ceremony and wreath-laying on campus. Conclusions Despite this dormitory fire being ranked as the deadliest in state history, all these years later the legacy of this landmark event remains one of triumph and resilience as its lessons still to resonate today
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Bebeji, Umar Sani, Hussaini Bala, and Hassan Bala. "THE LEGAL FRAMEWORK FOR ISLAMIC BANKING AND THE QUEST FOR FINANCIAL INCLUSION IN NIGERIA." Jurnal Syariah 28, no. 3 (December 31, 2020): 501–38. http://dx.doi.org/10.22452/js.vol28no3.6.
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The banking sector is the backbone of every economy. It determines not only the pace of growth of modern economic systems, but also the prosperity of nations. But its reliance on interest, liberal prudential guidelines and its very capitalist foundation make it incompatible with Islamic law – the faith practiced predominantly in some regions of Nigeria. Securing loans for investments comes with cut-throat conditions, riddled with cases of fraudulent and unfair practices. As a way around this, scholars began to think of how to expurgate those elements considered incompatible with the Shariah. Since the enactment of the Banks and Other Financial Institution’s Decree in 1991, which vaguely introduced the profit loss sharing principle of banking, nothing tangible was done to give effect to the provisions until 2011 when the Non-Interest Financial (NIFI) Services Guidelines was issued by the CBN. As a result of this development Jaiz Bank PLC was granted a license as a regional full-fledged Islamic bank, which metamorphosed into a national bank. This, however, was not without resistance as manifested in a suit against the CBN for issuing the guidelines. The paper, thus, attempts an analysis of the legal framework and how it can push up financial inclusion in Nigeria, adopting the doctrinal methodology approach to examine legislation, case-law and existing literature. It highlights some of the approaches of the Central Bank of Nigeria (CBN) and efforts to make the legal and institutional framework favourable for Islamic banking to thrive so that the substantial Muslim population can be brought into the formal financial stream to access funds for investments without upsetting the fundamental teachings of Islam. It further argues that that there is a strong correlation between the inadequacy of legal support for Islamic banking and high rate of financial exclusion particularly in the Muslim-dominated communities. Similarly, it reveals that there is not a shred of rational basis for the opposition to Islamic banking in Nigeria as it does not seek to foster any sinister agenda of “Islamising” the polity. As Nigeria is trying to push for more financial inclusion, Islamic banking can help improve existing credit delivery mechanisms for effective outreach to the teeming excluded population of Muslims. It, therefore, strongly recommends that a comprehensive legislation be enacted by the National Assembly (NASS) of Nigeria to support the prospects of this novel and popular banking model and also help promote and protect investments in the area. This will shove off financial inclusion in many ways.
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Popoola, Oluwatoyin Muse Johnson. "Preface to the Fourth Issue of Indian-Pacific Journal of Accounting and Finance." Indian-Pacific Journal of Accounting and Finance 1, no. 4 (October 1, 2017): 1–3. http://dx.doi.org/10.52962/ipjaf.2017.1.4.29.
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I welcome you with most significant pleasure and honour to the Volume 1 Issue 4 of Indian-Pacific Journal of Accounting and Finance. In this Issue 4, the emphasis is placed on accounting, taxation, business administration, corporate governance and risk management, accounting regulation and financial reporting, and accounting.
In the first paper entitled “Board Characteristics, Corporate Performance and CEO Turnover Decisions: An empirical study of listed Non-financial Companies”, Mr Yahya Uthman Abdullahi (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia), Dr. Rokiah Ishak (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) and Dr. Norfaiezah Sawandi (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) examine the influence of board characteristics and corporate performance on CEO turnover decisions using a sample of 144 firms from non-financial companies listed on the Nigerian Stock exchange between the periods of 2011 to 2015. The study adopts agency and resource dependency theories to support its objectives and applies a logistic regression statistical technique to analyse the results. The results show that board nominating committee has a significant positive relationship with CEO turnover and board gender diversity has a negative influence on CEO turnover. Also, the study also finds that poor corporate performance leads to CEO turnover. In concurring with the findings, the study suggests to the government to enact legislation on gender quota for more women appointment on the board of the corporation to better the performance of the firm, and as well to enhance the monitoring role of the board.
