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229 results · page 8 of 10
Alastair Berg, Chris Berg, Mikayla Novak
No abstract is available for this record.
Tatiana Falcão
No abstract is available for this record.
Leonor Freire Costa, Paulo Brito
This paper considers growing fiscal capacity of the European early modern states as contingent to taxpayer’s consent in higher tax loads. It puts forward the hypothesis that war damages were the main factor guiding the taxpayer’s cost-benefit assessment of consenting or violently resisting to a fiscal innovation. To test the hypotheses, we consider data on Portugal in times of political struggle against the Habsburgs to restore and keep the political autonomy after 1640. The war was financed by an entirely new, universal income tax, remaining in the Portuguese fiscal system well until the liberal revolution in 1820, although enforced by a decentralized and nonspecialized administration. A model derives the optimal tax rate from the standpoint of the taxpayer as a function of war intensity, risk aversion, and awareness that evasion would enhance war damages. Data on damages, contemporary assessments of the tax base, and amounts enforced allow the model’s calibration. Results suggest the accuracy of the hypothesis and draw the conclusion that taxpayers’ utility in paying the new tax determined the efective tax rate (tax enforced). This paper claims that ultimately improvements in the fiscal capacity of states needed taxpayer’s perception of high levels of destruction, hence any political regime in early modern Europe must have found in war damages a persuasive argument to make efective a fiscal innovation. The other contribution of this case study is pointing out the advantage of the assignment of the tax collection to local, non-professional administration, for the endurance of a fiscal system, which incorporated an income tax that withstood the liberal revolution. It enhanced the role of peer monitoring and turned out to be an efective way of instilling social norms contributing to build up the taxpayer’s liability, which somehow the liberal state in 19th century exploited within a different technological environment.
Diego de Miguel, M.S. Ruíz Rodríguez
El crecimiento exponencial de los bitcoins ha llevado a la necesidad de la AEAT de potenciar sus herramientas de seguimiento de las transacciones relacionadas con monedas virtuales, y a la Dirección General de Tributos a pronunciarse (aunque de manera escasa) sobre su tributación. En materia de imposición directa, las rentas derivadas de la compraventa y de minado de bitcoins tributarán como rendimientos de actividades económicas en el Impuesto sobre la Renta de las Personas Físicas (o, en su caso, como ganancias/pérdidas patrimoniales) o como ingresos en el Impuesto sobre Sociedades. Desde el punto de vista del Impuesto sobre el Valor Añadido, la compraventa de bitcoins se considera una actividad sujeta y exenta, mientras que el minado de bitcoins no tendría la consideración de prestación de servicios onerosa en el sentido de la jurisprudencia del Tribunal de Justicia de la Unión Europea. En el Impuesto de Actividades Económicas, tales actividades deberán incluirse, como regla general, en el epígrafe 831.9 de la sección primera, «Otros servicios financieros n.c.o.p.» y en materia del Impuesto sobre el Patrimonio, los bitcoins deberán ser declarados por su valor de mercado a 31 de diciembre de cada año. Finalmente, y respecto del modelo 720, el Anteproyecto de Ley de Medidas de Prevención y Lucha contra el Fraude Fiscal contempla expresamente la obligación de informar sobre la tenencia de monedas virtuales situadas en el extranjero.
Mikayla Novak
Purpose The purpose of this paper is to conceptualise the chief aspects of policy interest in blockchain technology. Design/methodology/approach The paper outlines policymaking processes in the context of innovation and technological change, assesses generic variations in policy treatment towards blockchain, and identifies manifestations of policy entrepreneurship using national case studies of blockchain policies. Findings Favourable policy dispositions towards blockchain technology are interpreted as political efforts to develop local, blockchain-enabled economies. So-called “crypto-friendly” jurisdictions proactively clarify regulatory and tax treatments of cryptocurrency and other blockchain applications, and trial blockchain uses in fields predominated by public sector activity. Policymakers in countries hostile towards blockchain-related activity have instigated bans or strict limitations with respect to blockchain engagement by developers and users. Research limitations/implications Reliance upon case studies suggests the need for alternative study approaches (e.g. index construction, empirical research) as blockchain use consolidates throughout the global economy. Practical implications This paper provides insight to policymakers and blockchain practitioners regarding the attributes of accommodative policies towards distributed ledger technology. Social implications Countries and sub-national regions exhibiting a more welcoming policy stance are more likely to attract entrepreneurs and investors in the crypto-economic blockchain space. Originality/value This paper develops a policy “crypto-friendliness” construct to assess the extent to which policymakers enact accommodative policies for blockchain development.
