The taxation of corporate groups under consolidation : an international comparison / Antony Ting.
2013
K4544 .T56 2013 (Map It)
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Details
Author
Title
The taxation of corporate groups under consolidation : an international comparison / Antony Ting.
Published
Cambridge [UK] ; New York : Cambridge University Press, 2013.
Call Number
K4544 .T56 2013
ISBN
9781107033498 (hardback)
1107033497 (hardback)
1107033497 (hardback)
Description
xvi, 321 pages : illustrations ; 24 cm.
Other Standard Identifiers
60001729026
System Control No.
(OCoLC)798437913
Summary
"The rise of corporate groups in the last century dictates a shift in the income tax law: instead of treating each company as a separate taxpayer, the tax consolidation regime is increasingly common. Antony Ting presents the first comprehensive comparative study of eight consolidation regimes in Australia, France, Italy, Japan, the Netherlands, New Zealand, Spain and the USA. In the study, he critically analyses and compares alternative policy options with respect to ten key structural elements. The study improves understanding of the design and implementation of consolidation regimes and sets the stage for the search for a model. It provides valuable information with respect to the best practices, as well as the pitfalls, in the design of a consolidation regime. The book is essential to countries contemplating the introduction of a new consolidation regime and offers important insights into the management of such a complex structure through careful policy-orientated choices"-- Provided by publisher.
Bibliography, etc. Note
Includes bibliographical references (pages 295-309) and index.
Series
Record Appears in
Gift
Purchased from the income of the Szladits Fund
Gift
The Arthur W. Diamond Law Library
Purchased from the income of the Szladits Fund
Table of Contents
List of figures
ix
List of tables
xi
Preface
xiii
Glossary of terms
xiv
List of abbreviations
xv
pt. I
enterprise doctrine: theory and practice
1
1.
rise of corporate groups: a challenge to the tax law
3
1.1.
rise of corporate groups
3
1.2.
Tension between traditional legal principle and commercial reality
5
1.3.
Tax consolidation: a response to the rise of corporate groups
5
1.4.
purpose, analytical approach and content of this book
7
2.
Application of the enterprise doctrine to group taxation: theory
13
2.1.
separate entity doctrine
13
2.1.1.
Historical development of legal personality of companies
13
2.1.2.
Companies as separate taxable units
14
2.1.3.
rise of corporate groups: a challenge to the doctrine
15
2.2.
enterprise doctrine
16
2.2.1.
Development of the enterprise doctrine in corporation law
16
2.2.2.
enterprise doctrine and the tax law
18
2.2.3.
Why is the enterprise doctrine more appropriate for the taxation of corporate groups?
19
2.3.
Key dimensions of application of the enterprise doctrine
27
2.3.1.
Taxable unit
27
2.3.2.
Tax base
28
2.4.
Taxonomy of group taxation models under the enterprise doctrine
38
3.
Application of the enterprise doctrine to group taxation: practice
39
3.1.
Key dimensions of application of the enterprise doctrine in practice
40
3.2.
Application of the enterprise doctrine: corporate groups as taxable unit
41
3.3.
Application of the enterprise doctrine: tax base of a company
46
3.4.
Application of the enterprise doctrine: key functions of a group taxation regime
52
pt. II
Comparative analysis of key structural elements of consolidation regimes
59
4.
Policy objectives and structural elements of consolidation
61
4.1.
Why do countries allow consolidation?
62
4.2.
single entity concept
73
4.3.
Consolidation of group results
81
4.4.
Liability to tax
83
4.5.
Election to consolidate
87
4.6.
"all in" rule
91
4.7.
Summary
97
5.
Definition of a group
102
5.1.
Eligible entities
104
5.2.
Excluded entities
116
5.3.
Interposed non-member entities
117
5.4.
Ownership requirements
122
5.5.
Change of parent company
134
5.6.
Summary
134
6.
Treatment of losses
139
6.1.
Pre-consolidation losses
140
6.1.1.
Joining time
144
6.1.2.
Leaving time
160
6.2.
Group losses
162
6.2.1.
During consolidation
164
6.2.2.
Leaving time
166
6.2.3.
De-consolidation
169
6.3.
Summary
171
7.
Treatment of assets
176
7.1.
Joining time: transition between the two doctrines
176
7.2.
During consolidation: intra-group asset transfers
191
7.3.
Leaving time: transition between the two doctrines
197
7.4.
Summary
203
8.
Treatment of intra-group shareholdings
207
8.1.
Joining time: transition between the two doctrines
209
8.2.
During consolidation: intra-group share transfers
214
8.3.
Leaving time: transition between the two doctrines
222
8.4.
Summary
227
9.
Interactions between consolidation and other parts of the income tax system
232
9.1.
Regimes designed under the separate entity doctrine
233
9.1.1.
Loan forgiveness regime
233
9.1.2.
Elections by individual group members
236
9.1.3.
Foreign tax relief regime
237
9.2.
Regimes designed under the enterprise doctrine
239
9.2.1.
Thin capitalisation regime
240
9.2.2.
Controlled foreign company regime
243
9.3.
Truncated application of the enterprise doctrine to a corporate group
244
9.3.1.
Intra-group assets
244
9.3.2.
Interest expenses on acquisitions of subsidiaries
249
9.3.3.
Dual status of PEs as consolidated group members
252
9.4.
Tax treaty
254
9.4.1.
Consolidated subsidiary: eligible for treaty benefits?
255
9.4.2.
Non-discrimination: PEs
259
9.4.3.
Non-discrimination: non-resident companies
262
9.5.
Interactions with another consolidation regime
264
9.6.
Anti-avoidance rules
266
10.
model consolidation regime?
270
10.1.
Summary of policy options for the key structural elements of consolidation regimes
271
10.1.1.
Core rule: the single entity concept
271
10.1.2.
Consolidation of group results
273
10.1.3.
Liability to tax
273
10.1.4.
Election to consolidate
274
10.1.5.
Definition of a group
274
10.1.6.
"all in" rule
277
10.1.7.
Treatment of pre-consolidation losses
277
10.1.8.
Treatment of group losses
279
10.1.9.
Treatment of assets (except intra-group shares)
280
10.1.10.
Treatment of intra-group shares
283
10.2.
Searching for a model consolidation regime
285
10.3.
Conclusion
292
Bibliography
295
Index
310