Tax harmonisation - a recipe for chaos

Article Abstract:

The chances of developing a single unified European tax system before the end of the century are slim. The negotiations toward tax harmonization have been slowed so far because of: the widely different tax schemes in each country; the different industrial bases and economic conditions in each country; and the fact that each country carries a veto so any decisions will have to be unanimous. The harmonization process involves: harmonization of tax types; harmonization of tax bases; and the harmonization of tax rates. Many of the current tax differences will be brought in line when the free internal market is opened and companies and individuals begin to shop around for the best tax rates.

Accounting and auditing, Accounting, Single European market, Europe, Western

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International tax

Article Abstract:

Recent proposed and enacted tax law changes are discussed for eleven countries: Australia, Chile, France, Hungary, Indonesia, Japan, Luxembourg, Portugal, Puerto Rico, South Africa, and Uruguay. The tax laws are discussed from an accountant's viewpoint, and pertain to such subjects as: capital gains taxes in Australia, foreign investment taxation in Chile, exchange controls in France, joint venture taxation in Hungary, foreign tax credits available in Indonesia, transfer pricing in Japan, reinsurance in Luxembourg, investment savings in Portugal, industrial incentives in Puerto Rico, individual income taxes in South Africa, and tax reforms in Uruguay necessitated by budgetary changes.

Interpretation and construction, Australia, Taxation, Tax law, Japan, France, Chile, International aspects, Corporate taxes, International business enterprises, Multinational corporations, South Africa, Hungary, Indonesia, Portugal, Corporations, Puerto Rico, Luxembourg

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Act now for UK business and abolish act

Article Abstract:

The advance corporation tax (ACT) unfairly burdens UK companies doing business overseas by creating cashflow problems and reducing earnings per share. ACT should be abolished because it can be a major barrier to international investment by UK companies, hurting their international competitiveness. Companies can ameliorate the effects of ACT by increasing UK taxable profits on vice foreign source profits or purchasing an income producing UK concern to offset ACT equations. Companies can reduce the level of ACT paid by: issuing stock dividends in lieu of cash dividends; lowering dividend requirements through a share buy-back; and issuing debentures instead of shares.

Tax policy, Great Britain

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