Global Justice Post-2015

The Global Justice Program at Yale University is currently hosting a conference exploring the post-2015 agenda for human rights and global justice. List of speakers and topics:

Day One: October 30 

Panel 1: Global Tax Fairness: Allison Christians, Manuel Montes, Erika Siu; Chair: Zorka Milin)  

Amartya Sen Prize Contest Ceremony 

Panel 2: Illicit financial flows, human rights and the post-2015 agenda - Discussion of Independent Expert’s Report: Juan Pablo Bohoslavsky, Nicholas Lusiani, Léonce Ndikumana, Esther Shubert; Chair: Tom Cardamon 

Panel 3: Addis, Post-2015, and future efforts against Illicit Financial Flows: Tom Cardamone, Steven Dean, Gail Hurley and Jakob Schwab; Chair: Laura Biron 

Day Two: October 31  

Statement of the Health Impact Fund (HIF) and mini-HIF, including discussion: Aidan Hollis, Thomas Pogge; Chair: Alex Sayegh  

Panel 4: Mini-HIF: Piloting the Health Impact Fund: Laura Biron, Aidan Hollis, Peter Maybarduk, Thomas Pogge, Jeffrey Sachs, Richard Wilder; Chair: Tendayi Bloom
Concluding Session on the Health Impact Fund  

Panel 5: Individual Deprivation Measure, Poverty Measurement: Sharon Bessell, Thomas Pogge, Scott Wisor; Chair: Yuan Yuan. 

Day Three: November 1  

Panel 6: Oslo Principles on Climate Change Obligations: Thomas Pogge, Jaap Spier, Kira Vinke; Chair: Shmulik Nili 

Panel 7: Sustainable Development Goals (Daniel Esty, Thomas Pogge, Jeffrey Sachs; Chair: Corinna Mieth.

I presented yesterday on the topic of "Global Tax Fairness." I discussed the connection between taxation and human rights, highlighting the challenges for the realization of rights and justice that are posed by tax competition and exploring whether and how systemic change is possible. I have a couple of works in progress on the topic and will post drafts when ready.

In the meantime, I'm experimenting with making my powerpoint presentations available online (along with other resources in the future). You can view a list here: see pull down menu entitled "resources". Comments and suggestions are welcome.

Reconsidering the Tax Treaty: Brooklyn Law Symposium

I'm very pleased to participate in Brooklyn Law School's annual international tax symposium today. This year's theme is Reconsidering the Tax Treaty: a timely topic given the OECD's release of the BEPS Reports, especially Action 6, and the US Treasury's release of proposed new Model Provisions.

My working paper looks at these developments, with a specific focus on the proposed "special tax regimes" and "subsequent changes in law" switch off clauses--in effect, two built-in mini-override provisions. Mine is truly a work in progress and not ready for distribution yet but here is the basic framework:

Seeing STRs: A New Vision for Tax Treaties?

The new US Model treaty contains several new provisions designed to address treaty abuses, in line with the ongoing OECD initiative to counter base erosion and profit shifting (BEPS). Among these are two dealing with foreign law. The first denies treaty withholding rates on interest, royalties, and other income to taxpayers eligible for “special tax regimes” (STRs) in the treaty partner country. The second completely switches off the treaty withholding rates for all recipients of passive income items in prescribed situations where the partner country reduces its tax rate below 15%. The STR provision is limited in scope to taxpayers who receive special deals, but the subsequent law provision partially terminates the treaty as to every taxpayer (ostensibly in both countries) even if they do not benefit from the targeted regime. Both provisions seem designed to enact a new central purpose for tax treaties, namely, as peer-monitoring devices to create a world in which cross border capital flows are subject to at least a single level of tax, at a minimum tax rate. This article examines the international precedents for the new provisions and their implications for international tax relations going forward. It concludes with a discussion about the role tax treaties can and should play in curtailing tax competition among nations.

As always I welcome comments; will post a draft when ready.

