Assessing the Cum-Ex Trade

2020 ◽  
pp. 177-192
Author(s):  
Richard S Collier
Keyword(s):  
Tax Evasion ◽  
Tax Avoidance ◽  
The State ◽  
Financial Loss ◽  
The Real ◽  
The Media ◽  
Tax Systems

This chapter examines how the cum-ex transaction has been assessed to date before arguing that those assessments reflect a limited understanding of the real complexity and wider causes and implications of schemes such as the cum-ex trade. The reaction to cum-ex in the media and in political circles has focused on the scale of financial loss to the state and on the culpability of the individuals involved. This response to cum-ex involves relatively little focus on the nature of the transaction itself or how it came about. However, this chapter raises wider questions as to what transactions like cum-ex tell us about the nature of banks and inter-bank market activities, and what they reveal about tax systems. The chapter also explains what is meant by talking of bank ‘misconduct’, and considers the problematic distinction between tax avoidance and tax evasion.

scholarly journals Corruption, complexity and tax evasion

2018 ◽  
Vol 13 (6) ◽  
pp. 36-53
Keyword(s):  
Tax Evasion ◽  
Tax Avoidance ◽  
Past Century ◽  
Government Programs ◽  
The Past ◽  
Tax Complexity ◽  
Tax Systems ◽  
The Many ◽  
Tax Changes ◽  
Global Financial System

Tax evasion is facilitated by corruption, and corruption is facilitated by tax complexity. This article argues and presents evidence that tax systems have become far more complex than they need to be. The growth of public sector operations over the past century was accompanied by higher and more complex taxes, higher public spending, many new government programs, and an increasing involvement by governments in the functioning of the countries’ economies and in the activities of citizens. It has created a great deal of complexity in public sectors, and a fertile field for corruption, tax evasion or tax avoidance, and abuses in some government programs. The more governments relied on tax systems to pursue an increasing number of social and economic objectives, the more complex the tax systems became and the greater were the opportunities created for some taxpayers to get around the system. Complexity also encourages the growing army of lobbyists to push for small tax changes advantageous to their clients, causing tax systems to become increasingly more complex. In addition, it increases the costs of administering tax systems and of complying with the many tax obligations. To what extent tax systems have become fertile for corruption and tax evasion is likely to depend on cultural characteristics of countries among other factors. Globalization has opened new doors and new opportunities for individuals and corporations who operate, or can operate, globally to exploit the new tax-avoiding possibilities created by globalization and a global financial system. Nevertheless, complexity is not inevitable. It could, however, be reduced, as the experience of some countries has shown

scholarly journals LEGAL CHALLENGES AFFECTING OFFSHORE TRUSTS POST 2008 FINANCIAL CRISIS

2014 ◽  
Vol 22 (2) ◽  
Author(s):  
Mohsin Hingun
Keyword(s):  
Financial Crisis ◽  
Tax Evasion ◽  
Tax Avoidance ◽  
Critical Examination ◽  
Hostile Environment ◽  
2008 Financial Crisis ◽  
Legal Challenges ◽  
The Media ◽  
The 2008 Financial Crisis

The phenomenal growth of offshore trusts valued in billions of dollars at the end of the last century as a result of its ability to attract, transfer and protect substantial sums of money from the settlor’s country to overseas jurisdictions with the potential to save, reduce, avoid and evade taxes have been subjected to critical examination by tax authorities, the courts, non-governmental organisations and the media, especially in the years following the 2008 financial crisis. The objective of this paper to briefly introduce the nature and uses of offshore is trusts and to focus on some of the important challenges they face in a hostile environment. An area of evolving interest is the secrecy issue inherent in offshore trusts which has been abused as a veil for tax avoidance/tax evasion.

scholarly journals THE LINK BETWEEN ACCOUNTING AND FISCAL EVASION

2008 ◽  
pp. 44
Author(s):  
Silvia Lăzărescu (Marinescu)
Keyword(s):  
Tax Evasion ◽  
Swot Analysis ◽  
Underground Economy ◽  
Competitive Environment ◽  
Fair Play ◽  
The Real ◽  
Creative Accounting ◽  
Tax Systems ◽  
Fiscal Manipulation

In the literature, controversies have arisen concerning the link between accounting and fiscal evasion, which are the object of debates among specialists from different specialized organizations from many countries. Under the term of “creative accounting”, the American and European tax systems have made up an ensemble of accounting mechanisms and also of fiscal manipulation which increased the interest and involvement of the states in the mitigation of such fraud risks and fiscal subterfuges whose percentage in the countries’ GDP varies from 8 to 80%. Starting from the SWOT analysis of tax evasion in the real and underground economy, the specialists of the liberal trades are called to join the fight against fiscal fraud and share their professionalism in creating a real competitive environment characterized by fair play.

scholarly journals The Impact of Tax Administration on Revenue Generation in Gombe State, Nigeria

