Global Harmonization of Taxation

The European Union (EU) was a catalyst for the acceptance of international financial reporting standards (IFRS) in Europe. The EU and the International Organization of Securities Commissions (IOSCO) adopted IFRS in 2002, the US Securities and Exchange Commission (SEC) anticipates IFRS acceptance by...

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Bibliographic Details
Published inThe Tax Adviser Vol. 38; no. 12; p. 718
Main Authors Jones, Lynn Comer, Brown, Jennifer L
Format Trade Publication Article
LanguageEnglish
Published New York American Institute of Certified Public Accountants 01.12.2007
Subjects
Agreements
Competition
Conventions
Cooperation
Corporate taxes
Developing countries
Double taxation
Fiscal policy
GDP
Globalization
Gross Domestic Product
International accounting standards
International cooperation
International Financial Reporting Standards
International relations
International taxation
Jurisdiction
LDCs
NGOs
Nongovernmental organizations
Tax base
Tax evasion
Tax rates
Tax treaties
Taxation
Taxes
Withholding taxes
United States > US
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Summary:The European Union (EU) was a catalyst for the acceptance of international financial reporting standards (IFRS) in Europe. The EU and the International Organization of Securities Commissions (IOSCO) adopted IFRS in 2002, the US Securities and Exchange Commission (SEC) anticipates IFRS acceptance by 2009, and the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) continue to work toward common standards. Will there be spillover effects of financial accounting harmonization on taxation? Tax globalization efforts include international cooperation, the European Common Consolidated Corporate Tax Base (CCCTB), and US tax reform to meet today's global business environment. This article reviews nongovernmental organization (NGO) and government tax policy involvement. It then looks at tax globalization efforts. The article finally considers an international tax organization and harmonization.
ISSN:0039-9957