bluuebunny/crossref_metadata_2025_split huggingface dataset:
Corporate Bonds in Denmark
Authors: Tell Michael 
Published: February 2022

Corporate financing is the choice between capital generated by the corporation and capital from external investors. However, since the financial crisis shook the markets in 2007–2008, financing opportunities through the classical means of financing have decreased. As a result, corporations have to think in alternative ways such as issuing corporate bonds. A market for corporate bonds exists in countries such as Norway, Germany, France, the United Kingdom and the United States, while Denmark is still behind in this trend. Some large Danish corporations have instead used foreign corporate bonds markets. However, NASDAQ OMX has introduced the First North Bond Market in December 2012 and new regulatory framework came into place in 2014, which may contribute to a Danish based corporate bond market. The purpose of this article is to present the regulatory changes in Denmark in relation to corporate bonds. The purpose is further to analyse the tax consequences of issuing bonds in both a direct issue of bonds and through securitization.
Interest Limitation Rules in the Post-BEPS Era
Authors: Tell Michael 
Published: February 2022

The use of debt is, according to the OECD, one of the simplest profit-shifting techniques available in international tax planning, due to the mobility of money. A debt tax planning strategy can be applied without any people or machinery being moved or re-allocated; it can be done by advisors or in-house specialist sitting at their desks. These (lawful) tax planning strategies undermine the fairness and integrity of tax systems, because multinational entities can use Base Erosion and Profit Shifting (BEPS) strategies to gain a competitive advantage over domestic entities, as well as undermining voluntary compliance by all taxpayers, according to the OECD. The focus in the OECD BEPS project and the Anti-Tax Avoidance Directive (ATAD) is to counteract these tax planning strategies to ensure taxation where the value is created (economic activity). This article focuses on one anti-tax avoidance measure: interest limitation rules as addressed in BEPS action 4 and in ATAD Article 4. The aim of the article is to address the need for interest limitation rules, analyse the recommend approached in BEPS action 4, analyse the minimum interest limitation rule in the EU according to Article 4 in ATAD, and the implications of OECD action 4 and ATAD Article 4. Lastly, the article will discuss alternatives to these interest limitation rules as a way to address BEPS.
Tax Treaty Characterization of Income Derived from Cloud Computing and 3D Printing and the Spanish Approach
Authors: Requena José Ángel Gómez 
Published: February 2022

The digitalization of the economy is giving rise to several tax issues. Although some problems are typical and have been highlighted by tax experts for many years, with the tremendous growth of the digital economy they have only been exacerbated. Nevertheless, there are specific issues that have arisen due to the digitalization of the economy, such as the nexus issue for permanent establishments, the tax treatment of data collected through the Internet and the appropriate characterization of income derived from new business models. This article analyses the tax treatment of two of these models that are widespread, namely cloud-based services and 3D printing services. After noting the relevant characteristics of the tax issues, the article studies the treatment under tax treaties, taking into account the OECD Model Convention and the Commentary thereon, as well as the position of the Spanish tax administration. This study uses the tax treatment of software and digital products, as addressed in the Commentary on Article 12 of the OECD Model, and the Spanish Observation to that Commentary, in order to build a framework of the potential tax treatment among business profits, royalties and capital gains. Finally, the author defends the characterization of both cloud computing and 3D printing payments as a tool to align tax with the place of value creation through a new interpretation of the concept of royalties in the Commentary on the OECD Model following the approach of the Spanish tax administration.
Virtual Permanent Establishments: Indian Law and Practice
Authors: Nagappan Meyyappan , Unnikrishnan Anandapadmanabhan 
Published: February 2022