In the second paper with the caption “Factors affecting the productivity of IRBM Field Tax Auditor: A Case Study in Malaysia”, Mr Sabin Samitah (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia), Prof Dr Kamil Md Idris (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) and Dr Saliza Abdul Aziz (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) explore the idea of factors affecting the productivity of field tax auditors in the Inland Revenue Board of Malaysia (IRBM). This study is significant because IRBM has not yet implemented a systematic method of deploying officers to the field tax audit unit throughout Malaysia. The factors identified could be used as a reference in designing future human development programme in IRBM with particular emphasis on field tax auditors. Several variables have been defined, which broadly classified into individual characteristics and external factors. Data for the analysis are sourced from IRBM’s internal database, unpublished records and direct questionnaire of all respondents engaged in the field audit in Klang Valley. The proposed idea would analyse the relationship between auditors’ productivity and various variables based on the initial assumption that all variables are influencing the productivity through direct impact. This is, however, merely an initial expectation and subject to further data analysis once the data collection is implemented and completed.
In the third paper with the title “Knowledge sharing and barriers in Organisations: A conceptual paper on Knowledge-Management Strategy”, Mr Saravanan Nadason (School of Business Management, Universiti Utara Malaysia), Associate Prof Dr Ram Al-Jaffri Saad (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) and Dr Aidi Ahmi (Tunku Puteri Intan Safinaz School of Accountancy, Universiti Utara Malaysia) investigates the barriers that give impact towards the knowledge sharing among individuals in organisations. Knowledge sharing becomes the significant part of many organisations’ knowledge-management strategy. Even though the knowledge sharing is signifying practice for organisations’ competitiveness directly and market performance indirectly, several barriers make it difficult for knowledge management to achieve the goals and deliver a positive return on investment (ROI). The barriers were identified through literature reviews. The findings of previous studies revealed that several factors affect the knowledge sharing in organisations. This paper provides the analysis of significant factors that influence knowledge sharing in organisations, which comprise the individuals, culture, technology and organisation.
In the fourth paper entitled “Ownership Structure and Earnings Management of listed Conglomerates in Nigeria”, Dr Musa Adeiza Farouk (Department of Accounting, Ahmadu Bello University) and Dr Nafiu Muhammad Bashir (Department of Business Administration, Ahmadu Bello University) examine the effect of ownership structure on earnings management of listed conglomerates in Nigeria. Ownership structure is represented with managerial ownership, institutional ownership, block ownership and foreign ownership, while earnings management is measured using modified Jones model by Dechow, Sloan and Sweeney (1995). Data were obtained from the six listed conglomerates on the Nigerian Stock Exchange covering the period 2008-2014 through their annual reports and accounts. The findings show that managerial ownership and ownership concentration have a significant and adverse effect on earnings management of listed conglomerates in Nigeria, while foreign ownership recorded positive and significant impact on earnings management of firms, institutional ownership was however reported to have an insignificant but negative influence on earnings management. The study, therefore, recommends that management should be encouraged to have more interest through shares in the organisation as it enables them to have more sense of belonging, which in turn will help mitigate their opportunistic tendencies. Also, the institutional ownership should be improved upon through allotment of more shares as these categories of investors are well informed and could be more vigilant over their stake in the organisation thereby performing monitoring role to mitigate earnings management.
In the fifth paper with the title “Corporate Governance Structure and Firm Performance: A Case Study of Malaysian University Holdings Companies”, Prof Dr Wan Nordin Wan Hussina (Othman Yeop Abdullah Graduate, College of Business, Universiti Utara Malaysia), Dr. Norfaiezah Sawandi (Tunku Puteri Intan Safinaz School of Accountancy, College of Business, Universiti Utara Malaysia), and Dr Hasnah Shaari (Tunku Puteri Intan Safinaz School of Accountancy, College of Business, Universiti Utara Malaysia) analyse the corporate governance structure and performance of Malaysian public university holding companies from 2010 to 2014. The sample comprises eight public university holding companies. Data were obtained by using three methods, namely: survey, semi-structured interview, and documentation review. The board structure and board sub-committees practices of these case organisations were evaluated against the best practice recommendation of (i) the Malaysian Code on Corporate Governance (MCCG) 2012, (ii) the Green Book 2006, and (iii) other relevant acts. The firm performance is measured using four indicators which are sales, profit before tax, net profit margin and return on equity. Overall, their study finds that the practice and structure of corporate governance of the holding companies are excellent. However, their study reveals non-compliance by companies about certain aspects of the recommendations of Malaysian Code on Corporate Governance 2012 (MCCG) and the Green Book. The study also observed that the practice of governance between the university companies is not uniform. The findings provide an insight into the competence of the ministry of higher education as the shareholder to improve the monitoring of the public university holding companies.