Joseph Wall, D. Larry Crumbley, Lewis B. Kilbourne, Caleb Blair
In this report, the authors discuss cryptocurrencies — especially bitcoin — and argue that because the IRS lists them as property, they are taxable, and because they are not as anonymous as once thought, they are not free from fraud. Cryptocurrencies are digital assets used as a medium of exchange, but they are not really coins. They can be sent electronically from one entity to another almost anywhere in the world with an internet connection. There are many cryptocurrencies in the market, including bitcoin, ethereum, ethereum classic, litecoin, nem, dash, iota, bitshares, monero, neo, and ripple. Many of the cryptocurrency networks are not controlled by a single entity or company; instead, a decentralized network of computers keeps track of the currency using a token ID. A ledger maintains a continuously growing list of date stamped transactions in real time called “blocks.” This technology is known as blockchain, which records, verifies, and stores transactions without a trusted central authority. The network instead relies on decentralized autonomous organizations (DAOs) with uncertain legal standing.
Nick Webb
On August 1, 2017, the Bitcoin blockchain experienced a hard fork.The hard fork, spurred by concerns over Bitcoin's scalability, resulted in an entirely new blockchain and an accompanying new cryptocurrency: Bitcoin Cash.However, the new blockchain relies on the history of transactions recorded on the old blockchain.Consequently, at the time of the hard fork, every holder of Bitcoin could have received an equal amount of Bitcoin Cash.This sudden receipt of Bitcoin Cash poses a variety of tax problems.Should the acquired cryptocurrency qualify as income?If so, how should taxpayers calculate this income?Current income taxation law suggests the Bitcoin/Bitcoin Cash hard fork produced gain that, for the most part, was immediately realized.Thus, most taxpayers that received Bitcoin Cash at the time of the hard fork should have reported its value as income to the Internal Revenue Service.However, due to a variety of practical concerns, including a lack of sufficient analogous situations, cryptocurrency's volatility, and the IRS's refusal to follow relevant regulations related to the taxation of "treasure trove," perhaps it would be best to reconsider this conclusion and explore a solution that permits taxation of Bitcoin Cash upon a subsequent sale.
Meryem Ait Ouali, Mohamed Boussetta
Financing local communities relies on a complex network of taxes, subsidies and loans. In the last decade the network has undergone numerous transformations .The reforms implanted in past years changed the systems of public finance substantially. Therefore, financial local autonomy is a term that frequently employed in the literature of federalism and decentralization, but it’s rarely defined conceptually in a careful way to empirical research. Generally it expresses the capacity of local communities to have their own revenue and expenditure budget, distinct from that of the state in which revenue can cover expenses incurred to meet their requirements. Indeed it is a highly valued feature of good governance. This paper is dedicated to a study in theory and practice. Starting with an overview on background of theoretical approach of local financial autonomy, then comparing the experiences of two European countries France, Italy and Morocco in the field. The purpose of this paper is to clarify the meaning of local financial autonomy and give a structured overview of the factors that may potentially influence the liberty of sub national authorities with regard of their own revenue and expenditure budget. Based on indicators and taking into account empirical evidences offered by official statistical datas, established in recent years for evaluating the position of administrative territorial units in relation to central government. The analyses prove that there is no universal model of local public finance applicable to all countries, because each has its own specific historical, cultural and linguistic particularities.
Hatim Hussain
Nearly twenty-five years ago, the internet disrupted the world and started a new era of technological supremacy. Today, with the rise of cryptocurrencies and its underlying technology, we stand at the helm of another such revolution. Cryptocurrencies like bitcoin are decentralised, digital currencies relying on a peer-to-peer network which operates without the need for a third-party intermediary like the Reserve Bank of India. Coupled with lack of regulatory guidance, its unique technical aspects create huge complications in its taxation. While much ignorance still prevails in respect of cryptocurrencies, countries around the world have finally started taking notice and acting upon it. This paper focuses on what cryptocurrencies are, why they are important, and the prevailing regulatory structure concerning them. It overviews the complete landscape for taxation of cryptocurrencies like bitcoin, analysing the indirect and direct tax structure, particularly after the implementation of Central Goods and Services Tax Act, 2017, while also addressing the issues concerning the evasionary practices. The findings help in assessing the regulatory aspects in light of the technological, economic, social and financial forces, and establishing a set framework for taxation of cryptocurrencies.
