Corporate Tax Shelters in a Global Economy: Why they are a by Daniels N. Shaviro

By Daniels N. Shaviro

This quantity explores the reasons and prices of tax avoidance and offers an invaluable consultant to the main conceptual matters that has to be addressed that allows you to layout a very powerful tax reform.

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Additional resources for Corporate Tax Shelters in a Global Economy: Why they are a Problem and What We Can do About it (AEI Studies on Tax Reform)

Example text

How much substance should be required is an empirical question that depends on such considerations as the desirability of deterring the transactions at issue and the ratio at different levels of required substance between successful deterrence and inducing additional waste. 6. Both rules and standards should be used in requiring economic substance. Neither rules nor standards alone can ensure that an adequate level of economic substance is required of tax-significant transactions. One key reason for using a standard is that the IRS and the courts can apply it across the board, without raising issues of undue retroactivity, even if the government failed to anticipate a particular trick and state in advance that it does not work.

Yet, all this need not deter the United States from responding unilaterally to cross-border tax arbitrages. Other countries may frequently be slow to act, and taxpayer self-help through tax planning and the exertion of political pressure may mitigate instances (like the DRC) of bilateral overkill. Unilateral action should not be undertaken, of course, in cases where it involves bad policy standing alone. Yet, opportunities to free-ride on other countries’ willingness to offer deductions (or allow business income to escape their source-based taxes) may often be worth exploiting, on the ground that they are likely to combine doing well with doing good.

Whether its place of incorporation, its business activities, and its current owners are all American, all foreign, or some mix of the two, it may want to consider tapping both American and foreign investors. This may require sophisticated “foreign tax” advice from American tax lawyers regarding optimal structuring methods for companies and investors, whether funds would flow into the United States or out of it. The growth of cross-border business enterprises and capital market integration increased taxpayers’ experience of both the hazards and the opportunities associated with cross-border tax planning.

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