Search

This paper tests the tax explanation of the January effect by examining small firm stock returns before the War Revenue Act of 1917. No evidence of a turn-of-the-year effect is found. This paper also extends previous authors' work on the subject to 1918-29. A January effect is found during that period. [ABSTRACT FROM AUTHOR]

Every government needs resources to run the country. In an agrarian economy like Pakistan collection of revenue from landed property becomes more significant. Land revenue generated from the landed property used to be the main source of revenue in the united Punjab during colonial era. That era witnessed unprecedented rise in revenue by means of digging up a network of an extensive canal system from rivers thereby rendering vast plains of Punjab cultivable. However, it is noted that this quite efficient and effective system of collection of land revenue has been underperforming. This paper tries to find and analyze the reasons of institutional deterioration and underperformance (of revenue department) through its focus on the revenue receipt and expenditure in Faisalabad. [ABSTRACT FROM AUTHOR]

The article presents drug and alcohol addiction-related news briefs and information about events such as the 9th European Public Health Conference which will be held on November 9-12, 2016 in Vienna, Austria. Legislation to legalise cannabis for medical purposes in Germany is examined, along with the trafficking of synthetic drugs on the Vietnam-China border. Laws regulating the use of tax revenues to fund public health programmes in places such as Panama and Poland are assessed.

We study auctions with resale and reserve prices. We characterize the equilibrium, and compare the revenues of the first price auction with that of the second price auction. We show that several results change when a reserve price is introduced. First, the second-price auction may yield higher revenues than the first-price auction. Second, the strong bidder is more likely to win than the weak bidder. [ABSTRACT FROM AUTHOR]

The article reports on the Italian Constitutional Court. Topics discussed include balancing the budget, laws allocating resources, tax laws and revenue laws in general, and expenditure laws. Also being discussed are laws defining the rights to benefits, and the constraints to budgetary policy introduced by the constitutional reform of 2012.

The article discusses the legal aspects of municipal bonds in actions brought under Section 902(2) of the U.S. Bankruptcy Code (Code), and it mentions the proper scope of special revenues under Chapter 9 of the Code. Municipal bankruptcies and collective bargaining agreements are addressed, along with the impacts of bankruptcy on the legal rights and remedies that are available to bondholders in the U.S. American state statutes and several bankruptcy-related cases are examined.

An essay on the state of tax law and academic tax scholarship in the U.S., is presented. It focuses on the need for additional tax revenue due to imbalanced federal budget and fiscal crises. It informs that the legal tax scholars recommend the adoption of a cashflow consumption tax for providing tax scholarship as an effective solution to fill the fiscal gap. It mentions that California has increased the tax revenue by raising personal tax rates on the wealthy citizens.

For almost 60 years, the Canadian Tax Foundation published an annual monograph, Finances of the Nation, and its predecessor, The National Finances. In a change of format, this issue of the Canadian Tax Journal introduces a new Finances of the Nation feature, which will present a series of articles on topical matters relating to taxation and public expenditures in Canada. Each year, one issue of the journal will include in this feature a survey of the provincial and territorial budgets tabled in the preceding year. [ABSTRACT FROM AUTHOR]

The article reviews the ways employed by the U.S. Internal Revenue Service (IRS) on selecting tax-exemption applications. Topics discussed include impact of the decision of the U.S. Supreme Court on the amount of political spending of the social welfare organizations, rules of the U.S. Internal Revenue Code (IRC) for permitting the organizations for obtaining income tax exemption, and the revenue procedure for the employees as decided by the IRS.

