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- Title
Taxing Financial Arrangements: Harmonising Tax and Accounting?
- Authors
Fisher, Rodney
- Abstract
This paper comments critically on the proposed provisions governing the Taxation of Financial Arrangements (TOFA). It describes the tortuous consultation process and the somewhat piecemeal introduction of aspects of the taxation of financial arrangements legislation that have come in. It critiques the approach taken in the Exposure Draft and identifies a number of anomalies. The article regrets that the revenue authorities have been reluctant to link tax outcomes more directly to accounting outcomes in relation to taxing financial arrangements. The article notes the breadth of impact on a range of taxpayers that the Exposure Draft will have. The article accepts that some of the provisions appear to be moving in the right direction, but notes that there is still a need for modification and fine tuning before the legislation can be fairly regarded as final.
- Subjects
TAX accounting -- Law &; legislation; TAX protests &; appeals; TAXATION; TAX evasion; TAXPAYER compliance; GOVERNMENT accounting; ACCOUNTING standards
- Publication
eJournal of Tax Research, 2006, Vol 4, Issue 2, p132
- ISSN
1448-2398
- Publication type
Article