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on Accounting and Auditing |
| By: | Swamy, Vighneswara; S, Vijayalakshmi |
| Abstract: | This paper intends to analyse and elucidate the impact of Fair Value Accounting on the banking industry in general and Indian Banking in particular in the light of the move towards convergence to International Financial Reporting Standards across the globe. In the light of criticism against fair value accounting for amplifying the subprime crisis and for causing a financial meltdown, the article has analysed the nature and impact of Fair Value Accounting in view of the recent announcement of the Indian version of IFRS i.e Ind AS by the regulators in India and its impact in relation to the contentious issues like; systemic risk, contagion and its impact on investors. Further, the article highlights the areas in which Indian banking industry is required to focus before and after the implementation of Fair Value Accounting and their consequences on the financial statements of the Bank. |
| Keywords: | IFRS, Banking, Convergence of IFRS, Financial reporting, Investment, Capital, Banking |
| JEL: | E22 G24 M41 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:47514&r=acc |
| By: | ZEW |
| Abstract: | The project 'Effective tax rates in an enlarged European Union' is based on the methodology used for the calculation of effective tax rates (ETRs) as set out by Devereux and Griffith (1999, 2003). This study enhances the existing data by analysing the Effective Tax Rates in different industries. |
| Keywords: | European Union, taxation, effective tax, corporate tax, sector |
| JEL: | H25 |
| Date: | 2013–01 |
| URL: | http://d.repec.org/n?u=RePEc:tax:taxstu:0044&r=acc |
| By: | ZEW |
| Abstract: | The project 'Effective tax rates in an enlarged European Union' is based on the methodology used for the calculation of effective tax rates (ETRs) as set out by Devereux and Griffith (1999, 2003). It extends the scope of the calculation of ETRs conducted under the study on effective levels of company taxation within an enlarged EU (2008). The project includes a focus on the effects of tax reforms in the EU27 for the period 1998-2012 and their impact on the level of taxation for both domestic and cross-border investment. |
| Keywords: | European Union, taxation, effective tax, corporate tax |
| JEL: | H25 |
| Date: | 2013–01 |
| URL: | http://d.repec.org/n?u=RePEc:tax:taxstu:0043&r=acc |
| By: | European Commission |
| Abstract: | This is the seventh issue of 'Taxation Trends in the European Union', an expanded and improved version of a previous publication, 'Structures of the taxation systems in the European Union'. The objective of the report remains unchanged: to present a complete view of the structure, level and trends of taxation in the Union over a medium- to long-term period. |
| Keywords: | European Union, taxation |
| JEL: | H23 H24 H25 H27 H71 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:tax:taxtre:2013&r=acc |
| By: | Antonella Magliocco (Bank of Italy); Giacomo Ricotti (Bank of Italy) |
| Abstract: | This paper examines the current tax policy on venture capital (VC) in Italy, and compares it with the tax incentives adopted by France, Germany, Spain and the UK. The authors analyze ongoing European initiatives to remove tax obstacles to VC in Europe. Focusing on the taxation of VC funds, they also assess whether the requirements for the new Italian tax incentives are consistent with the uniform regulatory standards designated by the 2011 proposal for an EU Regulation on European VC Funds. Finally, in a quantitative analysis, the tax burden on VC investments in Italy is compared with that in other European countries. The results show that the most favourable schemes are in the UK and in France; the effects of the new Italian VC tax incentives are in line with the British and the French schemes. As regards the design of tax incentives, the authors found that as the duration of investment increases, upfront incentives become less effective than capital gains exemptions. |
| Keywords: | venture capital, taxation |
| JEL: | G24 H25 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_167_13&r=acc |
| By: | Copenhagen Economics |
| Abstract: | The study carried out by Copenhagen Economics analyses the impact of several alternative solutions to the taxation problems that arise when dividends are paid across borders to individual and portfolio investors within the EU. |
| Keywords: | European Union, taxation, Dividends |
| JEL: | H25 H87 |
| Date: | 2012–09 |
| URL: | http://d.repec.org/n?u=RePEc:tax:taxstu:0041&r=acc |
| By: | Haupt, Alexander; Krieger, Tim |
