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Limiting interest deductionsHowever, as the OECD project on BEPS has recognized, debtcan be a strong tax-planning tool. In some circumstances, interest paymentsmay be considered excessive, to the extent that the relevant taxbase is improperly eroded. Tax professionals have struggled for manyyears to determine when interest payments are excessive, such that taxdeductions for those payments should be limited. The OECD projecton BEPS and the work of many countries seeking to apply the lessonsof this project promise to shine new light on this continuing challenge.185
Peter A. BarnesBibliographyArena, Matteo P. and Andrew H. Roper, “The Effect of Taxes on MultinationalDebt Location,” (2010) Vol. 16, Journal of Corporate Finance, 637-654.Cull, Robert, Stephen Haber and Masami Imai, “Related Lending andBanking Development,” (2011) Vol. 42, Journal of InternationalBusiness Studies, 406-426.Easson, A. J., “Tax Incentives for Foreign Direct Investment in DevelopingCountries,” (1992) Vol. 9, No. 4 Australian Tax Forum, 387.Eijffinger, Sylvester C. W., Harry P. Huizinga and Jan J.G. Lemmen,“Short-Term and Long-Term Government Debt and NonresidentInterest Withholding Taxes,” (1998) Vol. 68, No. 3 Journal of PublicEconomics, 309-334.Gajewski, Dominik, “Tax-Related and Economic Consequences of Selectingthe Method of Debt Financing of Companies with Regard to ThinCapitalisation in OECD Member Countries,” (2013) Vol. 7, No. 2Contemporary Economics, 77-83.Hovakimian, Armen, Tim Opler and Sheridan Titman, “The Debt-EquityChoice,” (2001) Vol. 36, No. 1 The Journal of Financial and QuantitativeAnalysis, 1-24.Huizinga, Harry, Johannes Voget and Wolf Wagner, “International Taxationand Cross-Border Banking,” (2014) Vol. 62, No. 2 American EconomicJournal: Economic Policy, 94-125.Huizinga, Harry, “The Incidence of Interest Withholding Taxes: Evidencefrom the LDC Loan Market,” (1996) Vol. 59, No. 3 Journal of PublicEconomics, 435-451.Kaserer, Christoph, “Restricting Interest Deductions in CorporateTax Systems: Its Impact on Investment Decisions and CapitalMarkets,” (2008), available at http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1130718.Mansi, Sattar A. and David M. Reeb, “Corporate International Activityand Debt Financing,” (2002) Vol. 33, No. 1 Journal of InternationalBusiness Studies, 129-147.Risinger, Marlin, “Limiting the Deduction for Multinational Interest Expense:The Importance of Global Norms,” (2013) Vol. 91, No. 3 Taxes — TheTax Magazine, 71-98.Sundararajan, V., “Debt-Equity Ratios of Firms and Interest Rate Policy:Macroeconomic Effects of High Leverage in Developing Countries,”Vol. 32, No. 3 IMF Staff Papers (International Monetary Fund:Washington, D.C., 1985), 430-474.186
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United Nations Handbookon Selected
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Copyright © June 2015United Nation
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PrefaceIn recent years, internation
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Acknowledgements(Chile); Mr. Wolfga
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IntroductionIn follow-up, the Subco
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ContentsPreface ...................
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ContentsChapter IITaxation of incom
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Contents5. Article 13 of the United
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ContentsChapter VIPreventing tax tr
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Contents4. Options for developing c
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Contents5.5 Regional agreements ...
