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1 – 10 of over 53000
Article
Publication date: 8 June 2012

Roger S. Wise and Mary Burke Baker

The purpose of this paper is to explain the proposed Foreign Account Tax Compliance Act (FATCA) regulations released on February 8, 2012 by the US Treasury Department and the…

Abstract

Purpose

The purpose of this paper is to explain the proposed Foreign Account Tax Compliance Act (FATCA) regulations released on February 8, 2012 by the US Treasury Department and the Internal Revenue Service (IRS).

Design/methodology/approach

The paper provides an overview of the changes to prior FATCA guidance in the proposed regulations, including the definition of a foreign financial institution (FFI), due diligence requirements to identify US accounts, procedures to verify compliance, phase‐in information required to be reported, verification procedures, definitions of FFIs that are “deemed” to meet the FATCA requirements, definition of “passthru” payments, explanation of exemptions from withholding related to certain “grandfathered obligations,” temporary relief for FFIs with non‐compliant affiliates, and a proposed intergovernmental approach to FATCA implementation through domestic reporting and reciprocal automatic exchange of information.

Findings

The paper reveals that the FATCA grew out of Congressional concern that US taxpayers were evading taxes by failing to report US‐source income on assets held abroad. The FATCA legislation left many of the details on implementation to the US Treasury and IRS. The intergovernmental framework is not a done deal. The proposed reciprocal, automatic exchange of information would be a sea change from existing US information reporting practices and is sure to be controversial.

Originality/value

The paper provides expert guidance from experienced financial institutions lawyers.

Details

Journal of Investment Compliance, vol. 13 no. 2
Type: Research Article
ISSN: 1528-5812

Keywords

Article
Publication date: 1 October 2009

G.K. Goldswain

This study analyses and discusses the application and constitutionality of the general onus of proof provision (section 82 of the Income Tax Act 58 of 1962 [the “Act”]), the…

Abstract

This study analyses and discusses the application and constitutionality of the general onus of proof provision (section 82 of the Income Tax Act 58 of 1962 [the “Act”]), the presumption in favour of the State when criminal sanctions are applied to an offending taxpayer (section 104(2) of the Act) and the mechanics for imposing administrative sanctions in terms of section 76(1)(b) of the Act. The conclusion reached is that the reverse onus presumption, as provided for in terms of section 104(2) of the Act, is unconstitutional. It is penal in nature and offends against the constitutional right of an accused to a fair trial (sections 35(3) of the Constitution of the Republic of South Africa Act, 108 of 1996 [the “Constitution”]). The section 36 limitation of rights clause of the Constitution does not save it. Section 76(1)(b) of the Act read in conjunction with the deeming provision of section 76(5) of the Act, is inextricably linked to the section 82 general reverse onus provision of the Act. Hence, when these three sections are applied together, they create a reverse onus that, prima facie, violates the right to just administrative action (section 33 of the Constitution). Regarding the general reverse onus burden as provided for in terms of section 82 of the Act, the conclusion reached is that it is reasonable and justifiable in an open and democratic society and can therefore be regarded as constitutional.

Details

Meditari Accountancy Research, vol. 17 no. 2
Type: Research Article
ISSN: 1022-2529

Keywords

Article
Publication date: 29 April 2014

Ronald D. Francis

– The purpose of this paper is to analyse and provide a framework for considering assumptions.

442

Abstract

Purpose

The purpose of this paper is to analyse and provide a framework for considering assumptions.

Design/methodology/approach

This paper is a conceptual study.

Findings

This paper provides both an analysis of assumptions and also a prescription for recognising and dealing with assumptions.

Research limitations/implications

As the paper is a conceptual analysis, the research implications are not relevant.

Practical implications

The analysis provided in this article should be of help to those working in financial crime and also have a wider application.

Originality/value

Except where due acknowledgement is given, to the best of the author's knowledge, this paper is quite original.

