Interjurisdictional allocation of multinational banking income : aligning taxation principles with economic activity

This thesis argues that one type of multinational entity – the multinational bank – poses particularly significant challenges to the international tax regime in terms of its current profit allocation rules. Multinational banks are a unique subset of multinational entities, and as a consequence of their unique traits, the traditional international tax regime foes not yield an optimal interjurisdictional allocation of taxing rights. The opportunity for tax minimisation, achievable because of the unique traits, and realised through exploitation of the traditional source and transfer pricing regime, results in a jurisdictional distribution of taxing rights which does not reflect economic reality. There are two distinct ways in which the traditional international tax regime fails to reflect economic activity. The first way that economic activity may not be reflected in the distribution of the taxing rights to income from multinational banking is through the application of traditional source rules. The traditional sources rules allocate income where transactions are completed rather than where the intermediation services are arranged. As a result of their unique commercial role as financial intermediaries, by separating intermediary economic activity from legal transactions with third parties, multinational banks may distort the true location of the activity giving rise to income. The second way in which the traditional tax regime may fail to reflect economic activity is through the traditional transfer pricing regime requiring related or internal transaction to be undertaken at an arm’s length price. The arm’s length pricing requirement is theoretically deficient in its failure to recognise the highly integrated nature of multinational banking. In practice, the arm’s length pricing requirement is also difficult, if not impossible, to apply to multinational banks because of the requirement of comparability. The difficulties associated with the current model have resulted in a subtle move by multinational banks towards global formulary apportionment. This thesis concludes that, for the international taxation of multinational banks, the current source regime should be replaced with a system that allocates profits for tax purposes on the basis of income source, with source determined using a unitary taxation or global formulary apportionment system. It is argued that global formulary apportionment is a theoretically superior model that provides both jurisdiction to tax and allocated profits on the basis of the economic activity that generates the income.

Concepts and principles in unjust enrichment : a comparative study

The Thesis was inspired by a perceived need better to understand the unique description of unjust enrichment by the Australian courts, as a unifying legal concept. It demonstrates that concepts and principles are essential features of the common law because they identify the character and taxonomy of rules. The comparative study, encompassing Australian and English law primarily, and law of other jurisdictions, modern and ancient, elucidates the special characteristics of the concepts and principles of Anglo/Australian unjust enrichment and of concepts and principles generally. A like concept has had a place in the common law since its inception under several characterisations. It bears the mark of ancient Roman jurisprudence, but relates to independent principles. The jurisprudence was formed by special characteristics of its history. It is distinct from modern Roman/Dutch law but the doctrinal overtones of its foundational case law reflect the basis of reasoning which in Continental law, is found in the adopted ancient codes. It is this foundation of reasoning and the firm rejection of a normative general principle that makes Anglo/Australian law different in character and jurisprudence from unjust enrichment in USA and Canada. Stifled for centuries by quasi contract misconceptions, the law of unjust enrichment entered the modern law in the 20th C through the seminal judgements of Lord Wright in Fibrosa Spolka Akcyjna v Fairbairn Lawson Coombe Barbour Ltd, and related cases and through the strong judicial and juristic following they inspired. That “…any civilised system of law is bound to provide remedies for … unjust enrichment…” became an imperative across the common law world: it has long held a place in the Roman Dutch jurisdictions of South Africa and Continental Europe. The special character of unjust enrichment in Anglo/Australian law is focussed upon a unique action where-by the law imposes an obligation upon the establishment of a recognised ground. The notion of breach of a primary rule does not arise: the obligation is therefore a primary obligation imposed by law, as distinct from a remedy for a breach. Important consequences flow from the characteristic. The juristic development of unjust enrichment in the common law has long been the sole prerogative of the superior courts. The place of historical features of the jurisprudence has however been subsumed by modern judicial methodology that is slowly assuming a unifying pattern of reasoning from case to case; from one ground to another. This is the special characteristic of the unifying legal concept and English principle of unjust enrichment. The thesis draws widely based conclusions about concepts and principles of unjust enrichment and the actions and obligations they sponsor. It portrays them as the substance of legal reasoning and analyses underlying theory. to this end, it addresses counter juristic and historical arguments. Its central conclusion are that there are sound jurisprudential arguments for actions based upon a unifying legal concept and English principle of unjust enrichment, and that the explanation of the unjust enrichment concept as the foundation of an independent branch of the common law and taxonomy is theoretically sustainable. In this manner concepts and principles of the common law are demonstrated as critical characteristics of the common law at large.

