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Title: The dilemma of international tax arbitrage : a comparative analysis using the cases of hybrid financial instruments and cross-border leasing
Author: Menuchin, Shay Nisan
Awarding Body: London School of Economics and Political Science (University of London)
Current Institution: London School of Economics and Political Science (University of London)
Date of Award: 2005
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My thesis addresses the question of International Tax Arbitrage ("ITA"). The discussion is comparative in nature, covering the United States and the United Kingdom. The study builds a foundation to discuss cross-border transactions where the laws of more than one jurisdiction apply to the transaction in question. Weighing the intervention of national revenue authorities in these transactions requires us to look also at the different background and policy objectives of each country, including the varying tax incentives that exist in each jurisdiction and the attitude of each country towards cross-border transactions. ITA is a situation whereby a given taxpayer structures her affairs in a way that allows her to follow and comply with the tax laws of two or more jurisdictions while receiving a tax advantage without any net investment as a result of inherent inconsistencies between the tax laws of the different jurisdictions, thus reducing her overall world tax rate. I focus on the question whether taxpayers should be allowed to exploit inherent differences between the tax rules of different jurisdictions. I discuss this question both at the practical level and at the policy level. To properly answer this important question, we need first to determine what are the relevant policy considerations that should be taken into account. In this analysis, attention has to be given also to considerations that are not always included in the analysis, like foreign policy and political considerations, including in the UK, the impact of EC law on tax policy. Once the considerations have been identified, it is necessary to apply them to the situation at hand. In the thesis, I explore the different considerations both independently and in relation to specific case studies and develop an approach to analyze the appropriateness of ITA in given situations.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available