scholarly journals Remedying the defects in India's credit and insolvency frameworks with adapted solutions from the Anglo-American legal scholarships

Pravni zapisi ◽  
2020 ◽  
Vol 11 (2) ◽  
pp. 580-619
Author(s):  
Williams Iheme
Keyword(s):  
Mirror Image ◽  
Low Rank ◽  
Local Conditions ◽  
Access To Credit ◽  
Doing Business ◽  
Commercial Code ◽  
Ease Of Doing Business ◽  
Anglo American ◽  
Bankruptcy Code ◽  
The Right

The law governing credit transactions in India is compartmentalized and concomitantly poses difficulties to contractual parties and access to credit: the overall effect of this is already being felt owing to the country's low rank on the 'getting credit' indicator of the World Bank's Ease of Doing Business Report 2020. The Insolvency and Bankruptcy Code 2016 (Code), being almost a mirror-image of the English Insolvency Act 1986, has some inherent defects that are incompatible with the local conditions vis-à-vis access to credit and business rescue. Some of these defects arguably emanate from the Code's unfair categorization of creditors into the 'operational' and 'financial' types, and the ensuing confusion as was witnessed in the Supreme Court's Home Buyers' case in 2019. Strangely, financial creditors enjoy some Code-given preferential treatments over operational creditors including the right to constitute committees of creditors in voting and confirming business rescue plans. The insolvency resolution process of the Code is incompatible with the fact that over 90% of the companies doing business in India are SMEs and family-owned. The crushing financial weight of insolvency resolution processes is foreseen to gradually cannibalize these SMEs and cause a sharp rise in the unemployment rate. The article diagnoses a number of defects in the credit and insolvency systems of India, and proposes transplantable solutions from the English system, the U.S. Chapter 11, and Article 9 of the Uniform Commercial Code.

scholarly journals Menarik Investasi Ke Indonesia Dengan Tax Holiday

2021 ◽  
Vol 2 (2) ◽  
pp. 135-141
Author(s):  
Irwan Aribowo ◽  
Deny Irawan
Keyword(s):  
World Bank ◽  
Tax Incentives ◽  
Positive Signal ◽  
Doing Business ◽  
The World Bank ◽  
The World ◽  
Ease Of Doing Business ◽  
Tax Holidays ◽  
The Right ◽  
Tax Holiday

This research contains about how tax holiday as one of the tax incentives used by the Indonesian government to attract investment Ease of Doing Business index (EoDB)  released by the World Bank. Tax holiday is expected to be able to provide a positive signal to investors that Indonesia is the right country to invest in. In this paper it was found that tax holidays are not capable of attracting investment alone, but other factors are needed in order for tax holidays to be successful in attracting investment. Penelitian ini berisi tentang bagaimana tax holiday sebagai salah satu insentif pajak yang digunakan oleh pemerintah Indonesia untuk menarik investasi Karena pajak merupakan salah satu yang menjadi perhitungan dalam indeks kemudahan bisnis yang dirilis oleh Bank Dunia. Tax holiday diharapkan mampu memberikan sinyal positif kepada para investor bahwa Indonesia adalah negara yang tepat untuk berinvestasi. Dalam penelitian ini dtemukan bahwa tax holiday tak mampu sendirian menarik investasi, akan tetapi dibutuhkan faktor-faktor lain agar tax holiday berhasil menarik investasi,

scholarly journals VESTED INTRESTS OF BUSINESS ENTITIES IN USAGE OF OTHER OWNER’S ASSETS IN COURSE OF DOING BUSINESS

2019 ◽  
pp. 75-82
Author(s):  
A. V. Podoliak
Keyword(s):  
Legal Regulation ◽  
Legal Regime ◽  
Economic Management ◽  
Property Relations ◽  
Doing Business ◽  
Commercial Code ◽  
Vested Interests ◽  
Business Entities ◽  
The Right