The virtual permanent establishment (virtual PE) was first proposed to tackle growing concerns that multinationals could artificially avoid PE status by rendering cross border supplies of goods and services through electronic means. The virtual PE concept therefore sought to link taxation with value creation: in most cases, this involved the application of source taxation to non-resident entities that had no physical presence in the source state. With increasing digitalization, the virtual PE concept has become crucial to addressing tax avoidance and base erosion, particularly by multinational enterprises and cross border suppliers of goods and services. This article traces the evolution and treatment of the virtual PE concept under Indian law against the background of the broad framework prescribed under international and comparative tax law. Based on an analysis of Indian judicial precedents on the topic, the authors believe that Indian courts have progressively watered down the requirements necessary to trigger the existence of a PE. Although the lowering of thresholds is in the context of digital businesses where the courts have sought to tax income in India through any tangible or physical nexus, the lower thresholds could arguably be applied in other situations. Furthermore recent reservations by India to the revised OECD Model Tax Convention on Income and on Capital (OECD Model) and changes in the domestic tax laws introduced in the 2018 Budget also indicate an intent to lower the threshold for the creation of nexus, for both digital and other businesses operating in the Indian market. This potentially raises the level of uncertainty with regard to many transactions which, in the past, were not questioned as being undertaken by a PE and which may, in certain instances, lead to absurd results. Additionally, the struggle between adopting a multilateral solution such as the virtual PE appears to be slowly giving way to uncoordinated and unilateral levies, such as India’s recent equalization levy. Several European countries are now considering similar unilateral measures. This would lead to double taxation, have a chilling effect on cross border trade, and undercut the foundation of the international tax order by bypassing a stable and clear treaty network. Therefore, there is a need to address the complexity of the concept of a virtual PE and achieve consensus before the world crosses a tipping point, after which unilateral solutions may become the norm. From an Indian perspective as well, this is crucial if India is to achieve its publicly stated goal of a USD 1 trillion digital economy in the next four years.
Hybrid Entity Mismatches: Exploring Three Alternatives for Coordination
Authors: Parada Leopoldo 
Published: February 2022

The OECD pragmatic approach regarding hybrid entity mismatches is, without doubt, questionable. However, equally questionable is the absence of alternatives solutions proposed by either academics or tax policy makers , which demonstrates a sort of conformism as regards both the diagnosis of the problems and the solutions thereto, as if matching tax outcomes and taxing income somewhere – no matter where – were indeed the only possible path to deal with hybrid entity mismatches. In an attempt to break this inertia, this article argues for coordination in the tax characterization of entities as a straightforward and suitable alternative to replace the current OECD linking rules, and perhaps also, the consequentialist OECD approach to hybrid entity mismatches. For this purpose, three specific alternatives are explored for coordination in the tax characterization of entities, which include (1) supremacy of the tax characterization rules of the source state, (2) supremacy of the tax characterization rules of the residence state and (3) supremacy of the tax characterization rules of the home state. The analysis of these alternatives includes both hypotheticals and specific examples from domestic and supranational laws that are used to illustrate and support their effectiveness. The ultimate aim of this article is to demonstrate that coordination in the tax characterization of entities appears to be not only a more preferable path when compared to the OECD approach of matching tax outcomes, but also a more coherent and less costly alternative for both taxpayers and tax administrations.
Carpet-Bombing Tax Avoidance in Europe: Examining the Validity of the ATAD Under EU Law
Authors: Govind Sriram , Lazarov Ivan 
Published: February 2022

This article examines the compatibility of the Anti-Tax Avoidance Directive (ATAD) with primary EU law on four grounds. First, it argues that the Directive is incompatible with the general principle of anti-abuse developed by the CJEU. Second, it considers the Directive to not comply with the requirements of Article 115 TFEU as it does not contribute to the ‘establishment and functioning of the internal market’ per accepted case law of the CJEU. Third, the Directive is at odds with the principle of subsidiarity, as the Commission put forward no convincing evidence regarding the need for such a directive at an EU level. Finally, several provisions of the Directive go beyond what is necessary to combat artificial arrangements in a tailor-made fashion, thereby making it incompatible with the principle of proportionality.
A New Taxing Right for the Market Jurisdiction: Where Are the Limits?
Authors: Buriak Svitlana 
Published: February 2022

