By Karen B. Brown (auth.), Karen B. Brown (eds.)
This quantity presents a desirable examine the anti-tax avoidance techniques hired via greater than fifteen international locations in jap and western Europe, Canada, the Pacific Rim, Asia, Africa, and the USA. It surveys the similarities and ameliorations in anti-avoidance regimes and includes special chapters for every nation surveying the ethical and criminal dimensions of the matter. The proliferation of tax avoidance schemes lately signs the worldwide dimensions of an issue offering a significant problem to the powerful management of tax legislation. Tax avoidance contains unacceptable manipulation of the legislations to procure a tax virtue. those transactions help wasteful habit within which agencies input into tricky, circuitous preparations exclusively to reduce 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 advantages unintentional by way of the legislature) poses a hazard to the powerful operation of a unfastened society for the advantage of a small crew of individuals who search the privilege of transferring their tax burden onto others basically to compete on the earth of trade. In a global during which global treasuries fight for the assets to conflict terrorist threats and to safe a good way of life for components tax avoidance can convey economies just about the sting of sustainability. As tax avoidance is among the best matters of so much international locations, the significance of this paintings can't be overstated.
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Additional resources for A Comparative Look at Regulation of Corporate Tax Avoidance
2 Australia 39 This is illustrated by Hart v Federal Commissioner of Income Tax (FCT),55 the latest Part IVA case to go to the High Court. Here, the taxpayer had entered into a loan to assist in the acquisition of a residential and an investment property. The loan contained two facilities: one which related to the residential loan and the other which related to the investment loan. 56 In that event, all the interest due on the investment loan would be capitalised. The taxpayer elected to utilise this option and claimed to deduct capitalised interest on the investment loan and the compound interest which accrued.
The Federal Executive has the power to promulgate regulations, which are a form of delegated legislation, but only to the extent that the delegated power to do so has been approved by a Statute first passed by the Federal Parliament. 13 Taxation is administered by the Federal Treasury and the Department of State within the Federal Treasury responsible for the collection of taxation is the Australian Taxation Office. Revisions of taxation law are carried out by the Federal Treasury on its own initiative, or the request of the Federal Treasurer (a senior Federal Government Minister) or the Minister of Finance – who may or may not be the same person as the Federal Treasurer – or the Australian Taxation Office.
If the adjudicator in the Tribunal is a Federal Court judge, then the appeal is to the Full Federal Court, not a single judge of the Federal Court. 23 Section 169A(1), Income Tax Assessment Act 1936, allows the Commissioner, in making an assessment, to accept any statement by a taxpayer. 24 Section 170(1), Income Tax Assessment Act 1936. (This Act specifies the Commissioner’s core powers and information gathering powers. This Act is supplemented by the Taxation Administration Act 1953 and the Income Tax Regulations 1936).
A Comparative Look at Regulation of Corporate Tax Avoidance by Karen B. Brown (auth.), Karen B. Brown (eds.)