The article analyzes provisions of economic and civil legislation regulating property relations in course of doing business. The existing scientific approaches to the concept of vested interest in property, including in usage of other owner’s assets in course of doing business, have been explored and analyzed. The article reveals the peculiarities of proprietary interests in other owner’s assets, including the right of economic management and operational management. A comparative analysis of various types of proprietary interests and right in personam in other owner’s assets has been carried, the author summarizes approaches developed in court practice with respect to the definition and enforcement of vested interests of business entities in other owner’s assets. The reasons for vested interests of business entities in usage of other owner’s assets have been analyzed, the necessity of their definition in the Commercial Code of Ukraine has been substantiated. The necessity of strengthening of the role of a law-making treaty in the commercial legislation in the framework of legal regulation of the usage of other owner’s assets in course of doing business is determined. It is substantiated that business entities as participants in economic legal relations cannot settle aproprietary interest in usage of other owner’s assets which are not provided for by the law. It is noted that the peculiarities of vested interests of business entities in usage of other owner’s assets in course of doing business are an aggregate of certain characteristics, namely: the holder of such right is the business entity, the object is other owner’s assets, vested interests form the basis of the legal regime of usage of other owner’s assets in course of doing business. Theoretical and practical conclusions with respect to the improvement of legal regulation of the usage of other owner’s assets in course of doing business were made, proposals were made for introducing amendments and supplementary to the Commercial Code of Ukraine.

scholarly journals The Defects of Nigeria’s Secured Transactions in Movable Assets Act 2017 and Their Potential Repercussions on Access to Credit: a Comparative Analysis and Lessons from the Anglo-American Law

2021 ◽  
Vol 27 ◽  
pp. 9-46
Author(s):  
Williams Chima Iheme
Keyword(s):  
Small Businesses ◽  
The United States ◽  
Legal Framework ◽  
Law And Finance ◽  
Local Conditions ◽  
Access To Credit ◽  
Article 9 ◽  
Secured Transactions ◽  
American Law ◽  
Anglo American

It has been sufficiently established in law and finance literature that an effective legal framework that governs non-possessory security transactions is a key component in the realization of financial inclusion and affordable access to credit in market economies. Recently, the Nigerian lawmakers enacted the Secured Transactions in Movable Assets Act 2017 (STMA), which was modelled after the United States’ Article 9 of the Uniform Commercial Code (UCC Article 9) and its unitary-functional approach to security interests. Arguably, some of the STMA’s provisions are defective: they do not reflect the local conditions in Nigeria and are likely to frustrate its section 1 aim of broadening access to credit for individuals and small businesses. The STMA recognizes registration as the main method of perfection: yet there are multiple but unlinked movable collateral registries in Nigeria which ultimately constitute a breeding ground for secret liens. This article argues that the relegation of other perfection methods, such as ‘possession’ and ‘control’, will diminish the economic success of the reformed law. It calls for a reconsideration of the rules governing publicity and the perfection of security interests under the STMA with insights and lessons from the UCC Article 9 and its underlying case law.

scholarly journals Ease of Doing Business and Capital Market Development in a Demand Following Hypothesis: Evidence from ECOWAS

2020 ◽  
Vol 30 (4) ◽  
pp. 24-54
Author(s):  
Kamaldeen Ibraheem Nageri
Keyword(s):  
Capital Market ◽  
Structural Equation ◽  
Equation Model ◽  
West African ◽  
Market Development ◽  
African Countries ◽  
Access To Credit ◽  
Doing Business ◽  
Ease Of Doing Business ◽  
The Government

AbstractCapabilities of African businesses in a transformative role in solving the continent‘s challenges are underestimated and misunderstood. This study examined ease of doing business and financial development from a demand following hypothesis in the West African sub-region, employed Structural Equation Model covering the period of 2004 - 2017. Ten ease of doing business indicators and five distinct financial (capital market) development variables from the World Bank database were used. Findings indicate weak demand following the hypothesis of capital market development: positive and negative, depending on the measure of capital market development from the ease of doing business for West African countries majorly because of inadequate electricity. The indirect effect of the construction permit, property registration, access to credit, minority investors‘ protection and cross-border trading are indirectly significant to capital market development while starting a business, tax-paying, contract enforcement and settling insolvency are insignificant. The study recommended roadshow by West African capital markets to improve the listing of companies and the government should improve on the electricity supply.

