Australia's goods and services tax (GST) follows the conventional VAT model and treats loan intermediary services as input taxed (exempt) supplies. Financial supplies are defined in regulations in terms not greatly different than found elsewhere. However, the Australian rules contain a number of...

Prior to May 1, 2016, the supply of loan intermediary services and many other services in China was subject to tax under a turnover tax regime known as the Business Tax. As a turnover tax, the system had a tax cascading effect, with suppliers unable to recognize input taxes incurred on...

China attracted considerable foreign investment following the opening of its economy in 1979. With the switch to a quasi-market economy, China became reliant on taxes to fund government, opening the door to potential double taxation of profits from foreign investment, first in China and second...

This chapter seeks to provide an overview of the structure and policy of Australian income taxation for tax advisors and tax students. It sets out the criteria by which the provisions and practice of the Australian income tax system, described in the following chapters, can be evaluated. It will...

This article explores the compliance burden imposed by the value added tax (VAT), which has traditionally been recognised as one of the more onerous taxes so far as compliance by business taxpayers is concerned. It compares the UK's VAT compliance burden with that experienced elsewhere in the...

The nature of “goodwill” for tax purposes was an important issue in Australia long before the adoption of the Commonwealth income tax, with the relationship between goodwill and sales of business premises a central issue in colonial stamp duty assessments (and consequent litigation)....

In this article, the authors discuss a recent Australian High Court case and argue that Australia's legislative framework dictating the distinction between capital and current expenses is inadequate and poses unnecessary judicial roadblocks.The High Court of Australia's October 16 decision in...

World events in the first decade of this century led many to question the state of the international tax regime and the role it could play in solving national fiscal problems. In 2012, leaders of the Group of 20 (G20) set the OECD an ambitious agenda of working out how tax base erosion and...

We can pay for our social policy proposals through philanthropy, some kind of user pays arrangement or through taxation. For most of the last century, we have increasingly relied on taxation as the method of financing our expanding welfare state and our growing expectations of citizenship...

In most federal systems, state governments are funded through a combination of direct fiscal transfers from the central government, and the revenue they collect directly from locally adopted taxes. Ethiopia is a federal polity, but follows a slightly different path in the case of its most...