Background: Drugs have become an essential necessity in public health, people and the government has become willingly to spend more money on the country’s healthcare system to restore health, save lives, preventing disease and epidemics. Drugs should be properly regulated throughout development, production, importation and subsequent distribution to ensure it is prescribed with safe, effective and of good quality standards. The structure of drug regulations today has evolved over time. During the process, the scope of legislative and regulatory power expanded in result of a series of disastrous events related to pharmaceutical products, the adoption of more restrictive legislative were put in place for stronger safeguard to the public. In comparison to Singapore, Taiwan, US and EU where the drug regulatory system is highly structured, flexible and innovative, Hong Kong (HK) has a relatively simple and stubborn drug regulatory system and drug approval is greatly dependent on the approval status of the advance countries. According to the current registration system in HK, a new drug usually takes about 18-24 months to obtain an approval, and this figure is far behind the standard of Singapore in which medicine could be registered in 60 days. It is vital to have speedy approval process with high standards in safety, efficacy and quality on all approved drugs. If drugs are approved in a rush manner, it will lead to serious adverse drug reactions (ADR), or even deaths in consumption of unsafe, and ineffective drugs. On the other hand, slow approval will make patients suffer and increase the mortality rate to due inaccessibility of appropriate medicines to sustain life and combat diseases. With reference to the initiatives and innovative regulatory frameworks in the abovementioned countries, the modification of the local drug regulatory system is strongly recommended. Aim: 1. To examine the regulatory frameworks between Singapore, Taiwan, US and EU which affect the evaluation timeline required for new drugs approval. 2. As the first study to examine the drug regulations in HK, the regulatory barriers for new drugs submission will be explored and whether the regulatory initiatives from the abovementioned countries may result in an improvement in the overall drug regulation system HK. Method: This dissertation is a literature review and it will employ concentration in the drug regulation systems in Singapore, Taiwan, US and EU with varying levels of pharmaceutical regulation capacities. Search engines including Google, MedLine, PubMed (database up to 2012) with key words search of “Department of Health (DoH), Food and Drug Administration (FDA), European Union (EU), Taiwan FDA, Health Sciences Authority, evaluation routes, drug registration requirement, review timeline, Centre for Drug Evaluation, Pharmaceutical Evaluation Reports, risk management systems, pharmacovigilance, drug legislation”. Results: With an in-depth evaluation of the HK’s guideline and supporting document required for new drug submission, it is highly recommended that unnecessary documents at new drug submission (NDA) should be elimination to facilitate the new drugs approval process. The regulatory frameworks between all studied countries vary significantly in which implementation of initiatives (e.g. multiple evaluation routes, in-house evaluation system) from individual country affects the standards of new drugs approval and the evaluation timeline required to grant approvals. Conclusion: The regulatory frameworks in HK shall be revised with reference to numerous initiatives developed in the regulatory systems in Singapore, Taiwan, Us and EU. The possible key regulatory barriers which leads to the delays in new drugs approvals in HK includes duplication of certificates, limited number of Pharmacy and Poison Board meetings, the requirement of endorsement of new drugs approvals at the legislative council , absence of in-house evaluation system which allows full assessment of submission dossier, deficiency of clinical trials with the inclusion of local population, absence of electronic submission, multiple evaluation routes and rigorous post-marketing pharmacovigilance monitoring system. If the Department of Health (DoH) in Hong Kong could scrutinize the current regulatory frameworks with referenced to these countries, it will improve the overall drug regulatory system and reduce drug lag due to unnecessary barriers. / published_or_final_version / Public Health / Master / Master of Public Health

