A New Approach To Taxing Financial Intermediation Services Under A Value Added Tax PDF Download
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Author | : Mr.Howell H. Zee |
Publisher | : INTERNATIONAL MONETARY FUND |
Total Pages | : 0 |
Release | : 2004-07-01 |
Genre | : Business & Economics |
ISBN | : 9781451854206 |
Download A New Approach to Taxing Financial Intermediation Services Under a Value Added Tax Book in PDF, ePub and Kindle
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.
Author | : Howell H. Zee |
Publisher | : International Monetary Fund |
Total Pages | : 24 |
Release | : 2004-07 |
Genre | : Business & Economics |
ISBN | : |
Download A New Approach to Taxing Financial Intermediation Services Under a Value Added Tax Book in PDF, ePub and Kindle
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.
Author | : Mr.Howell H. Zee |
Publisher | : International Monetary Fund |
Total Pages | : 100 |
Release | : 2004-04-16 |
Genre | : Business & Economics |
ISBN | : 1589063163 |
Download Taxing the Financial Sector Book in PDF, ePub and Kindle
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.
Author | : [Anonymus AC08741538] |
Publisher | : |
Total Pages | : 44 |
Release | : 2010 |
Genre | : |
ISBN | : 9789279187353 |
Download Financial sector taxation Book in PDF, ePub and Kindle
"The global economic and financial crisis has created important needs for fiscal consolidation. This document analyses potential instruments to raise additional tax revenues from the financial sector. The first section reviews the current policy objectives related to the taxation of the financial sector. The second section sheds some light on the current tax treatment of the financial sector. The third section discusses potential tax instruments to reach the goals. The fourth and fifth section respectively assess the advantages and drawbacks of a Financial Transaction Tax and a Financial Activities Tax."--Editor.
Author | : United States. Congress. House. Committee on Ways and Means |
Publisher | : |
Total Pages | : 134 |
Release | : 1995 |
Genre | : Law |
ISBN | : |
Download Description and Analysis of Proposals to Replace the Federal Income Tax Book in PDF, ePub and Kindle
Distributed to some depository libraries in microfiche.
Author | : Alan Schenk |
Publisher | : Cambridge University Press |
Total Pages | : 577 |
Release | : 2015-02-02 |
Genre | : Law |
ISBN | : 1316213986 |
Download Value Added Tax Book in PDF, ePub and Kindle
This book integrates legal, economic, and administrative materials about the value added tax (VAT) to present the only comparative approach to the study of VAT law. The comparative presentation of this volume offers an analysis of policy issues relating to tax structure and tax base as well as insights into how cases arising out of VAT disputes have been resolved. Its principal purpose is to provide comprehensive teaching tools - laws, cases, analytical exercises, and questions drawn from the experience of countries and organizations around the world. This second edition includes new VAT-related developments in Europe, Asia, Africa, and Australia and adds new chapters on VAT avoidance and evasion and on China's VAT. Designed to illustrate, analyze, and explain the principal theoretical and operating features of value added taxes, including their adoption and implementation, this book will be an invaluable resource for tax practitioners and government officials.
Author | : Claus Bohn Jespersen |
Publisher | : Kluwer Law International B.V. |
Total Pages | : 450 |
Release | : 2011-01-01 |
Genre | : Law |
ISBN | : 9041137327 |
Download Intermediation of Insurance and Financial Services in European VAT Book in PDF, ePub and Kindle
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.
Author | : Robert F. van Brederode |
Publisher | : Springer |
Total Pages | : 414 |
Release | : 2018-07-25 |
Genre | : Law |
ISBN | : 9789811098796 |
Download VAT and Financial Services Book in PDF, ePub and Kindle
This book explains the theoretical and policy issues associated with the taxation of financial services and includes a jurisdictional overview that illustrates alternative policy choices and the legal consequences of those choices . The book addresses the question: how can financial services in an increasingly globalized market best be taxed through VAT while avoiding economic distortions? It supports the discussion of the key practical problems that have arisen from the particular complexity of the application of VAT to financial services, and allows for the evaluation of best practice by comparing the major current reform models now being implemented.
Author | : Sajid M. Chaudhry |
Publisher | : Edward Elgar Publishing |
Total Pages | : 204 |
Release | : 2014-10-31 |
Genre | : Business & Economics |
ISBN | : 1783476486 |
Download Taxing Banks Fairly Book in PDF, ePub and Kindle
Taxing Banks Fairly offers an ethical perspective on bank taxation and financial stability to complement the traditional political economy approach. It also considers how a bank levy or financial activities tax, could be used to ensure that big banks m
Author | : Robert F. W. van Brederode |
Publisher | : Kluwer Law International B.V. |
Total Pages | : 402 |
Release | : 2009-01-01 |
Genre | : Law |
ISBN | : 9041128328 |
Download Systems of General Sales Taxation Book in PDF, ePub and Kindle
This book gives and general overview of sales taxes and describes main characteristics of consumption taxation. It also provides an economic analysis of all the taxes covered and related tax issues such as tax shifting, tax incidence, the economic effect of reduced rates and exemptions, tax accumulation, regressivity, and the Laffer curve approach. In addition, it offers a tax policy approach in regard to specific economic sectors such as the treatment of small enterprises, financial services, and real property. The author further focuses on contrasts between US sales tax and European VAT (in regard of e-commerce and the treatment of capital goods). The work also offers legal analysis in areas such as cross-border transactions and US constitutional restraints.