This article contributes to the ongoing discussions regarding which business models should fall under the scope of the new taxing right of the market state proposed in the OECD Secretariat’s Proposal for a Unified Approach. In the first section, it contends that the proposal for the new taxing right should be built upon a solid principle-based foundation. Given that ‘value creation’ is a subjective arbitrary concept, it cannot be relied upon when attributing taxing rights to the market state. For this reason, the author argues that the allocation of taxing rights to the market jurisdiction is justified only when the market jurisdiction is regarded as the place of origin of the income where wealth is produced. In the second section, the article analyses the business models in which customers take part in the income-generation process of multinational enterprises (MNEs) and thereby establish an economic link between the profits of highly-digitalized MNEs and market states. In that regard, the article contributes to the discussion on what ‘businesses in scope’ under the Unified Approach should include. Last but not least, the article considers the limitations of the new nexus rule based on a threshold of revenue and what other alternative nexus solutions could be developed.
Unified Approach, Value creation, Wealth production, Principle-based solution, Consumer-facing businesses, Market states, B2B2C, B2C2B, Digital service PE, Virtual Agency PE
Positive Spillovers in International Corporate Taxation and the European Union
Authors: Ates Leyla , Harari Moran , Meinzer Markus 
Published: February 2022

The international spillover effects of specific domestic policies and practices have been subjected to increasing scrutiny from a range of international organizations, academia, and civil institutions with tax policy and practice both central in this discussion. Nevertheless, the extant international tax spillover analyses explore a limited set of spillover pathways or indicators that have been criticized in the literature for not being sufficiently inclusive. The focus of this article is on a newly launched index that includes a comprehensive set of plausible pathways in which spillovers occur. The Corporate TaxHaven Index (CTHI) explores twenty key tax spillover indicators under five categories and assesses sixty-four countries’ tax systems in order to identify policies that should be considered for corporate tax reform to mitigate cross-border tax spillovers. This article particularly aims to highlight international corporate tax spillover pathways in the European Union Member States’ domestic tax laws, regulations and documented administrative practices but limits its scope to domestic tax rules that dispense with positive spillovers. Finally, it analyses Member States’ current performance and concludes with recommendations for future tax reforms in the European Union.
Tax spillovers, Corporate Tax Haven Index, transparency rules, public accountability, country by country reporting, mandatory disclosure rules, tax rulings, extractive contracts, anti-avoidance rules, controlled foreign company rules, deduction limitation.
Tax Treaty Interpretation and Authentic Languages Lessons from Polish Case Law
Authors: Resch Richard Xenophon 
Published: February 2022

This article argues the case for a holistic approach to tax treaty interpretation in respect of multiple authentic language texts, which is supported by Polish case law. In daily practice, courts rarely consider other language text(s). Established international doctrine sanctions this practice by maintaining that a comparison of text(s) would not be necessary for cases of ‘routine interpretation’. This state of affairs impairs international consistency of tax treaty interpretation and necessarily produces cases of treaty misapplication. Hence, it is all the more important to pay attention to case law in which a court has looked at other authentic text(s) – particularly when it has commented on the methodology of plurilingual treaty interpretation in a fundamental manner and not only used the other text(s) to resolve an ambiguity or confirm an interpretation based on the text in its own language. This article will outline and discuss the position developed by the Polish Supreme Administrative Court (NSA) which is congruent with the views developed by the present author elsewhere based on fundamental principles of public international law and considerations of systematic consistency.
Tax Treaty Interpretation, Plurilingual Treaties, Authentic Languages, Case Law, Poland
Transnational Tax Law-Making in Brazil
Authors: Oliveira Ludmila , Magalhaes Tarcisio 
Published: February 2022