Thesis (LLD)--Stellenbosch University, 2000. / ENGLISH ABSTRACT: This dissertation is an attempt at reconciling the existing (and until recently predominant) private law concept of ownership and the property rights espoused by the new constitutional order. The attempts at land reform in South Africa and Germany are used as specifie examples of the manner in which the whole property law order in both these legal systems is developed through legislative and judicial initiative, on the basis of the constitutional provisions concerning property protection and regulation. The purpose of the investigation is to determine to what extent constitutional development of the private law of property will result in a property law order serving the socio-economic and political goals of economic growth and self-fulfilment and empowerment of the individual. Focus is placed on the influence of the constitutional protection and regulation of property as a mechanism for developing the private law of ownership in Germany and South Africa. In the first part of the exposition, the choice of legal comparison as course of inquiry is substantiated, and the terminological difficulties connected with an investigation into the development of the private law of property by the constitutional protection and regulation of property are discussed. Attention is given to the use of the terms "ownership" and "property" in the private law and in the constitutional context. The term "tenure" is also discussed in the context of land reform in South Africa. Further, the usc of terms such as "public interest", "common weal" and "public purposes" is discussed. The use of these terms are particularly complicated by the fact that each of them are often used in more than one sense, and that the use of these di fferent terms overlap to varying extents. The second part of the exposition contains information on the background of the constitutional property orders as they arc found in Germany and South Africa. The drafting histories of the South African and German constitutional property clauses indicate that in both these legal systems, the constitutional property clauses have hybrid ideological foundations. Both contain a compromise between, on the one hand, classical liberalism (which affords the holders of rights a high degree of individual freedom and autonomy) and, on the other hand, social democracy (which allow stronger regulatory measures, also upon private properly). Further, some of the structural aspects connected to constitutional protection and regulation of property in Germany and South Africa are discussed. The positively phrased property guarantee in art 14 GG is compared with the negatively phrased "guarantee" of s 25 Fe, whereby the transitional property guarantee in s 28 JC is also considered. Further, the basic structure and stages of an inquiry into the constitutional property clause are discussed, with reference to differences between the German and South African methods. These differences are not of such a nature that it excludes further comparison. Ilowever, it is necessary to keep the differences in the judicial system in mind when conducting a comparison of the present nature. Therefore, a brief overview of the judicial systems of Germany and South Africa is provided, with specific reference to the manner in which the courts resolved certain property questions. The principles underlying the constitutional orders of Germany and South Africa are also discussed with specific reference to their significance for the treatment of property issues. In particular, the meaning of the constitutional state (Rechtsstaat) and the social wei fare state (Sozialstaat) for the solution of problems connected to property is discussed. It is indicated that the legitimacy of the legal order in general and property law in particular, depends on the degree of success in the implementation of these values. Further, it is indicated that the implementation of these values also determines the importance of private property and/or regulation thereof in a specific legal system. In the third part of the exposition, the relevance of the constitutional protection and regulation for the private law of ownership is discussed. The expansion of the concept of property by the application of a "purely" constitutional definition thereof raises the question as to the continued relevance of the private law concept of ownership. This issue is discussed with reference to the protection of property in terms of the constitution in comparison with the scope of property in private law. It is indicated that the "exclusively constitutional" concept of property is by no means based only on Constitutional law. The role of the private law concept of ownership in a constitutional order is then elucidated. The discussion then turns to an analysis of the limitations on property endorsed by the constitutional order. Two main kinds of limitation are possible: (i) limitation of property through vertical operation of the constitution (ie a broad category of legislative and administrative deprivation (regulation), and a more specialised category, namely expropriations), and (ii) limitation through horizontal operation of the constitution (ie through the inroads allowed on property rights by the protection of other rights in the Bill of Rights). It is indicated that the application of the public interest / public purposes requirements are sometimes intended to protect individual interest above those of society in general. In other cases, the public interest / public purposes requirement is aimed at securing the interests of the society at large. Further, it is indicated that the purpose of constitutional "interference" in the area of private property law is to correct imbalances in the relations among private persons which are regarded by the law as "equals," even if they are not equal for all practical