Mitchell. Murphy. Head to Head Nov 3 in Montreal: Corporate Tax on Trial

On Nov 3, there will be a big conference in Montreal on the topic of tax cooperation and competition with presentations by political, business, and academic leaders from around the world; program at the link and I'll post more info soon. A highlight of the day will be a formal debate between Dan Mitchell of the Cato Institute and Richard Murphy of Tax Research UK, on the topic of corporate taxation: continue it, change it, abolish it? These two titans will debate three resolutions:

1. First, be it resolved that: the current approach to corporate taxation is a necessary and appropriate means of raising tax revenue.
2. Second, be it resolved that: corporate taxation is fundamental to preserve personal taxation.
3. Third, be it resolved that: To the extent that governments tax corporate income, they should do so comprehensively, and not use tax incentives to favour selected types of investment or commerce.

It likely goes without saying that arguing on the “affirming side” of each resolution will be Richard Murphy; arguing on the “opposing side” of each resolution will be Dan Mitchell; the debaters are free to interpret the resolutions broadly and form their arguments accordingly. Evidence from all jurisdictions will be admissible. The debate will be moderated and judged by two eminent judges: Louise Otis (OECD Admin Tribunal & McGill Law) and Jay Rosengard (Harvard Kennedy School of Business). The emphasis will be on persuasive, clear and logical argumentation. This promises to be a lively debate. Registration information for the conference is here.

New government in Canada; new fiscal policy

Canada's federal election unfolded last night with a decisive victory for the Liberal Party under the leadership of Justin Trudeau. Campaign promises include a much needed commitment to transparency, including budgetary "honesty" as outlined in the party's Fiscal Plan. Here are the main promises:

• cancel child benefit cheques for millionaires, increase child benefits for the middle class & below 
• increase the marginal tax rate on Canada’s 1%, cut taxes for the middle class
• review tax expenditures, target tax loopholes that particularly benefit Canada’s 1%. 
• be honest about the government of Canada’s fiscal position, base projections on Parliamentary Budget Officer report. 
• run modest deficits for three years, invest in growth for the middle class.
• offer a plan to balance the budget in 2019.

Here's the revenue picture: 

 

Hmm, I am not seeing any revenue from legalizing & taxing marjuana, suggest Canada take a page from Colorado on this point. I predict the revenue impact will be more than zero.

Will be fascinating to watch how the promises play out IRL.

Intergovernmental Agreements (IGAs) as Hybrid Tax Agreements

I recently published "Interpretation or Override? Introducing the Hybrid Tax Agreement." Here is the abstract:

In the effort to overcome foreign law impediments to the implementation of the Foreign Account Tax Compliance Act (FATCA), the U.S. Treasury introduced intergovernmental agreements (IGAs). IGAs are hybrid tax agreements: Treaties to most of the world, in the United States they instead constitute an executive interpretation of the underlying tax treaty. This introduces a great deal of interpretive uncertainty where the terms of IGAs and tax treaties conflict. Prompted by recent queries in the EU regarding the legal nature of the IGAs, this article explores a concrete example of the legal principles at stake by examining how the public policy rules for information sharing found in US tax treaties interact with the information exchange provisions found in the IGAs.

Further in, I explain that it is difficult to understand how as a matter of international law the IGA, as a document that purports to "interpret" the underlying tax treaty, in fact obviates some of the provisions of the treaty, but do so only for the party other than the United States. I conclude:

Process matters in law. It is what makes the rule of law function as a legitimate source of authority. It is ironic that even as the United States partners with its fellow OECD members to try to address the major challenges to international taxation posed by hybrid legal entities and hybrid financial instruments, Treasury has invented the hybrid tax agreement. Conflicts resulting from this invention are inevitable and I anticipate they will be costly. I believe that Treasury took a few shortcuts around established legal precedents on the road to implementing FATCA. I understand that this may be considered expedient in the effort to get FATCA to work. But in the long run the sacrifice renders a disservice to the rule of law. That sacrifice deserves careful reflection by all those affected.

I continue to be fascinated by the rapid developments in international taxation over the past several years, in terms of both substance and process/rule of law.