Muhammad Mannir Ahmad Getso, Zainudin Johari
No abstract is available for this record.
Austin Elliott
After granting permission to the Internal Revenue Service to serve a digital exchange company a summons for user information, the Federal District Court for the Northern District of California created some uncertainty regarding the privacy of cryptocurrencies. The IRS views this information gathering as necessary for monitoring compliance with Notice 2014-21, which classifies cryptocurrencies as property for tax purposes. Cryptocurrency users, however, view the attempt for information as an infringement on their privacy rights and are seeking legal protection. This Issue Brief investigates the future tax implications of Notice 2014-21 and considers possible routes the cryptocurrency market can take to avoid the burden of capital gains taxes. Further, this Issue Brief attempts to uncover the validity of the privacy claims made against the customer information summons and will recommend alternative actions for the IRS to take regardless of whether it succeeds in obtaining the information.
Марія Петрівна Бадида
The article analyses the directions of tax management in the context of budgetary decentralization. The paper aims to research tax management in the system of forming local budgets in the conditions of financial resources decentralization and analyze the current tools of tax management on the local level. In spite of a great number of researches, the issue of tax management in strengthening financial independence of local budgets is not enough studied; therefore, to reach financial independence of local communities it is necessary to adopt new normative and legal acts concerning decentralization of financial resources taking into account tax potential of each territorial community. The lack of financial resources causes the problem of optimal redistribution of power among central and local authorities. The author proposes the new mechanisms of solving the current problems on the example of local budget of the city of Uzgorod to contribute budgetary decentralization. The principal idea while conducting the reform of the budgetary process must be the adoption of certain changes in budgetary legislation which have to shift the mechanisms of budgetary financing and equating local budgets. The author concludes that the progressive vector of well-being increasing completely depends on the developed concept of regional economic policy. The article pays attention to the importance of taking into account the tax potential of a territory and characterizes the directions of strengthening financial independence of local government.
Wulf A. Kaal
No abstract is available for this record.
Richard Thompson Ainsworth, Musaad Alwohaibi
Following years of study the Gulf Cooperation Council (GCC) appears ready to adopt the recommendations of the International Monetary Fund (IMF) and put in place a tax system that will stabilize revenue. A value added tax (VAT) and corporate income tax (CIT) are considered. A VAT Framework Agreement, that functions like the VAT Directive in the EU, has been agreed. Although new, the GCC VAT is very worthy of attention. From a tax policy perspective, it is making notable improvements to EU VAT design. The GCC VAT is (potentially) the world’s first real-time, blockchain-secured, multi-jurisdictional VAT. This is a remarkable accomplishment, and it indicates that the GCC has learned and applied a number of global VAT and technology lessons. One of the most visible flaws in the EU VAT is its openness to cross-border frauds – both intra-community and extra-community frauds. Missing traders are the problem. This is what the GCC has corrected. The perpetrators of tax fraud are not at all concerned about the specific tax law that they are abusing; they are looking solely at revenue streams, and the probability that they will get caught. As a result, when a fraudster finds a single activity that attacks multiple tax systems, it becomes a favored vector, and we find a nexus of frauds clustered around a unitary fraud operation. The government’s perspective is just the opposite of the fraudster’s. A focus on one kind of tax fraud may well resolve many more kinds of fraud. This appears to be what will happen as the GCC VAT is rolled out after January 1, 2018. The example considered in this paper involves the illicit cigarette trade. By resolving missing trader frauds, the GCC may (unintentionally) make a serious dent in the illicit cigarette trade and the theft of cigarette tax revenues (a manufacturer’s tax), precisely because the operation of the GCC VAT will increase the cigarette fraudster’s probability of detection. A “tax fraud nexus” that could easily be replicated in the GCC (if an unmodified EU-style VAT were to be adopted) can be seen in the Danish chocolate frauds. These frauds were examined in the first program of the three part Danish documentary, How Fraudulent Denmark (Sådan Svindles Danmark). The documentary appeared on DR TV January 12 and 25, and February 1, 2016. The fraud vehicle was candy that was re-sold by traders who purchased expired chocolate from the Mars Denmark Company. The primary fraud, re-packaging and then re-selling expired chocolate was carried out in a manner that attacked two tax regimes – the chocolate tax (a manufacturer’s tax) and the VAT (a consumption tax). This scheme funded organized crime; a different scheme examined in the second program of the documentary funded Islamic terrorists. The GCC seems to be very aware of the missing trader fraud discussed in the documentary. Technology innovations that will suppress it are set out in Article 71 of the GCC Framework Agreement. No other VAT Framework or VAT Directive has such a provision. One of the tax-related side benefits from resolving missing trader fraud in the GCC VAT will likely be the suppression of cigarette smuggling, and the recovery of important revenues from the cigarette tax, which has been raised to a 200% levy. If Denmark had a VAT provision similar to Article 71 it would likely solve the VAT and Chocolate Tax frauds considered in the documentary.
