On 8 June 2012, National Treasury amended Regulation 10(1) (c) of the Exchange Control Regulations to specifically include intellectual property. In so doing, all companies wishing to dispace intellectual property to an offshore destination had to obtain prior approval from National Treasury. However, National Treasury is reticent to grant permission to reassign these assets, as revenue from intellectual property is perceived to contribute vastly to the South African tax revenue. This amendment came into being shortly after the dismissal in the Oilwell case. This case, in essence, held that intellectual property is not capital for the purposes intended by National Treasury, and therefore no prior approval to assign it offshore is required from National Treasury. This dismissal led to a large outflow of intellectual property to tax favourable foreign locations. At the same time, it exposed transfer pricing risks that had previously gone unnoticed. Although these risks have once again been mitigated by the amendment to Regulation 10(1) (c), it does not mean that it is now a thing of the past, best left forgotten. The South African government intends to relax or abolish all exchange control regulations in the future. At present the exact date when this is to take place is not known. Once the exchange control regulations are abolished, the transfer pricing risks associated with intellectual property will once again come to the forefront and will lead to significant loss to South African tax revenue. The three main risks that became apparent during the period before the amendment to Regulation 10(1) (c) are the following: * Transfer pricing risk consisting of mainly: - A lack of a comparables database to enable tax administrators to determine an appropriate arm’s length price for intellectual property. - A lack of the relevant skills, experience and knowledge required to accurately assess transfer prices of intellectual property. * Challenges in obtaining relevant, comprehensive and timely information to accurately determine arm’s length prices for intellectual property transactions. * A lack of understanding the principle of economic substance and legislation in South Africa to define economic substance parameters. * In this mini-dissertation, these weaknesses are discussed in more detail to highlight to SARS the trials it faces when the exchange controls regulations are expelled. Various ways in which these flaws can be challenged head-on are also presented. / MCom (South African and International Tax), North-West University, Potchefstroom Campus, 2014

On 8 June 2012, National Treasury amended Regulation 10(1) (c) of the Exchange Control Regulations to specifically include intellectual property. In so doing, all companies wishing to dispace intellectual property to an offshore destination had to obtain prior approval from National Treasury. However, National Treasury is reticent to grant permission to reassign these assets, as revenue from intellectual property is perceived to contribute vastly to the South African tax revenue. This amendment came into being shortly after the dismissal in the Oilwell case. This case, in essence, held that intellectual property is not capital for the purposes intended by National Treasury, and therefore no prior approval to assign it offshore is required from National Treasury. This dismissal led to a large outflow of intellectual property to tax favourable foreign locations. At the same time, it exposed transfer pricing risks that had previously gone unnoticed. Although these risks have once again been mitigated by the amendment to Regulation 10(1) (c), it does not mean that it is now a thing of the past, best left forgotten. The South African government intends to relax or abolish all exchange control regulations in the future. At present the exact date when this is to take place is not known. Once the exchange control regulations are abolished, the transfer pricing risks associated with intellectual property will once again come to the forefront and will lead to significant loss to South African tax revenue. The three main risks that became apparent during the period before the amendment to Regulation 10(1) (c) are the following: * Transfer pricing risk consisting of mainly: - A lack of a comparables database to enable tax administrators to determine an appropriate arm’s length price for intellectual property. - A lack of the relevant skills, experience and knowledge required to accurately assess transfer prices of intellectual property. * Challenges in obtaining relevant, comprehensive and timely information to accurately determine arm’s length prices for intellectual property transactions. * A lack of understanding the principle of economic substance and legislation in South Africa to define economic substance parameters. * In this mini-dissertation, these weaknesses are discussed in more detail to highlight to SARS the trials it faces when the exchange controls regulations are expelled. Various ways in which these flaws can be challenged head-on are also presented. / MCom (South African and International Tax), North-West University, Potchefstroom Campus, 2014

