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Full-Text Articles in Law
The $4 Billion Question: An Analysis Of Congressional Responses To The Fsc/Eti Dispute Under Wto Export Subsidy Standards, William Chou
The $4 Billion Question: An Analysis Of Congressional Responses To The Fsc/Eti Dispute Under Wto Export Subsidy Standards, William Chou
Northwestern Journal of International Law & Business
During the decade-long relationship between the United States and the World Trade Organization (WTO), perhaps no controversy has fomented as long and bitterly as the dispute over the U.S. tax benefits for exporters. This article analyzes two competing bills before the House of Representatives, both devised to bring the United States in compliance with the WTO's ruling against the U.S. Foreign Sale Corporation (FSC) and Exterritorial Income (ETI) tax regimes as prohibited export subsidies. Hit with a $4 billion retaliatory tariff by the European Union, the House sought new tax legislation that would preserve at least some of the tax …
Trade In Technology Within The Free Trade Zone: The Impact Of The Wto Agreement, Nafta, And Tax Treaties On The Nafta Signatories, Catherine Brown, Christine Manolakas
Trade In Technology Within The Free Trade Zone: The Impact Of The Wto Agreement, Nafta, And Tax Treaties On The Nafta Signatories, Catherine Brown, Christine Manolakas
Northwestern Journal of International Law & Business
Trade in technology and related services has assumed a major role both on the world trade agenda and within the NAFTA block. The success of such cross-border trade is dependent upon three factors: protection of intellectual property,' access to foreign markets by service providers, and a minimized risk of double taxation. Each of these factors is impacted by national laws, multinational conventions, and bilateral tax treaties. The last decade has witnessed an explosion of such legislation and agreements. This article focuses on Canada, Mexico and the United States, and explores the World Trade Organization Agreement ("WTO Agreement"), the North American …
China's Tax Preferences To Foreign Investment: Policy, Culture And Modern Concepts, Zhaodong Jiang
China's Tax Preferences To Foreign Investment: Policy, Culture And Modern Concepts, Zhaodong Jiang
Northwestern Journal of International Law & Business
In conclusion, policy-making in China is subject to the leadership's perception of problems and solutions. Taxation must reflect political and economic concerns and closely follow policy choice. For the Chinese, the objective, economic value to foreign businesses should not be as important as the Chinese sincerity and friendly sentiments that the preferential meas- ures symbolize. While the Chinese do refer to modern concepts such as ef- ficiency or equity, they tend to apply their own interpretation and understanding.
Anti-Deferral Deferred: A Proposal For The Reform Of International Tax Law, John Mcdonald
Anti-Deferral Deferred: A Proposal For The Reform Of International Tax Law, John Mcdonald
Northwestern Journal of International Law & Business
Nowhere is the complexity of the Code more apparent than in the income tax provisions relating to U.S. ownership of foreign corporations.' In fact, the operation of the tax law in this area has become so incredibly complex that many calculations required by the Code can no longer be performed effectively without the use of sophisticated computer software.4 The cost of complying with these Code provisions has started to affect the competitiveness of the corporations to which they apply.5 In fact, there is a definite possibility that our tax laws in this area have become so complex that tax professionals …
International And Interstate Approaches To Taxing Business Income, David M. Hudson, Daniel C. Turner
International And Interstate Approaches To Taxing Business Income, David M. Hudson, Daniel C. Turner
Northwestern Journal of International Law & Business
In the United States, many states have sought the objective of uni- formity by enacting the Uniform Division of Income for Tax Purposes Act (UDITPA). In addition, many of those same states have entered into the Multistate Tax Compact (MTC). The salutary objective of both the UDITPA and the MTC is to provide uniform rules for the allocation and apportionment of income, in order to facilitate both compliance and enforcement, as well as to reduce the likelihood of double taxation. The promised uniformity, however, has been at the same time both illusive and elusive. Experience with the UDITPA and the …
Recent Development In Insider Trading Through Swiss Bank Accounts: An End To The "Double Standard", Jonathan Levin
Recent Development In Insider Trading Through Swiss Bank Accounts: An End To The "Double Standard", Jonathan Levin
Northwestern Journal of International Law & Business
In recent years, the Securities and Exchange Commission (SEC) has increased its efforts to combat insider trading in publicly-traded securities in order to ensure fairness, honesty, and confidence in the United States securities markets. Nevertheless, insiders continue to employ Swiss banks as a conduit for their trading activie with little fear of detection.
Is The Connection Effective? Through The Maze Of Section 864, Alan B. Stevenson
Is The Connection Effective? Through The Maze Of Section 864, Alan B. Stevenson
Northwestern Journal of International Law & Business
This article discusses certain of the rules under which foreign corporations and nonresident alien individuals may be subjected to United States federal income tax. It may at first be surprising that there are any situations in which the United States would attempt to tax the income of a nonresident alien or a foreign corporation. A moment's reflection, however, will reveal that in some situations it is quite logical that the United States should tax at least a portion of the income of such persons. For example, it seems reasonable that a corporation which conducts some minimum level of business in …
Recapture Of Past Foreign Branch Losses On Transfer Of Branch Assets To A Foreign Corporation, E.C. Jr. Lashbrooke
Recapture Of Past Foreign Branch Losses On Transfer Of Branch Assets To A Foreign Corporation, E.C. Jr. Lashbrooke
Northwestern Journal of International Law & Business
A domestic corporation operating in a foreign country through a branch office includes income from that operation in its worldwide income and deducts losses from its worlwide income. Net losses from foreign branch operations reduce the amount of income subject to the federal income tax. If at a future date the domestic corporation incorporates its foreign branch and transfers the branch assets to the foreign corporation in exchange for its stock or securities, any future unearned income of the foreign corporation is removed from United States tax jurisdiction, provided that the foreign corporation does not engage in the conduct of …
Hoover Company V. Commissioner: A Judicial One Way Street, Raymond J. Jr. Slomski
Hoover Company V. Commissioner: A Judicial One Way Street, Raymond J. Jr. Slomski
Northwestern Journal of International Law & Business
Recently, the tax court in Hoover Company v. Commissioner,' re- fused to apply the Corn Products doctrine3 and found that a corpora- tion's forward sales agreements in foreign currencies were not hedging agreements.4 The court concluded that such sales did not constitute an integral part of the business,5 and thus losses from such transactions fell outside the protection of Corn Products and were afforded capital treat- ment.6 This note will suggest that the Hoover court, in focusing its deci- sion on the form of the taxpayer's transaction (i.e., whether it was a "bona fide" hedge), failed to properly apply the …