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This error can be avoided if transaction replies are processed before transaction requests. Reference: [Begin Correction] 8 TransactionsTransactions guarantee ordered Command processing. That is, Commands within a Transaction are executed sequentially. Ordering of Transactions is NOT guaranteed – transactions may be executed in any order, or simultaneously however transaction replies should be executed before transaction requests when both are contained in a message. … [End Correction]
Language:English
Score: 883268.75 - https://www.itu.int/wftp3/av-a...04/0305_Gen/DC-xxx_H248_IG.doc
Data Source: un
Gambia 8 - Unregulated and Affiliate Transactions.PDF 1 UNREGULATED AND AFFILIATE TRANSACTIONS 2 AFFILIATED OR RELATED PARTIES • Parties (affiliates) that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with the enterprise. • Entities for which investments are accounted for by the equity method. • Trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management • Principal owners of the enterprise (more than 10% of voting interest) • Management • Members of immediate families of principal owners and its management • Other parties who can control, or be controlled by, management or operating policies of the company 3 REQUIRED DISCLOSURES (SFAS 57) • Must disclose material related party transactions, other than transactions in normal course of business (e.g., compensation) – Eliminated in consolidated financial statements • Disclosures might include: – Nature or relationship – Description of transaction – Amounts due to or from related parties 4 REQUIRED DISCLOSURES (SFAS 57) • Requires the auditor to consider whether sufficient competent evidential matter has been obtained during the audit to understand the relationship of the parties and, for related party transactions, the effects of the transaction on the financial statements • Auditor should determine that the financial statement disclosures are adequate and appropriate • Since it is difficult to substantiate representations that transaction was consummated on arm’s-length terms, if such a representation is included in the financial statements and the auditor believes it is unsubstantiated by management, then a qualified or adverse opinion should be expressed because of a departure from generally accepted accounting principles. 5 U.S. (...) Conditions that may require extension or modification of audit tests, such as the risk of material error or fraud or the existence of related party transactions. 6 U.S. AUDITING LITERATURE • Statement of Auditing Standard 45, Related Parties – Transactions that may indicate the existence of related parties include: • Borrowing or lending on an interest-free basis or at a rate of interest significantly above or below market rates prevailing at the time of the transaction • Selling real estate at a price that differs significantly from its appraised value • Exchanging property for similar property in a non-monetary transaction • Making loans with no scheduled terms for when or how the funds will be repaid 7 U.S. (...) AUDITING LITERATURE • If more extensive auditing procedures are needed: – Confirm transaction amount and terms, including guarantees and other significant data, with the other party or parties to the transaction – Inspect evidence in possession of the other party or parties to the transaction – Confirm or discuss significant information with intermediaries, such as banks, guarantors, agents, or attorneys, to obtain a better understanding of the transaction – Refer to financial publications, trade journals, credit agencies, and other information sources when there is reason to believe that unfamiliar customers, suppliers, or other business enterprises with which material amounts of business have been transacted may lack substance – With respect to material uncollected balances, guarantees, and other obligations, obtain information about the financial capability of the other party or parties to the transaction.
Language:English
Score: 877119.8 - https://www.itu.int/ITU-D/fina...eminars/banjul-04/gambia-8.pdf
Data Source: un
October 2012 6United Nations - Geneva Meeting COMPARABILITY ANALYSIS PROCESS 1.Understanding the economically significant characteristics of the industry, taxpayer’s business and controlled transactions - Gathering of basic information about the taxpayer - Transaction analysis - Evaluation of separate and/ or combined transactions 2. Examination of comparability factors of the controlled transaction - Characteristics of the property or service transferred - Functional analysis of the controlled transaction under examination - Contractual terms of transaction - Economic circumstances of transaction - Business strategies of parties October 2012 7United Nations - Geneva Meeting 3. (...) October 2012 22United Nations - Geneva Meeting Identification of potentially comparable transactions or companies • Uncontrolled comparable transactions - Internal comparables, i.e. transactions between one of the parties to the controlled transaction (taxpayer or foreign associated enterprise) and an independent party; or - Third-party or external comparables, i.e. transactions between two independent parties, neither of which is a party to the controlled transaction. • Steps for identification and selection of reliable external comparables : - Examination of the five comparability factors for the controlled transaction; - Development of comparable search or “screening” criteria; - Approach to identifying potential comparables; - Initial identification and screening of comparables; and - Secondary screening, verification and selection of comparable.
