real terms. Ninety five per cent of the income of medical schemes was derived from membership fees. The average real growth … rate of income was 8.4 per cent, while net assets increased by only 3 per cent. An average deficit of R11.02 million …

the present value of tax liabilities are calculated, by using an after-tax risk-free discount rate, and incorporating any … new or reduced tax liabilities generated into its expected risk and return estimates. The asset allocation problem is … marginal tax rates, investment horizons, borrowing premiums, high or low inflation environments, and different starting cost …

run counter to one of the core concepts for tax administration in New Zealand – the protection of the integrity of the tax …

identify themselves and claim their winnings as taxable income. If there is a large divergence in normative and positive … behavior between these two approaches, then this may indicate that the current tax policy institutions are failing and need …

I was previously Director of Mutual Agreement Procedures, National Tax Agency ('NTA'), in Japan. This paper was written … economic double taxation should be, if at all possible, addressed under the condition of rational income allocation between … be viewed as a successful model whereby tax authorities have reached agreement in a considerable number of cases of …

structural transformation of the labor market. Slow growth in wage income and consumption imply that inflationary pressures will …