Addressing Tax Arbitrage with Hybrid Financial Instruments : a Multidisciplinary Study and Proposal for Developed and Developing Countries.

Analysing legislative action against tax arbitrage with hybrid financial instruments from a multidisciplinary perspective, this book provides valuable insight into the effects of potential approaches.

Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Scherleitner, Moritz
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Amsterdam : IBFD Publications USA, Incorporated, 2020.
Colección:Doctoral series ; v. 54.
Temas:
Taxation > Law and legislation.
Taxation > Law and legislation
Acceso en línea:Texto completo
Tabla de Contenidos:
  • Cover
  • IBFD Doctoral Series
  • Title
  • Copyright
  • Dedication
  • Preface
  • Abbreviations
  • Chapter 1: Introduction
  • 1.1. Setting the scene: Tax arbitrage with hybrid financial instruments
  • What is it and what is being done about it?
  • 1.2. Motivation and research goals
  • 1.3. Scope and research approach
  • 1.4. Terminology
  • 1.5. Limitations, assumptions and remarks
  • 1.6. Outline of the study
  • Chapter 2: Financial Instruments from a Multidisciplinary Perspective
  • 2.1. Financial instruments: A tax law point of view
  • 2.1.1. Overview
  • 2.1.2. The binary distinction between debt and equity: Where does it come from?
  • 2.1.3. Characteristics of debt and equity in their purest form
  • 2.1.4. How to draw the line between debt and equity
  • 2.1.5. Consequences of the classification as debt or equity
  • 2.1.5.1. Issuer
  • 2.1.5.2. Investor
  • 2.1.5.3. The international dimension
  • 2.2. Financial instruments: A corporate finance point of view
  • 2.2.1. Overview
  • 2.2.2. The trade-off theory
  • 2.2.2.1. Overview
  • 2.2.2.2. The influence of taxes on the financing decision
  • 2.2.2.3. Bankruptcy and financial distress
  • 2.2.2.4. Agency costs of debt
  • 2.2.2.5. Agency benefits of debt
  • 2.2.2.6. Reduction in financial flexibility
  • 2.2.3. The pecking order theory
  • 2.2.4. Reasons for financing with hybrid financial instruments
  • 2.2.5. The intra-group perspective
  • 2.3. Financial instruments: An economic point of view
  • 2.3.1. Overview
  • 2.3.2. Impact of the unequal tax treatment of debt and equity
  • 2.3.2.1. Overview
  • 2.3.2.2. The debt bias
  • 2.3.2.3. Debt shifting
  • 2.3.3. Hybrid financial instruments: An alternative source of financing
  • Chapter 3: Tax Policy Considerations: Guiding Principles for Company Taxation
  • 3.1. Overview and justification of limitations
  • 3.2. Guiding principles of company taxation
  • 3.2.1. Equity
  • 3.2.1.1. Overview
  • 3.2.1.2. Inter-taxpayer equity
  • 3.2.1.2.1. The traditional presentation
  • 3.2.1.2.2. Relevance for the book
  • 3.2.1.2.3. Ability-to-pay principle
  • 3.2.1.2.4. Benefits principle
  • 3.2.1.3. Inter-nation equity
  • 3.2.1.3.1. The traditional presentation
  • 3.2.1.3.2. Relevance for the book
  • 3.2.1.3.2.1. Overview
  • 3.2.1.3.2.2. Developed countries: Tax competition pressures and path dependencies
  • 3.2.1.3.2.3. Developing countries: Ensuring source taxation
  • 3.2.2. Efficiency
  • 3.2.2.1. The traditional presentation
  • 3.2.2.2. Relevance for the book
  • 3.2.2.2.1. Overview
  • 3.2.2.2.2. Neutrality
  • 3.2.2.2.3. Simplicity
  • 3.2.2.2.4. Stability
  • 3.2.3. Administrability
  • 3.2.3.1. The traditional presentation
  • 3.2.3.2. Relevance for the book
  • 3.2.3.2.1. Overview
  • 3.2.3.2.2. Tax administrations' capacities
  • 3.2.3.2.3. Availability of information

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