2018 ◽  
Vol 5 (8) ◽  
pp. 86
Author(s):  
Emmanuel Stephen N
Keyword(s):  
Tax Evasion ◽  
Pearson Correlation ◽  
Rank Correlation ◽  
Tax Avoidance ◽  
Primary Source ◽  
The State ◽  
The Body ◽  
Tax Administration ◽  
Revenue Generation ◽  
The Impact

Taxes<em> have been the bedrock of revenue generation to any government. The administration of tax is very important to any government as it is the body responsible for implementing and governing the tax laws and other tax related to assessment, collection and remittance of tax. This study is aimed at ascertaining the effect of tax administration on revenue generation in Gombe state. The study uses survey research design. The primary source of data collection was adopted, which analysed using descriptive statistics was made up of frequencies and simple percentages. Cronbach's Alpha diagnose was carried out to seek for reliability of the questions contained in the questionnaire Three Hypotheses were presented in this research and were tested using Spearman’s Rank correlation, Pearson correlation and linear regression. Research findings indicated that Tax Administration in the state is not efficient and effective. The study revealed further that revenue generated in the state is low to meet its objectives due to low level of enlightenment of tax payers and incidents of tax evasion and tax avoidance. To this end, the study recommends, among others, that authorities should embark on more enlightenment campaign of citizens on the significance of paying Personal Income Tax, the quality and efficiency of tax workers should be improved so that more effective administration will be achieved and automation of the system.</em>

The Making of an Intellectual Hero: Chinese Narratives of Qian Xuesen

2011 ◽  
Vol 206 ◽  
pp. 352-371 ◽  
Author(s):  
Ning Wang
Keyword(s):  
Role Model ◽  
The State ◽  
Self Presentation ◽  
The Real ◽  
Official History ◽  
Unofficial History ◽  
The Media ◽  
National Defence

AbstractBetween 1991 and 2001, Qian Xuesen, China's leading missile expert, was given an array of honourable titles by the state, followed by eulogistic narratives by the media and his biographers. This article analyses three forms of Chinese narratives about Qian: commendations from the state, stories told by his biographers, and Qian's self-presentation. It aims to show that although the CCP showered Qian with compliments seemingly because of his contributions to China's national defence and space programmes, the real reasons were Qian's political fidelity and the Party's aim to build a role model for intellectuals to emulate. The article demonstrates that Maoist practices of “hero construction” and using history for the present persist in the post-Mao period with some variations, and that the writings of “unofficial history” are heavily influenced by official history.

scholarly journals Adapting to Political Activism in Destination

Tourism ◽  
2021 ◽  
Vol 69 (3) ◽  
pp. 367-380
Author(s):  
Toney K. Thomas ◽  
Diya Jose
Keyword(s):  
Thematic Analysis ◽  
Political Activism ◽  
Tourism Industry ◽  
The State ◽  
Visitor Experience ◽  
The Real ◽  
The Media ◽  
Online Texts ◽  
General Strike ◽  
The Way

The way of protest through hartal (general strike) has sparked heated debates about its impact on the tourism industry in Kerala. This paper is aimed in the viewpoint that political activism has adverse consequences on tourism in the state of Kerala which is seamlessly propagated through the Media. Through a thematic analysis of online texts published on trip advisor, this paper explores tourists’ perceptions and opinions of the implication of hartal on tourism in Kerala. Overall, our analysis reveals that hartal would not discourage tourists to visit Kerala, although many regarded that certain level of challenges at the destination will enhance the visitor experience. Importantly, our study also contends that the narratives about the ‘hartal’ produced and propagated online were often representative of political structures of power, which linked tourism to hartal irrespective of the real impact on tourism.

scholarly journals Zmiany w procedurach podatkowych i uprawnieniach organów podatkowych – ich znaczenie w kontekście uszczelniania systemu podatkowego w Polsce w latach 2015–2019

Studia BAS ◽  
2020 ◽  
Vol 4 (64) ◽  
pp. 9-27
Author(s):  
Magdalena Janiszewska
Keyword(s):  
Economic Growth ◽  
Empirical Data ◽  
Relevant Literature ◽  
Tax Avoidance ◽  
The State ◽  
State Budget ◽  
Legal Provisions ◽  
Tax Gap ◽  
Tax Systems ◽  
Tax Bases

One of the effects of globalization is the intensification of tax avoidance which leads to the erosion of tax bases in many tax jurisdictions. Not surprisingly, one of the main objectives of governmental policies is to tighten (seal) their tax systems. This can be illustrated by the changes to the tax procedures and powers of tax authorities introduced in Poland. The aim of the article is to examine to what extent these changes have impacted the tax gap. The author analyzed the relevant literature, legal provisions and empirical data. The results demonstrate that the changes in question deserve approval and they could impact the tax gap. However, they do not fully solve the problems resulting from the former legal solutions and it is not entirely clear whether the higher revenues to the state budget result from the activities of tax authorities or whether they are primarily driven by economic growth and the growth in prosperity. The constantly growing gap in foreign CIT also calls for further action.

scholarly journals Midas’ gift means death: Tax dodging is the biggest obstacle for global justice

