The Taxation of Bonuses and its Effect on Executive Compensation - Evidence from the UK Experience

This paper explores the reaction of compensation components awarded to executive directors of UK financial institutions following the adoption of the bonus tax in December 2009. Excessive bonuses are blamed for encouraging risk taking and are regarded as one of the pull factors of the financial crisis. The British government attempted to reduce bonuses and accordingly corporate risk-taking by means of a special tax on cashbased bonuses. Using a comprehensive dataset on executive compensation we show that the introduction of the bonus tax decreased the net cash bonuses awarded to directors by about 43%, accompanied however by a simultaneous increase in other compensation components leaving both variable as well as total compensation unaffected. Hence, the incidence of the bonus tax was borne by the firms which compensated their managers for the decrease in cash-based compensation by awarding them different forms of pay. Consistent with this finding our data also suggests that firms reduced dividend pay-outs as a consequence of the bonus tax.

The Socioeconomics of Consumption: Solutions to the Problems of Interest, Knowledge, and Identity

This paper is a review of the socio-economic literature on consumption. Considering consumption as a social activity, it examines how consumption solves the problems of interest, knowledge, and identity. It also discusses the main themes and important contributions in each category and offers suggestions for further research.

The Organization of Consumption

No abstract available.

Under the sign of consumption

The series of enunciations exposed in this work attempts to establish a conceptualization of consumption in relation to the communication and reception processes of symbolic goods. In addition, it will attempt to account for some possible derivations of the problem in question. The article explores different definitions penned by diverse authors seeking to set out the essential aspects concerning the object of study Thus, consumption becomes a space within which the appropriation of material and symbolic goods, social differentiation and symbolic class distinctions, integration, communication, amongst other things, take place. Despite the fact that none can sufficiently explain all the peculiarities related to consumption practices, all offer enriching insights that help us understand the concept we are dealing with. This is why the purpose of the present formulation is to reflect from another perspective, stressing the particularisms. And, in this way, to begin to lift the veil that conceals the forces of the social matrix

Under the sign of consumption

The series of enunciations exposed in this work attempts to establish a conceptualization of consumption in relation to the communication and reception processes of symbolic goods. In addition, it will attempt to account for some possible derivations of the problem in question. The article explores different definitions penned by diverse authors seeking to set out the essential aspects concerning the object of study Thus, consumption becomes a space within which the appropriation of material and symbolic goods, social differentiation and symbolic class distinctions, integration, communication, amongst other things, take place. Despite the fact that none can sufficiently explain all the peculiarities related to consumption practices, all offer enriching insights that help us understand the concept we are dealing with. This is why the purpose of the present formulation is to reflect from another perspective, stressing the particularisms. And, in this way, to begin to lift the veil that conceals the forces of the social matrix

Under the sign of consumption

The series of enunciations exposed in this work attempts to establish a conceptualization of consumption in relation to the communication and reception processes of symbolic goods. In addition, it will attempt to account for some possible derivations of the problem in question. The article explores different definitions penned by diverse authors seeking to set out the essential aspects concerning the object of study Thus, consumption becomes a space within which the appropriation of material and symbolic goods, social differentiation and symbolic class distinctions, integration, communication, amongst other things, take place. Despite the fact that none can sufficiently explain all the peculiarities related to consumption practices, all offer enriching insights that help us understand the concept we are dealing with. This is why the purpose of the present formulation is to reflect from another perspective, stressing the particularisms. And, in this way, to begin to lift the veil that conceals the forces of the social matrix

Income taxation of emigrants and immigrants under Spanish law

Análisis de las consecuencias tributarias de los cambios de residencia de las personas físicas.

Sundry extracts on the subject of the taxation of College &c., ca. 1798-1801

Notebook with brown paper cover containing handwritten extracts from the charters and related legislation of New England academic, charitable, and commercial institutions regarding their ability to hold real estate and related tax exemptions. Most of the listed documents are dated in the 1780s and 1790s. The notebook also contains extracts from "Argument in the case of Poor's rate, charged on the College of Christ & Emmanuel in the University of Cambridge 1768." The item title is transcribed from a handwritten inscription on the back cover.

Efficient taxation of multi-national enterprises in the European Union. Bruges European Economic Policy (BEEP) Briefing 5/2003

Current arrangements for multi-national company taxation in EU are plagued by severe conceptual and administrative problems, leading to high compliance costs, considerable uncertainty and ample room for abuse. Integration is amplifying these difficulties. There are two possible approaches in designing an efficient trans-border corporate tax system for the European Union. The first is to consolidate the EU-wide operations of MNEs, using an agreed common base as the reference variable, and then to apportion this total tax base using some presumptive indicators of activity in each tax jurisdiction – hence, implicitly, of the likely benefits stemming from each location. The apportionment formula should respect requisites of neutrality between productive factors and forms of corporate financing. A radically different approach is also available that offers considerable advantages in terms of efficiency, simplicity and decentralisation, including full administrative autonomy of national tax authorities. It entails abandoning corporate income as the relevant tax base and taxing at a moderate rate some agreed measure of business activity such as company value added, sales or employment. These are the variables usually considered in formula apportionment, but they would apply directly without having first to go through the complications of EU-wide consolidation based on a common-base definition. Reference to a broad base, with no exemptions or deductions, would allow to set low statutory rates.