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Expert briefing
Publication date: 16 September 2021

With Congress in the legislative endgame over President Joe Biden's proposed USD4tn spending on infrastructure, education, research and clean energy, changes to the US tax

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DOI: 10.1108/OXAN-DB264111

ISSN: 2633-304X

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Topical
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Article
Publication date: 15 July 2021

Daniel A. Nelson, Kate Habershon, Kathryn W. Hambrick, Meghan E. McCarthy, Alexios S. Hadji and Grace Tan

To discuss US, EU and UK tax-related issues that sovereign wealth funds should consider when investing in private funds.

Abstract

Purpose

To discuss US, EU and UK tax-related issues that sovereign wealth funds should consider when investing in private funds.

Design/methodology/approach

Discusses various tax-related structuring, operational, risk-allocation, and economic matters that private funds, sovereign wealth funds and other non-US institutional investors should consider a series when evaluating potential private fund investments.

Findings

Despite the market disruption caused by the COVID-19 pandemic, sovereign wealth funds continued to make significant capital commitments to private funds in 2020 and, as the world emerges from the pandemic, are expected to make similar or greater commitments in 2021 and beyond.

Originality/value

Practical guidance from lawyers with wide experience in international tax planning and investment fund structuring.

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Journal of Investment Compliance, vol. 22 no. 3
Type: Research Article
ISSN: 1528-5812

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Abstract

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Environmental Policy International Trade and Factor Markets
Type: Book
ISBN: 978-0-44451-708-1

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Book part
Publication date: 17 November 2003

Bradley D. Childs

The results of this study indicate that a likely reason why a negative relation between estimated implicit taxes and pretax returns is empirically observed is the…

Abstract

The results of this study indicate that a likely reason why a negative relation between estimated implicit taxes and pretax returns is empirically observed is the researcher’s election to choose a zero tax rate as the benchmark state and local tax rate. Normally, an observed negative relation between estimated implicit taxes and pretax returns supports the hypothesis generated by implicit tax theory. This conclusion regarding the implicit tax hypothesis may be premature whenever the incidence of state and local income taxes contributes to this empirical finding. First, state income taxes, treated as a negative subsidy when the benchmark state and local tax rate is set at zero, will likely cause implicit taxes to be underestimated. Second, the observed relationship between estimated implicit taxes and pretax returns appears to be reversible depending upon the researcher’s election of a statutory tax rate that incorporates the selected benchmark state and local tax rate.

The present study uses a sample of 848 firms covering the years from 1989 through 1998 to show how the relation between estimated implicit taxes and pretax returns can be manipulated by the selection of the benchmark state and local tax rate. Since choosing an accurate benchmark state and local tax rate can be problematic, the present study suggests adjusting both estimated implicit taxes and pretax income by the amount of state and local income taxes incurred. The results, using the regression model making this adjustment, appear to nullify the negative bias of a zero tax rate as the benchmark state and local tax rate.

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Advances in Taxation
Type: Book
ISBN: 978-0-76231-065-4

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Abstract

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Funding Transport Systems
Type: Book
ISBN: 978-0-08-043071-3

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Book part
Publication date: 17 December 2003

Partha Sengupta

This paper uses a simple analytic model to analyze the problem of tax evasion by a monopolist subject to price ceiling regulation. Prior research had explored tax evasion…

Abstract

This paper uses a simple analytic model to analyze the problem of tax evasion by a monopolist subject to price ceiling regulation. Prior research had explored tax evasion decisions of a monopolist in a non-regulatory environment. However, since monopolies often operate in a regulatory environment, it is important to examine how a regulated monopolist makes its tax reporting decisions. This paper shows that under certain conditions, an increase in the effective price ceiling increases tax evasion. The production decision of the monopolist however is unaffected by tax evasion parameters. A social planner, attempting to maximize social welfare, subject to a revenue constraint, can achieve optimality in a number of ways; with or without full compliance.

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Research in Finance
Type: Book
ISBN: 978-1-84950-251-1

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Book part
Publication date: 17 November 2003

Harvey J Iglarsh and Ronald Gage Allan

Scholars suggest that failure to include implicit taxes in analyses of vertical equity understates the progressivity of the tax system. This paper develops an analytic…

Abstract

Scholars suggest that failure to include implicit taxes in analyses of vertical equity understates the progressivity of the tax system. This paper develops an analytic expression for imputing the implicit tax associated with tax-exempt bonds using the tax-exempt interest income reported on individual income tax returns. To measure progressivity, Kakwani indices are calculated using three definitions of income and three measures of tax liability. In addition, the indices are computed by adding implicit income to the income measure. Examination of the Kakwani indices leads to the conclusion that the tax system is progressive for all measures of tax liability. Total tax (explicit plus implicit), measured against explicit plus implicit income, is more progressive than explicit tax measured against explicit income. Including the implicit tax associated with tax-exempt interest in the measurement of tax progressivity increases the level of progressivity of the tax system slightly.

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Advances in Taxation
Type: Book
ISBN: 978-0-76231-065-4

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Book part
Publication date: 19 July 2000

R. A. de Mooij

Abstract

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Environmental Taxation and the Double Dividend
Type: Book
ISBN: 978-1-84950-848-3

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Abstract

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Funding Transport Systems
Type: Book
ISBN: 978-0-08-043071-3

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Book part
Publication date: 29 October 2018

Lyubov I. Vanchukhina, Tatiana B. Leybert, Elvira A. Khalikova and Evgeny A. Shamonin

The purpose of this chapter is to show the topicality of reformation of the state tax system as an inseparable part of Russia’s digital economy.

Abstract

Purpose

The purpose of this chapter is to show the topicality of reformation of the state tax system as an inseparable part of Russia’s digital economy.

Approach

The main problems of state tax systems impossible to solve without information technology (IT) products and wide practical implementation of information technologies are shown. The authors also show problems of formation of legal and information environment in the tax sphere.

Findings

The results of the research show the role of information technologies in Russian tax administration system. In particular, analysis of the main elements of tax administration, implementation of which is impossible without information production, is performed, and the influence of information technologies on the observation of tax administration principles in Russia is determined.

Originality/value

Based on the experience of foreign countries in the sphere of information production of tax system, the Russian practice of implementation of the modern information technologies and solutions in the tax sphere is given and the initial results are analyzed.

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