This Article is the first to offer a historical study of the evolution of Brazil’s tax system since the end of the Second World War until the present day, centring on the influence of external actors and institutions. In doing so, it advances two novel contributions to the literature. First, it provides a country-specific account of transnationalization in tax law-making through time, explained in light of social, economic, and political circumstances. Second, it proposes a critical discussion on the role of foreign expertise in shaping domestic tax law and policy. What the history of Brazil’s development struggles reveals is that Global North experts had many chances to ‘fix’ the country’s problems, but they have for the most part not been successful. Regardless of the merits or demerits of their ideas, there are many Brazilian experts all around the country who are highly capable in advising, consulting, and advocating for tax reform, and they should be the ones with primary access to lawmakers.
Transnationalization, tax reform, legal transplants, comparative law, external influences, foreign experts, international institutions, political legitimacy, economic development, historical analysis.
COVID-19 and Fiscal Policies: COVID-19 and Beyond
Authors: van Weeghel Stef 
Published: February 2022

This contribution covers the various stages of addressing the COVID-19 pandemic with taxation measures: the lockdown and its immediateaftermath, the recovery from the pandemic and measures to stimulate the economy and finally, in due course, the reduction of government debt.
COVID-19, relief measures, recovery, government debt, government support, tax gap.
COVID-19 and Fiscal Policies: Italy’s Tax and Fiscal Policy Measures at the Time of the COVID-19 Crisis: ‘Tax Peanuts’ Without a New Deal
Authors: Beretta Giorgio , Bizioli Gianluigi 
Published: February 2022

In this article, the authors offer a critical perspective on the main tax and fiscal policy measures introduced by Italy in response to the coronavirus disease 2019 (COVID-19) crisis. The article shows that the tax and fiscal policy measures enacted thus far by Italy are short-viewed, being narrowly addressed at cushioning the effects of the COVID-19 crisis without a long-term vision of how the tax system can be thoughtfully reshaped. If the current crisis is to be intended both as a challenge and an opportunity, the authors submit that a new deal is needed, including a comprehensive overhaul of the country’s tax system.
COVID-19, cushioning and mitigation measures, European Union, extraordinary taxes, fiscal solidarity, intergenerational equity, Italy, new deal, tax policy, tax reform.
COVID-19 and Fiscal Policies: COVID-19 and Japanese Tax Policy
Authors: Masui Yoshihiro 
Published: February 2022

This article comments on the tax measures contained in the Emergency Economic Measures for COVID-19, decided by the Japanese government on 7 April 2020 and further amended on 20 April 2020. It then speculates how Japan’s tax system may be able to finance the growing fiscal deficit over the longer run.
COVID-19, tax policy, Japan, fiscal deficit, exit strategy, tax mix, tax incentive, social security, basic income.
COVID-19 and Fiscal Policies: International Tax in the Time of COVID-19
Authors: Baker Philip 
Published: February 2022

This discussion piece considers some of the potential consequences for international taxation of the Covid-19 pandemic and the economic recession. It considers tax measures that states may wish to take, as well as the impact on the institutional structure of international taxation and the way in which we do international taxation. It considers the introduction of excess profit taxes and progressive wealth taxes, as well as changes to the OECD agenda. Finally, it considers whether some of the new ways of working developed during lock-down will have long-term implications for international taxation
International tax, coronavirus, COVID-19, excess profit tax, wealth tax, OECD, institutional structure.
Country Note: Customs And Fiscal Control In Poland As A Radical Measure To Eliminate Tax Evasion
Authors: Teszner Krzysztof 
Published: February 2022