Friends with Tax Benefits: Apple's Cautionary Tale

Over the summer, I wrote a column on the ongoing EU state aid investigation into Ireland's tax practices involving Apple. The recent news that Ireland plans to cut its corporate tax rate again, dropping to just 6.5% for IP-driven companies, reminded me that I neglected to post this article, so here it is. Abstract:

Apple recently disclosed to shareholders a potentially material impairment to its earnings: an ongoing investigation by the European Commission into Ireland’s tax ruling practices. Ireland may be forced to retroactively impose additional taxes on Apple, going back as much as a decade (and possibly beyond), if the Commission decides that the Irish Tax Authority granted Apple a prohibited subsidy, referred to as “fiscal state aid,” in contravention of EU law. But the impact of this investigation may be felt well beyond Europe. Against the backdrop of the OECD’s project on base erosion and profit shifting, the Commission’s investigation about whether Ireland gave Apple unfair benefits is fundamentally an interrogation into what, if anything, governments can or should do to stop the strategic use of national tax systems to lure international trade and investment. The Commission’s inquiry into Apple is thus a cautionary tale for both tax planners and tax authorities, whose confidence in past practices must give way as traditional compromises and well-worn assumptions suddenly become subjects of intense renegotiation on the global stage.

Tax competition and cooperation continue to duke it out: BEPS is one battleground, state aid is another. If in policing internal practices, the EC finds that tax favours like Ireland's are anti-competitive as to other EU countries, then surely they are also anti-competitive as to the rest of the world. Even though the relevant treaty (TFEU) is unique and distinct, the principle that tax favours constitute state aid might open the door for disputes beyond the EU, for example in the context of other bilateral or multilateral trade agreements.

Side note: in writing this column, I compared the successive Apple disclosure statements to watch the language change in response to the EC inquiry, which unfolded as follows:

1st EC letter to Ireland: June 2013
Additional info request: October 2013
Additional info request: January 2014
EC letter informing Ireland of investigation: March 2014.

In the column I suggest we can trace this correspondence in Apple's tax disclosure. Because it was a brief discussion I didn't lay out the disclosure changes in full but here they are (through the time of the column; not updated since), interesting in terms of revealing management's decisions about what shareholders need to know in order to make informed investment choices. Perhaps unsurprisingly, Apple's share price appears immune to the news to date. It is hard to imagine the size a clawback would need to be in order to have a material impact.

10K Oct 2012, 10Q Jan 2013, 10Q Apr 2013 [identical provisions]

The Company could be subject to changes in its tax rates, the adoption of new U.S. or international tax legislation or exposure to additional tax liabilities. The Company is subject to taxes in the U.S. and numerous foreign jurisdictions. Current economic and political conditions make tax rates in any jurisdiction, including the U.S., subject to significant change. The Company’s future effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretation. The Company is also subject to the examination of its tax returns by the Internal Revenue Service and other tax authorities. The Company regularly assesses the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of its provision for taxes. There can be no assurance as to the outcome of these examinations.

10Q Jul 2013

The Company could be subject to changes in its tax rates, the adoption of new U.S. or international tax legislation or exposure to additional tax liabilities. The Company is subject to taxes in the U.S. and numerous foreign jurisdictions, including Ireland, where a number of the Company’s subsidiaries are organized. Due to economic and political conditions, tax rates in various jurisdictions may be subject to significant change. Current economic and political conditions make tax rates in any jurisdiction, including the U.S., subject to significant change.  The Company’s future effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretation, including in the U.S. and Ireland. The Company is also subject to the examination of its tax returns and other tax matters by the Internal Revenue Service and other tax authorities and governmental bodies. The Company regularly assesses the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of its provision for taxes. There can be no assurance as to the outcome of these examinations. If the Company’s effective tax rates were to increase, particularly in the U.S. or Ireland, or if the ultimate determination of the Company’s taxes owed is for an amount in excess of amounts previously accrued, the Company’s operating results, cash flows, and financial condition could be adversely affected.

10K Oct 2013, 10Q Jan 2014, 10Q Apr 2014: same as prior

10Q Jul 28 2014

The Company could be subject to changes in its tax rates, the adoption of new U.S. or international tax legislation or exposure to additional tax liabilities. The Company is subject to taxes in the U.S. and numerous foreign jurisdictions, including Ireland, where a number of the Company’s subsidiaries are organized. Due to economic and political conditions, tax rates in various jurisdictions may be subject to significant change. The Company’s future effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretation, including in the U.S. and Ireland. For example, in June 2014, the European Commission opened a formal investigation to examine whether decisions by the tax authorities in Ireland with regard to the corporate income tax to be paid by two of the Company’s Irish subsidiaries comply with European Union rules on state aid. If the European Commission were to take a final decision against Ireland, it could require changes to existing tax rulings that, in turn, could increase the Company’s taxes in the future. The European Commission could also require Ireland to recover from the Company past taxes reflective of the disallowed state aid.