Traditional perceptions of tax exceptionalism from administrative- law doctrines and requirements have been predicated at least in part on the importance of the tax code's revenue-raising function. Yet, Congress increasingly relies on the Internal Revenue Service to administer government programs that have little to do with raising revenue and much more to do with distributing government benefits to the economically disadvantaged, subsidizing approved activities, and regulating outright certain economic sectors like nonprofits, pensions, and health care. As the attentions of the Treasury Department and Internal Revenue Service shift away from raising revenue and toward these other matters, the revenue-based justification for tax exceptionalism from general administrative-law norms fades. To demonstrate the shift, the Article incorporates empirical analysis of Treasury Department and Internal Revenue Service regulatory activity over time. [ABSTRACT FROM AUTHOR]

The concept of "revenue adequacy" made its way into the legal governance of the rail industry prior to the industry's substantial deregulation via the Staggers Rail Act in 1980. This seemingly quiet feature of rail legislation has, however, increasingly grown central to the regulatory-deregulatory fault line in the 21st century rail industry. This paper examines the concept of revenue adequacy, a benchmark of United States railroad firms' financial performance calculated annually by regulatory oversight bodies. The paper addresses questions around the origins, measurement, informational provisions, value and policy benefits and costs of revenue adequacy. An examination of the historical origins, measurement, and informational provisions of revenue adequacy generates insights into the motivations for and limitations of this concept. A financial benchmarking exercise assesses revenue adequacy in the rail industry relative to both a narrowly defined set of comparable industries and a broader set of publicly-traded non-financial companies operating in the U.S, and indicates little differentiates railroads from these comparison sets over the past dozen years. A nonfinancial examination assesses whether the railroad industry has made continued rail transportation system improvements given its regulatory governance structure, and concludes that significant strides toward the goal of achieving a "safe, adequate, economical, efficient, and financially stable Rail transportation system" as established in the Staggers Rail Act have been made. The paper concludes with policy reflections that identify prospective good, bad and ugly applications of revenue adequacy. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Antropología Social is the property of Universidad Complutense de Madrid and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article offers information on developing a firm and rigorous framework for the development of a tax policy. It focuses on inaccurate structural development of tax policy in Hong Kong Special Administrative Region (HKSAR) of China as compared to other jurisdictions. It discusses the reforms introduced in the HKSAR by proposing the Goods and Services Tax (GST). Topics discussed include providing a stable revenue resources, fair wealth gaps and consistent tax system.

This article analyses the impact of the electoral calendar on the composition of tax revenue (direct versus indirect taxes). It thus represents an extension of traditional political budget-cycle analyses assessing the impact of elections on overall revenue. We appeal to the opportunistic political budget model of Drazen and Eslava () to predict the relationship between taxation structure and elections. Panel data from 56 developing countries over the 1980-2006 period reveals a clear pattern of electorally-related policy interventions. Taking the potential endogeneity of election timing into account, we find robust evidence of lower indirect taxes being applied by incumbent governments in the period just prior to an election. Indirect tax revenue in election years is estimated to be 0.3 GDP percentage points lower than in other years, corresponding to a fall of about 3.4% of the average figure in the sample countries, while there is no such relationship with direct tax revenue. [ABSTRACT FROM AUTHOR]

The article reflects on the impact of global economic recession of 2009 on the pension benefits in the U.S. It focuses on the fall in corporate and government revenues due to recession, and shows the effect of recession on the wages of the workers. Topics discussed include problems of savings for retirement, designing a best pension plan and adequacy of plans provided to the workers. It further stresses on development of such a pension plan which proved to be beneficial.

This paper studies the fiscal rules used by Canadian provincial governments during 1981–2007, by employing various empirical approaches including panel regressions, instrumental variables, and difference-in-difference estimators. The results suggest that the type of fiscal rule matters, as budget balance and debt rules were effective whereas revenue and spending rules were ineffective on average over this period. Specifically, the preferred point estimates imply that budget balance rules were associated with improved budgetary balances of 0.8 percentage points of GDP, while debt rules were associated with net debt-to-GDP ratios that were 1.5 percentage points better on average. [ABSTRACT FROM AUTHOR]

