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A New Method For Applying Vat To Financial Services
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Book Synopsis A New Approach to Taxing Financial Intermediation Services Under a Value Added Tax by : Howell H. Zee
Download or read book A New Approach to Taxing Financial Intermediation Services Under a Value Added Tax written by Howell H. Zee and published by International Monetary Fund. This book was released on 2004-07 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Intermediation of Insurance and Financial Services in European VAT by : Claus Bohn Jespersen
Download or read book Intermediation of Insurance and Financial Services in European VAT written by Claus Bohn Jespersen and published by Kluwer Law International B.V.. This book was released on 2011-01-01 with total page 450 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis VAT and Financial Services by : Robert F. van Brederode
Download or read book VAT and Financial Services written by Robert F. van Brederode and published by Springer. This book was released on 2017-03-06 with total page 414 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis A New Approach to Taxing Financial Intermediation Services Under a Value Added Tax by : Mr.Howell H. Zee
Download or read book A New Approach to Taxing Financial Intermediation Services Under a Value Added Tax written by Mr.Howell H. Zee and published by INTERNATIONAL MONETARY FUND. This book was released on 2004-07-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Modernizing VATs in Africa by : Sijbren Cnossen
Download or read book Modernizing VATs in Africa written by Sijbren Cnossen and published by Oxford University Press, USA. This book was released on 2019-07-12 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most African countries are in dire need of more tax revenue. In 28 out of 45 countries with a value-added tax (VAT), total tax revenue as a percentage of GDP is around 15% or less, falling short of what is necessary to finance basic human and economic development. Far from being revenue-raising instruments, current African VATs are riddled with exemptions, exclusions, and zero rates on domestic goods and services that depress revenue, are highly distortionary, and greatly complicate the administration of VAT. Modernizing VATs in Africa enables policymakers, professionals, and students to analyse African tax systems to ascertain how they can be modernized. It explains the case for VAT base-broadening over rate-increasing, arguing that exemptions and zero rates mainly accrue benefits for higher-income groups. Even more persuasively, it demonstrates that the net result of fiscal systems can be equalizing if the revenue of broad-based VATs is used to finance in-kind transfers, such as healthcare and education. VAT modernization should be used to enable governments to finance development; Modernizing VATs in Africa puts a compelling case forward for how and why this can be achieved.
Book Synopsis Handbook of Research on Challenges in Public Economics in the Era of Globalization by : Akkaya, ?ahin
Download or read book Handbook of Research on Challenges in Public Economics in the Era of Globalization written by Akkaya, ?ahin and published by IGI Global. This book was released on 2022-03-18 with total page 480 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over time, public goods, services, and policies have been developed for the welfare of people all over the world, and public finance in particular focuses on challenging issues that are significantly important for the common good of humanity. It is a plausible argument that public economics should be focused on dealing with new challenging issues such as global health crises, global warming, and internet architecture. The Handbook of Research on Challenges in Public Economics in the Era of Globalization evaluates a variety of new challenging issues that have directly affected the world economy in terms of the economic units, institutions, and social life. Covering topics such as democratic decentralization, economic instability, and global health issues, this major reference work is a valuable resource for economists, international business leaders, government officials, sociologists, libraries, researchers, academicians, educators, and students.
Book Synopsis Big Data in Finance by : Thomas Walker
Download or read book Big Data in Finance written by Thomas Walker and published by Springer Nature. This book was released on 2022-10-03 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited book explores the unique risks, opportunities, challenges, and societal implications associated with big data developments within the field of finance. While the general use of big data has been the subject of frequent discussions, this book will take a more focused look at big data applications in the financial sector. With contributions from researchers, practitioners, and entrepreneurs involved at the forefront of big data in finance, the book discusses technological and business-inspired breakthroughs in the field. The contributions offer technical insights into the different applications presented and highlight how these new developments may impact and contribute to the evolution of the financial sector. Additionally, the book presents several case studies that examine practical applications of big data in finance. In exploring the readiness of financial institutions to adapt to new developments in the big data/artificial intelligence space and assessing different implementation strategies and policy solutions, the book will be of interest to academics, practitioners, and regulators who work in this field.
Book Synopsis Decision Sciences for COVID-19 by : Said Ali Hassan
Download or read book Decision Sciences for COVID-19 written by Said Ali Hassan and published by Springer Nature. This book was released on 2022-02-28 with total page 475 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents best practices involving applications of decision sciences, business tactics and behavioral sciences for COVID-19. Addressing concrete problems in these vital fields, it focuses on theoretical and methodological investigations of managerial decisions that drive production and service enterprises’ productivity and success. Moreover, it presents optimization techniques and tools that can also be adopted for other applications in various research areas after a thorough analysis of the specific problem. The book is intended for researchers and practitioners seeking optimum solutions to real-life problems in various application areas concerning COVID-19, helping them make scientifically founded decisions.