purposes. The fourth part of the exposition concentrates on the land reform programmes in Germany (after the reunification of 1990) and South Africa (since 1991) in order to analyse the attempts by the legislature and judiciary to give effect to the improved property order as anticipated by constitutional development of property. In both Germany and South Africa political changes made land reform programmes essential: In South Africa the land reform programme was introduced to reverse the injustices created by colonialism and apartheid. A tripartite programme is employed for this purpose. The new kinds of land rights created through this system of land reform are indicated. The manner in which this body of law is treated by the courts is also analysed with reference to its relevance for the development of Property Law in general. In Germany a property and land reform programme became necessary with the reunification. On the one hand, the socialist property order in the former GDR had to be replaced by the property order already existing in the FGR, and on the other hand the individual claims for restitution of the land and enterprises taken by the GDR state or its Soviet predecessor had to be balanced against the claims that present occupiers of such land have to it. The influence of legislation and litigation connected to these issues on the development of Property Law is discussed. The final part of the exposition is a summary of the conclusions drawn during the course of the analysis. / AFRIKAANSE OPSOMMING: In 'n poging om in hierdie uiteensetting die bestaande (en tot onlangs nog oorheersende) privaatregtelike begrip "eiendom" te versoen met die breër eiendomsbegrip wat deur die nuwe grondwetlike bestel gepropageer word, word die grondhervormingsprogramme in Suid Afrika en Duitsland gebruik as voorbeelde van die wyse waarop die bestaande Eiendomsreg in beide regsisteme deur die wetgewer en die howe ontwikkel word. Die doel van die ondersoek is om vas te stel tot watter mate die grondwetlike ontwikkeling van privaatregtelike Eiendomsreg sal bydra tot die totstandkoming van 'n eiendomsregtelike regsorde waarin die sosio-ekonomiese en politieke doelwitte van ekonomiese groei en die vrye ontwikkeling en bemagtiging van die individu gedien word. Die klem word geplaas op die grondwetlike beskerming en regulering van eiendom as 'n meganisme waardeur die privaatregtelike Eiendomsreg in Duitsland en Suid- Afrika ontwikkel kan word. Die eerste deel van die uiteensetting begrond die keuse van regsvergelying as metode van analise en bespreek die terminologiese probleme wat in 'n ondersoek na die grondwetlike ontwikkeling van die privaatregtelike eiendomsreg kan opduik. Aandag word gegee aan die gebruik van begrippe wat verband hou met eiendom en publieke belang in sowel die privaatreg as in die grondwetlike konteks. Die gebruik van verskillende terme, veral in Engels, kan problematies wees, en daarom word dit breedvoeriger bespreek. In die tweede deel van die uiteensetting word die agtergrond waarteen die grondwetlike bestelle van Duitsland en Suid-Afrika funksioneer, bespreek: Eers word die formulering van die eiendomsklousules in Suid-Afrika en Duitsland vanuit 'n historiese perspektief ondersoek. In beide regsisteme is die grondwetlike eiendomsklousules op 'n kompromis tussen verskillende ideologieë gebaseer. Enersyds op klassieke liberalisme, in terme waarvan eienaars en ander reghebbendes 'n hoë mate van individuele vryheid en outonomie toegeken word; andersyds op sosiaal-demokratiese denke, in terme waarvan strenger regulerende maatreëls (ook op privaat eiendom) geduld moet word. Dan word sommige van die strukturele aspekte verbonde aan die grondwetlike beskerming en regulering van eiendom in Duitsland en Suid-Afrika bespreek. Die positief geformuleerde eiendomswaarborg in art 14 GG word vergelyk met die negatiewe formulering in art 25 FG en die positiewe waarborg in art 28 lG. Verder word die basiese struktuur en fases van 'n grondwetlike ondersoek in die beskerming en regulering van eiendom bespreek, met spesifieke verwysing na die verskille in die Duitse en Suid-Afrikaanse benaderings. Hierdie verskille is nie van so 'n aard dat dit regsvergelyking kortwiek nie. Nogtans is dit noodsaaklik dat die benaderingsverskille in ag geneem word vir 'n meer diepgaande vergelyking. Daarom word 'n vlugtige oorsig oor die rol van die howe in die hantering van eiendomsvraagstukke in grondwetlike konteks verskaf. Verder word die beginsels onderliggend aan die grondwetlike bestelle in Duitsland en Suid-Afrika bespreek met spesifieke verwysing na die betekenis daarvan vir die beskerming en regulering van eiendom. Daar word veral klem gelê op die regstaat- en sosiaalstaatbeginsels. Die legitimi teit van die regsorde in die algemeen, en meer spesifiek die Eiendomsreg, hang af van die mate van sukses waarmee hierdie beginsels in die gemeenskap geïmplementeer word. Daar word verder aangedui dat die toepassing van hierdie beginsels die mate van individuele vryheid in die uitoefening van eiendomsreg en/of die graad van regulering van eiendomsreg in 'n bepaalde regstelsel bepaal. Die derde deel van die uiteensetting konsentreer op die betekenis van die grondwetlike