| Abstract: | In this paper, we analyse the role of mobility in tax and subsidy competition. Our primary result is that increasing ‘relocation’ mobility of firms leads to increasing ‘net’ tax revenues under fairly weak conditions. While enhanced relocation mobility intensifies tax competition, it weakens subsidy competition. The resulting fall in the governments’ subsidy payments over-compensates the decline in tax revenues, leading to a rise in net tax revenues. We derive this conclusion in a model in which two governments are first engaged in subsidy competition and thereafter in tax competition, and firms locate and potentially relocate in response to the two political choices. -- |
| Keywords: | tax competition,subsidy competition,capital and firm mobility,foreign direct investment |
| JEL: | H87 H71 F21 H25 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:wgspdp:201302&r=acc |
| By: | Copenhagen Economics |
| Abstract: | The study analyses and measures the issues arising from the current VAT treatment of public bodies and activities carried out in the public interest. It also identifies possible options for the future, and measures their impact. |
| Keywords: | European Union, taxation, VAT, public sector |
| JEL: | H27 |
| Date: | 2013–01 |
| URL: | http://d.repec.org/n?u=RePEc:tax:taxstu:0045&r=acc |
| By: | PriceWaterhouseCoopers |
| Abstract: | Article 263(1) aims at ensuring that information on intra-Community supplies of goods, including deemed supplies, and services is collected and exchanged between Member States more quickly, so as to enable quicker detection of fraud, in particular VAT carousel (missing trader) fraud. The report was drawn up for the European Commission by PWC in 2011 and focuses on the consequences for business arising from a reduced time frame for submitting recapitulative statements and the possibilities offered to Member States to derogate from the normal rule.. |
| Keywords: | European Union, taxation, VAT |
| JEL: | H25 |
| Date: | 2012–05 |
| URL: | http://d.repec.org/n?u=RePEc:tax:taxstu:0040&r=acc |
| By: | Russell Thomson (Melbourne Institute of Applied Economic and Social Research, The University of Melbourne) |
| Abstract: | This paper presents new estimates of the efficacy of R&D tax incentives using cross-countrycross-industry data and a novel measure of tax policy that incorporates differences in the average capital–labour ratio in R&D investment across industries and variation in the tax treatment of different expenditure types across countries and over time. The results suggest that, in the short run, industry increases R&D investment by 0.24 dollars for every dollar of tax revenue forgone. The results appear to be more robust than estimates based on crosscountry or firm-level data. |
| Keywords: | Innovation policy, R&D tax credits, determinants of R&D investment |
| JEL: | E22 O31 O57 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:iae:iaewps:wp2013n18&r=acc |
| By: | Richard V. Burkhauser; Markus H. Hahn; Roger Wilkins |
| Abstract: | Atkinson, Piketty, and Saez (2011) survey an important new literature using income tax-based data to measure the share of income held by top income groups. But changes in tax legislation that expand the tax base to include income sources (e.g. capital gains, dividends, etc.) disproportionately held by these groups will conflate such an expansion with an increase in the share of income they hold. We provide a cautionary tale from Australia of how comprehensive tax reform legislation in 1985 substantially altered Australian top income series, especially those that do not separate taxable realized capital gains from other taxable income. |
| JEL: | H0 I0 J0 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:19121&r=acc |
| By: | Philip Armour; Richard V. Burkhauser; Jeff Larrimore |
| Abstract: | Recent research on United States levels and trends in income inequality vary substantially in how they measure income. Piketty and Saez (2003) examine market income of tax units based on IRS tax return data, DeNavas-Walt, Proctor, and Smith (2012) and most CPS-based research uses pre-tax, post-transfer cash income of households, while the CBO (2012) uses both data sets and focuses on household size-adjusted comprehensive income of persons, including taxable realized capital gains. This paper provides a crosswalk of income growth across these common income measures using a unified data set. It then uses a more consistent Haig-Simons income definition approach to comprehensive income by incorporating yearly-accrued capital gains to measure yearly changes in wealth rather than focusing solely on the realized taxable capital gains that appear in IRS tax return data. Doing so dramatically reduces the observed growth in income inequality across the distribution, but most especially the rise in top-end income since 1989. |
| JEL: | C81 D31 H24 J3 |
| Date: | 2013–06 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:19110&r=acc |