...The Role of Income Tax Treaties in International Taxation Tax treaties are bilateral agreements between countries. The purpose of bilateral tax treaties is typically expressed to be “the avoidance of double taxation and the prevention of fiscal evasion.” As most countries contain within their domestic law provisions to prevent double taxation of their residents where another country taxes the same income on a source basis, the main operation of tax treaties in this respect is for other types of double taxation that can arise as elaborated below. The prevention of fiscal evasion primarily refers to cases where taxpayers fraudulently conceal income in an international setting and rely on the inability of tax administrations to obtain information from abroad. The exchange of information article in tax treaties are the major provision dealing with this problem. Because of the capital flight experienced by many developing and transition countries, exchange of information is important, but in practice there are some considerable hurdles to successful exchange. From the perspective of developing and transition countries, there are a number of other purposes of tax treaties that are usually unstated but in many cases are more important. First, there is the division of tax revenues to be derived from income involving the two countries that are parties to the treaty. Where flows of income from business and investment are balanced between two countries, or even among a...
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...Capital were used to make most of the key decisions that impacted greatly on the direction of the company’s business. The London based office was the one that engaged in all of the negotiations concerning contracts with the syndicates that bought the diamonds. This office was also the one that determined how the mines were to be developed, directors’ appointments etc.In short, it was London that controlled and imposed the key decisions taken by the company directors that even affected Kimberly and its activities in South Africa. Lord Loreburn, after reviewing all these facts, found it appropriate to treat the Company as a resident of the United Kingdom. He came up with the principles that: ‘A company resides, for the purposes of Income Tax, where its real business is carried on … I regard that as the true rule; and the real business is carried on where the central management and control actually abides’. It is very important that when one is using offshore structures to do business in a foreign jurisdiction to always ensure that...
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...which differentiate multinational and domestic firm include the following: 1.) More HR activities. To operate in an international environment, a human resources department must engage in a number of activities that would not be necessary in a domestic environment. Examples of required international activities are International Taxation, International Relocation and Orientation, Administrative Services for Expatriates, Host-Government Relations and, Language Translation Services. Expatriates are subject to international taxation, and often have both domestic (i.e. their home-country) and host-country tax liabilities. Therefore, tax equalization policies must be designed to ensure that there is no tax incentive or disincentive associated with any particular international assignment. The administration of tax equalization policies is complicated by the wide variations in tax laws across host countries and by the possible time lag between the completion of an expatriate assignment and the settlement of domestic and international tax liabilities. In recognition of these difficulties, many MNEs retain the services of a major accounting firm for international taxation advice. The United States Department of the Treasury and the Internal Revenue Service (IRS) would be providing more guidance on the International Taxation issues starting 2014-15. International relocation and orientation involves the following activities: * Arranging for pre-departure training; * Providing...
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...TAX SHELTER A “tax shelter” is a way of reducing your taxable income. This will reduce the payments you pay out to state and federal governments. Also, your method of using it can change depending on local and international tax laws. “In North America, a tax shelter is generally defined as any method that recovers more than $1 in tax for every $1 spent, within 4 years.” If you invest in an abusive tax shelter you can be penalized by the IRS. If found that you are you will owe back taxes and all accrued penalties/interest. The IRS has made a list of abusive transactions, if what someone is doing resembles one of transactions, then it would be considered abusive and the user may face penalties. Due to differing tax rates and legislation in each country, tax benefits can be exploited. If I buy $1 of goods from Japan and I sell them for $3, I will pay tax on $2 of taxable income. However, tax benefits can be exploited if I set up an offshore subsidiary in the British Virgin Islands to buy the same goods for $1, then my subsidiary sells the goods back to me for $3 and then I sell it again in the domestic market for $3. This allows me to report taxable income of $0 (because it was purchased for $3 and sold for $3), thus paying no tax. While my subsidiary will have to pay tax on $2, the tax is payable to the tax authority of British Virgin Islands. Since the British Virgin Islands has a corporate tax rate of 0%, no taxes are...