beskerming en regulering van eiendom vir die privaatregtelike Eiendomsreg. Die uitgebreide eiendomsbegrip wat in die grondwetlike konteks aangewend word, gee aanleiding tot die vraag na die sin van 'n voortgesette enger eiendomsbegrip in die privaatreg. Hierdie kwessie word bespreek met verwysing na die beskerming van eiendom in terme van die grondwet, en word vergelyk met die omvang van die eiendomsbegrip in die privaatreg. Daar word aangedui dat die sogenaamde uitsluitlik grondwetlike eiendomsbegrip geensins eksklusief aan die Grondwetlike Reg is nie. Die rol van die privaatregtelike eiendomsbegrip in 'n grondwetlike bestel word vervolgens uiteengesit. Verder word die beperkings op eiendom in die grondwetlike konteks geanaliseer. In beginsel is twee soorte beperkings regverdigbaar: (i) Beperking van eiendomsreg deur die vertikale aanwending van die grondwet, dit wil sê deur die breër kategorie wetgewende en administratiewe ontnemings (regulerings) van eiendomsreg en deur 'n enger en meer spesifieke kategorie, naamlik onteiening; en (ii) beperking van eiendomsreg deur horisontale aanwending van die grondwet, dit wil sê deur die inbreuk op eiendomsregte wat toegelaat word as gevolg van die uitwerking van die beskerming van ander regte in die Handves vir Menseregte. Daar word aangedui dat die vereiste van publieke belang in twee teenoorstaande opsigte gebruik word: Enersyds om die individuele belang bo dié van die gemeenskap te stel, en andersyds om die gemeenskap se belange as sulks te beskerm. Daar word ook aangedui dat grondwetlike "inmenging" met privaatregtelike eiendomsreg daarop gemik is om ongebalanseerdhede in die regsverhoudings tussen persone wat deur die reg as "gelykes" bejeën word en in effek nie gelyk is nie, uit te skakel. In die vierde deel van die uiteensetting word die grondhervormingsprogramrne in Duitsland (sedert hervereniging in 1990) en Suid-Afrika (sedert 1991) bespreek. Die klem val op die pogings van die wetgewer en howe om die verbeterde eiendomsbestel, soos wat dit in die grondwet in die vooruitsig gestel word, te konkretiseer. In beide regstelsels het politieke veranderinge 'n grondhervormingsprogram onontbeerlik gemaak: Die grondhervormingsprogram in Suid-Afrika het ten doelom die ongeregtighede in die grondbesitstelsel wat ontstaan het as gevolg van kolonialisme en apartheid uit te skakel. Vir dié doel berus die grondhervormingsprogram op drie verwante, maar uiteenlopende, beginsels. Die nuwe vorme van grondregte wat uit hierdie sisteem ontstaan, word aangedui, en die wyse waarop hierdie deel van die reg deur die howe hanteer word, word bespreek met verwysing na die betekenis daarvan vir die ontwikkeling van die Eiendomsreg. In Duitsland is die noodwendigheid van 'n grondhervormingsprogram aan die hervereniging van die DDR en die BRD gekoppel. Die sosialisties-georienteerde eiendomsbestel wat in die "oostelike" deel van Duitsland aanwending gevind het, moes vervang word deur die bestel wat reeds in die "westelike" deel van die "nuwe" staat in werking was. Verder moet die grondeise van persone wat grond of besigheidseiendom verloor het gedurende die sosialistiese regeringstyd en die voorafgaande Sowjetiese besetting, opgeweeg word teen die aansprake wat huidige besitters op sulke grond het. Die invloed van wetgewing en regspraak hieroor op die Eiendomsreg word geanaliseer. Die laaste deel van die uiteensetting bevat 'n samevatting van die gevolgtrekkings wat deur die loop van die analise gemaak is.

Thesis (LLD)--University of Stellenbosch, 2005. / ENGLISH ABSTRACT: Trade marks are among the most valuable commodities of the modern business world. Adequate protection for trade marks to prevent the misappropriation of their incredible marketing power is therefore important. The aim of this dissertation is to make recommendations regarding the further development of existing South African law regarding the protection of registered trade marks against dilution, particularly by the courts. Current statutory protection is examined and compared with trade-mark law in the United States and the European Union. Although the concept of dilution originated in Germany, most of its development took place in the United States, starting in 1927 with an article by Frank Schechter. Dilution occurs when the awareness that a specific mark signifies a single product from a single source changes to an unmistakable awareness that the same mark signifies various things from various sources. The primary theories as to how dilution occurs are blurring and tarnishment. Although the dilution concept is widely recognised, there is still a debate amongst legal scholars on whether trade marks deserve protection against dilution. The extent of protection that the law gives to trade marks largely depends on the socioeconomic functions that a trade mark is perceived to fulfil. The original source or origin function is protected by the traditional infringement provisions. The identification or distinguishing function, quality function and advertising function subsequently gained recognition. The advertising function is statutorily recognised in various jurisdictions, which prevents trade-mark dilution. Statutory recognition of dilution