Hatim Hussain
Nearly twenty-five years ago, the internet disrupted the world and started a new era of technological supremacy. Today, with the rise of cryptocurrencies and its underlying technology we stand at the helm of another such revolution. Cryptocurrencies like bitcoin are peer-to-peer decentralized systems of digital currencies which operate without the need for a third-party intermediary like RBI. Coupled with lack of regulatory guidance, its unique technical aspects create huge complications in its taxation. While much ignorance still prevails in respect of cryptocurrencies, countries around the world have finally started taking notice and act upon it. This paper overviews the complete landscape of taxation of bitcoin-like cryptocurrencies. In this paper, an attempt is made to explain the indirect as well as direct tax structure concern cryptocurrencies, particularly after the implementation of Goods and Service Tax Act, 2017. The paper explains what bitcoins are, why are they important and whether it is necessary for the Government to regulate it. In addition, it discusses the prevailing regulatory structure as well as issues concerning evasionary practices in digital currencies. The findings help assess regulatory aspects in light of technological, economic, social and financial forces and establishes a set framework for taxation of cryptocurrencies.
Chris Berg, Sinclair Davidson, Jason Potts
No abstract is available for this record.
Rowena Cullen
The chapter examines the critical role of good governanceGovernance and robust financial management in building stable democratic states in the Pacific Islands. It explores the role of ICTs in public financial managementPublic financial management (PFM) as a means to this end and identifies some of the factors that lead to the success or failure of e-government initiatives in this core government activity. The chapter outlines the dominant PFM reform agendas in the Pacific, including those of the World BankWorld Bank and the IMF, which have been endorsed by the Pacific Islands ForumPacific Islands Forum Economic Ministers Meeting, and the role of PFM systems and effective audit systems in combating corruptionCorruption . The need for capacity buildingCapacity building and leadershipLeadership in embedding public financial management reforms are discussed and the chapter concludes with a discussion of some issues emerging from the chapter: the value of centralized versus decentralized systems and the tension between development assistance and sovereignty. The chapter argues that ownership of the public financePublic finance reform agenda by Pacific governments and a commitment to good governance is essential for sustainable PFM reforms in the region and for development.
Richard Thompson Ainsworth, Musaad Alwohaibi
No abstract is available for this record.
Daniel Hummel
The dichotomy between pay-as-you-go (taxation financing) and pay-as-you-use (debt financing) methods of financing municipal projects, etc, is the area of concern in this paper. While there arc advantaees and disadvantages to both forms, debt financing carries a considerable amount of baggage known as interest. Interest or usury has been a concern of economic and religious thinkers through the ages. Given the potentially negative effect this has on the debtor, Indonesia is forewarned as it decentralizes fiscal administration to local governments. Besides reliance on taxation financing, an alternative public debt option is highlighted.
Thalita Araújo Ribeiro
This thesis analyzed the Single Social Assistance System ( SUAS ) in the municipality of Paracatu, Minas Gerais, with cut in the period 2006-2015 , with the difficulties that the municipality has found to consolidate this system, considering the co-financing of social assistance in the context of fiscal adjustment underway in the country .Therefore, the legal bases were considered that institutionalized social assistance as a public policy, as well as historical contexts and budget expenditures of the three levels of the federation, in the period studied, dedicated to an approach on the financial management of social assistance in Paracatu-MG. The need for recognition of social care as a social right and ensuring access to social assistance services for those who need it signal to a reality that tends to move away from historically constructed conceptions. Decided by the Fourth National Conference on Social Assistance 2003, the implementation of SUAS is guided by principles established by the Organic Law of Social Assistance (LOAS) , considered the National Social Assistance Policy (PNAS) and is organized by the Basic Operational Norm (NOB / SUAS). The SUAS must have the management of actions based on the political and administrative decentralization, participation and co-financing. Thus, under the co-financing, it was found that among all the entities of the federation, the states have shown little improvement in the share of funding for social assistance. O. It was also considered the debate surrounding the public fund, seeking to understand its functionality, especially in prioritizing times of economic policies, with strategies of fiscal adjustments. The results were identified that in Paracatu-MG, the main difficulties SUAS consolidation are most technical references teams are not complete; significant supply socioassitencias services by entities; lack of CRAS Volante to meet the population living in rural areas and lack of proper headquarters for the Specialized Reference Centers of Social Assistance (CRAS), Reference Center for Specialized Social Assistance (CREAS) and the Municipal Development and Social Action (SEDAS).