Details

Journal of Financial Crime, vol. 21 no. 2
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 1 October 2009

M. van Heerden

Controlled foreign company (“CFC”) legislation, governed by section 9D of the Income Tax Act 58 of 1962, serves as anti‐avoidance legislation in South Africa’s residence‐based tax…

Abstract

Controlled foreign company (“CFC”) legislation, governed by section 9D of the Income Tax Act 58 of 1962, serves as anti‐avoidance legislation in South Africa’s residence‐based tax system. Section 9D provides for the calculation of a deemed amount which must be included in the South African resident’s income. This deemed amount is calculated with reference to the net income for the CFC’s foreign tax year. Section 9D(6) provides for this deemed amount, which is denominated in the foreign financial reporting currency, to be translated into South African rand by applying the average exchange rate for that year of assessment. The legislation refers to the South African resident’s year of assessment and not the CFC’s foreign tax year. It is submitted that the average exchange rate for the CFC’s foreign tax year should be used for translation. The author therefore disputes the period to be used in calculating the average exchange rate.

Article
Publication date: 1 September 1968

The Secretary of State after approving proposals submitted by the Construction Industry Training Board for the imposition of a further levy on employers in the construction…

11

Abstract

The Secretary of State after approving proposals submitted by the Construction Industry Training Board for the imposition of a further levy on employers in the construction industry and in exercise of her powers under section 4 of the Industrial Training Act 1964(a) and of all other powers enabling her in that behalf hereby makes the following Order:—

Details

Managerial Law, vol. 4 no. 6
Type: Research Article
ISSN: 0309-0558

Book part
Publication date: 17 November 2023

Simon Ofori Ametepey, Clinton Ohis Aigbavboa and Wellington Didibhuku Thwala

A Delphi study was conducted to identify the critical variables of successful implementation of sustainable road infrastructure projects (SRIPs) in developing countries, determine…

Abstract

A Delphi study was conducted to identify the critical variables of successful implementation of sustainable road infrastructure projects (SRIPs) in developing countries, determine the reasons for the various viewpoints held by infrastructure development professionals, determine what motivates and pushes the infrastructure sector to pursue sustainability, and determine the factors that could impact the implementation of a project for sustainable road infrastructure. Expert feedback was used to determine values for these metrics and indicators, and most of the panellists reached a consensus on the final decision. Statistical methods were used to determine whether there was a general agreement with respect to the statements and questions asked. The findings of the study were presented alongside its overarching principles. The most important criteria for SRIP implementation were socio-cultural sustainability, economic sustainability, environmental sustainability, and engineering performance, with little consensus on environmental sustainability and public participation. The primary purpose of this study was to identify the most crucial determinants of effective SRIP implementation in low-income nations. Interquartile deviation (IQD) values ranged from 7.0 to 8.1, but IQD values varied from 2.00 to 3.00. Thirty-one environmental sustainability indicators were assessed as important or very important, with 26 out of 30 having IQD values between 0.00 and 1.00. Six sub-attributes were deemed extremely significant and four important when experts examined institutional sustainability, with no consensus on the final four indications (IQD 1). Fourteen of twenty-one Public Participation Indicators were deemed ‘major’ by panellists for SRIP implementation, with consensus among experts. Ten factors contribute to diverse perceptions of sustainability, with only 2 deemed crucial and 18 deemed important. The four most essential indicators of successful SRIP implementation are VHI: 9–10). The other seven criteria were crucial because their median scores were between 7.00 and 10. The Delphi survey explained why various individuals in the infrastructure industry have divergent views on what it means to be sustainable. Twenty-one factors were identified as contributors to divergent perspectives on sustainability among infrastructure industry stakeholders. The Delphi survey also established the factors that affect the success of SRIP implementation in low-income countries, leading to the development of the conceptual SRIPI model.

Details

Sustainable Road Infrastructure Project Implementation in Developing Countries: An Integrated Model
Type: Book
ISBN: 978-1-83753-811-9

Keywords

Article
Publication date: 28 June 2022

Camélia Radu and Aline Segalin Zanella

Recent studies have concluded that auditors underreport existing internal control over financial reporting (ICFR) weaknesses. This study aims to assess how effective external…

Abstract

Purpose

Recent studies have concluded that auditors underreport existing internal control over financial reporting (ICFR) weaknesses. This study aims to assess how effective external auditors are, as independent third parties, at disclosing reliable opinions to the public on the ICFR.

Design/methodology/approach

Using a logistic regression, the authors analyzed a sample of 106 US companies classified as large accelerated filers or accelerated filers consisting in 53 companies which restated their financial statements and a control group of 53 companies having “clean financial statements” at any given moment during the research period, between 2005 and 2018.