Book Synopsis 10 Years After the Great Recession: Orthodox versus Heterodox Economics by : Halit Sağlam
Download or read book 10 Years After the Great Recession: Orthodox versus Heterodox Economics written by Halit Sağlam and published by IJOPEC PUBLICATION. This book was released on 2018-09-06 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Robert F. W. van Brederode Publisher :Kluwer Law International B.V. ISBN 13 :9041128328 Total Pages :402 pages Book Rating :4.0/5 (411 download)
Book Synopsis Systems of General Sales Taxation by : Robert F. W. van Brederode
Download or read book Systems of General Sales Taxation written by Robert F. W. van Brederode and published by Kluwer Law International B.V.. This book was released on 2009-01-01 with total page 402 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Improving VAT/GST : designing a simple and fraud-proof tax system by : Michael Lang
Download or read book Improving VAT/GST : designing a simple and fraud-proof tax system written by Michael Lang and published by . This book was released on 2014 with total page 740 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book will be an interesting and valuable tool for both regulators and practitioners alike to deepen their understanding of the various tax systems and the way certain issues are solved under different regimes, in order to encourage international trade and lay the groundwork for the removal of tax obstacles and related costs in global commerce."--Extracted from publisher website on March 25, 2014.
Book Synopsis How to Manage Value-Added Tax Refunds by : Mario Pessoa
Download or read book How to Manage Value-Added Tax Refunds written by Mario Pessoa and published by International Monetary Fund. This book was released on 2021-05-10 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: The value-added tax (VAT) has the potential to generate significant government revenue. Despite its intrinsic self-enforcement capacity, many tax administrations find it challenging to refund excess input credits, which is critical to a well-functioning VAT system. Improperly functioning VAT refund practices can have profound implications for fiscal policy and management, including inaccurate deficit measurement, spending overruns, poor budget credibility, impaired treasury operations, and arrears accumulation.This note addresses the following issues: (1) What are VAT refunds and why should they be managed properly? (2) What practices should be put in place (in tax policy, tax administration, budget and treasury management, debt, and fiscal statistics) to help manage key aspects of VAT refunds? For a refund mechanism to be credible, the tax administration must ensure that it is equipped with the strategies, processes, and abilities needed to identify VAT refund fraud. It must also be prepared to act quickly to combat such fraud/schemes.
Book Synopsis The Rise of the Value-Added Tax by : Kathryn James
Download or read book The Rise of the Value-Added Tax written by Kathryn James and published by Cambridge University Press. This book was released on 2015-04-30 with total page 495 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores one of the most significant trends in the evolution of global tax systems by asking how, within less than half a century, the value-added tax (VAT) has risen from relative obscurity to become one of the world's most dominant revenue instruments. Despite its significance, very little is known about why so many countries have adopted the VAT and, in particular, why different countries adopt the types of VAT that they do. The popular mythology provides that the merits of the VAT have underpinned its global spread; however, this book contends that much scholarship confuses the question of why the VAT has risen to dominance with the issue of what makes a good VAT. This book combines policy and legal analysis to propose a new way of understanding the rise of this important revenue instrument so as to better reflect the realities of the VATs that are actually implemented.
Book Synopsis VAT and Financial Services (fourth edition) by : Mark Chesham
Download or read book VAT and Financial Services (fourth edition) written by Mark Chesham and published by Spiramus Press Ltd. This book was released on 2022-07-14 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: VAT and Financial Services takes the reader through the relevant legislation case law, and legal concepts; examines the consequences of outsourcing; looks at the key issues facing financial services and insurance; and discusses the VAT cost sharing exemption. Since the last edition significant changes include: consequences of Brexit, the abolition of Cost Sharing Groups and significant developments in case law.
Book Synopsis Taxing Banks Fairly by : Sajid M. Chaudhry
Download or read book Taxing Banks Fairly written by Sajid M. Chaudhry and published by Edward Elgar Publishing. This book was released on 2014-10-31 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Book Synopsis Taxation of Financial Intermediation by : Patrick Honohan
Download or read book Taxation of Financial Intermediation written by Patrick Honohan and published by World Bank Publications. This book was released on 2003 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Consumption Tax Trends 2016 VAT/GST and excise rates, trends and policy issues by : OECD
Download or read book Consumption Tax Trends 2016 VAT/GST and excise rates, trends and policy issues written by OECD and published by OECD Publishing. This book was released on 2016-11-30 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report provides information on Value Added Tax/Goods and Services Tax (VAT/GST) and excise duty rates in OECD member countries.