in the United States first occurred in State law from 1947 onwards. Protection is generally given to distinctive or strong trade marks where a similar mark is used on dissimilar goods in the absence of confusion in such a way that there is a likelihood that the reputation of the senior mark will be injured. The parameters of the concept were developed and refined mainly through case law. Federal protection against dilution was only introduced in 1995. The new Act, although widely welcomed, also brought some unpredictability and interpretation problems. The first statutory dilution protection for trade marks in Europe is found in the Uniform Benelux Trade Marks Act. In 1989 the European Union adopted the Trademark Directive, with the aim of harmonising the legal protection afforded to trade marks. Its "dilution" provisions were incorporated into the United Kingdom's Trade Marks Act of 1994. The sometimes conflicting interpretations of these provisions by the English courts and the Court of Justice of the European Communities are discussed. The South African Act shows a substantial degree of harmony with legislation in the United Kingdom and other European countries. Aspects of the wording of the dilution provisions are however open to interpretation by the courts. Until the end of 2003 there was only one major trade-mark dilution case decided by a South African court, namely SAR v Laugh It OjJPromotions, which is discussed in detail. The dissertation concludes with recommendations to aid South African courts in the future interpretation and application of the dilution provisions. Amendments to the legislation are also proposed to promote greater clarity. / AFRIKAANSE OPSOMMING: Handelsmerke is van die waardevolste kommoditeite van die moderne besigheidswêreld. Voldoende beskerming om die uitbuiting van handelsmerke se ongelooflike bemarkingskrag te verhoed, is daarom belangrik. Die oogmerk van die proefskrif is om aanbevelings te maak vir die verdure ontwikkeling van bestaande Suid-Afrikaanse reg oor die beskerming van geregistreerde handelsmerke teen verwatering, veral deur die howe. Die bestaande statutêre beskerming word ondersoek en vergelyk met die reg op handelsmerke in the Verenigde State en die Europese Unie. Alhoewel die verwateringskonsep sy oorsprong in Duitsland het, is die konsep hoofsaaklik in die Verenigde State ontwikkel, beginnende in 1927 met 'n artikel deur Frank Schechter. Verwatering vind plaas wanneer die bewustheid dat 'n spesifieke merk 'n enkele produk vanuit 'n enkele bron aandui verander na 'n onmiskenbare bewustheid dat dieselfde merk verskillende dinge vanuit verskillende bronne aandui. Die primêre verskyningsvorme van verwatering is vertroebeling en besoedeling. Alhoewel die verwateringskonsep wye erkenning geniet, is daar steeds 'n debat onder regsgeleerdes oor die verdienstelikheid van die beskerming teen verwatering. Die mate van beskerming wat die reg aan handelsmerke verleen, hang grootliks af van wat gesien word as die sosio-ekonomiese funksies van 'n handelsmerk. Die aanvanklike oorsprongsfunksie word beskerm deur die tradisionele bepalings rakende inbreukmaking. Die identifiserings- of onderskeidingsfunksie, die kwaliteitsfunksie en die reklamefunksie het later erkenning gekry. Die reklamefunksie word in verskillende jursidiksies statutêr erken, wat die verwatering van handelsmerke verhoed. In die Verenigde State het die eerste statutêre erkenning vir verwatering sedert 1947 in die wetgewing van State plaasgevind. Beskerming is normaalweg gegee aan sterk handelsmerke of handelsmerke wat kan onderskei in gevalle waar 'n soortgelyke merk gebruik is op ongelyksoortige goedere in die afwesigheid van verwarring op so 'n wyse dat die waarskynlikheid bestaan dat die reputasie van die senior merk aangetas kan word. Die maatstawwe van die konsep is hoofsaaklik ontwikkel en verfyn in hofsake. Federale beskerming teen verwatering is eers in 1995 ingestel. Alhoewel dié nuwe wetgewing wyd verwelkom is, het dit ook onvoorspelbaarheid en interpretasieproblerne voortgebring. Die "Uniform Benelux Trade Marks Act" het die eerste statutêre beskerming teen die verwatering van handelsmerke in Europa gebied. Die "Trademark Directive" is in 1989 deur die Europese Unie aanvaar met die doelom die wetlike beskerming van handelsmerke the harmonieer. Die "verwaterings"bepalings is geïnkorporeer in die Verenigde Koninkryk se "Trade Marks Act" van 1994. Soms botsende interpretasies hiervan is deur die Engelse howe en die Geregshofvan die Europese Unie gegee. Die Suid-Afrikaanse wetgewing toon 'n groot mate van ooreenstemming met wetgewing in the Verenigde Koninkryk en ander Europese lande. Aspekte van die bewoording van die verwateringsbepalings is oop vir interpretasie deur die howe. Tot en met die einde van 2003 was daar slegs een belangrike saak oor handelsmerkverwatering wat deur 'n Suid-Afrikaanse hof beslis is, naamlik SAB v Laugh It Off Promotions. Dit word in detail bespreek. Aanbevelings om die Suid-Afrikaanse howe in die toekoms te help met die interpretasie en aanwending van die verwateringsbepalings, word in die finale hoofstuk gemaak. Veranderinge aan die wetgewing word ook voorgestel, om groter duidelikheid te bereik.