Principles of equity and trusts

This fourth edition of Principles of Equity and Trusts has been comprehensively updated and revised. It retains its original style of presenting principles and remedies relevant to equity and trusts in a straightforward and succinct manner.This new edition includes a discussion of new developments in knowing receipt constructive trusts, resulting trusts, charitable trusts, injunctions, equitable recission and forfeiture. All chapters have been fully revised, with significant new analysis in a range of chapters including those dealing with the relationship between common law and equity, fiduciary obligations and certainty rules for the creation of trusts.New case discussions in this edition include:Stack v Dowden (2007) (the House of Lords considering the presumptive application of resulting trusts in domestic de facto relationships);Trustees of the Property of Cummins (a bankrupt) v Cummins [2006] (the High Court considering the presumptive application of purchase money resulting trusts in a marriage relationship);Farah Constructions Pty Ltd v Say-Dee Pty Ltd (2007) (the High Court considering the scope and application of knowing receipt constructive trusts);Twinsectra v Yardley [2002] and Barlow Clowes International Ltd (in liq) v Eurotrust International [2006] 1 All ER 477 ( the House of Lords considering the dishonesty test relevant to knowing assistance constructive trusts) and Commissioner of Taxation v Word Investment Ltd [2006] (the Federal Court considering the scope of the charitable purpose test).This new edition remains an ideal book for undergraduate study, covering all aspects of equity and trusts jurisprudence in an accessible, comprehensive and up to date style.

Empirical applications of economic principles in producer price index analysis

The research analyses economic linkages of producer price indices of the construction industry in Australia and relationships between construction and house prices. A range of econometric techniques are applied to analyse construction and house prices. The economic equilibrium and dynamic relationships among regional markets are investigated based on producer price index analysis.

Confucian primers in dynastic China : tracing ethical molding to earliest times

Confucianism served the dynastic rulers of China well in their control of the education system as part of maintaining their reign for over 2,000 years, yet very little academic literature exists in the West on this important topic. This book examines the key ideological concepts of the canonized Confucian texts, accumulated from the 4th century BC onward, in the search of understanding the traditions of Chinese society, which appear to have always emphasized hierarchical relationships, harmony and stability rather than individualism, innovation, equity and fairness. By analyzing the ethical contents in Confucian primers produced in dynastic China, this study should help shed some light on how generations of Chinese children were cultivated to value passivity, submissiveness, acceptance of fate and maintenance of the status quo. This book provides a comprehensive resource for both undergraduates and specialists of comparative education. It will also be useful to China scholars or anyone else who shares an interest in Chinese history and philosophy.

Conflict of interest in policing : problems, practices, and principles

Examines conflict of interest across the private and public realm of the everyday lives of police officers. Outlines how the problem is an important aspect of police ethics, arguing that recognition of, and accountability for, conflict of interest may be a significant element in preventing police misconduct and corruption

Contextualisation of international development principles to difficult contexts: a case study of Myanmar

Myanmar is a poor developing country with significant humanitarian needs, but international assistance is limited and restricted due to the political situation. Analysis of new primary data collected through interviews both within Myanmar and across the region sheds light on the implementation of principles of best-practice by International Non-Government Organisations (INGOs) operating within the country. This data highlights the adaptations INGOs make to widely-held development principles, ideas and approaches in order to become effective in this context. Forty-seven interviews were conducted with key individuals from INGOs, UN organisations and local NGOs. As there is no definitive list of best-practice principles for project-based INGO development interventions, a list is compiled from responses during the interviews. The adaptations made by INGOs to the context of Myanmar are discussed in terms of the way they work with civil society, NGOs, donors and officials (partnerships, capacity building, advocacy, rights-based approach and accountability), and the way they work in local communities (participation, equity, sustainability, active citizenry, and context sensitivity).

Advancing architecture ecologies : energy principles in nature and urban systems

The search for a coherent approach to optimising the delivery of sustainable development has moved from rhetoric to reality, shaped by international drivers such as the UN Millennium Development Goal and the UN 'Decade of Education for sustainable development 2005- 2014'. Emphasis has been recently placed by Governmental bodies on creativity and innovation as a way to promote and sustain the social, cultural and economic well-being. This has led to, amongst other things, the development of a series of new initiatives to promote sustainable development. There is still a lack of understanding of the impacts of sustainability on architecture and their associated and interrelated ecologies because, at least in part, there is no significant joined up thinking regarding the implications of sustainability across the whole design, implementation and operation processes. There is a considerable challenge to ensure integration, cross-fertilisation and dissemination to provide meaningful outputs from the vast array of ecological systems with their differing structures. This paper explores the processes rather than products of ecological systems and possibilities for a credible integral system that guide sustainable development and advance architecture ecologies. The paper traces back the roots of the divorce between architecture profession and technology and highlights the importance of reaching back to the true meanings of Techne as key to develop integral sustainable systems. The paper underlines the energy principles that construct ecological principles and provide explanation of how such systems can be interpreted in the built environment. Enriching ecological culture is not a physical development or a large expensive projects but rather in a coherent and focused efforts by a group of professionals, academics, and practitioners with multi disciplinary talents to build a complex and multi facets of integral systems and ideas.