Double taxation of corporate profits distorts the choice of business form, the debt and equity capitalization of companies, and the character and timing of profits distributions. To avoid these distortions, countries adopt so-called integrated corporate tax regimes. But countries almost always limit such regimes to domestic dividend--those paid by a corporation taxable in the country to a shareholder also taxable in the country. In contrast, countries generally deny double tax relief to cross-border dividends. Failure to extend relief to cross-border dividends distorts locational investment decisions. Although restricting double tax relief to domestic dividends does not violate international tax nondiscrimination rules, more stringent nondiscrimination rules govern member states of the European Union and U.S. states. Member states of those common markets may not constitutionally prefer domestic commerce over cross-border commerce. This constitutional nondiscrimination obligation limits the ability of EU and US states to confine double corporate tax relief to domestic dividends. This symposium paper establishes the basic framework for taxation of cross-border dividends, closely analyzes and compares constitutional challenges to states' failure to extend double tax relief to cross-border dividends in Europe and the United States, and identifies the principal policy considerations emerging from the nascent cross-border dividend jurisprudence in the European Court of Justice.
For the over half-million people currently homeless in the United States, the U.S. Constitution has historically provided little help: it is strongly...
After several years of dramatic growth, ESG investing seems to have entered a period of retrenchment. While it is impossible to predict the future...
Gradualism should have won out in Dobbs v. Jackson Women’s Health, exerting gravitational influence on the majority and dissenters alike. In general...
En række amerikanske præsidentkandidater og kongresmedlemmer er i de sidste år begyndt at argumentere for, at USA burde lancere militære angreb mod...
Today, legal culture is shaped by One Big Question: should courts, particularly the US Supreme Court, have a lot of power? This question is affecting...
On December 15, 2023, the U.S. Court of Appeals for the Fifth Circuit issued its decision in Illumina, Inc. v. FTC. Although the court vacated and...
On January 17, the Supreme Court heard arguments in what are potentially the most significant commercial law cases of the last decade. In the...
Lenders are perfectly free to decide for themselves whether, when, how, to whom and on what terms they will extend credit to a sovereign borrower. But...
Constitutional review is the power of a body, usually a court, to assess whether law or government action complies with the constitution. Originating...
Liberalism is back on its heels, pushed there by political movements in the United States and Europe and by the critiques of legal scholars and...
The Supreme Court’s recent expansion of the major questions doctrine has rocked administrative law, throwing into doubt executive agencies’ statutory...
Income inequality is a national preoccupation, and the public’s imagination is captured by the astronomical incomes of Valley tech billionaires and...
There is a live debate going on over whether antitrust should take a broader view of the economics of market concentration. When antitrust reformers...
During times of crisis, governments often consider policies that may promote safety, but that would require overstepping constitutionally protected...
This casebook aspires to help students understand and think systematically about the techniques of statutory interpretation. It blends exposition with...
The United States has granted reparations for a variety of historical injustices, from imprisonment of Japanese Americans during the Second World War...
We examine the legal terms in the market for green bonds, debt instruments in which proceeds are earmarked, directly or indirectly, for projects with...