The Company is also subject to the examination of its tax returns and other tax matters by the Internal Revenue Service and other tax authorities and governmental bodies. The Company regularly assesses the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of its provision for taxes. There can be no assurance as to the outcome of these examinations. If the Company’s effective tax rates were to increase, particularly in the U.S. or Ireland, or if the ultimate determination of the Company’s taxes owed is for an amount in excess of amounts previously accrued, the Company’s operating results, cash flows, and financial condition could be adversely affected.

10K Oct 2014: same as prior

10Q Jan 2015

The Company could be subject to changes in its tax rates, the adoption of new U.S. or international tax legislation or exposure to additional tax liabilities. The Company is subject to taxes in the U.S. and numerous foreign jurisdictions, including Ireland, where a number of the Company’s subsidiaries are organized. Due to economic and political conditions, tax rates in various jurisdictions may be subject to significant change. The Company’s future effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretation, including in the U.S. and Ireland. For example, in June 2014, the European Commission opened a formal investigation to examine whether decisions by the tax authorities in Ireland with regard to the corporate income tax to be paid by two of the Company’s Irish subsidiaries comply with European Union rules on state aid. If the European Commission were to take a final decision against Ireland, it could require changes to existing tax rulings that, in turn, could increase the Company’s taxes in the future. The European Commission could also Ireland to recover from the Company past taxes reflective of the disallowed state aid. The Company is also subject to the examination of its tax returns and other tax matters by the Internal Revenue Service and other tax authorities and governmental bodies. The Company regularly assesses the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of its provision for taxes. There can be no assurance as to the outcome of these examinations. If the Company’s effective tax rates were to increase, particularly in the U.S. or Ireland, or if the ultimate determination of the Company’s taxes owed is for an amount in excess of amounts previously accrued, the Company’s operating results, cash flows and financial condition could be adversely affected.

10-Q Apr 28 2015

The Company could be subject to changes in its tax rates, the adoption of new U.S. or international tax legislation or exposure to additional tax liabilities. The Company is subject to taxes in the U.S. and numerous foreign jurisdictions, including Ireland, where a number of the Company’s subsidiaries are organized. Due to economic and political conditions, tax rates in various jurisdictions may be subject to significant change. The Company’s future effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretation, including in the U.S. and Ireland. For example, in June 2014, the European Commission opened a formal investigation to examine whether decisions by the tax authorities in Ireland with regard to the corporate income tax to be paid by two of the Company’s Irish subsidiaries comply with European Union rules on state aid.

As of March 28, 2015, the Company recorded gross unrecognized tax benefits of $4.6 billion, of which $1.6 billion, if recognized, would affect the Company’s effective tax rate. As of September 27, 2014, the total amount of gross unrecognized tax benefits was $4.0 billion, of which $1.4 billion, if recognized, would have affected the Company’s effective tax rate. The Company’s total gross unrecognized tax benefits are classified as other non-current liabilities in the Condensed Consolidated Balance Sheets. The Company had $844 million and $630 million of gross interest and penalties accrued as of March 28, 2015 and September 27, 2014, respectively, which are classified as other non-current liabilities in the Condensed Consolidated Balance Sheets. Management believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company’s tax audits are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. Although timing of the resolution and/or closure of audits is not certain, the Company does not believe it is reasonably possible that its unrecognized tax benefits would materially change in the next 12 months. On June 11, 2014, the European Commission issued an opening decision initiating a formal investigation against Ireland for alleged state aid to the Company. The opening decision concerns the allocation of profits for taxation purposes of the Irish branches of two subsidiaries of the Company. The Company believes the European Commission’s assertions are without merit. If the European Commission were to conclude against Ireland, the European Commission could require Ireland to recover from the Company past taxes covering a period of up to 10 years reflective of the disallowed state aid. While such amount could be material, as of March 28, 2015 the Company is unable to estimate the impact.