Ease of Doing Business and Its Impact on Inward FDI

2018 ◽  
Vol 1 (1) ◽  
pp. 52 ◽  
Author(s):  
Mohamed Tareq Hossain ◽  
Zubair Hassan ◽  
Sumaiya Shafiq ◽  
Abdul Basit
Keyword(s):  
Regression Model ◽  
Causal Relationship ◽  
World Bank ◽  
Least Square ◽  
Doing Business ◽  
Least Square Regression ◽  
Foreign Countries ◽  
Ease Of Doing Business ◽  
The Impact ◽  
Starting A Business

This study investigates the impact of Ease of Doing Business on Inward FDI over the period from 2011 to 2015 across the globe. This study measures ease of doing business using starting a business, getting credit, registering property, paying taxes and enforcing contracts. The research used a sample of 177 countries from 190 countries listed in World Bank. Least square regression model via E-views software used to examine causal relationship. The study found that ease of doing business indicators ‘Enforcing Contracts’ was found to have a positive significant impact on Inward FDI. Nevertheless, ‘Getting Credit’ and ‘Registering Property’ were found to have a negative significant impact on Inward FDI. However, ‘Starting a Business’ and ‘Paying Taxes’ have no significant impact on Inward FDI in the studied timeframe of this research. The findings of the study suggested the ease of doing business enables inward FDI through better contract enforcements, getting credit and registering property. The findings of the research will assist international managers and companies to know the importance of ease of doing business when investing in foreign countries through FDI.

A Study on Consumers’ Awareness on Goods and Services Tax

2018 ◽  
Vol 6 (11) ◽  
pp. 30
Author(s):  
A. Hilary Joseph ◽  
D. Kanakavalli
Keyword(s):  
Tax Reform ◽  
Subsequent Stage ◽  
State Governments ◽  
Value Addition ◽  
Goods And Services ◽  
Late Night ◽  
Single Tax ◽  
Doing Business ◽  
Ease Of Doing Business ◽  
The One

The Goods and Services Tax (GST) -- India's biggest tax reform since independence formally launched in Parliament by Prime Minister Narendra Modi and President Pranab Mukherjee came into force after 17 tumultuous years of debate, unifying more than a dozen central and state levies.  The new tax regime was ushered at the late night of 30th June and came into force on 1st July 2017.  The one national GST unifies the country's USD 2 trillion economy and 1.3 billion people into a common market.  As commented by Mr.Modi, GST is not just tax reform but its economic reform. GST is a way forward in the ease of doing business.  In the language of law, it is called the goods and services tax, but the benefit of GST is really a Good and Simple Tax. Good because multiple taxes will be removed. Simple because it requires just one form and is easy to use.  GST is a single tax on the supply of goods and services, right from the manufacturer to the consumer.  Credits of input taxes paid at each stage will be available in the subsequent stage of value addition, which makes GST essentially a tax only on value addition at each stage. The final consumer will thus bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.  It renders numerous benefits to different parties such as business and industry, central and state governments and the ultimate consumers.  An effort is made to understand the consumers’ awareness on Goods and Services Tax. Everything that is introduced will attract agitation and unrest among different group of people and they can easily be overcome by designing programmes to clarify the objections of renowned economists.  GST will sure to have success when the confidence of every individual Indian citizens have obtained.

THE ROLE OF THE CIVIL SERVICE IN THE INDUSTRIALIZATION OF NIGERIA

2018 ◽  
Vol 1 (2) ◽  
Author(s):  
Chiemeka Onyema
Keyword(s):  
Public Service ◽  
Industrial Development ◽  
Industrial Revolution ◽  
National Development ◽  
Public Servants ◽  
Business Policy ◽  
Technological Base ◽  
Development Plans ◽  
Ease Of Doing Business ◽  
The Right

