Read e-book online A Comparative Look at Regulation of Corporate Tax Avoidance PDF

By Karen B. Brown (auth.), Karen B. Brown (eds.)

ISBN-10: 9400723415

ISBN-13: 9789400723412

ISBN-10: 9400723423

ISBN-13: 9789400723429

This quantity offers a desirable examine the anti-tax avoidance suggestions hired by way of greater than fifteen nations in japanese and western Europe, Canada, the Pacific Rim, Asia, Africa, and the us. It surveys the similarities and ameliorations in anti-avoidance regimes and includes designated chapters for every nation surveying the ethical and felony dimensions of the matter. The proliferation of tax avoidance schemes in recent times indications the worldwide dimensions of an issue featuring a major problem to the powerful management of tax legislation. Tax avoidance comprises unacceptable manipulation of the legislation to procure a tax virtue. those transactions help wasteful habit within which firms input into complex, circuitous preparations exclusively to lessen tax legal responsibility. It frustrates the facility of governments to assemble adequate profit to supply crucial public items and companies. Avoidance of duly enacted provisions (or manipulation to safe tax merits accidental through the legislature) poses a possibility to the potent operation of a loose society for the advantage of a small team of contributors who search the privilege of transferring their tax burden onto others in simple terms to compete on this planet of trade. In an international within which global treasuries fight for the assets to conflict terrorist threats and to safe a good lifestyle for parts tax avoidance can convey economies as regards to the sting of sustainability. As tax avoidance is without doubt one of the most sensible matters of so much countries, the significance of this paintings can't be overstated.

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But this approach virtually ignores the statutory test which requires a determination to be made about the dominant purpose. If a dominant purpose is to be ascertained, then it is essential to consider all of the purposes and they must include the commercial objectives. 68 On the other hand, at the Full Federal Court level, there has been an attempt to address this difficulty. 69 The importance, in so far as outcome is concerned, is illustrated by Hart. There the Full Federal Court considered the dominant purpose of the taxpayer, by assessing the facts by reference to the perceived purpose of the taxpayer in entering into the transaction.

50 The definition is so wide that a scheme can encompass anything at all and so potentially, any transaction could be subject to being annihilated by an application of the GAAR. A tax benefit is: • An amount not included in the assessable income of the taxpayer where the amount would have been included, or might reasonably have been expected to be included, if the scheme had not been entered into; or 49 50 Sections 177A–177H, Income Tax Assessment Act 1936. Section 177A, Income Tax Assessment Act 1936.

76 It confines attention to the tax consequences of the actual and counterfactual transactions and ignores the commercial advantage and consequences which would follow from what was actually done. So it follows that what emerges from Hart, which is the latest High Court authority on the application of Part IVA, is that there is no definitive jurisprudence relating to the application of Part IVA at the present time, notwithstanding that Part IVA has been in force for almost 30 years. The 75 76 FCT v Hart (2004) 55 ATR 712 at 730.

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A Comparative Look at Regulation of Corporate Tax Avoidance by Karen B. Brown (auth.), Karen B. Brown (eds.)


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