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... NE W DE L HI MUNICH The Indian Medical Device Industry Regulatory, Legal and Tax Overview March 2015 © Copyright 2015 Nishith Desai Associates www.nishithdesai.com The Indian Medical Device Industry Regulatory, Legal and Tax Overview About NDA Nishith Desai Associates (NDA) is a research based international law firm with offices in Mumbai, Bangalore, Silicon Valley, Singapore, New Delhi, Munich. We specialize in strategic legal, regulatory and tax advice coupled with industry expertise in an integrated manner. We focus on niche areas in which we provide significant value and are invariably involved in select highly complex, innovative transactions. Our key clients include marquee repeat Fortune 500 clientele. Core practice areas include International Tax, International Tax Litigation, Litigation & Dispute Resolution, Fund Formation, Fund Investments, Capital Markets, Employment and HR, Intellectual Property, Corporate & Securities Law, Competition Law, Mergers & Acquisitions, JVs & Restructuring, General Commercial Law and Succession and Estate Planning. Our specialized industry niches include financial services, IT and telecom, education, pharma and life sciences, media and entertainment, real estate and infrastructure. Nishith Desai Associates has been ranked as the Most Innovative Indian Law Firm (2014) and the Second Most Innovative Asia - Pacific Law Firm (2014) at the Innovative Lawyers Asia-Pacific Awards by the Financial Times - RSG...
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...| Essay, Custom Research Paper: Argumentative Essay on Child Labor Laws and Regulations | | | | Child labor occurs along a continuum, with harmful and exploitative work that endangers the welfare and potential of the child at one end of the spectrum and light work and often beneficial training and apprenticeship at the other. National and international labor standard regulations with respect to what constitutes a legally permissible minimum age of employment accordingly depend typically on a range of criteria including (a) the type of work, as distinguished by the degree of hazard a child faces, or whether the child is subject to exploitation, or the worst forms of child labor; (b) the sector of employment, whether in agriculture, manufacturing, or family businesses or the household; and (c) the degree to which child labor work interferes with schooling, depending on the number of hours a child is put to work, say, per week.Though child labor statistics inevitably paint an aggregate picture, the coverage of national and international statistics has improved, reflecting a diversity of activities that come under the umbrella of child labor work. International Labour Organization (ILO) statistics treat any child as economically active with performance of at least 1 hour of work during the week prior to asurvey. The ILO also defines a child laborer as synonymous with (a) an economically active person between the ages of 5 and 11, and (b) an individual between the ages of 12...
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...the Way in International Law Teaching and Scholarship inside plus Duke admits smaller, exceptionally well-qualified class Duke’s Global Capital Markets Center to launch new Directors’ Education Institute from the dean Dear Alumni and Friends, It is not possible, these days, for a top law school to be anything other than an international one. At Duke Law, we no longer think of “international” as a separate category. Virtually everything we do has some international dimension, whether it concerns international treaties and protocols, commercial transactions across national borders, international child custody disputes, criminal behavior that violates international human rights law, international sports competitions, global environmental regulation, international terrorism, or any number of other topics. And, of course, there is little that we do at Duke that does not involve scholars and students from other countries, who are entirely integrated with U.S. scholars and students. Students enrolled in our joint JD/LLM program in international and comparative law receive an in-depth education in both the public and private aspects of international and comparative law, enriched by the ubiquitous presence of foreign students; likewise, the foreign lawyers who enroll in our one-year LLM program in American law enroll in the same courses, attend the same conferences, and engage in the same intellectual and social life as American students. This issue of Duke Law Magazine provides...