Language:English
Score: 877020.9 - https://www.un.org/esa/ffd/wp-.../2014/09/8STM_PPT_Chapter5.pdf
Data Source: un
Thus, intense disputes commonly occurs after a transaction. Transaction B describes the situation of that a buyer purchases a dealer the used car. (...) Because of this confliction, “trust” cannot be guaranteed in used vehicle transaction. Although a seller and buyer need a mediating entity – a dealer – to reduce transaction cost, the problem is that a dealer is a buyer in transaction A and also a seller in transaction B. Here, transaction cost refers to a cost incurred in making an economic exchange.
Language:English
Score: 875742.8 - https://www.itu.int/en/publica.../files/basic-html/page274.html
Data Source: un
Therefore, if a user wishes to hold only one transaction account, he/she should be able to initiate and receive his/her payments via this single transaction account. Payment transactions are made in order to settle an obligation or send money to someone else, without underlying economic transaction. (...) Payment transaction should be fast, meaning that the final receiver of the transaction should have the certainty of availability of funds instantly.
Language:English
Score: 874002.05 - https://www.itu.int/en/publica...s/files/basic-html/page18.html
Data Source: un
Figure IV.11 – Risk, uncertainty and motivation in used car transactions Transaction A describes a situation that a dealer purchases a used vehicle from a seller. (...) Thus, intense disputes commonly occurs after a transaction. Transaction B describes the situation of that a buyer purchases a dealer the used car. (...) Because of this confliction, “trust” cannot be guaranteed in used vehicle transaction. Although a seller and buyer need a mediating entity – a dealer – to reduce transaction cost, the problem is that a dealer is a buyer in transaction A and also a seller in transaction B.
Language:English
Score: 873707.8 - https://www.itu.int/en/publica.../files/basic-html/page223.html
Data Source: un
Witness: It is the part of a SegWit transaction that is not in‑ Channel Establishment: To establish a channel, the fund‑ cluded when the transaction is hashed and signed. (...) It either sends the funds to the HTLC‑timeout transaction after formats the HTLC timeouts or to the remote node that can claim the funds using the payment preimage or the revoca‑ This speci ication [27] explains the format of LN’s Bitcoin tion key. on‑chain transactions. (...) Received HTLC Outputs: This is a P2WSH output for transactions that are speci ied in this protocol are: 1) the the HTLCs that are received from the remote node. funding transaction, 2) the commitment transactions and The remote node can claim the funds after the HTLC 3) the HTLC transactions.
Language:English
Score: 873675.7 - https://www.itu.int/en/publica...5/files/basic-html/page69.html
Data Source: un
In other words, financial transactions have expanded several times faster than transactions in the "underlying" markets for goods and services ("real-world- transactions"). (...) The first group of transactions is clearly defined. The second group covers all transactions reported by the "Triennial Central Bank Survey" plus OTC spot transactions of interest rate securities and stocks. (...) The revenue potential of a general financial transaction 5. Feasibility a general financial transaction tax Annex
Language:English
Score: 871551.8 - https://www.un.org/esa/ffd/wp-..._Schulmeister_presentation.pdf
Data Source: un
• Most countries have concluded that a GAAR is necessary – Specific rules are inadequate – Extensive tax avoidance undermines public confidence in the tax system and fairness • A GAAR can be judicial or statutory • Most countries do not have well developed judicial anti-avoidance doctrines • Therefore, a statutory GAAR is the only feasible option 8 Major Features of a GAAR 1. Definition of a transaction - series of transactions 2. Definition of a tax benefit 3. (...) Determination of tax consequences 3 9 Sample GAAR • Transaction results in a tax benefit • The sole, principal or one of the principal purposes of the transaction was to obtain the tax benefit • The transaction frustrates, defeats or abuses the purpose of the relevant statutory provision 10 Canadian GAAR Where a transaction is an avoidance transaction, the tax consequences to a person shall be determined as is reasonable in the circumstances in order to deny a tax benefit that, but for this section, would result, directly or indirectly, from that transaction or from a series of transactions that includes that transaction. 