The Company is also subject to the examination of its tax returns and other tax matters by the Internal Revenue Service and other tax authorities and governmental bodies. The Company regularly assesses the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of its provision for taxes. There can be no assurance as to the outcome of these examinations. If the Company’s effective tax rates were to increase, particularly in the U.S. or Ireland, or if the ultimate determination of the Company’s taxes owed is for an amount in excess of amounts previously accrued, the Company’s operating results, cash flows and financial condition could be adversely affected.

Kadet on Profit Shifting: The Approach Everyone Forgets

Over the summer, Jeffery Kadet published an article of interest, Attacking Profit Shifting: The Approach Everyone Forgets, in which he argues that the IRS has the ability, as yet not exercised, to attack profit shifting by US-based MNCs using nothing more than the domestic "effectively connected income" rules. Here is the abstract:

In recent years the financial press has turned increasing attention to MNCs that shift income to low taxed jurisdictions overseas in order to avoid US taxation. What’s generally missing from these discussions is any serious focus on possible IRS attacks on these companies, most of which are CFCs. There’s little apparent concern by anyone that the IRS will try to disallow the profit-shifting structures that have moved so much taxable income out of the US and other countries and into low-taxed foreign jurisdictions. 

This is changing. Early this year Caterpillar Inc. in an SEC filing disclosed that the IRS had issued a Revenue Agent’s Report to currently tax certain income earned by one of its Swiss entities. Presumably this is income earned as a result of a certain restructuring conducted in the late 1990s and referred to as the Swiss Tax Strategy when examined in 2014 in hearings held by the Senate Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations (PSI). 

The IRS basis for its RAR, as disclosed by Caterpillar, is application of the ‘substance-over-form’ or ‘assignment-of-income’ judicial doctrines. This, however, is not the only approach that the IRS might have chosen to impose taxation on the shifted profits. 

Various Congressional hearing documents, the work of investigative journalists, and other sources (all publicly available) provide evidence that the businesses within some profit-shifting structures continue to be managed and substantially conducted from the U.S. and not from any business locations outside the U.S. Where this is the case, the IRS may have a strong case for imposing direct taxation on the effectively connected income (ECI) of these low-taxed foreign subsidiaries. 

Just the threat of imposing direct taxation may cause many MNCs to consider scaling back their profit shifting and for them and their outside auditors to start worrying about exposure on prior years. If the IRS were to sustain such direct taxation, it would mean: 

• The regular up-to-35% corporate tax, 

• The ‘branch profits tax’ applied at a flat 30% rate (unless lower by treaty), 

• A loss of deductions and credits for any tax year if the foreign corporation has not filed Form 1120-F for that year, and 

• An open statute of limitations on IRS assessment of tax for any tax year if the foreign corporation has never filed a US tax return on Form 1120-F for that year. 

The combined effect of the above is a 54.5% or higher effective tax rate (lower if tax treaty coverage reduces the 30% branch profits tax rate). 

Considering these terribly high effective tax rate percentages, where the IRS chooses to examine for possible ECI and develops a credible case, they can use the high effective tax rate as strong leverage to secure agreement for reversal of profit shifting structures. Such agreements would presumably see MNCs agreeing to current taxation within U.S. group members of the shifted profits that had originally been booked in low-taxed foreign subsidiaries. 

To demonstrate how significant ECI likely exists within many MNCs that have conducted profit-shifting planning, this article includes a number of realistic examples inspired by the above-mentioned publicly available information on MNC profit-shifting structures. 

Recognizing that it can sometimes be a challenge to apply the very old existing regulations to current business models, the article strongly encourages Treasury to prioritize the issuance of modernized income sourcing and ECI regulations that reflect the business models and structures now commonly used and that are often found in profit-shifting structures.

Cockfield: Big Data and Tax Haven Secrecy

Art Cockfield has posted a new paper on SSRN, Big Data and Tax Haven Secrecy, forthcoming Florida Tax Review. The article sets out research he did with the International Consortium of Investigative Journalists (ICIJ) and is of interest. Here is the abstract:

While there is now a significant literature in law, politics, economics, and other disciplines that examines tax havens, there is little information on what tax haven intermediaries — so-called offshore service providers — actually do to facilitate offshore evasion, international money laundering and the financing of global terrorism. To provide insight into this secret world of tax havens, this Article relies on the author’s study of big data derived from the financial data leak obtained by the International Consortium for Investigative Journalists (ICIJ). A hypothetical involving Breaking Bad’s Walter White is used to explain how offshore service providers facilitate global financial crimes. The Article deploys a transaction cost perspective to assist in understanding the information and incentive problems revealed by the ICIJ data leak, including how tax haven secrecy enables elites in non-democratic countries to transfer their monies for ultimate investment in stable democratic countries. The approach also emphasizes how, even in a world of perfect information, political incentives persist that thwart cooperative efforts to inhibit global financial crimes.