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...AN INTRODUCTION TO INTERNATIONAL LAW "The case against historical objectivity is like the case against international law, that it does not exist" (Sir Isaiah Berlin) International law exists, although it is true it suffers from serious problems relating to foundational concepts of justice and reciprocity and is the subject of unfortunate neglect by scholars. The ALE (American Law Institute) defines international law as "law that deals with the conduct of states and of international organizations and with their relations inter se [among themselves], as well as some of their relations with persons, whether natural or juridical" (Buergenthal & Murphy 2002). More elegant definitions can be found, such as the common one where it can be described as "law that deals with the relationships between states, or between persons or entities in different states." Even simpler definitions can be found reducing it to "laws governing relations between nations." There's an unfortunate tendency for the simplest of definitions to focus only on nation-states, as if nation-state relationships were the only thing that mattered, but the fact is that any entity (even a corporation or a person) which possesses "international personality" is subject to international law. This is important because without including international organizations or personalities, there would be no basis for international trade law, international humanitarian law, or international human rights law. If one's purpose...
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...the Way in International Law Teaching and Scholarship inside plus Duke admits smaller, exceptionally well-qualified class Duke’s Global Capital Markets Center to launch new Directors’ Education Institute from the dean Dear Alumni and Friends, It is not possible, these days, for a top law school to be anything other than an international one. At Duke Law, we no longer think of “international” as a separate category. Virtually everything we do has some international dimension, whether it concerns international treaties and protocols, commercial transactions across national borders, international child custody disputes, criminal behavior that violates international human rights law, international sports competitions, global environmental regulation, international terrorism, or any number of other topics. And, of course, there is little that we do at Duke that does not involve scholars and students from other countries, who are entirely integrated with U.S. scholars and students. Students enrolled in our joint JD/LLM program in international and comparative law receive an in-depth education in both the public and private aspects of international and comparative law, enriched by the ubiquitous presence of foreign students; likewise, the foreign lawyers who enroll in our one-year LLM program in American law enroll in the same courses, attend the same conferences, and engage in the same intellectual and social life as American students. This issue of Duke Law Magazine provides...
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...International Law and Municipal Law Issues: • Does domestic law override international law? • Does international law apply domestically? 1 Theoretical Issues • Monism: Essentially exponents of natural-law theories; consequently, they regard all law as part of the same universal normative order, with municipal law deriving its binding force by way of delegation from international law. Thus, monists consider international law a part of domestic law. • Dualism: Essentially exponents of legal positivists – therefore, they have an essentially consensual view of international law, believing that international and municipal law were two separate legal orders. International law must be incorporated into domestic law, for it to apply domestically. • Harmonisation: Assumes that international law forms part of municipal law but acknowledges that on occasions when there was a conflict between the two systems, a municipal judge would be bound by the jurisdictional rules of the domestic domain. 2 Primacy of International Law 1 Municipal Tribunals Whether international law has primacy over municipal law depends on each particular country’s constitution. In Australia, there is no express incorporation of international obligations in Australia. Implementing legislation is required for both treaty and customary international law to apply. See below for further information. 2 International Tribunals A State cannot invoke domestic laws as an excuse for failure...
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...aims to give an accessible introduction to an area of law that is the subject of change or public debate. International law 1 overview What is international law? – difference between international law and domestic law – Why do States obey international law? – subjects of international law – How do international law and domestic law interact? 4 sources of international law Jus cogens – international conventions and treaties – Australian treaty practice – custom – general principles of law – judicial decisions and writings of publicists – ‘hard law’ and ‘soft law’. 8 states What is a State? – rights of States – self-determination – creation and recognition of new States – case studies. AUTHOR NOTE: Jane Stratton currently leads corporate social responsibility programs in a leading Sydney law firm, teaches law students at a Sydney university and independently, undertakes community development projects in Western Sydney. Her work has included legal and policy roles in the Public Interest Advocacy Centre, the Australian Human Rights Commission, UN High Commission for Refugees and the ICTY. She has experience in litigious and political advocacy. Jane holds qualifications in law (Honours) and in Arts (Honours) from ANU and a Masters of Law from New York University. ACKNOWLEDGMENT: The publisher would like to thank Dr Ben Saul, Director, Sydney Centre for International and Global Law, for reading and commenting on the text. DESIGN: Bodoni...