This paper considers whether knowledge of the tax law is socially desirable. Unlike other laws, which most often attempt to channel behavior, revenue-raising taxes attempt to avoid changing behavior; so, it is not obvious whether or when knowledge of the tax law is desirable. I argue that whether knowledge of the tax law is desirable depends on three factors: expectations about the tax in the absence of knowledge, the type of tax, and the quality of the tax. These factors may often be hard to observe, which leads to the conclusion that it may often not be desirable to try to manipulate knowledge of the tax law. [ABSTRACT FROM AUTHOR]

Few areas of Australian revenue law have attracted as much attention in recent times as the method of taxation of the country's mineral wealth. With soaring commodities prices, the Australian mineral and petroleum sectors expanded exponentially in the first decade of the 21st century, with growth in both exploration for new deposits and exploitation of existing reserves. Amid much controversy, the mineral resource rent tax and extended petroleum resource rent tax regime commenced operation on 1 July 2012. However, there are many imposts affecting the resource-based industries other than the headline-hitting "rent" taxes. This article takes a practical and comparative look at the various Australian taxes in the context of a common resources transaction: the disposal of a part interest in a mining or petroleum tenement. [ABSTRACT FROM AUTHOR]

Urban stormwater programs provide mandated and discretionary public services of convenience, security, and environmental enhancement. Due to their increasing complexity and funding needs, they have become more complex to organize and finance. Competing visions for them are common and how communities value these services creates a challenge to measure effectiveness and levy charges. Usually, two organizational models compete, the tax-supported public works model and the fee-based utility model. Taxpayer revolts led to the utility model, which creates new revenue streams and has been widely accepted but not universally. State laws provide the legal structure for stormwater finance, and research showed the utility model to be accepted commonly in the West Coast and Mountain regions, in Florida and along the southern part of the East Coast, as well as in parts of the Central region of the United States. The public works model is prevalent in much of the Northeast, the noncoastal Southeast, and parts of the Central region, where programs vary from state-to-state. Prospects for stormwater programs indicate more experiments with program organization and finance as communities seek to balance responsibilities. The competing views of stormwater program organization and finance s will join larger issues of local government roles in solving social and environmental problems and outcomes will be a bellwether of commitment to sustainable and livable communities. [ABSTRACT FROM PUBLISHER]

The purpose of this paper is to investigate the determinants of the local tax mix in Spain. As the main local own revenues, we analyze the five local taxes -with the property tax as the main source- and fees and charges. The study relies on a sample of 130 municipalities with more than 50,000 inhabitants for the years 2005 and 2009. The results show the relevance of scale variables such as the population or total assets, but per capita income and grants are not significant. In political terms, we observe that ideology is important and fragmentation plays a limited role: the property tax share tends to be lower with left-wing governments, who favor revenues using the benefit principle. [ABSTRACT FROM AUTHOR]

This article examines the potential use of taxes to increase the price of sugar-sweetened beverages in an attempt to curb consumption, improve public health, and generate revenue that can be used to support other public health initiatives. In doing so, it first considers the arguments for and against such a tax, including economic, political, and health considerations. This article then proceeds to look at how the tax could be implemented, addressing the various models of taxation that could be used as well as questions of jurisdiction surrounding what level of government may implement those models. [ABSTRACT FROM AUTHOR]

Actions of the Government of Canada and the governments of Nova Scotia and Newfoundland and Labrador, such as interprovincial delimitation of the continental shelf, exclusive exploitation of continental shelf resources, and exclusion of all or part of the revenues generated by these resources from equalization calculations, create the impression of provincial ownership of the continental shelf This is not the case. In fact, contrary to widely held views, the continental shelf belongs to no one. International law does not grant coastal states sovereignty over the continental shelf. Instead, it grants sovereign rights to explore and exploit the continental shelf. These rights, born of a process of political compromise, belong to the federal government. Consequently, the most common argument for excluding non-renewable resources from equalization calculations (namely, that they belong to the provinces) cannot apply to continental shelf resources. The Canadian practice regarding oil and gas development in the Atlantic coast continental shelf is, from both a legal and political standpoint, all the more surprising given that the Canadian federation is said to be held together by the principle of equalization. [ABSTRACT FROM AUTHOR]

The article offers information on the role of New Zealand's General Anti-Avoidance Rule (GAAR) and its relationship with Duke of Westminster doctrine, which provide effective provisions in tax benefits. It discusses the decision of New Zealand Supreme Court regarding the uncertainty in Duke of Westminster doctrine and the need of legislative clarifications. It examines the sustainability of taxation system and its impact on the economy in terms of revenue loss and the diversion of resources.