Taxation and Citizenship Workshop at U Michigan

This week at the University of Michigan Law School, Reuven Avi-Yonah and I are co-hosting an academic workshop on the topic of citizenship and taxation. Because it is a workshop, most of the papers are still in draft and won't be publicly available for some time. However, we will be doing a writeup of the proceedings and I'll post that when it is available, and of course I'll post when the symposium volume is published. Here are the speakers and topics:

• Reuven Avi-Yonah (Michigan) Constructive Unilateralism : US Leadership and International Taxation 
• Allison Christians (McGill) Uncle Sam Wants … Who? 
• Wei Cui (UBC) Residence and Source as Interconnected Concepts 
• Tessa Davis (South Carolina) Of Tax Crimes and “Bad” Citizens: How the Role of Tax Law in Making a Citizen Informs Tax Law and Policy 
• Jane Frecknall-Hughes (Hull) Tax and the citizen: the philosophical underpinnings 
• Christine Harlen (Leeds) Making America Exceptional: Perfectionist Civic Republicanism and the Taxation of Americans Abroad in the Progressive Era, 1890-1920 
• Michael Kirsch (Notre Dame) The Taxation (or Non-Taxation) of Citizens’ Foreign Income: Distilling the Competing Normative Arguments 
• Sagit Leviner (Ono) Citizenship Transcendent 
• Patrick Martin (Procopio) Tax Simplification: The Need for Consistent Tax Treatment of All Individuals (Citizens, Lawful Permanent Residents, and Non-Citizens regardless of immigrant status) Residing Overseas, Including the Repeal of U.S. Citizenship Based Taxation 
• Ruth Mason (Virginia) Citizenship Taxation 
• Linneu Mello (Bichara) How the Brazilian Tax Authorities Control Information and What FATCA Has To Do With It 
• Henry Ordower (St. Louis) Is the Expatriation Tax Constitutional? Mark to Market and the Macomber Conundrum 
• Adam Rosenzweig (Washington St. Louis) Once a US Person, Always a US Person 
• Daniel Shaviro (NYU) Taxing Potential Community Members’ Foreign Source Income 
• Peter Spiro (Temple) Citizenship Overreach and the U.S. Tax Regime 
• Saul Templeton (Calgary) Bill C-51, FATCA, and the End of Taxpayer Privacy 
• Edward Zelinsky (Cardozo) The Problems of Defining Residence: The U.S. Experience

Student Panel

• Montano Cabezas (Georgetown) Reasons for Citizenship-Based Taxation? 
• Christine Kim (NYU) Considering “Citizenship Taxation” : In Defense of FATCA 
• Gene Magidenko (UMich) – A Defense of Citizenship Taxation 
• Gianluca Mazzoni (Brescia) The Interaction Between FATCA and Data Privacy 
• Miguel Nicolas (UParis) FATCA and International Law 

The range of topics and viewpoints represented is encouraging and I look forward to the discussion.

Today at McGill: Steven Dean on Taxing Social Enterprise

The Spiegel Sohmer Tax Policy Colloquium at McGill University continues today with a presentation by Steven Dean on “SE(c)(3): A Catalyst for Social Enterprise Crowdfunding.” This event is presented in conjunction with a collaborative project between the Stikeman Chair in Taxation and the Centre for Intellectual Property Policy at McGill Law on the topic of how regulation impacts innovation. In the paper, Prof. Dean proposes a novel tax regime that offers entrepreneurs and investors committed to combining financial returns and social good with a means of broadcasting that resolve and screening out "greenwashed" ventures.

This year's colloquium focuses on the fundamentals of corporate tax policy by critically examining issues in national and international tax policy. Today's talk will take place from 14:30-17:30pm in Room 202 of New Chancellor Day Hall, 3644 Peel Ave, Montreal. Students, faculty and the McGill community in Montreal are welcome to attend.