2018 ◽  
pp. 43-60
Author(s):  
Hans Morten Haugen
Keyword(s):  
International Organizations ◽  
Tax Evasion ◽  
Global Justice ◽  
Tax Avoidance ◽  
Policy Agenda ◽  
Tax Burden ◽  
Tax Base ◽  
Tax Havens ◽  
Global Policy ◽  
The Real

Tax havens and tax secrecy have risen to the top of the global policy agenda and may constitute the most important impediment for reducing inequalities. Moreover, complex corporate structures allow charging for services undertaken in various countries through one low-tax country. Transferring profits to low-tax jurisdictions will significantly reduce a multinational corporation’s overall tax burden. Individuals are assisted in opening shell corporations that officially own bank accounts where the real owner (beneficial owner) is not revealed. Reducing this practice of tax dodging (which encompasses both legal tax avoidance and illegal tax evasion) has proven to be difficult, despite substantial efforts by several international organizations and states over the last decade. It is too easy to be removed from the list of tax havens; mere membership in OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes qualifies. Tax dodgers add to global inequalities and severely weaken states’ capacity to undertake their task of creating a solid tax base, embedded in the principle that all actors are taxed according to the income generated in each country. A weak tax base will lead to less trust, more violence and more deaths. Keywords: country-by-country reporting, EU, OECD, tax avoidance, tax evasion, tax havens

scholarly journals Monitoring the Impact of Tax Avoidance on the State Budget of Ukraine

2020 ◽  
Vol 23 (1) ◽  
pp. 89-94
Author(s):  
Natalia Lagodienko ◽  
◽  
Victoriia Palamarchuk ◽  
Vladyslav Hamaiun ◽  
◽  
...  
Keyword(s):  
Tax Evasion ◽  
Negative Impact ◽  
Tax Avoidance ◽  
The State ◽  
Economic Situation ◽  
State Budget ◽  
Tax System ◽  
Tax Revenues ◽  
Tax Legislation ◽  
The Impact

Introduction. Due to unstable economic situation in the country, the constant state budget deficit, the high level of the shadow economy in Ukraine and the crisis in the world, it is necessary to develop effective mechanisms to combat tax evasion, improve tax legislation and reform the tax system. The level of tax evasion in Ukraine tends to increase steadily. Therefore, there is a need to study the problem of tax evasion in Ukraine and its impact on the economy. Purpose. The main purpose of the study is to monitor the impact of tax evasion on the state budget of Ukraine. Results. The impact of tax evasion on the state budget of Ukraine in the conditions of unstable economic situation was monitored. The regulatory framework of Ukraine on tax evasion is indicated. Schematically presents the composition of a criminal offense – tax evasion. The dynamics of revenues of the state and consolidated budgets of Ukraine are presented. The dynamics of tax revenues to the state and consolidated budgets of Ukraine is analyzed. The average indicators of revenues of the state and consolidated budgets, the average indicators of the share of tax revenues in the total revenues of the state and consolidated budgets of Ukraine during the study period are calculated. The main schemes of tax evasion in Ukraine and conditional losses from them for the state budget are studied. The level of tax burden in the state is determined and its dynamics are presented. It has been proven that tax evasion has a negative impact on Ukraine’s economy. Conclusions. We are convinced that the introduction of effective mechanisms to combat tax evasion, adaptation to modern conditions of digitalization, improvement and updating of tax legislation, increasing trust between taxpayers and the state, combating bureaucracy and corruption, reforming the tax system – all this will help educate Ukrainian citizens. tax responsible population, minimize opportunities for tax evasion, reduce accounts payable and the impact of creditors on the economy and political situation in the country, improve economic performance in the country, increase the level of economic and national security of Ukraine.

scholarly journals The Effect of over-taxation and Corruption at Commercial Enterprises in Greece: Evidence from a Survey Experiment

2020 ◽  
pp. 153-170
Author(s):  
Dimitrios Komninos ◽  
Zacharias Dermatis ◽  
Athanasios Anastasiou ◽  
Panagiotis Liargovas
Keyword(s):  
Tax Evasion ◽  
Political System ◽  
Tax Avoidance ◽  
The State ◽  
The Political ◽  
Survey Experiment ◽  
Economic Problems ◽  
The Subject ◽  
Of Greece ◽  
Experimental Survey

The problem of tax evasion and tax avoidance is one of the most important issues which Greece has to face. In Greece, research has provided evidence that tax evasion is higher than other countries and this fact burdens the economic situation of the country. Overcrowding in a reluctant economy has many adverse effects and is a brake on sustainable development. High taxes are incentive for tax evasion, causing the state to record revenue losses. This in turn leads to new tax increases, further encouraging tax evasion. The subject of this paper is the over-taxation and its relation to the corruption phenomenon that characterizes the country of Greece. For the needs of this paper, an experimental survey was distributed to commercial enterprises in a prefecture of Peloponnese of Greece. The results of the survey showed that overpopulation and corruption co-exist and are symptoms of a society dominated by a lack of confidence in the state. Both overemphasis and corruption are political and economic problems and well-designed measures to modernize the political system and contribute to their effective treatment.

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