The purpose of this thesis is to analyze the notion of risk as set out in Issues Notes 1, in the document “Transfer Pricing Aspects of Business Restructurings: Discussion Draft for Public Comment”. Furthermore, the approach of this draft is compared with the authorized OECD approach, established in the 2010 Report on the Attribution of Profits to Permanent Establishments. German law on transfer pricing provisions will also be examined to see whether domestic provisions could make a good example in allocating risks, as a supplement to the guidance from the OECD. Issues Notes 1 has been subject for a debate as to how it should be interpreted and whether the provisions laid down in the document provide the tax authorities of contracting states too much room for subjectivity in determining whether risk allocation scenarios as set up by associated enterprises have economic substance. It has also been argued that Issues Notes 1 is an attempt by the OECD to align risk allocation under Article 9 of the OECD Model Convention with the authorized OECD approach, applicable to permanent establishments, because risk allocation under Article 7 is conducted by applying the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations by analogy. There are however crucial differences between associated enterprises and permanent establishments which makes this impossible. The guidance under Issues Notes 1 is insufficient, why the OECD should seek to further clarify the concepts regarding business restructurings. The German way of implementing domestic provisions is incompatible with the provisions of the OECD and Article 9 and therefore violates most of its tax treaties.

No description available.

Enterprises when transacting with each other, are not subjected to the same market forces as independent enterprises. From a Swedish perspective the applicable rule to transactions between associated enterprises is chap. 14 para. 19. Both the Swedish arm’s length rule and its international equivalence are abstract rules of law as they merely provides the legal ramification if associated enterprises interact in a manner that independent enterprises would not. The international equivalence to the Swedish arm’s length rule is not a separate rule of law per se it is the gateway by which the Swedish rule is made applicable in international situations, through the use of a double tax agreement, with the fundamental principle that a double tax agreement can only limit, never expand a countries right to tax. The OECD Guidelines governing the general aspects of transfer pricing states that the fundamental meaning of the Guidelines is to find ways of establishing a price used between associated enterprises that are similar to what independent enterprise would conclude. The first step towards finding such a price is though the comparability analyses were all the relevant characteristics of the transferred goods is analysed. The chapter in the Guidelines that governs business restructurings is meant to be applied alongside the general aspects of transfer pricing. The Guidelines proposed way of finding an appropriate price for the transaction of a branch of production with respect to profit potential is with special consideration to risks. The profit potential is irrevocably linked with the risks transferred since it is a presumption that with increased risk there is a potential for higher profits. Although the risks are the most important aspect there are other things to look at such as other options realistically available and benefits from concluding a business restructuring.

No description available.

Magister Legum - LLM

The journey towards insolvency is often a gradual process, thus enabling a business or person in most circumstances to be aware of the danger ahead if adequate precautions are not taken. This position is recognized by the Statute, hence the definition given to a financially distressed company under the Companies Act1 to mean inability to pay all its debts within the immediately ensuring six months or the likelihood of going insolvent within the immediately ensuring six months. Rescue mechanisms are therefore aimed at ensuring that when faced with the signs of insolvency, a business for instance can be properly driven to become solvent again or at least restructured to achieve better realization of assets.2 Indeed, providing alternatives to insolvency is fast becoming a global trend as many countries now appreciate the need to give a person or business experiencing difficult times, the opportunity to rise again without necessarily going through the rigors of liquidation or sequestration. South Africa is not left out in the quest to assist over-indebted persons and provide them with alternative measures beside insolvency. The National Credit Act3 for instance seeks as one of its objectives to prevent over-indebtedness and where it occurs address same by means of debt rearrangement. This is in addition to certain provisions of the Magistrate CourtP a g e Act4 which allow a debtor the option of applying for an administration order and where granted make payment in instalments. The Companies Act also provides for business rescue as well as compromise between company and creditors.5 This research in brief analyses the above mentioned laws in South Africa that provide alternative measures for financially troubled or over-indebted debtors as applicable to corporate and non-corporate entities. The research considers whether these laws are sufficient to assist debtors in financial crisis, the effectiveness of these laws, challenges as well as loopholes taking into consideration what is applicable in other jurisdictions such as the United States, United Kingdom, Canada and Australia. The end of this research contains recommendations that would assist in achieving effective rescue mechanisms or alternatives to insolvency beneficial to both corporate and noncorporate entities in South African. Copyright / Dissertation (LLM)--University of Pretoria, 2012. / Mercantile Law / unrestricted