Estherini Heratity Pratiwi
The Indonesian government imposed a policy of regional autonomy with the aim to facilitate local governments regulate local affairs independently. Tangerang City is one of the areas that implement decentralization policy and requires a lot of funds to finance regional development. The biggest potential possessed Tangerang City in the financing of regional expenditures derived from local taxes and are expected to provide the largest contribution in PAD. This study aims to determine the effectiveness of tax collection hotels, restaurants, billboards and parking, and its contribution to the PAD Tangerang City. Methods of data analysis in this research is descriptive analysis. The variables in this study are the ratio of the effectiveness and contribution analysis. Data analysis technique in this study is a quantitative analysis. Based on the analysis, the average effective tax collection hotel, restaurant tax, advertisement tax and parking tax years 2010-2014 is very effective and the average contribution collection hotel, restaurant tax, advertisement tax and Tangerang city parking tax years 2010-2014 is lack.
Markus C. Arnold, Florian Elsinger, Frederick W. Rankin
No abstract is available for this record.
Scott A. Wiseman
At Bitcoin’s peak in November 2013, there were 93,000 global transactions made in a single day. These users purchased everyday items such as personal services, food, and real estate. This alone suggests that Bitcoin is not primarily used as a long-term investment tool, but rather is used as a currency and a vehicle for global transactions. Congress and the IRS should regulate it accordingly. Representative Stockman’s Virtual Currency Reform Act offered an attempt to negate the IRS decision and officially classify Bitcoin and other virtual currencies as currency instead of property. A tax reclassification would alleviate typical users’ many inconveniences caused by burdensome accounting and tax reporting. A reclassification would also allow and encourage the use of Bitcoin and other virtual currencies because imposing a sales tax on transactions similar to everyday currencies is a small change that most users would not find prohibitive or restrictive. While it is evident that there needs to be some form of IRS taxation of virtual currencies, attempting to classify Bitcoin according to existing tax principles is challenging and ineffective.\nAlthough this is new technology and subsequently uncharted territory for many doctrines of law, the technology should be embraced and encouraged to prosper. For example, typical sales tax on transactions made on the internet are currently an unsolved dilemma. It gets even trickier trying to throw virtual currencies into the mix. Between complex tax law, jurisdictional issues, and the constant globalization of our economy, challenging legal questions will arise. Classifying certain Bitcoin transactions for a sales tax instead of a capital gains and losses tax is the first step in the right direction toward answering these difficult questions and encouraging the use of Bitcoin and other virtual currencies to further global trade in the future.
Paula Alexandra Nazareth
The current decentralization process escalating in Brazil since 1980 flanked by the endeavor of the democratization in the country, strengthened the role of the municipality once it was elevated to the status of autonomous federal entity by the Brazilian Federal Constitution of 1988. Upon 25 years of the given new democratic legacy, the municipal revenues increased in volume, in comparison to other spheres, due to the establishment of law and regulations accrediting new responsibilities and new obligations for the municipality. Although it was transformed into politics generator-making agent with potential to promote the local development, by means of power entitlement to be effective as well as the decision towards the design of such politics, the municipality has restricted autonomy towards political decision-making: most part of the resources tend to be transferred to a pre-defined destination via legislation or in the several programs set by the central government. Thus, public expenditures are increasingly as much as to be defined by federal rules as well as financial releases by conditional transfers to sectorial funds, restricted, in practice, to the autonomy of the local expenses. Henceforth, this essay is focused on the contribution to the debate about the possibility of municipal administrations to perform fundamental role of promotions of local development, with greater citizen participation and reduction of social inequalities of which surrounds Brazil, by highlighting elements for the proper analysis of the decentralization process towards the impact of public finance and municipal autonomy.