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Taxation of Financial Intermediation by Patrick Honohan Pdf
This book examines the options for, and obstacles to, successful financial sector tax reform, both in terms of theoretical and practical aspects. Issues discussed include: the design of optimal tax schemes, the role of imperfect information and the links between taxation and saving, inflation, the income tax treatment of intermediary loan-loss reserves, deposit insurance, VAT and financial transactions taxes; as well as current practice in the industrial world and case studies of distorted national systems. This is a co-publication of the World Bank and Oxford University Press.
Taxing the Financial Sector by Mr.Howell H. Zee Pdf
One of the most complex issues in tax policy today is the treatment of the institutions, products, and services that make up the financial sector. It can be harder to ascertain income, expenses, and profits for financial firms than for firms selling goods and services, and it is easier for individuals and firms to manipulate financial transactions so as to exploit tax loopholes. This volume explores the challenges faced by tax policymakers and identifies modern best practices in several areas: banks, insurance companies, securities companies, investment funds, pension funds, and derivatives.
The Taxation of Financial Assets by Mr.John R. King,Mr.Vito Tanzi Pdf
Taxes affect the degree and efficiency of financial intermediation in many different ways. This paper summarizes the main tax provisions in OECD countries that affect the overall “tax wedge” between pre-tax returns on investments, and the post-tax yield on the savings that finance them. This tax wedge is shown to vary widely, in individual countries, according to the different ways in which savings are channeled through financial markets. The paper then discusses alternative criteria for assessing tax regimes for financial assets, and summarizes recent trends in OECD countries.
A New Approach to Taxing Financial Intermediation Services Under a Value Added Tax by Mr.Howell H. Zee Pdf
This paper contains a proposal (referred to as the "modified reverse-charging" approach) to tax financial intermediation services under a VAT. At the heart of the proposal is the application of a reverse charge that shifts the collection of the VAT on deposit interest from depositors to banks, in conjunction with the establishment of a franking mechanism managed by banks that effectively transfers the VAT so collected to borrowers as credits against the VAT on their loan interest on a transaction-by-transaction basis. The proposal is fully compatible with an invoice-credit VAT and is capable of delivering the correct theoretical result at minimal administrative costs.
Intermediation of Insurance and Financial Services in European VAT by Claus Bohn Jespersen Pdf
The current European VAT legislation encompassing insurance and financial services, including intermediation thereof, dates back to the adoption of the Sixth VAT Directive in 1977. The definitions do not, however, encompass the current complexity of insurance and financial transactions. This has resulted in considerable confusion for fiscal authorities and for businesses when deciding upon the application of the VAT exemption. As the correct VAT treatment has a significant economic impact on businesses, a great number of cases have been referred to the Court of Justice of the European Union. This is also the reason why the European Commission presented its proposal for the future treatment of insurance and financial services, including intermediation thereof, in November 2007. The political process has not yet been finalised and if the Commission's proposal is agreed upon, the question of understanding the definitions still exists. This book deals with the exemption for intermediation of insurance and financial services within European VAT. This implies analysing the methods of interpretation applied by the Court of Justice of the European Union when interpreting the provisions regarding insurance and financial services. Furthermore, the current definitions for intermediation of insurance and financial services as provided for in the VAT Directive are analysed and conclusions are made in order to define a single concept of intermediation. These analyses are followed by various practical scenarios from case law of the Member States concerning intermediation of insurance and financial services. Finally, comments based on the analyses carried out are given on the European Commission's proposal for amending the VAT Directive and the accompanying Regulation regarding intermediation of insurance and financial services.
Taxation of Financial Assets in Developing Countries by Christophe Chamley Pdf
The administrative cost of implicit taxes on financial assets - seigniorage, reserve requirements, lending targets, and interest ceilings - is low. But the excess burden that stems from the misallocation of resources is probably a much higher fraction of revenues than that of other taxes.
Study into the Role of Tax Intermediaries by OECD Pdf
This report examines the role tax intermediaries play in the operation of tax systems and specifically to understand their role in “unacceptable tax minimisation arrangements” as well as to identify strategies for strengthening the relationship betweeen tax intermediaries and revenue bodies.
Kevin J. Dancey,Task Force on the Future of the Canadian Financial Services Sector
Author : Kevin J. Dancey,Task Force on the Future of the Canadian Financial Services Sector Publisher : Task Force Page : 84 pages File Size : 47,6 Mb Release : 1998 Category : Business & Economics ISBN : UIUC:30112045727085
Impact of Taxation on the Financial Services Sector by Kevin J. Dancey,Task Force on the Future of the Canadian Financial Services Sector Pdf
This research focuses on the impact of the major federal and provincial taxes on the relative competitive position of domestically owned firms supplying similar financial services, as well as on the competitive position of Canadian institutions operating internationally or in competition with foreign institutions in the Canadian marketplace. In addition, elements are identified regarding the tax treatment of financial institutions that might motivate them to take actions driven by tax planning considerations which would conflict with the objectives of prudential regulation. The research approach involves not only a new economic analysis but also a review of other studies on the impact of taxation in the financial services sector and solicitation of input directly from participants in the sector. The report begins with a review of recent trends in the financial sector relating to tax and non-tax issues. It then describes the approach used in assessing competitiveness and proceeds with the assessment of competitiveness in the making of loans and of savings vehicles. This is followed by discussion of specific tax issues such as capital taxes, non-resident withholding taxes, and measurement of income. Finally, prudential issues are discussed. The appendix includes description of an economic approach to evaluating the taxation of financial institutions.
Butterworths International Taxation of Financial Instruments and Transactions by Geoffrey Pennells Pdf
An outline of the tax treatment of the major types of financial transactions in the world's three most significant markets, New York, London and Tokyo, this work focuses on the tax position of the issuers of equities or debt, on that of the financial intermediaries that arrange the issues and on the position of the purchases or holders of such kinds of finance.
Mr.Isaias Coelho,Mr.Liam P. Ebrill,Ms.Victoria P. Perry
Author : Mr.Isaias Coelho,Mr.Liam P. Ebrill,Ms.Victoria P. Perry Publisher : INTERNATIONAL MONETARY FUND Page : 33 pages File Size : 42,8 Mb Release : 2001-05-01 Category : Business & Economics ISBN : 1451848900
Bank Debit Taxes in Latin America by Mr.Isaias Coelho,Mr.Liam P. Ebrill,Ms.Victoria P. Perry Pdf
Six Latin American countries have levied taxes on withdrawals from bank accounts, which have been viewed as a convenient tax handle during a difficult fiscal period. The paper reviews the arguments for and against this type of taxation, describes the taxes, and surveys their revenue performance and economic impact. It concludes that the recently implemented taxes have been successful in raising revenue in the short term, but that adverse allocational impacts have likely been significant. The tax may work better in times of fiscal crisis, when financial intermediation is deep, and when the tax rate is modest.
Standard for Automatic Exchange of Financial Account Information in Tax Matters, Second Edition by OECD Pdf
This publication contains the following four parts: A model Competent Authority Agreement (CAA) for the automatic exchange of CRS information; the Common Reporting Standard; the Commentaries on the CAA and the CRS; and the CRS XML Schema User Guide.
