Markets in Vice, Markets in VirtueOxford University Press, 2005 - 236 pages This sweeping, comparative study of taxation in the United States and Australia shows that even as governments in the Western world have become increasingly sophisticated tax collectors, a competitive and ruthless market in advice on tax avoidance has developed. The same competitive forces in the late twentieth century which have driven down prices and sparked efficiencies in the production of fast food or computer parts have helped stimulate the markets for "bads" like tax shelters and problem gambling. Braithwaite draws the surprising conclusion that effective regulation could actually flip markets in vice to markets of virtue. Essential reading for anyone involved in policy, governance, and regulation, Markets in Vice, Markets in Virtue provides a blueprint for restoring the equity of Western tax systems and a breakthrough theory of how regulators can support markets in virtue and curtail markets in vice. |
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Contents
Regulating one mans vice another womans virtue | 8 |
Tax systems in crisis | 16 |
A widening US corporate tax gap in the past decade | 27 |
The Australian advice market | 37 |
The advice market | 42 |
The ideas people | 48 |
Enforcement challenges 680 | 60 |
The Australian advice market | 68 |
103 | 127 |
Relationships with the IRS | 132 |
Comparing the drivers of and responses | 137 |
Reforming the law | 144 |
Civil liberty safeguards | 151 |
16 | 152 |
The Consolidation Project | 158 |
Finding pathways through a morass of complexity and uncertainty | 166 |
The Promoters Taskforce | 78 |
The High Wealth Individuals Taskforce | 84 |
Transfer Pricing Record Review and Improvement Project | 89 |
An expanded riskleveraging toolbox | 97 |
Aggressive tax planning in New York | 101 |
The interviews | 103 |
3 | 113 |
37 | 119 |
International arbitrage | 120 |
Globalisation of tax policy? | 126 |
From procedures manual to storybook from a process | 175 |
Adequate and escalating penalties | 181 |
Tackling the culture of compliance of the Big Four accounting firms | 188 |
Flipping markets in vice to markets in virtue | 197 |
Webs of influence | 205 |
225 | |
229 | |
231 | |
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Common terms and phrases
accounting firms Advance Pricing Agreements advice market advisers aggressive tax planning anti-avoidance arbitrage Arthur Andersen ASIC assessment audit barristers Big Five boom boutique Braithwaite cent Centre for Tax Chapter clients collaboration Commissioner companies complex Compliance Model contagion corporate tax corporate tax shelters courts culture demand disclosure effective enforcement pyramid example flip markets GAAR global high-wealth individuals ideas income tax informants international arbitrage interviews investment banks Kalgoorlie KPMG large corporations law firms markets in vice markets in virtue mass marketed schemes meta risk management million offshore organisation Petroulias political Pricing Record Review principles problem product ruling professional regulation regulatory responsibility restorative justice revenue Review and Improvement shift strategy target tax advice tax authority tax avoidance tax havens tax law tax lawyers tax liability tax office tax return tax schemes tax shelter Tax System Integrity taxpayers termites transactions Transfer Pricing Record wealth York