Findings

The results indicate that only 34% of companies with financial statements deemed unreliable have received an adverse ICFR opinion issued by the external auditor during the misrepresentation period or its prior year. The authors also notice that external auditors are somewhat effective in identifying and disclosing red flags to the public that certain companies have internal control (IC) material weaknesses. The results also indicate that the average presence of an adverse IC opinion issued by the external auditor during the misrepresentation period or its prior year for companies with unreliable financial statements is higher than for companies with financial statements deemed reliable.

Practical implications

This study tests if an increase in efforts and disbursements with audit fees are justifiable by external auditors’ issuing effective, reliable opinions and reinforcing a more transparent and ethical capital markets environment, that is, an environment where accurate information is available for stakeholders. If external auditors are negligent in providing a qualitative and independent opinion to stakeholders, the increase of disbursements made with audit fees is less justifiable. Thus, the research has practical implication for auditors as well as standard setters.

Originality/value

This study extends the literature on ICFR by empirically testing whether the public can rely on external auditors’ opinions expressed on Sarbanes–Oxley Section 404 reports.

Details

Journal of Financial Crime, vol. 30 no. 4
Type: Research Article
ISSN: 1359-0790

Keywords

Article
Publication date: 1 April 2004

Georgios I. Zekos

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way…

9274

Abstract

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

Details

Managerial Law, vol. 46 no. 2/3
Type: Research Article
ISSN: 0309-0558

Keywords

Article
Publication date: 5 May 2020

De-Graft Owusu-Manu, Frank Ato Ghansah, Amos Darko, Richard Ohene Asiedu and David John Edwards

The purpose of this study is to investigate the insurable risks that impacted the operations on complex construction projects in developing countries using Ghana as a case study.

Abstract

Purpose

The purpose of this study is to investigate the insurable risks that impacted the operations on complex construction projects in developing countries using Ghana as a case study.

Design/methodology/approach

In this study, structured questionnaires were used to collect relevant information from the top management of construction and insurance firms in Ghana, comprising 50 industry professionals. The study adopted the χ2 and independent samples’ t test to interpret the responses from participants.

Findings

The study revealed the major risks that severely impacted the operations on complex construction projects, including strikes and labour disputes, long waiting time for approval of test samples, damages to property during construction, delay in payment to contractor for work done, poor construction method, pressure to deliver project on an accelerated schedule, labour shortage, permits delayed or take longer than expected, inaccurate materials estimating, change in weather pattern, low productivity of subcontractors and inadequate contractor experience.

Practical implications

The study is expected to contribute to increase in the awareness of the insurable risks and policies that project participants are exposed to, which will serve as a decision-making tool for contract formation.

Originality/value

This study assists in managing construction and insurance firms to note the major risk in managing a complex construction project. In addition to knowing the major risks identified, the study investigates the insurable risk by managing both construction and insurance firms.

Details

Journal of Engineering, Design and Technology , vol. 18 no. 6
Type: Research Article
ISSN: 1726-0531

Keywords

Article
Publication date: 23 November 2012

Ira Bogner, Robert Projansky, Steven Weinstein and Adam Scoll

The purpose of this paper is to explain the US Department of Labor's final regulations under Section 408(b)(2) of ERISA, concerning the fact that information investment advisers…

672

Abstract

Purpose

The purpose of this paper is to explain the US Department of Labor's final regulations under Section 408(b)(2) of ERISA, concerning the fact that information investment advisers to ERISA‐covered pension plans and private investment funds deemed to hold the “plan assets” of ERISA‐covered pension plans must disclose regarding the services they provide and the compensation they receive to such ERISA plans.

Design/methodology/approach

The paper summarizes the material provisions of the Final Regulations that apply to investment advisers to funds deemed to hold plan assets, including definitions of “covered service providers” and “covered plans,” a listing of required disclosures, an explanation of disclosure timing and format, and a discussion of possible responses for advisers that are not covered service providers.

Findings

Under the Final Regulations, investment advisers to ERISA‐covered pension plans and private investment funds deemed to hold the “plan assets” of ERISA‐covered pension plans must disclose certain information regarding the services they provide and the compensation they receive to such ERISA plans.

Originality/value

The paper provides practical guidance from experienced financial services lawyers.

Details

Journal of Investment Compliance, vol. 13 no. 4
Type: Research Article
ISSN: 1528-5812

Keywords

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