Submitted by Marcia Bacha (marcia.bacha@fgv.br) on 2012-05-11T20:23:53Z No. of bitstreams: 1 Dione Valesca Xavier de Assis.pdf: 1222783 bytes, checksum: e4d196cccf62ac4271f5731ebc330d4a (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2012-05-11T20:24:37Z (GMT) No. of bitstreams: 1 Dione Valesca Xavier de Assis.pdf: 1222783 bytes, checksum: e4d196cccf62ac4271f5731ebc330d4a (MD5) / Made available in DSpace on 2012-05-11T20:24:46Z (GMT). No. of bitstreams: 1 Dione Valesca Xavier de Assis.pdf: 1222783 bytes, checksum: e4d196cccf62ac4271f5731ebc330d4a (MD5) Previous issue date: 2012-03 / Este estudo objetiva analisar os processos de recuperação judicial iniciados, desde a vigência da Lei de Recuperação de Empresas (fevereiro de 2005) até 31/06/2011 nas varas empresarias da comarca da capital do Tribunal de Justiça do Estado do Rio de Janeiro. Além da aferição do tempo médio de cada uma das etapas previstas na Lei de Recuperação de Empresas (deferimento do processamento da recuperação judicial, concessão da recuperação judicial e encerramento do processo após cumprimento de todas as obrigações previstas no plano que se vencerem até dois anos depois da concessão da recuperação judicial), busco também verificar se, de fato, alguma sociedade requerente conseguiu se recuperar. Para tanto, considerarei recuperada a sociedade que, após o encerramento do processo, estiver cumprindo plenamente o seu plano de recuperação, sem que tenha havido qualquer requerimento posterior de falência. Considerando que a Lei de Recuperação de Empresas já está no seu sétimo ano de vigência, bem como o fato de o legislador ter idealizado o processo para que dure no máximo 3 anos, entendo não haver óbices à adoção do conceito supra, tendo em vista que já haver tempo suficiente para o início e encerramento desse tipo de processo. Diante disso, o presente estudo observou que o tempo médio para cumprimento das etapas ultrapassa o limite do razoável, bem como que nenhuma sociedade conseguiu se recuperar até o desfecho da pesquisa, havendo casos, inclusive, de convolação da recuperação judicial em falência. / This study focus on analyzing the judicial recovery proceedings from its beginning, since The New Business Restructuring and Bankruptcy Law's effectiveness (February of 2005) until June 31st, 2011, when its use started on the enterprise matters court of the State of Rio de Janeiro. The analyzes will be done through all phases predicted on the New Business Restructuring and Bankruptcy Law, such as the acceptance of the process of Judicial Recovery, the granting of the judicial recovery and the closure of the process after fulfillment of all obligations predicted on the recovery plan in the period limit of 2 years after the granting of the judicial recovery plan. This analyzes also confirm if any Company had in fact been able to recover after this process. For this purpose, it shall be considered recovery a Company that has fulfill it plans after the Regarding the 7th anniversary of The New Business Restructuring and Bankruptcy Law closure of the process without a claim of bankruptcy in this period., as well as the Brazilian Legislator planned processing to last no more than three years, from my point of view there are no reasons which can obstruct the referred concept adoption as there is time enough to initiate and conclude the processing. Therefore, this study had observed that average time to conclude all processing stages exceed the reasonable time and there was no company able to recover itself until the closure of this study, having indeed cases of conversion of the Judicial Recovery into bankruptcy.