The goal of berthing Nigeria’s full-scale industrial revolution is yet to be achieved. All the industrial development plans have so far failed to accelerate the nation’s industrialization, hence the country’s low industrial base which has kept her in the league of developing nations. In fact, Nigeria has in recent times been experiencing deindustrialization, as several industries have collapsed and some others, such as Unilever and Michelin, have relocated to other countries. Several factors are responsible for Nigeria’s low industrial development and they include: inadequate infrastructure (particularly, energy), poor technological base, multiple taxes and levies, and, the shortage and high cost of foreign exchange. Despite a growing body of literature on industrialization in Nigeria, not much has been written about the link between Public Service Reforms and industrialization in Nigeria. This paper examines the links between the implementation of the Service Compact (SERVICOM) Charter and the achievement of Nigeria’s industrial development policies, especially the ‘Ease of Doing Business’ Policy. The paper makes the case that the goal of industrializing Nigeria will not be fully realised without an efficient Public Service. Furthermore, the paper highlights the need for Nigerian public servants to have the right work attitude, and to be morally upright and patriotic, in order to create a business-friendly environment and to build investor confidence, so as to facilitate and accelerate the country’s industrialization and overall national development. The author recommends that the Nigerian government should strengthen the implementation of the Servicom Charter and also incorporate the Charter into the industrialization plan.

scholarly journals Sensitivity of the Nonsubsidized Consumption Promotion Mechanisms of New Energy Vehicles to Potential Consumers’ Purchase Intention

2021 ◽  
Vol 13 (8) ◽  
pp. 4293
Author(s):  
Yuqing Lin ◽  
Jingjing Wu ◽  
Yongqing Xiong
Keyword(s):  
Purchase Intention ◽  
Urban Traffic ◽  
Practical Significance ◽  
Local Conditions ◽  
Concept Induction ◽  
New Energy ◽  
Education Levels ◽  
The Right ◽  
Policy Incentives ◽  
New Energy Vehicles

With the background of China’s new energy vehicles (NEVs) subsidies declining, there is an important practical significance to effectively play the role of the nonsubsidized consumption promotion mechanisms. The nonsubsidized mechanisms for NEVs are classified into two types—concept induction and policy incentives, and differences in the sensitivity of the two types of mechanisms on potential consumer purchase intentions due to differences in urban traffic patterns and consumer education levels are analyzed. The results show that consumers in cities with medium to high traffic pressure are more sensitive to the right-of-way privileges component of the policy incentives, and consumers in cities with low traffic pressure are more sensitive to the charging guarantee component of the policy incentives. Consumers with medium to high education are more sensitive to the pro-environmental component in concept induction, and consumers with low education are more sensitive to the charging guarantee policy component of the policy incentives. Therefore, the implementation of the nonsubsidized mechanisms for NEVs in China should adopt differentiated strategies based on local conditions and vary with each individual.

Jus Tempus in the Magna Carta: The Sovereignty of Time in Modern Politics and Citizenship

2010 ◽  
Vol 43 (03) ◽  
pp. 463-466 ◽  
Author(s):  
Elizabeth F. Cohen
Keyword(s):  
Early Modern ◽  
The Political ◽  
Place Of Birth ◽  
Political Status ◽  
Modern Politics ◽  
American Tradition ◽  
History Of ◽  
Anglo American ◽  
The Right ◽  
Constitutional Tradition

In the English constitutional tradition, subjecthood has been primarily derived from two circumstances: place of birth and time of birth. People not born in the right place and at the right time are not considered subjects. What political status they hold varies and depends largely on the political history of the territory in which they reside at the exact time of their birth. A genealogy of early modern British subjecthood reveals that law based on dates and temporal durations—what I will call collectivelyjus tempus—creates sovereign boundaries as powerful as territorial borders or bloodlines. This concept has myriad implications for how citizenship comes to be institutionalized in modern politics. In this article, I briefly outline one route through whichjus tempusbecame a constitutive principle within the Anglo-American tradition of citizenship and how this concept works with other principles of membership to create subtle gradations of semi-citizenship beyond the binary of subject and alien. I illustrate two main points aboutjus tempus: first, how specific dates create sovereign boundaries among people and second, how durational time takes on an abstract value in politics that allows certain kinds of attributes, actions, and relationships to be translated into rights-bearing political statuses. I conclude with some remarks about how, once established, the principle ofjus tempusis applied in a diverse array of political contexts.

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