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Economic Substance and Tax Avoidance: An International Perspective
By: Robert McMechan, LL.B., LL.M., Ph.D.
ISBN/ISSN/Product Number: 978-0-7798-5332-8
Product Type: Book S.O. Annual/biannual/biennial
Anticip. Upkeep Cost: New editions supplied every two years on standing order subscription
Number of Pages: Approximately 520 pages
Number of Volumes: 1 volume bound
Binding: softcover
Publication Date: 2013-04-22
Publisher: Carswell
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Description

Understand the role of economic substance in tax avoidance

Economic Substance and Tax Avoidance: An International Perspective is the ultimate resource on the treatment of economic substance in tax cases across different international jurisdictions. The law regarding the role of economic substance in tax avoidance cases is an evolving and important subject area in Canada. An absence of economic substance is now considered to be a prominent indicator of abusive tax avoidance in many jurisdictions, including Australia, New Zealand, South Africa, and the United States. The author approaches the subject matter by examining the historic and modern-day treatment of economic substance on a comparative basis in several jurisdictions, and includes case studies of tax avoidance cases and an evaluation of GAAR decisions in Canada and other tax jurisdictions. In an area of law that is currently fraught with confusion in Canada, this book provides you with in-depth understanding of and much needed clarity on the issue. This book will help you:
  • Analyze the current law on tax avoidance and the role of economic substance
  • Understand economic substance under GAAR in other jurisdictions
  • Determine reporting requirements and penalties
  • Advise clients on the tax implications of transactions which lack economic substance
As of June 16, 2014, the Economic Substance Bill was introduced in the House of Commons. See the Bill here (PDF).
Testimonials "[Economic substance and Tax Avoidance: An International Perspective] bridges and compares approaches across six jurisdictions, assisting the reader to understand some of the global context in which the Canadian law is situate. Mr. McMechan has done a particularly remarkable job of identifying appropriate cases and of describing those cases accurately and sensibly."Kim Brooks, Dean, Weldon Professor of Law, Schulich School of Law"[Economic substance and Tax Avoidance: An International Perspective] contains the most detailed review I have seen of the 'economic substance' tax avoidance jurisprudence in Canada and other jurisdictions. It is comprehensive, thoroughly researched and well organized."David Sherman"[Economic substance and Tax Avoidance: An International Perspective] is an outstanding work of scholarship and will undoubtedly be the locus classicus on the subject for many years to come. It is clearly a major contribution to this area of legal jurisprudence."Hon. Donald G. H. Bowman, Q.C."I would like to congratulate you on [Economic substance and Tax Avoidance: An International Perspective]. This is an amazing realization and as a teacher at the Master degree in law and taxation at HEC Montreal on topics such as GAAR your book brought a very interesting view. I can only hope that the legislator will find inspiration in this phenomenal piece of work to make a better, clearer GAAR for us all!"Charles David, CPA, CA, Founding partner, Darras David SENCRL, Certified Professional Accountants
About the Author

The Late Robert McMechan, LL.B., LL.M., Ph.D. in tax law at Osgoode Hall, York University (June 2012), was a sole practitioner with "AV" practice rating in Martindale-Hubbell and inducted as Fellow of Litigation Counsel of America in 2011. Formerly General Counsel, Tax Litigation Section, Department of Justice and Senior Rulings Officer, Revenue Canada. Co-author of Tax Court Practice© (1990-2012). Speaker for Advocates' Society, Canadian Tax Foundation, Ontario Bar Association ("Essentials of Tax Litigation", March 30, 2011) and various other organizations. Tax instructor for Canadian Bar Association Tax Law Course for Lawyers (1995-2012), Law Society Bar Admission Course (1990-2005) and Canada Revenue Agency (2003-2010). OBA Tax Section Executive member (1993-2003) including as Co-chair (2002-2003). His professional corporation website wss TaxAssistance.ca and he was counsel to HazloLaw, Ottawa, Ontario.

CPD