Income Tax and National Insurance are now sufficiently similar that merging them appears to be a plausible option, yet still sufficiently different that integration raises significant difficulties. This paper surveys the potential benefits of integration – increased transparency and reduced...

The rules demarcating debt and equity for tax purposes differ across countries, hence the possibility that a hybrid instrument is treated as equity in one country and debt in another and that a ?rm with foreign investment can combine tax favored dividend income in the home country and tax...