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on Accounting and Auditing |
| By: | Bernardi, Luigi |
| Abstract: | The aim of this paper is to discuss certain critical aspects of the tax reform process that has been taking place in the EU MS since the beginning of the new century. Two separate periods may be identified here. The first -from 2000 to 2011- witnessed very few tax reforms: according to the EU Commission itself, tax reforms were episodic, sparse and generally of a limited nature, To check this hypothesis, the present paper analyzes tax trends during the period 2000-2011, both at aggregate EU level and by disaggregating such trends into those pertaining to each EU MS. In the wake of the great economic crisis, there has been a broader process of tax reform in almost all EU Member Countries, albeit characterized by a reluctance to accept the tax reforms that the European Commission has been recommending to certain specific countries for a number of years now. The final, concluding issue dealt with briefly in this paper, is that of the various obstacles to tax reforms, starting from a recent OECD study of the matter. |
| Keywords: | Taxation policy, Tax reforms, EU Member States Taxation policy, Tax reforms, EU Member States |
| JEL: | H20 |
| Date: | 2014–06–25 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:56856&r=acc |
| By: | Elasrag, Hussein |
| Abstract: | This paper is one of few papers that highlight the importance of studying corporate governance for institutions offering Islamic financial services. The book is of value in describing governance in Islamic institutions and how there are many issues under the investigation process, especially issues related to the shari‘a Supervisory board and its functionality. One of the objectives of this paper is to discuss, and create greater awareness of, some of the crucial issues related to corporate governance in Islamic financial institutions. A second, but in fact more important, objective is to provide, in the light of this discussion, certain essential guidelines to improve corporate governance in these institutions and thereby enable them to not only maintain their momentum of growth and international acceptance but also safeguard the interests of all stakeholders. The paper gives particular attention to the mechanisms for corporate governance, including the Board of Directors, Senior Management, shareholders, depositors, and regulatory and supervisory authorities. It also focuses on the effective management of risks and, in particular, on creating a supporting environment through moral uplift, social, legal and institutional checks, greater transparency, internal controls, and Shari'a as well as external audit. The paper also indicates briefly the shared institutions that are needed for effective corporate governance. |
| Keywords: | Corporate governance,Islamic Finance,ISLAMIC FINANCIAL INSTITUTIONS,SHARI‘A GOVERNANCE |
| JEL: | G0 G15 G2 G21 G34 |
| Date: | 2014–05–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:56872&r=acc |
| By: | Epstein, Brendan (Board of Governors of the Federal Reserve System (U.S.)); Mukherjee, Rahul (IHEID); Ramnath, Shanthi (U.S. Treasury Department) |
| Abstract: | We examine the extent to which differences in international tax rates may account for the small correlations of per capita consumption fluctuations across countries. Theory implies a close relationship between relative consumption growth, and consumption and capital income tax rate differentials. We find strong empirical evidence for this relationship. Idiosyncratic output fluctuations account for the majority of cross country consumption growth variability, but trends in tax differentials are informative about the dynamic evolution of international risk sharing. In particular, adjusting for capital taxes reveals an intuitive positive relationship between financial connectedness and risk sharing that is absent in baseline measures. |
| Keywords: | International risk sharing; business cycle accounting; taxes |
| JEL: | F41 F44 H29 |
| Date: | 2014–06–09 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgif:1110&r=acc |
| By: | Holger Lüthen |
| Abstract: | To counteract the financial pressure emerging in aging societies, statutory pay-as-you-go pension schemes are undergoing fundamental reforms in many Western countries. Starting with cohort 1937, Germany introduced permanent pension deductions for early retirement. This paper examines the evolution of the profitability of pension contributions against the background of this reform for cohorts 1935-1945. I measure the profitability with the internal rate of return (IRR) and use high quality administrative data. For men the IRR declines from 2.4% to 1.2% and for women from 5.2% to 3.7%. The results suggest that the deductions introduced by the reform only cause some part of this trend. The majority of the trend, about 75%-80%, is caused by increased pension contributions. |
| Keywords: | Pensions, reform, early retirement, disincentives, pay-as-you-go, rates of return, Germany |
| JEL: | D02 D04 D14 D91 H55 |
| Date: | 2014 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwwpp:dp1389&r=acc |
| By: | Paul Johnson (Institute for Fiscal Studies) |
| Abstract: | This paper considers the development of tax policy in the UK over the last decade or so and assesses policy change against a low bar- consistency and coherence. While this government has followed some consistent policies- notably, in some aspects of corporation tax and in increasing the income tax personal allowance- there are few signs of a wider coherent strategy. The same has been true of other recent governments. Many aspects of the system have become more complex. There have been numerous policy reversals. And few of those aspects of the system in most need of reform have been tackled. The need for reform, and a clear strategy for reform, remain as pressing as ever. |
| Date: | 2014–05 |
| URL: | http://d.repec.org/n?u=RePEc:ifs:ifsewp:14/09&r=acc |
| By: | Wodon, Quentin; Alleyne, Betty; Cong, Lin; Mulusa, Judy; Niami, Farhad |
| Abstract: | Charitable tax deductions are one of the largest tax expenditures at the state and federal levels, and they are also crucial for the sustainability of the charitable nonprofit sector. Understanding some of the factors that drive changes in charitable tax deductions over time is needed to inform policy. This paper uses a simple multiplicative decomposition to analyze trends in charitable tax deductions with an application to data from the District of Columbia over the period 2001-2011, thus including the recent recession. The decomposition shows how changes in the District’s population, the share of the population that files tax returns, the share of filers that claim the deduction, the average adjusted gross income of filers, and the average deduction claimed by claimants all contributed to the overall changes in the level of the deductions. The decomposition is applied for the District’s population as a whole as well as by income group. |
| Keywords: | Charitable Giving, Tax Deduction, District of Columbia |
| JEL: | H24 |
| Date: | 2014–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:45392&r=acc |