本研究以普通股風險與可轉換公司債之關係，探討我國企業所發行之國內可轉換公司債的經濟實質究竟為負債抑或權益。根據本研究結果，普通股風險與可轉換公司債呈負相關，顯示我國資本市場將我國企業所發行之國內可轉換公司債視為權益。本研究另將可轉換公司債依其契約中之轉換價格重設條款進行分類，研究結果顯示，我國資本市場將僅具反稀釋之轉換價格重設條款之可轉換公司債與同時具備反稀釋之轉換價格重設條款、轉換價格普通重設條款及轉換價格特別重設條款之可轉換公司債視作為權益。此外，轉換價格特別重設條款將使可轉換公司債更具權益之性質。本研究額外測試擔保條款之有無，是否會對於可轉換公司債之性質造成影響。研究結果顯示，可轉換公司債無論是否具備擔保條款，其性質皆為權益，而有擔保之可轉換公司債較無擔保之可轉換公司債更具權益之性質。 / This study seeks to determine whether the economic substance of convertible bonds is liabilities or equity. Our test focuses on how the convertible bonds relate to firms’ common equity risk. It is found that common equity risk is negatively associated with convertible bonds, indicating Taiwanese capital market regards convertible bonds as equity. Furthermore, this study divides convertible bonds into three different types depending on the reset clause of conversion price. It is found that Taiwanese capital market regards convertible bonds with the anti-diluted reset clause of conversion price and convertible bonds with the anti-diluted, regular, and special reset clause of conversion price as equity. Besides, it is found that the special reset clause of conversion price may make the economic substance of convertible bonds more equity-like. This study also tests whether guarantee clause effects the economic substance of convertible bonds. It is found that whether convertible bonds are guaranteed, Taiwanese capital market regards convertible bonds as equity. Moreover, compared with convertible bonds without guarantee clause, those with guarantee clause are relatively equity-like.

Submitted by Bruno Nepomuceno (bnepomucenos@gmail.com) on 2017-05-15T18:51:47Z No. of bitstreams: 1 Dissertação_depósito-final_15.05.17.pdf: 5007161 bytes, checksum: 28e7652209a104298e7db176a60de312 (MD5) / Approved for entry into archive by Suzinei Teles Garcia Garcia (suzinei.garcia@fgv.br) on 2017-05-15T19:02:12Z (GMT) No. of bitstreams: 1 Dissertação_depósito-final_15.05.17.pdf: 5007161 bytes, checksum: 28e7652209a104298e7db176a60de312 (MD5) / Made available in DSpace on 2017-05-15T20:03:05Z (GMT). No. of bitstreams: 1 Dissertação_depósito-final_15.05.17.pdf: 5007161 bytes, checksum: 28e7652209a104298e7db176a60de312 (MD5) Previous issue date: 2017-04-03 / The yearning for tax collection, to supply with funds the public coffers, and the freedom to organize the business, with the lowest tax burden as possible, polarized the interests of the government and the taxpayers. Almost a 'shelf product', tax planning has always been a broadly sold strategy. However, the State has changed, the values have changed, and the globalisation dramatized reality, highlighting that the legalistic perspective that had once underpinned with certainty the path through the legal loopholes, in fact, distorted the system, enhanced the non-compliance and tax evasion and, in various ways, jeopardized the tax equality. As an attempt to mitigate its effects, discreet and uncompleted steps were taken (in) in Congress, with the edition of a General Anti-Avoidance Rule, although deprived of regulation, (ii) in the case law, with foreigner innovations, in an endeavor to deal with the rule, and (iii) in the doctrine, to substantiate the postures, usually opposed to any step taken, either from a revenue or business bias. In the midst of all this, several attempts arose to regulate the so-called General Anti-Avoidance Rule. The study outlines, therefore, first and foremost, a terminological panorama with the related figures to the theme and an evolution of the debate in the doctrine. Thereafter, it’s revealed the behavior of the federal administrative court. Before the demands and international guidelines, it seeks to lead the debate to the global level, reasoning possible paradigms, to conclude if they would represent models to be transplanted. Soon after, it ranges the whole legislative construction around the issue, as tries of regulation. Ultimately, all the normative formulations are subjected to tests, on the basis of several criteria, with the intent of that, before the envisaged policy and founded on an argument of economic substance and reservations of business purpose, recommendations be provided for a regulation of the brazilian General Anti-Avoidance Rule. / O anseio de arrecadação, para abastecer os cofres públicos, e a liberdade de organizar os negócios, com a menor carga tributária possível, polarizam os interesses