Financial Taxes and the Sand in the Wheels of Financialization:Legal Challenges for the EU Directive Implementing Enhanced Cooperation in the Area of Financial Transaction Tax

One of the many results of the Global Financial Crisis was the insight that the financial sector is under-taxed compared to other industries. In light of the huge bailouts and continued subsidies for financial institutions that are characterized as too-big-to-fail demands came on the agenda to make finance pay for the mega-crisis it caused. The most prominent examples of such taxes are a Financial Transaction Tax (FTT) and a Financial Activities Tax (FAT). Possible effects of such taxes on the economic constitution and increasingly in particular on the European Single Market have been discussed controversially over the last decades already. Especially with the decision of eleven EU member states to adapt an FTT using the enhanced cooperation procedure a number of additional legal challenges for implementing such a tax have emerged. This paper analyzes how tax measures of indirectly regulating the financial industry differ, what legal challenges they pose, and what their overall contribution would be in making the financial system more stable and resilient. It also analyzes the legal arguments against enhanced cooperation in this area and the legal issues related to the British lawsuit against the Commission’s Directive proposal in the European Court of Justice on grounds of the extra-territoriality application of tax. The paper concludes that the feasibility of an FTT is legally sound and given the FTT’s advantages over a FAT the EU Directive should be implemented as a first step for a European-wide FTT. However, significant uncertainties about its implementation remain at this stage.

Environmental taxes in a public Stackelberg leader duopoly

We study whether privatization of a public firm improves (or deteriorates) the environment in a mixed Stackelberg duopoly with the public firm as the leader. We assume that each firm can prevent pollution by undertaking abatement measures. We get that, since in the mixed market the industry output is higher than in the private market, the abatement levels are also higher in the mixed market, and, thus, environmental tax rate in the mixed duopoly is higher than that in the privatized duopoly. Furthermore, the environment is more damaged in the mixed than in the private market. The overall effect on the social welfare is that it will becomes higher in the private than in the mixed market.

Privatization in a mixed duopoly with environmental taxes

In this paper, we study the effects of environmental and privatization in a mixed duopoly, in which the public firm aims to maximize the social welfare. The model has two stages. In the first stage, the government sets the environmental tax. Then, the firms engage in a Cournot competition, choosing output and pollution abatement levels.

Government preference, environmental taxes and privatization

We analyse the relationship between the privatization of a public firm and government preferences for environmental tax revenue. The model that we consider is more general than the one consider in Wang and Wang (2009), in the sense that we put a larger weight in the environment tax revenue than on the other terms of the government's objective function. The model has two stages. In the first stage, the government sets the environmental tax. Then, the firms engage in a Cournot competition, choosing output and pollution abatement levels.

Reporting Income Taxes in the Banking Sector In Angola - Accounting, Tax Regulation and Financial Reporting Evidences

This research provides an insight into income taxes reporting in Angola, based on hand collected data from the annual reports of banks. Empirical studies on Angolan companies are scarce, in part due to the limited access to data. The results show that income taxes’ reporting has improved over the years 2010-2013, becoming more reliable and understandable. The Angolan Government is boosting the economic growth through tax benefits in the investment in public debt, which cause a reduction in the banks’ effective tax rate. The new income tax law will reduce the statutory tax rate from 2015 onwards and change the taxable income, resulting in shifting the focus to promoting private investment.

Arrêt du Conseil d'Etat qui ordonne qu'en payant par le sieur Prévost de Serainville la somme de 6.000 l. et les 2 sols pour livre pour l'acquisition d'un office de secrétaire du Roi, il sera déchargé de toutes taxes pour la recherche de la noblesse

[Acte. 1714-01-16. Versailles]

Arrêt du conseil d'Etat au sujet des offices donnés en paiement des taxes de la chambre de justice

[Acte. 1717-06-19. Paris]

Arrêt du conseil d'Etat qui nomme des commissaires pour procéder au jugement des oppositions formées au sceau des provisions des offices reçus en paiement des taxes des gens d'affaires ; à la liquidation des dettes privilégiées et à l'ordre des créanciers

[Acte. 1717-07-03. Paris]

Arrêt du conseil d'Etat qui règle les formalités pour la vente et l'expédition des provisions des offices de conseillers-secrétaires du roi et autres qui ont été ou seront reçus en paiement des taxes de ceux qui auront été compris dans les rôles arrêtés au conseil, en exécution de la déclaration du 18 sept. 1716

[Acte. 1717-08-18. Paris]

Arrêt du conseil d'Etat concernant les offices donnés en paiement des taxes de la chambre de justice

[Acte. 1717-09-04. Paris]

Arrêt du conseil d'état qui ordonne que les deniers qui sont entre les mains des receveurs des consignations, fermiers judiciaires, séquestres et dépositaires, serviront à acquitter les arrérages et le rachat des taxes pour l'entretien des boues et lanternes de Paris

[Acte. 1758-05-08. Versailles]

Arrêt du grand conseil portant règlement pour le rôle des taxes de la procure générale de l'ordre de Cluny

[Acte. 1744-02-05. Paris]