The article provides an insight into the earning tax agenda pertaining to Kansas City and Saint Louis City in Missouri and the regulation of Proposition A, which restricts Missouri cities to tax their residents and create revenue. It informs that residents of Kansas City and St. Louis City voted against the regulation of proposition A and desired to retain tax. It depicts that removal of earnings tax would create imbalance in budgets.

This article explores the interrelationship between the butterfly rules in subsection 55(3) of Canada's Income Tax Act and the spinoff/split-up rules in section 355 of the US Internal Revenue Code in the context of a Canada-US cross-border division of a family-owned corporation to accomplish succession-planning and other goals. [ABSTRACT FROM AUTHOR]

The article presents the text of the standards for First Nation taxpayer representation to council laws. The First Nations Tax Commission has the authority under Section 35 of the First Nations Fiscal and Statistical Management Act to mandate standards with respect to the form and content of First Nation local revenue laws enacted under subsection 5(1) of the Act. The purpose of the set standards is explained. Other topics discussed include authority and publication, application, definitions and ongoing communications with taxpayers.

The article looks at the decision of Great Britain's Queen's Bench Division of the Administrative Court in the case Re A regarding the benefit from criminal conduct in respect of sums paid by co-defendants under a confiscation order. It mentions that conviction for the conspiracy to cheat the public revenue as a crime of money laundering. It also mentions that the recovery from defendants convicted of the same conspiracy.

The article discusses a court case related to the administration of revenue legislation in Victoria. Topics covered include the ruling of the Victorian Court of Appeal that focuses on the imposition of land tax in the region and its implication for the implementation of the Land Tax Act 1958. Also mentioned are the focus of the case on the taxation of several roads that are publicly used in Victoria.

A summary of the Cote Revenue Account By-Law of 2009 enacted by the Council of the Cote First Nation in British Columbia is presented.

The article presents the Procedures Respecting the Approval of First Nation Local Revenue Laws established by the First Nations Tax Commission under section 35 of the First Nations Fiscal and Statistical Management Act. The procedures aim to provide transparent and efficient processes for the approval of local revenue laws by the Commission and cover the approval of local revenue laws submitted to the Commission under the Act. Effectivity was on June 10, 2009.

Law and policy is one thing, but their implementation and administration is affected by organizational cultures. Meidinger has argued that knowledge of regulatory and organizational cultures assists understanding of how law and policy work in practice. This article examines three revenue administrations that are moving from a command-and-control style of regulation to a more persuasive and responsive style of regulation. The central argument is that there is a determining step in the process of clarification, reconciliation, responsiveness, and design of a tax system. That step is the extent to which organizational culture can be changed to embrace inclusive discussion and creative solutions to the administration of tax law and policy. [ABSTRACT FROM AUTHOR]

The article examines factors and issues that influenced the rise in female labor force participation in the U.S. between 1975 and 2005. There are several factors that contributed to the decline in male labor force participation, including the institutions of Social Security in 1935 and the introduction of Revenue Act of 1942. The sources of changes in observed labor force participation rates include a change in characteristics, a change in behavior and a change in labor force participation decisions.

The article discusses the development of the common law rule in English courts and its adaptation in courts in the U.S. It also examines the application of revenue rule in the twentieth century by common law jurisdictions. It cites that the revenue rule imposes a restriction on the judicial system for the examination of the revenue laws. It mentions that the revenue rule as a common law doctrine can be used in the courts for suits and foreign tax judgments of foreign revenue laws.