Micro-economic reform is a primary objective of modern Australian socio-economic policy. The key outcome targetted by this reform is increased efficiency, measured by a range of factors, including cost reduction, increased savings, and a more facilitative environment for business activity. These benefits are sought by the proponents of reform as part of a push to increase national prosperity, but concerns that social equity is undermined by it are expressed by opponents of that reform. The debate between efficiency and equity is raging in current Australian tax policy, a key site for micro-economic reform. As Government Budget restructuring occurs in Australia, demographic change (eg, the ageing population) undermines the ability of public funded welfare to provide retirement benefits. Responsibility for self-funded retirement is an important contributor to increasing private savings. Investment in growth assets such as corporate stock is increasing in Australia, however concerns about volatility of asset values and yield stimulate the importance of investment risk management techniques. Financial contract innovation utilising financial derivatives is a dominant mechanism for that risk management. Synthetic equity products which are characterised by capital protection and enhanced yield are popular and efficient equity risk management vehicles, and are observed globally, particularly in the North American market. Financial contract innovation, risk management using financial derivatives, and synthetic equity products suffer from an adverse tax regulatory response in Australia, which deprives Australian investors from access to important savings vehicles. The negative Australian tax response stems from anachronistic legislation and jurisprudence, which emphasises tax outcomes based on legal form. The pinnacle of this approach is the tax law insistence on characterisation of financial contracts as either debt or equity, despite some important financial similarities between these two asset types. Since derivatives produce transactions with novel legal forms this approach is unresponsive to innovation. The negative tax result also stems from a perception that the new products are tax arbitrage vehicles, offering tax benefits properly available to investment in stocks, which is thought to be inappropriate when the new products resemble debt positions (particularly when they are capital protected and yield enhanced). The negative tax response reflects administrative concerns about taxpayer equity and revenue leakage. This approach seeks to impose tax linearity by proxy: rather than utilising systemic reform to align the tax treatment of debt and equity, the current strategy simply denies the equity tax benefits to a variety of innovative financial contracts. It deprives Australians of efficiency enhancing savings products, which because of an adverse tax result are unattractive to investors. The weakness of the current approach is illustrated by critical analysis of three key current and proposed tax laws: the ???debt dividend??? rules in sec. 46D Income Tax Assessment Act 1936 (the ???Tax Act???); the 1997 Budget measures (which seek to integrate related stock and derivative positions); and the proposals in the Taxation of Financial Arrangements Issues Paper (which include a market value tax accounting treatment for ???traded equity,??? and propose a denial of the tax benefits for risk managed equity investments). The thesis develops a model for financial analysis of synthetic equity products to verify the efficiency claims made for them. The approach is described as the ???Tax ReValue??? model. The Tax ReValue approach isolates the enhanced investment returns possible for synthetic equity, and the model is tested by application to the leading Australian synthetic equity product, the converting preference share. The conclusions reached are that the converting preference share provides the key benefits of enhanced investment return and lower capital costs to its corporate issuer. This financial efficiency analysis is relied upon to support the assertion that a facilitative tax response to such products is appropriate. The facilitative response can be delivered by a reformulation of the existing tax rules, or by systemic reform. The reformulation of the existing tax rules is articulated by a Rule of Reason, which is proposed in the thesis as the basis for the allocation and retention of the equity tax benefits. To avoid concerns about taxpayer equity and revenue leakage the Rule of Reason proposes a Two Step approach to the allocation of the equity tax benefits to synthetics. The financial analysis is used to quantify non-tax benefits of synthetic equity products, and to predict whether and to what extent the security performs financially like debt or equity. This financial analysis is overlayed by a refined technical legal appraisal of whether the security contains the essential legal ???Badges of Equity.??? The resulting form and substance approach provides a fair and equitable control mechanism for perceived tax arbitrage, whilst facilitating efficient financial contract innovation. The ultimate source of non-linearity in the taxation of investment capital is the differential tax benefits provided to equity and debt. To promote tax linearity the differentiation needs to be removed, and the thesis makes recommendations for systemic reform, particularly concerning the introduction of a system of ???Franked Debt.??? The proposed system of ???Franked Debt??? would align the tax treatment of debt and equity by replacing the corporate interest deduction tax benefit with a lender credit in respect of corporate tax paid. This credit would operate mechanically like the existing shareholder imputation credit. The interface of this domestic tax credit scheme with the taxation of International investment capital, and the problems occasioned by constructive delivery of franking credits to Australian taxpayers via synthetics, are resolved by the design and costings of the new system, which has the potential to be revenue positive.

