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Valentīna Bizņa, Māris Jurušs, Tālis Laizāns and Roberts Šnikvalds

., Griffith, R., & Klemm, A. (2002). Corporate Income Tax Reforms and International Tax Competition. Economic policy, 17(35), 449-495. https://doi.org/10.1111/1468-0327.00094 Domnīca Certus. (2016). Competitiveness of Latvia. Report about Taxation. Retrieved from http://certusdomnica.lv/ Eurostat. (2016). Foreign Direct Investments in % of GDP. Retrieved from: http://ec.europa.eu/eurostar Gorter, J., & Mooij, R. A. (2001). Capital Income Taxation in Europe: Trends and Trend-offs. Retrieved from

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Andrzej Karpowicz

in the United States. 75 (1), 128-138. Bretschger, L., Hettich, F. (2002). Globalisation, Capital Mobility and Tax Competition: Theory and Evidence for OECD Countries. European Journal of Political Economy, 18 (4), 695-716. Clausing, K. (2007). Corporate Tax Revenues in OECD Countries. International Tax and Public Finance, 14 (2), 115-133. de Mooij, R.A. (2005). Will Corporate Income Taxation Survive? De Economist, 153 (3), 277-301. Deloitte. (2018). Withholding Tax Rates. Devereux, M.P. (2007). Developments in the Taxation of

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Gintaras Cernius, Liucija Birskyte and Arturas Balkevicius

"Income tax" Official Gazette No. 180-6695. Authority of Audit and Accounting, 2004b. Business accounting standard "Inventories" Official Gazette No. 20-616. Barth, M. E., 2000. Valuation-based accounting research: Implications for financial reporting and opportunities for future research. Accounting and Finance, 40(1), 7-32. doi: http://dx.doi.org/10.1111/1467-629X.00033 Barth, M. E., and Clinch, G., 1998. Revalued financial, tangible, and intangible assets: Associations with share prices and non-market-based value

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Wojciech Stiller

., de Mooijand, R. (2017). Taxation and Corporate Debt: Are Banks any Different?, National Tax Journal, 7 (1), 53–76. HMRC, Corporation Tax: Bank Loss-relief Restriction. Retrieved from https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/382332/TIIN_6182_ct_bank_loss_relief.pdf , 15.02.2018). HMRC (2016). Corporation Tax: Bank Loss-relief Restriction. Retrieved from https://www.gov.uk/government/publications/corporation-tax-update-to-bank-loss-relief-restriction/corporation-tax-bank-loss-relief-restriction , 15

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Biruta Pūle

Abstract

The author assesses the opportunities for inclusion of the corporate income tax into the budgets of the local governments on whose territories there are legally registered companies. For this purpose the same territorial code principle is recommended, which is applied to administer personal income tax. In order to motivate companies to register legally and engage in business activities in the regions of Latvia, tax incentives should be established. The application of tax incentives need to be delegated to the local governments, thus ensuring their interest in business development in their territories. The diversion of corporate income tax into the budgets of local governments would significantly strengthen their budget revenue base, increasing the interest of municipalities into the development and modernization of the companies, as well as creation of new jobs. Inherent risks are defined, and possible solutions how to eliminate these risks are suggested.

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Łukasz Karczyński

Abstract

Due to financial crisis many entrepreneurs suffered heavy losses on currency options and forward contracts. Tax authorities tend to disallow deduction of those losses from the taxable income. Many cases ended up in administrative courts, resulting in judicature controversies on the issue in question. This paper is the first of four in a cycle. The aim of the whole cycle will be to analyze deeply these controversies and suggest the proper interpretation of the legal provisions, determining whether losses on currency options and forward contracts should or should not be regarded as tax-deductible expenses. The aim of this paper is to determine the scope of the problems to solve as well as to analyze the legal character of the loss on non-deliverable currency options and forward contracts. Therefore this legal character has been determined in the light of Polish corporate income tax act. What is more, the problems with the interpretation of these losses as indirect deductible expenses have been solved.

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Andrzej Karpowicz

Globalization: Comparing Tax Regimes in Advanced Capi-talist Countries. In V. Nee & R. Swedberg, The Economic Sociology of Capitalism , pp. 391-418. de Mooij, R.A. (2005), Will Corporate Income Taxation Survive? De Economist , 153 (3), pp. 277-301. Devereux, M.P., Grifth, R., Klemm, A. (2002), Corporate income tax reforms and international tax competition. Economic Policy , 35, pp. 451-495. Diamond, P.A., Mirrlees, J.A. (1971), Optimal taxation and public production II: Tax rules. The American Economic Review , 61 (3), pp. 261-278. Fischel, W.A. (1975), Fiscal and

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Łukasz Karczyński

Abstract

Due to financial crisis many entrepreneurs suffered heavy losses on derivatives, mainly currency options and forward contracts. Tax authorities tend to disallow deduction of those losses from the taxable income. Many cases ended up in administrative courts, resulting in judicature controversies on the issue in question. This paper is the third of four in a cycle. The aim of the whole cycle will be to analyze deeply these controversies and suggest the proper interpretation of the legal provisions, determining whether the expenses on currency options and forward contracts should or should not be regarded as tax-deductible expenses. The aim of this paper is to determine if the rights from the derivatives are being exercised or waived (as the law provides) in case of their early closeout (which allows the deduction as well). The conducted analysis suggests that early derivative closeout realises in exercising the rights from the derivative (as the law provides) which allows the deduction.

Open access

Łukasz Karczyński

Abstract

Due to financial crisis many entrepreneurs suffered heavy losses on derivatives, mainly currency options and forward contracts. Tax authorities tend to disallow deduction of those losses from the taxable income. Many cases ended up in administrative courts, resulting in judicature controversies on the issue in question. This paper is the third of four in a cycle. The aim of the whole cycle is to analyze deeply these controversies and suggest the proper interpretation of the legal provisions, determining whether the expenses on currency options and forward contracts should or should not be regarded as tax-deductible expenses. The aim of this paper is to determine if the rights from the derivatives are being exercised or waived (as the law provides) in case of their early closeout (which allows the deduction as well). The conducted analysis suggests that early derivative closeout realises in exercising the rights from the derivative (as the law provides), which allows the deduction.

Open access

Anna Holst and Anders Fuglsig Larsen

Abstract

We study the development in the Danish corporate income tax base and the corporate income tax revenue in the period from 1990 until present. Measured in per cent of GDP the CIT base has out-paced the revenue due to parallel CIT rate cuts and base broadening reforms. We seek to explain the development in the CIT base and discuss whether this is threatened by base erosion and profit shifting.

Describing the development in the CIT tax base is a comprehensive and complex task and to pin-point one single cause is not possible. But it is possible to point to elements which have contributed to the development. We conclude that there exists a challenge in terms of international tax competition but find no evidence of the Danish CIT base suffering from this. The challenge for policy makers is designing a tax system which on one side secures sufficient revenue and on the other hand is internationally competitive.