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Taxing Offshore
Investment Income

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Taxing Offshore Investment Income
Edited by John Prebble

ISBN 0-9545048-5-2
Published March 2006

Increasing numbers of taxpayers who invest abroad are able to reduce the tax they pay, to defer when they pay it, and to decide to whom they pay it. In response, several countries have enacted what have become known as offshore or foreign investment fund regimes in order to tax the income as it is earned. Several of these countries are currently reviewing their regimes. Other jurisdictions are actively considering the need for similar rules.

Foreign investment fund regimes originally targeted investments in offshore mutual funds by attributing the investor's share of the annual income of a fund to the local investor and taxing that investor's share as it accrued. Nowadays, regimes capture not only the income of mutual funds but also of listed investment companies, of superannuation funds, of portfolio investments, and even of savings that compound on life insurance premiums: in short, the income of most residents' offshore investments.

The authors, an international panel of experts, address the design and operation of offshore investment fund regimes. They explore questions such as: what interests do they cover? How do regimes calculate, or estimate, residents' shares of income? What credit is there for foreign tax? When do regimes allow residents to set off losses on their foreign investments against domestic income? How is the bite of regimes limited to save costs of compliance and administration or to relieve tax burdens on internationally mobile executives?

This book is comparative, dealing with topics issue-by-issue rather than country-by-country. It is written for practitioners who need to understand how foreign investment fund regimes work, for scholars and students of international tax law and principles, and for policy makers tasked with designing foreign investment fund regimes for their countries.

This text is sponsored by Lenz & Staehelin and endorsed by The International Fiscal Association (IFA).

Comments on this title:

"Professor Prebble has produced an excellent guide to this increasingly important field of international tax law and practice. Something everuone interested in the field should read." - Professor John Avery Jones, LSE, Chairman, UK Tax Law Review Committee & Special Commissioner, IBFD Board of Trustees Member.

"This new title appears at an important stage in the development of the offshore investment industry and Professor Prebble and his team is to be congratulated on this thorough, yet readable, guide to the field" - Professor Kees van Raad, Professor of International Tax Law, University of Leiden; Senior Correspondent for Tax Notes International; Contributing Editor of Intertax

"This work contains a great deal of useful information about the technical issues involved in this complex area. But more important, it contains a clear and lucid exposition of the choices which have been made by policy makers in crafting the applicable rules." - Professor Hugh Ault, Law School, Boston College; Senior Visiting Fellow, University of Stockholm Centre for Commercial Law; Special Advisor to the OECD's Centre for Tax Policy and Administration.

This text is sponsored by Lenz & Staehelin and endorsed by The International Fiscal Association (IFA)

View a sample chapter:

Click here to view:
Definition of Foreign Investment Funds and Taxpayers' Interests, Boundary Issues and Losses
by Dr David White
(pdf document - 114Kb)

Read an independent review of this title:

Click here to read a review of this title - by Peter Harris (University of Cambridge, UK) for British Tax Review (Issue No. 2 2007, pages 205-206). (pdf document - 620Kb. Reproduced with permission of publisher)

'The taxation of interests in foreign investment funds is a topic of our times. The abolition of exchange control, new means of investment through electronic media, an increase in focus on the importance of saving (particularly for retirement) and globalisation in general make this a topic of particular current interest. This new work ... provides a comprehensive guide to the structural issues and the approaches of a number of leading countries in this field....The result is a coherent and informative discussion that is lacking in many comparative books....All in all a good read.'

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