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The Tax Treatment of Government Bonds by Mr.John Norregaard Pdf
In their effort to finance fiscal deficits at a reasonable cost, governments compete with other users of financial capital. Governments, however, are in the unique position that they are the only debt suppliers that can determine the taxation of debt instruments they issue. Following an overview of the current tax treatment of government bonds in OECD countries, this paper argues that—on purely economic grounds—there are no reasons for exempting interest on government bonds. Administrative difficulties in capturing interest on many other debt instruments in the tax net may, however, provide a rationale for doing so.
To Clarify the Tax Treatment of Bonds and Other Obligations Issued by the Government of American Samoa by United States. Congress. House. Committee on the Judiciary Pdf
Easing Restrictions on the Stripping and Reconstitution of Government of Canada Bonds by David Jamieson Bolder Pdf
The Department of Finance and the Bank of Canada, as its fiscal agent, work closely with financial market participants in the management of the federal government's debt program. From the government's perspective, maintaining a liquid well-functioning market in Government of Canada securities is a key factor in ensuring that debt-service costs are minimized. It is also of general benefit to other participants in the domestic fixed-income market, since Government of Canada securities are a key benchmark for pricing other fixed-income securities.This paper reviews one method for limiting the ability of market participants to exercise undue influence over the prices of individual securities by easing restrictions that limit the fungibility of coupon and principal cash flows in the market for stripped securities. The two restrictions considered include the current ceiling on reconstitution, which states that a bond may not be reconstituted beyond the amount originally issued, and the present non-fungiblility of interest and coupon payments. The authors examine the effectiveness of the alternatives, provide an analysis of the potential market and legal uncertainties that might arise, and finally include a brief review of the stripping practices in some other major government bond markets. The analysis suggests that the potential changes could constitute a useful approach for limiting the development of a squeeze in certain circumstances. These alternatives could, however, create uncertainty with regard to the actual amount outstanding of any given bond. They also raise some questions with respect to the tax treatment of fungible interest-principal payments, as well as questions about the potential for the manipulation of the market for other bonds. Moreover, a review of other major government bond markets reveals that restrictions, similar to those currently in force in Canada, also apply in the United States, the United Kingdom, and Germany.
Taxation of Government Bondholders and Employees by United States. Department of Justice,James Ward Morris,Sewall Key,Lucius A. Buck,Warner Winslow Gardner Pdf
United States. Congress. Joint Committee on Internal Revenue Taxation,United States. Congress. House. Committee on Ways and Means
Author : United States. Congress. Joint Committee on Internal Revenue Taxation,United States. Congress. House. Committee on Ways and Means Publisher : Unknown Page : 24 pages File Size : 53,7 Mb Release : 1976 Category : Municipal bonds ISBN : STANFORD:36105006323229
Taxable bond alternative for State and local governments by United States. Congress. Joint Committee on Internal Revenue Taxation,United States. Congress. House. Committee on Ways and Means Pdf
United States. Congress. House. Committee on Ways and Means
Author : United States. Congress. House. Committee on Ways and Means Publisher : Unknown Page : 88 pages File Size : 51,6 Mb Release : 1985 Category : Income tax ISBN : LCCN:85602614