As you read through this Vol. 1 Issue 4 of IPJAF, I would like to reiterate that the success of the journal depends on your active participation and those of your colleagues and friends through submission of high-quality articles within the journal scope for review and publication.
I acknowledge your support as we endeavour to make IPJAF the most authoritative journal on accounting and finance for the community of academic, professional, industry, society and government.
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Schlacke, Sabine, Helen Wentzien, Eva-Maria Thierjung, and Miriam Köster. "Implementing the EU Climate Law via the ‘Fit for 55’ package." Oxford Open Energy 1 (January 1, 2022). http://dx.doi.org/10.1093/ooenergy/oiab002.
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ABSTRACT To implement the European Union (EU) Climate Law’s newly established 55% greenhouse gas reduction objective for 2030, the EU Commission suggests a wave of reforms to the European energy and climate legislation. The contribution aims to describe the EU Commission’s 16 initial legislative and strategic proposals regarding the major pillars of the European energy and climate legislation and intends to give an overview on the suggested reforms. By comparing the legal status quo with the legal framework de lege ferenda as presented by the Commission’s proposals, the planned major changes to the legal structures are identified. To achieve the 55% greenhouse gas reduction objective for 2030, all existing legal climate and energy acts are planned to be tightened by amending their targets as well as scopes and revising their structures. The suggested reforms concern the existing EU emissions trading system, effort sharing system between the Member States, energy taxation, energy efficiency and renewable energies. Additionally, the implementation of new instruments, such as the second EU emissions trading system for the sectors buildings and transport, the Carbon Border Adjustment Mechanism and the Social Climate Fund, is proposed. The design of the package shows that the Commission still generally pursues a climate legislation characterized by a mix of instruments and policies being both price based and regulatory. So, even though the major proposed change—the introduction of a second separate emissions trading system—would strengthen the role of carbon pricing, the Commission still relies on a mix of instruments without defining a leading instrument.
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Михеева, Ирина, and Irina Mikheeva. "LEGAL PECULIARITIES OF FINANCING UNDER MURABAHA CONTRACT IN ACCORDANCE WITH THE ISLAMIC LAW." Journal of Foreign Legislation and Comparative Law, May 4, 2016, 0. http://dx.doi.org/10.12737/19204.
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Substantial differences in the legal regulation of the Russian and Islamic banking prevent to attract Islamic Finances to Russia, in particular, such as a ban on trading activities by credit organizations. Murabaha is one of the main instruments of Islamic Finance. In accordance with Sharia standard No. 8 the contract of Murabaha is an agreement whereby the Bank undertakes to transfer to the customer the property previously acquired by the Bank as its property at the customer’s request, and the customer undertakes to accept and pay for the goods with a predetermined extra charges to the original price. By its legal nature the Murabaha contract is similar to a contract of sale of goods on credit envisaged by the Russian civil legislation. However, the Murabaha contract has its own specifics: it is prohibited to collect interest, commissions and forfeit from a client; conclusion of the Murabaha contract is preceded by a request from the customer to the Bank on the acquisition of goods and the promise to buy them, and the purchase by the Bank of the goods in its ownership; risk sharing between the Bank and the customer; ban to change prices. There is an obstacle for Russian credit organizations to use the Murabaha contract: the taxation procedure for purchase and sale transactions, which leads to double taxation of the goods that is the subject matter of Murabaha.
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McMahon, Jr., Martin J., Ira B. Shepard, and Daniel L. Simmons. "Recent Developments in Federal Income Taxation: The Year 2013." Florida Tax Review 15, no. 5 (December 12, 2019). http://dx.doi.org/10.5744/ftr.2014.1505.