Le fonds de commerce est un bien affecté par nature à l’activité de l’entreprise. Il se distingue, en tant qu’objet de réglementations, du concept économique d'entreprise ou de concepts fonctionnels comme l'établissement ou la branche d'activité. Le constat d'affectation à l'activité, qui découle de la pratique commerciale, se vérifie en droit fiscal, tant au niveau de la nature du fonds, une universalité, que dans sa dimension patrimoniale.Le fonds de commerce emprunte à la théorie de l’universalité de fait ses caractéristiques propres, dont la principale réside dans la dualité d’approches de ses composants, isolément ou comme un tout. Pour le droit fiscal, le fonds de commerce apparaît comme une enveloppe souple, dans laquelle sont agencés divers éléments réunis autour de la clientèle, et susceptibles de varier d’un fonds à l’autre. L’approche globale du fonds permet de caractériser l’ensemble, lorsque le droit fiscal veut opérer une imposition synthétique, que ce soit pour exonérer une transmission d'universalité en matière de TVA, pour appliquer le tarif des droits de mutation à une cession de fonds de commerce ou une convention de successeur ou pour opérer une imposition uniforme dans le cadre de dispositifs de faveur. À l’inverse, l’approche ut singuli de l’universalité permet la mise en œuvre de procédés d’imposition plus complexes et plus affinés, ayant vocation à ne s’appliquer qu’à certains éléments. Elle permet d’atteindre spécifiquement certains éléments du fonds, soumis à un régime fiscal particulier au regard de certains impôts ou d’appliquer certains mécanismes fiscaux, comme l’amortissement, qui requièrent de dissocier un élément du fonds.Le fonds de commerce résulte de l’exploitation et constitue une valeur patrimoniale dont le droit fiscal tire les conséquences, par son positionnement à l’actif du bilan de l’entreprise. L’inscription à l’actif, conjuguée à l’affectation à l’activité de l’entreprise, est le point de conflit entre les approches juridique et économique de la propriété. Si l’approche juridique correspond à la conception civile traditionnelle du droit de propriété, elle ne recouvre que partiellement et de manière contingente, l’approche économique qui fait prévaloir la notion de contrôle sur un bien ou un droit. Cette approche économique conduit à inscrire au bilan de simples droits d’usage (marques ou brevets utilisés en vertu d’une concession de licence) et introduit une confusion sur la nature des droits détenus par le propriétaire du fonds. La même coexistence des approches juridique et économique est observée dans les contentieux relatifs au fonds de commerce entre les deux ordres de juridiction. / Goodwill is an asset that is naturally assigned to the activity of the enterprise. It is distinguished, as an object of regulations, from the economic concept of business or from functional concepts such as establishment or branch of activity. The assignment to the activity, which stems from commercial practice, is verified in tax law, both in terms of the nature of the business, a universality, and in terms of its patrimonial dimension.Goodwill borrows from the theory of universality de facto its own characteristics, the main one of which resides in the duality of approaches of its components, in isolation or as a whole. For tax law, goodwill appears as a flexible item, in which are arranged various elements gathered around the clientele, and may vary from one business to another. The overall approach of the business makes it possible to characterize the whole, when tax law wants to impose a synthetic taxation, whether to exempt a transfer of universality from VAT, to apply the tariff of transfer duties to a transfer of goodwill or a successor agreement, or to assess a uniform charge under concession arrangements. Conversely, the ut singuli approach to universality allows the implementation of more complex and refined taxation processes, which are intended to apply only to certain items. It allows for the specific attainment of certain items of the goodwill, which are subject to a particular tax regime with respect to certain taxes or to apply certain fiscal mechanisms, such as amortization, which require the separation of an element from the goodwill.Goodwill results from the exploitation and constitutes a patrimonial value of which tax law draws consequences, by its positioning in the assets of the balance sheet of the company. Capitalization, combined with the allocation to the business, is the point of conflict between legal and economic approaches to ownership. If the legal approach corresponds to the traditional civil law concept of the right to property, it only partially and contingently covers the economic approach which makes the notion of control over a property or a right prevail. This economic approach leads to the recording of simple rights of use (trademarks or patents used under a licensing agreement) and confuses the nature of the rights held by the owner of the business. The same coexistence of legal and economic approaches is observed in litigations relating to goodwill between both branches of tax jurisdiction of the French court system.