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Hugh J. Ault and Brian J. Arnold7.6
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Hugh J. Ault and Brian J. Arnoldpay
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Hugh J. Ault and Brian J. ArnoldThe
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Chapter IITaxation of income from s
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Taxation of income from servicesnot
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Taxation of income from servicesin
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Taxation of income from servicespra
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Taxation of income from servicesof
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Taxation of income from servicesear
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Taxation of income from servicesis
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Taxation of income from servicesper
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Taxation of income from servicespay
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Taxation of income from servicessol
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Chapter IIITaxation of non-resident
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Taxation of non-residents’ capita
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Page 178 and 179: Chapter IVLimiting interest deducti
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Page 210 and 211: Chapter VNeutralizing effects of hy
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Neutralizing effects of hybrid mism
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Peter A. HarrisOwnership of assetsE
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Peter A. HarrisAnnex IIEffects of o
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Peter A. HarrisA.1.7 The mismatch i
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Peter A. HarrisSubject to tax treat
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Peter A. HarrisA.2.9 The mismatch i
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Peter A. HarrisA.3 Mismatches in re
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Peter A. HarrisA.3.7 Figure 17 in t
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Peter A. Harrisa PE in the jurisdic
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Chapter VIPreventing tax treaty abu
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Preventing tax treaty abuseModel Ta
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Preventing tax treaty abuseand appr
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Preventing tax treaty abuseFinally,
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Preventing tax treaty abuse‣ ¾ T
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Preventing tax treaty abusehands of
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Preventing tax treaty abusefor the
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Preventing tax treaty abuseintended
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Preventing tax treaty abuseThe Comm
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Preventing tax treaty abuseOECD cla
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Preventing tax treaty abuseSubparag
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Preventing tax treaty abusethe Stat
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Preventing tax treaty abusemore of
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Preventing tax treaty abuseSubdivis
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Preventing tax treaty abuseii)less
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Preventing tax treaty abuse2.3.1.2
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Preventing tax treaty abusesubparag
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Preventing tax treaty abuseby seven
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Preventing tax treaty abuseExample
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Preventing tax treaty abuseaccordan
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Preventing tax treaty abuse‣ ¾ T
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Preventing tax treaty abuseboth Sta
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Preventing tax treaty abusenon-taxa
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Preventing tax treaty abuseare mean
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Preventing tax treaty abuseOne of t
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Chapter VIIPreventing avoidance of
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Preventing avoidance of permanent e
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Chapter VIIIProtecting the tax base
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Protecting the tax base in the digi
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Eric M. Zoltincentives are bad in t
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Eric M. Zoltoption, and taxes are j
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Eric M. ZoltWhile tax incentives ca
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Eric M. Zoltdisguised tax incentive
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Eric M. Zoltif the foreign investor
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Eric M. ZoltNew foreign direct inve
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Eric M. Zoltto avoid paying taxes o
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Eric M. Zoltshould be the monitorin
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Eric M. Zolt2.2 Design consideratio
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Eric M. Zoltwith the creation of a
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Eric M. Zolt2.2.1.3 Tax holidaysIn
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Eric M. ZoltInvestment allowances a
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Eric M. Zoltmechanism, investors ha
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Eric M. Zolt2.2.2.6 Transfer pricin
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Eric M. Zoltthat offers tax privile
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Eric M. Zolt6. Calculate the amount
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Eric M. ZoltFor an investor, the to
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Eric M. Zoltthe right of source cou
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Eric M. Zoltincome either when earn
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Eric M. Zolt‣ ¾ “Broad approac
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Eric M. ZoltThe insight here is tha
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Eric M. Zoltattributable to develop
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Chapter XTransparency and disclosur
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Transparency and disclosure1.4 Perv
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Transparency and disclosure2.2.2 Vo
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Transparency and disclosureis inten
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Transparency and disclosureon the O
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Transparency and disclosureand conc
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Transparency and disclosureimproved
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Transparency and disclosureenhancem
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Transparency and disclosureobservat
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Transparency and disclosurethey fac
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Diane Ringunder review. To assist i
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Diane Ring(b) Reporting oversight:
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Diane Ringpermanent establishment (
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Diane Ringparticular, may face this
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Diane Ringto tax authorities under
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Diane RingBusiness organizations, i
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Diane RingThere is, however, anothe
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Diane Ringin a jurisdiction will be
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Diane Ringbe important to bear in m
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Diane Ring3.4 Disclosure of aggress
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Diane Ringdisclosure. But it is not
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Diane Ring4.2.3 ChallengesSuccessfu
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Diane RingMuch of the discussion an
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Diane Ringcase of an individual) of
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Diane Ring4.3.4.3.1 ReciprocityThe
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Diane Ring4.4 Industry-specific rep
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Diane Ringdisclosure and confidenti
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Diane Ring5.2 Article 26 of the Mod
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Diane Ring5.2.3 Information sought
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Diane RingModel Convention). The pr
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Diane Ringdetail the expectations r
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Diane Ringa position to negotiate m
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Diane Ringand disclosure regarding
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