Micro-economic reform is a primary objective of modern Australian socio-economic policy. The key outcome targetted by this reform is increased efficiency, measured by a range of factors, including cost reduction, increased savings, and a more facilitative environment for business activity. These benefits are sought by the proponents of reform as part of a push to increase national prosperity, but concerns that social equity is undermined by it are expressed by opponents of that reform. The debate between efficiency and equity is raging in current Australian tax policy, a key site for micro-economic reform. As Government Budget restructuring occurs in Australia, demographic change (eg, the ageing population) undermines the ability of public funded welfare to provide retirement benefits. Responsibility for self-funded retirement is an important contributor to increasing private savings. Investment in growth assets such as corporate stock is increasing in Australia, however concerns about volatility of asset values and yield stimulate the importance of investment risk management techniques. Financial contract innovation utilising financial derivatives is a dominant mechanism for that risk management. Synthetic equity products which are characterised by capital protection and enhanced yield are popular and efficient equity risk management vehicles, and are observed globally, particularly in the North American market. Financial contract innovation, risk management using financial derivatives, and synthetic equity products suffer from an adverse tax regulatory response in Australia, which deprives Australian investors from access to important savings vehicles. The negative Australian tax response stems from anachronistic legislation and jurisprudence, which emphasises tax outcomes based on legal form. The pinnacle of this approach is the tax law insistence on characterisation of financial contracts as either debt or equity, despite some important financial similarities between these two asset types. Since derivatives produce transactions with novel legal forms this approach is unresponsive to innovation. The negative tax result also stems from a perception that the new products are tax arbitrage vehicles, offering tax benefits properly available to investment in stocks, which is thought to be inappropriate when the new products resemble debt positions (particularly when they are capital protected and yield enhanced). The negative tax response reflects administrative concerns about taxpayer equity and revenue leakage. This approach seeks to impose tax linearity by proxy: rather than utilising systemic reform to align the tax treatment of debt and equity, the current strategy simply denies the equity tax benefits to a variety of innovative financial contracts. It deprives Australians of efficiency enhancing savings products, which because of an adverse tax result are unattractive to investors. The weakness of the current approach is illustrated by critical analysis of three key current and proposed tax laws: the ???debt dividend??? rules in sec. 46D Income Tax Assessment Act 1936 (the ???Tax Act???); the 1997 Budget measures (which seek to integrate related stock and derivative positions); and the proposals in the Taxation of Financial Arrangements Issues Paper (which include a market value tax accounting treatment for ???traded equity,??? and propose a denial of the tax benefits for risk managed equity investments). The thesis develops a model for financial analysis of synthetic equity products to verify the efficiency claims made for them. The approach is described as the ???Tax ReValue??? model. The Tax ReValue approach isolates the enhanced investment returns possible for synthetic equity, and the model is tested by application to the leading Australian synthetic equity product, the converting preference share. The conclusions reached are that the converting preference share provides the key benefits of enhanced investment return and lower capital costs to its corporate issuer. This financial efficiency analysis is relied upon to support the assertion that a facilitative tax response to such products is appropriate. The facilitative response can be delivered by a reformulation of the existing tax rules, or by systemic reform. The reformulation of the existing tax rules is articulated by a Rule of Reason, which is proposed in the thesis as the basis for the allocation and retention of the equity tax benefits. To avoid concerns about taxpayer equity and revenue leakage the Rule of Reason proposes a Two Step approach to the allocation of the equity tax benefits to synthetics. The financial analysis is used to quantify non-tax benefits of synthetic equity products, and to predict whether and to what extent the security performs financially like debt or equity. This financial analysis is overlayed by a refined technical legal appraisal of whether the security contains the essential legal ???Badges of Equity.??? The resulting form and substance approach provides a fair and equitable control mechanism for perceived tax arbitrage, whilst facilitating efficient financial contract innovation. The ultimate source of non-linearity in the taxation of investment capital is the differential tax benefits provided to equity and debt. To promote tax linearity the differentiation needs to be removed, and the thesis makes recommendations for systemic reform, particularly concerning the introduction of a system of ???Franked Debt.??? The proposed system of ???Franked Debt??? would align the tax treatment of debt and equity by replacing the corporate interest deduction tax benefit with a lender credit in respect of corporate tax paid. This credit would operate mechanically like the existing shareholder imputation credit. The interface of this domestic tax credit scheme with the taxation of International investment capital, and the problems occasioned by constructive delivery of franking credits to Australian taxpayers via synthetics, are resolved by the design and costings of the new system, which has the potential to be revenue positive.