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This recent developments outline discusses, and provides context to understand the significance of, the most important judicial decisions and administrative rulings and regulations promulgated by the Internal Revenue Service and Treasury Department during the most recent twelve months — and sometimes a little farther back in time if we find the item particularly humorous or outrageous. Most Treasury Regulations, however, are so complex that they cannot be discussed in detail and, anyway, only a devout masochist would read them all the way through; just the basic topic and fundamental principles are highlighted – unless one of us decides to go nuts and spend several pages writing one up. This is the reason that the outline is getting to be as long as it is. Amendments to the Internal Revenue Code generally are not discussed except to the extent that (1) they are of major significance, (2) they have led to administrative rulings and regulations, (3) they have affected previously issued rulings and regulations otherwise covered by the outline, or (4) they provide Dan and Marty the opportunity to mock our elected representatives; again, sometimes at least one of us goes nuts and writes up the most trivial of legislative changes. The outline focuses primarily on topics of broad general interest (to us, at least) – income tax accounting rules, determination of gross income, allowable deductions, treatment of capital gains and losses, corporate and partnership taxation, exempt organizations, and procedure and penalties. It deals summarily with qualified pension and profit sharing plans, and generally does not deal with international taxation or specialized industries, such as banking, insurance, and financial services. Please read this outline at your own risk; we take no responsibility for any misinformation in it, whether occasioned by our advancing ages or our increasing indifference as to whether we get any particular item right. Any mistakes in this outline are Marty’s responsibility; any political bias or offensive language is Ira’s; and Dan is just irresponsible.Bruce A. McGovern, Vice President, Associate Dean, and Professor of Law, South Texas College of Law, contributed to this article. Bruce’s contribution is (relative) youth.
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Aroney, Nicholas. "Federal Charities Law and the Taxation Power: Three Constitutional Problems." Federal Law Review, February 17, 2023, 0067205X2211463. http://dx.doi.org/10.1177/0067205x221146330.
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The Australian Charities and Not-for-Profits Commission Act 2012 and Australian Charities and Not-for-Profits Commission Regulation 2013 have established a comprehensive regulatory framework for the charities and not-for-profit sector at a federal level. When making the Act and Regulation the Commonwealth relied upon several heads of legislative power in section 51 of the Constitution, the most important of which is the taxation power. This article develops and assesses three arguments why the relevant provisions of the legislative scheme are not supported by the taxation power. These arguments are, firstly, that the Act and Regulations do not have a sufficient connection to the subject matter of taxation, secondly, that they are not reasonably capable of being considered appropriate and adapted to achieving a legitimate purpose or object that falls within the taxation power and, thirdly, that in combination with the Income Tax Act 1986 and Income Tax Assessment Act 1997, they impose an obligation to pay money in a manner that is so arbitrary that they cannot be characterised as laws with respect to the subject matter of taxation. It is concluded that these three lines of argument provide strong reasons why the Act and Regulations are not supported by the taxation power.
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Murrar, Firas. "Adopting a risk-based approach for non-profit organisations." Journal of Money Laundering Control ahead-of-print, ahead-of-print (June 28, 2021). http://dx.doi.org/10.1108/jmlc-12-2020-0144.
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Purpose This study aims to define how countries can implement a risk-based approach (RBA) for non-profit organisations (NPOs) by measuring how well certain countries have complied with the Financial Action Task Force’s (FATF) “Recommendation 8, criterion 1” (recommendation [8.1]). Design/methodology/approach This study combines a comparative analysis methodology with a descriptive analytical approach to compare three member countries of FATF and FATF-Style Regional Bodies (FSRBs). It uses secondary data sources, namely, FATF guidelines on the subject and FATF reports on mutual evaluation reports. Findings This study examines the variations in compliance with the FATF recommendation (8.1) among three countries recently assessed by the FATF: the UK, Bahrain and the Russian Federation. Although the UK has completely fulfilled these recommendations, Bahrain and Russia have largely fulfilled them. These variations in compliance are mainly attributed to the uneven level of preparedness in the countries’ commitment to the legislative requirements before the process of mutual evaluation. Originality/value This paper offers insight into the progress of legislation and mechanisms (technical compliance) in the three countries with respect to recommendation (8.1). This paper also discusses the evolution of implementing and adopting the RBA among NPOs. This paper concludes with suggestions to other countries in developing a plan that meets the FATF recommendations by considering key factors such as comprehensive assessment of threats to NPOs, periodic reassessment and sharing of success stories.