Many European countries with stable market economies have recently taken measures to seal their own tax systems. A noticeable phenomenon are the modifications in the organization and functioning of tax administrations and in the existing procedures for the control of taxpayers with respect to the tax law. Customs and fiscal control, which was recently introduced in Poland, is an example of a new control procedure aimed at eliminating tax evasion and combating tax fraud, especially carousel transactions in value added tax. The introduction of this control was preceded by the establishment of a special Customs and Fiscal Service within the modernized National Fiscal Administration. In the article, the author analyses and evaluates the regulations contained in the Act on National Fiscal Administration that concern the fundamental aspects of performing customs and fiscal control.
In this contribution, the author emphasizes that the very broad scope of the subject matter of customs and fiscal control allows for a significant amount of freedom for authorities in shaping the control policy and modifying it depending on the risks involved. The exploitation of the powers granted by tax authorities in a disproportionate manner is a source of tax disputes initiated by the controlled taxpayers. Customs and fiscal control in the area of tax law compliance is one of four tax procedures in force in Poland that is aimed at verifying compliance with tax obligations. Although these procedures should be autonomous, in practice, the dualism of control has been maintained.
Customs and fiscal control precedes tax proceedings and automatically transforms into these proceedings without any formal initiation. This is a completely innovative legal instrument that allows for rapid investigation and determination of the amount of tax arrears. In this author’s opinion, a customs and tax inspection is a special procedure for obtaining and collecting evidence that is subsequently employed in tax proceedings.
Tax law, tax administration, custom and fiscal control, tax evasion.
The Future of OECD Tax Arbitration: The Relevance of Investment Treaty and WTO Dispute Settlement Practice in Promoting a Gradual Evolution of the International Tax Dispute Resolution System
Authors: Malamis Spyridon E. 
Published: February 2022

Unlike the decisive steps that have been made in the international investment and trade regime to promote efficient resolution of pending disputes, in the international tax field, the conventional tax dispute resolution system of state negotiations has vastly remained unchanged ever since its establishment in the beginning of the twentieth century despite the heavy criticism against it by the international business and tax community. Nevertheless, after the introduction of the Anti-Base Erosion and Profit Shifting (BEPS) Project and the recent discussion for the implementation of the Global Anti-Base Erosion (GloBE) Project to further address base erosion and profit shifting and of a novel Unified Approach to address the taxation of the digitalization of the economy, a rapidly changing international tax environment calls for reconsideration of states’ stance towards the implementation of stricter dispute resolution systems in general and of international tax arbitration in particular. By analysing the political objectives of states within the International Tax Dispute Resolution (ITDR) system opposed to the international investment and trade regime through a comparative analysis, this article aims to explore the potential of a gradual evolution of the ITDR in a way that addresses both tax-authorities’ and taxpayers’ interests in a modern economy.
The Future of OECD Tax Arbitration: The Relevance of Investment Treaty and WTO Dispute Settlement Practice in Promoting a Gradual Evolution of the International Tax Dispute Resolution System Two.
Country Note: Inheritance Tax and Foreign Spouses in Turkey: A Comparative Study
Authors: Tosun Ayse Nil 
Published: February 2022

In recent years, many countries have either abolished inheritance and estate taxes or exempted spouses from these taxes. However, Turkey still levies inheritance tax on foreign spouses and heirs despite an increase in marriages with foreigners. This study examines thirty-two cases of inheritance in Turkey and compares Turkish inheritance tax policies with another eleven European policies using data from OECD statistics and the 2018 Worldwide Estate and Inheritance Tax Guide. It also examines Turkish laws and court cases and identifies several legal issues that foreign widows encounter when inheriting assets from Turkish spouses. Finally, it discusses the potential implications for Turkey’s current tax policies. The results demonstrate that Turkish inheritance tax law is problematic for foreign spouses. Turkey’s lack of tax agreements with other countries increases the problems associated with double taxation. The results also identified the lack of provisions for same-sex spouses and couples as well as couples who live together but are not married, and Turkey trails behind many other European countries in this regard. In conclusion, Turkey should, like many other countries, abolish the spousal inheritance tax, or it should conclude agreements with other countries to avoid double taxation of foreign widows and heirs living in Turkey.
Tax law, estate tax, inheritance tax, Turkish spouse, foreign widows, tax policy, tax exemption, double taxation, marriage with foreigners, same-sex spouses