The purpose of this study was to review the provision of public and private retirement funding in both South Africa and the United Kingdom and the role of taxation in encouraging greater private provision for retirement. The study described the basis of taxation and determination of ‘taxable income’ in each jurisdiction, before addressing the relationship between taxation and retirement funding in each jurisdiction respectively. Both jurisdictions have introduced significant reforms of their systems of retirement funding and these reforms were accordingly addressed in the present research. The study compared the two jurisdictions based on the above mentioned areas to determine similarities or differences. The study concluded with recommendations, these being that South Africa should assess the feasibility of providing greater State provided retirement funding by possibly including a mandatory contribution, such as that used by the UK for its single-tier flat rate New State Pension. A further recommendation was that South Africa should encourage greater provision of private retirement funding by considering even greater tax deductions for contributions.

Within the past 100 years, the protection of archaeological and other cultural resources have fallen in part under federal jurisdiction. The role of federal legislation and regulations, with particular emphasis on the Archaeological Resources Protection Act of 1979 (ARPA), is evaluated in terms of guidelines, application, and effectiveness. A history of federal legislation is presented, followed by an in-depth review and analysis of ARPA. The relevance and applicability of ARPA and other legislation is reviewed in terms of resource significance, definitions of archaeological material, logistics of law enforcement, and prosecution of violators. A case review is presented and analyzed. The roles of public archaeology and future legislation are discussed as they apply to continued efforts toward preservation of cultural resources.

A research report submitted to the Faculty of Commerce, Law and Management, University of Witwatersrand, Johannesburg, in partial fulfilment of the requirements for the degree of Master of Commerce (Specialising in Taxation) / The taxation of financial services is challenging from a Value-Added Tax (VAT) perspective. Conceptually, VAT should apply to any fee for services but where financial services are concerned, there is difficulty in quantifying the value-added by these institutions. According to the First Interim Report on Value-Added Tax for the Minister of Finance (the Davis Tax Committee report) most jurisdictions have therefore opted to exempt financial services from VAT. In South Africa, financial services are exempt from VAT, however, where an explicit fee is charged as consideration for a supply, it will be taxed. The South African VAT legislation provides for the denial of input tax on costs incurred to generate exempt supplies. The burden of an irrecoverable VAT cost exposes the financial industry to hindrances such as vertical integration and tax cascading. Certain VAT jurisdictions have however implemented policies to reduce the overall cost of financial institutions. This study will therefore analyse the alternate VAT methods to determine whether a more viable mechanism of taxing financial services in South Africa, exists. Key words: Apportionment, cascading, implicit fees, input tax, efficiency, exemption, explicit fees, equity, full taxation approach, neutrality, simplicity, standard rate, reduced input tax credit, value-added, VAT grouping, vertical integration, zero-rating / MT2017

A research report submitted to the Faculty of Commerce, Law, and Management, in partial fulfilment of the requirements for the degree of Masters of Commerce specializing in Taxation, 31 March 2017 / Today’s world is driven by mobile technology from which businesses’ function by interacting and transacting with customers in such a way that allows no physical contact between the parties. This cloud transacting has been enabled by software applications that exist on mobile devises allowing trade to take place across borders within different jurisdiction. These software applications have eliminated the need to establish subsidiaries and branches in countries which makes it difficult to locate the jurisdiction from which the cloud transaction has taken place. This new shift in physical operations has enabled Multinational Corporations MNCs to exploit gaps created in the international taxation arena due to old tax laws that were created at the time when border controls and regulations in the capital markets were relied on to protect against base erosion and profit shifting (BEPS). The main purpose of this research paper is to interrogate the current gaps that exist in the tax legislation specifically relating to the applications economy, reviewing relevant case studies both locally and internationally, in an attempt to fill the gaps in the local tax regime. This research will propose solutions to these gaps in an attempt to contribute towards South African applications technology taxation literature. / GR2018

Regulators have long disagreed whether regulation would reduce hedge funds’ financial misreporting. On the one hand, critics have stated that hedge funds are unlikely to misreport because their investors are highly sophisticated financial players who can detect and deter financial misconduct. On the other hand, recent changes in the composition of hedge funds’ investors have led many to question this argument. In this paper, I test whether hedge fund regulation reduces misreporting by using a quasi-natural experiment in which a subset of hedge funds was regulated, deregulated, and then regulated again. Unique features of the setting permit me to study not only whether hedge fund regulation reduces financial misreporting—but, if so, why the regulation reduces misreporting. The results show that regulation reduces misreporting at hedge funds and that the imposition of disclosure requirements, even without other concurrent changes in regulation, can reduce hedge funds’ misreporting. The result seems surprising, because hedge funds’ investors are commonly thought to have access to far more information than is required by disclosure rules. Further inquiries suggest that disclosure requirements led funds to make changes in their internal governance, and that these changes in governance induced funds to report their financial performance more honestly and accurately.