000			01744nab a2200253 c 4500
999			_c142375 _d142375
003			ES-MaIEF
005			20200819135559.0
007			ta
008			200819t2020 at ||||| |||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
041			_aeng
100	1		_968145 _aBrown, Christine
245		0	_aTax-driven off-market buybacks (TOMBs) _btime to lay them to rest _cChristine Brown and Kevin Davis
260			_c2020
500			_aResumen.
520			_aTax-driven Off-Market Buybacks (TOMBs) have been used by large Australian companies to distribute cash and stream franking (tax) credits to low-tax-rate shareholders. While small in number, the amounts are significant, involving an estimated cost to government tax revenue in 2018 of around $2 billion. This paper reviews the current and historical evolution of the regulation and taxation of TOMBs and argues that there are fundamental problems with corporate use of TOMBs. These include inequitable treatment of shareholders, government tax revenue costs, inconsistency with good principles of taxation, arbitrary tax determinations and practices which are difficult to justify. Since corporates can distribute cash to shareholders using other, quite standard, capital management techniques, we argue that a social cost-benefit analysis leads to the conclusion that TOMBs should be prohibited.
650		4	_aGRANDES EMPRESAS _965638
650		4	_aINVERSIONES EMPRESARIALES _943879
650		4	_aBONIFICACIONES TRIBUTARIAS _933435
650			_aAUSTRALIA _932206
700	1		_912210 _aDavis, Kevin T.
773	0		_9162489 _oOP 1867/2020/2 _tAustralian Tax Forum: a journal of Taxation Policy, Law and Reform _w(IEF)103415 _x 0812-695X _gv. 35, n. 2, 2020, p. 232-257
942			_cART