do governo e dos contribuintes. Quase 'produto de prateleira', o planejamento tributário ainda é uma estratégia amplamente vendida. Todavia, o Estado mudou, os valores mudaram, e a globalização dramatizou a realidade, evidenciando que a perspectiva legalista que outrora fundamentou com segurança o percurso por brechas da lei, na verdade, distorceu o sistema, acentuou a sonegação e, por diversas vias, comprometeu a isonomia tributária. Como tentativa de mitigar os efeitos, passos discretos e incompletos foram dados (i) no Congresso, com a edição de uma Norma Geral Antielisiva, mas carente de regulação, (ii) na jurisprudência, com inovações estrangeiras, como tentativa de lidar com a Norma, e (iii) na doutrina, para fundamentar as posturas, geralmente contrárias a qualquer passo dado, seja por viés fiscalista ou empresarial. Em meio a tudo isso, inúmeras tentativas surgiram de se regular a denominada Norma Geral Antielisiva. O estudo traça, então, inicialmente, um panorama terminológico com as figuras correlatas ao tema e uma evolução do debate na doutrina. Em seguida, é revelado o comportamento do tribunal administrativo federal. Diante das demandas e diretrizes internacionais, procura-se levar o debate ao plano global, cogitando possíveis paradigmas, para se concluir se representariam modelos a serem transplantados. Logo depois, percorre-se toda a construção legislativa em torno do tema, como tentativas de regulação. Por fim, todas as formulações normativas são postas à prova com base em critérios diversos, com o propósito de que, diante da política pretendida, baseadas em um argumento de substância econômica e ressalvas de propósito negocial, recomendações sejam dadas para uma regulação da Norma Geral Antielisiva brasileira.

Le droit fiscal international contemporain vit une époque de bouleversement profond dont les développements relatifs à l’utilisation des conventions fiscales portent l’empreinte. La recherche conduira à s’intéresser à différents agissements qui se trouvent, grâce aux travaux consacrés au BEPS, sous le feu des projecteurs. Un éclairage nouveau s’avérait nécessaire, il a permis d’apporter un peu plus de lumière sur la notion d’abus de convention fiscale internationale trop longtemps restée dans l’ombre. Face à l’absence de définition unanimement consacrée, certains traits caractéristiques seront mis en évidence en insistant sur la dimension fonctionnelle de la notion qui épouse la forme d’un standard. Dans le cadre d’une analyse comparée menée à l’aune des droits français et américain, l’étude a pour objet de l’appréhender sous un regard nouveau en délimitant précisément les modalités de contrôle des opérations abusives. Les techniques de répression des abus mises en œuvre par les juges seront analysées. Les différents dispositifs internes et conventionnels anti-abus seront discutés en insistant sur les points de divergence et de convergence des politiques fiscales conventionnelles américaine et française. Une attention particulière sera portée aux conflits de norme inhérents à la juxtaposition de différents ordres fiscaux. L’idée selon laquelle, sous l’effet de l’instrument multilatéral notamment, la notion d’abus de convention fiscale internationale a acquis une individualité propre sera défendue. Il importera d’en préciser les conséquences au regard de la répression des abus par le juge français / Contemporary international fiscal law is undergoing a period of upheavals regarding the use of tax treaties. The research will lead to an interest in the different type of abuse that, thanks to the work devoted by the BEPS, are under the spotlight. It was necessary to shed some new light on the notion of tax treaty abuse that had long remained in the background. Faced with the absence of an unanimously adopted approach, many characteristics will be highlighted by insisting on the functional dimension of the notion which follows the form of a standard. In the context of a comparative analysis conducted in the light of French and American law, the object of the research is to analyse its several aspects from a new perspective by defining precisely the modalities of controlling abusive schemes. How judges deal with tax treaty avoidance strategies will be analysed. The various internal and international anti-abuses mechanisms will be discussed, highlighting the points of divergence and convergence of U.S. and French tax treaty policies. Attention will be paid to the conflicts of law regarding the juxtaposition of different tax order. The idea that under the effect of the multilateral instrument the notion of tax treaty abuse has acquired a distinct individuality will be defended. It will be important to specify what are the consequences for the application of the notion by the French judge