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...can get up to late and go to work whenever you want. You could find the best time for working and do not need to worry about the relationship between you and your boss because you are your own business. Here are more advantages of Self-employment: 1. You have more influence over business expense deductions. 2. More business expenses are actually deductible. 3. You get more flexibility in how much tax you’ll pay and when you’ll pay it. 4. You get to decide when to spend money to help your business grow. 5. You can influence when you receive income. 6. You can distribute income to family members by hiring them as employees. 7. You have a wider range of pension choices. In spite of fact that there would be some disadvantages to work for yourself. For example, no matter what kind of business you own, you have take care many thing such as license, rent, manage your employee, your competitor, etc… However, if you learn as much as possible and choose a tax pro who understands the tax law and regulations as they apply to individuals, then you can make the tax code work for you and you can save yourself a lot of time, stress and money. I prefer to be a businesswoman than to work in a company and I will try my best to archive successful in my...
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...(2010), in the essay she wrote in www.studymode.com. She stated that: “Payroll processes are the perfect place to begin when looking to control costs. New developments in software, such as allowing the integration of payroll system info into existing HR systems, mean you can look beyond traditional ERP options.” Junald Astronomo Lagod (2010) stated that: “Any small business owner can tell you that paying employees involves a lot more than writing a check every two week. There are dozens of laws governing employee compensation. If you don’t want to run afoul of various government agencies, you have to be well organized and stay up to date on federal and state guideline.” Gabriel Esteban (May, 2012) stated that: “Payroll systems are simple to use, easily affordable and compliant with all new tax laws. These systems can be programmed to calculate taxes and deductions to your specific area. Most systems have an internet database that can be accessed for updates to tax codes and changes in the law.” Foreign. Payroll System is a flexible compensation administration solution. It is designed to help human resource...
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...Tax Policy Paper Due date: Monday, November 25th Groups: You may work in groups of up to 5 people. You may also work individually if you prefer, but I advise against this for two reasons. First, subjecting yourself to the perspective/critique of others helps you to refine your arguments by exposing you to relevant counterpoints. Though it may take a bit longer, I believe you will find that papers worked on as a group will be more complete, and often more succinct. Second, working in groups gives me fewer papers to grade (just kidding1). Assignment description: This group assignment is designed to help you better understand how the tax laws are set. Each group will write about a specific tax law provision. Assuming that the provision is about to expire, each group will write a paper that briefly summarizes the rules that pertain to their tax law provision, describes the history of how/why the tax law exists, and presents arguments for repeal or renewal of the tax law. Your grade will be based on the quality and clarity of your paper, and the persuasiveness of your arguments. You may choose any tax rule you like. I understand that sometimes this level of flexibility can actually feel restricting and make it difficult to begin the project. If you find that you are having trouble identifying a tax rule, please come talk to me, and we will try to figure out one that interests you. Length: I expect that these papers will be roughly 2-3 typed pages (spaced as you...
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...FULFILLING OUR TAX EDUCATION MANDATE Tax Education Package Public & Corporate Affairs, Uganda Revenue Authority 1 URA VISION To be a model for Best Practice and Innovation in Revenue Services. URA MISSION To Provide Excellent Revenue Services with Purpose and Passion. URA CORE VALUES Excellence, Integrity, Team Work and Respect 2 Tax Education Package Public & Corporate Affairs, Uganda Revenue Authority Acronyms and Defined Terms CD Customs Department DT Domestic Taxes Department ESA Education Standards Agency FAQs Frequently Asked Questions GOU Government of Uganda MOES Ministry of Education and Sports MOFPED Ministry of Finance, Planning and Economic Development NCDC National Curriculum Development Centre NCHE National Council for Higher Education NSC National Speech Championships PSFU Private Sector foundation of Uganda PCA Public and Corporate Affairs Division TPD Taxpayers’ Day UIA Uganda Investment Authority UMA Uganda Manufacturers Association UNCCI Uganda National Chamber of Commerce and Industry UNEB Uganda National Examinations Board URA Uganda Revenue Authority USSIA Uganda Small Scale Industrialists Association Tax Education Package Public & Corporate Affairs, Uganda Revenue Authority 3 Content Page Acronyms and Defines Tems……………………………………… 3 Word from the Commissioner...
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