The theoretical and practical advantages of the VAT have led to its adoption in some form or another by most countries and by many hundreds of subnational administrations worldwide. However, nowhere is VAT found without exemptions. Exemptions are arguably the most controversial feature of VAT...

The service provided by financial institutions such as banks is described as an "intermediary service", linking depositors with money to lend and borrowers seeking loan funds. Banks collect a fee for these services through the spread on interest they pay to depositors and charge to borrowers. At...

Prior to 2012, the Chinese VAT applied primarily to supplies of goods, with supplies of services, including financial services, subject to a turnover tax known as the Business Tax. The value of financial services in respect of a loan was interpreted as the gross interest payable on the loan. As...

While income splitting for tax purposes is not generally allowed in the Canadian income tax system, the tax law does allow persons making support payments to transfer liability for tax on the payments to the recipient of the payments. The Canadian rule was copied from U.S. precedent even though...