11 Canadian GAAR An avoidance transaction means any transaction: (a) that, but for this section, would result, directly or indirectly, in a tax benefit, unless the transaction may reasonably be considered to have been undertaken or arranged primarily for bona fide purposes other than to obtain the tax benefit; or 12 South African GAAR An avoidance arrangement is an impermissible avoidance arrangement if its sole or main purpose was to obtain a tax benefit and — (a) in the context of business — (i) it was entered into or carried out by means or in a manner which would not normally be employed for bona fide business purposes, other than obtaining a tax benefit; or (ii) it lacks commercial substance, in whole or in part, 4 13 South African GAAR (b) in a context other than business, it was entered into or carried out by means or in a manner which would not normally be employed for bona fide business purposes, other than obtaining a tax benefit; 14 South African GAAR (c) in any context — (i) it has created rights or obligations that would not normally be created between persons dealing at arm’s length; or (ii) it would result directly or indirectly in the misuse or abuse of the provisions of this Act 15 Article 29(9) UN Model Notwithstanding the other provisions of this Convention, a benefit under this Convention shall not be granted in respect of an item of income or capital if it is reasonable to conclude, having regard to all relevant facts and circumstances, that obtaining that benefit was one of the principal purposes of any arrangement or transaction that resulted directly or indirectly in that benefit, unless it is established that granting that benefit in these circumstances would be in accordance with the object and purpose of the relevant provisions of this Convention. 16 Definition of Transaction • Definition should be broad enough to cover any action that results in tax avoidance • Terms used: transaction, arrangement, scheme • Example: “any course of action, agreement, arrangement, understanding, promise, plan, proposal, or undertaking, whether express or implied and whether or not enforceable” 5 17 Series of Transactions • GAAR should apply to a series of transactions • Series should include at least transactions where there is a binding obligation to carry out one transaction if another one occurs • Alternatively, series can be defined more broadly to include any transaction that is related or connected to another one • Should apply to past and future transactions 18 Definition of Tax Benefit • GAAR should apply only to transactions that result in reduction of tax • “any reduction, avoidance or deferral of tax” • Perhaps should also apply to other amounts such as interest, tax installments, and tax refunds • Should be an easy condition to meet 19 Definition of a Tax Benefit • Theoretically, definition may require a comparison of the tax consequences of the transaction with the tax consequences of an alternative transaction • Benefit does not have to be quantified • Problem where transaction does not result in immediate tax benefit, but allows benefit to be realized in the future (e.g. increase in cost) 20 Purpose Test • Most GAARs contain a purpose test • GAAR applies if the sole or primary purpose is to obtain a tax benefit • New Zealand GAAR uses a one of the main purposes test as does UN Model general anti- abuse rule • No difference between “main,” “dominant,” “primary” or “principal” • Ancillary or incidental purpose is not sufficient 6 21 Purpose Test • One of the main purposes test is easily satisfied • If a transaction results in a tax benefit, it will be difficult for the taxpayer to argue that none of the purposes was to get that benefit • Therefore, the exception will likely be the critical factor in applying the GAAR 22 Purpose Test • A main or primary purpose requires that the purpose of obtaining a tax benefit is more important than any other purpose for the transaction • Requires taxpayers, tax authorities and courts to determine if a transaction has multiple purposes and, if so, what is the main purpose • Main purpose doesn’t have to be more important than all the other purposes 23 Purpose Test • Onus of proof may be an important factor in weighing multiple purposes • Does the taxpayer or the tax authorities have the burden of proof with respect to purpose? • Assessment may be presumed to be correct so burden is on the taxpayer 24 Purpose Test • GAAR can be worded to put the burden on the taxpayer – “unless it is proved or established by the taxpayer . . .” • Appropriate to put the burden on the taxpayer to establish that the main purpose of a transaction is not to obtain a tax benefit because the taxpayer has access to all the relevant information 7 25 Purpose Test • Purpose should be determined on the basis of objective evidence rather than the taxpayer’s subjective intention • GAAR can refer to the purpose of the transaction rather than the taxpayer’s purpose • Also GAAR can refer to purpose “reasonably considered on the basis of the relevant facts and circumstances” 26 Exception or Relieving Provision • Australian GAAR applies if the dominant purpose is to avoid tax without any exception • If there is no exception, the GAAR might apply to transactions that are not offensive in terms of the policy of the statute • Thus, such a GAAR relies on the discretion of the tax authorities not to apply the GAAR to transactions that avoid tax in accordance with the policy of the statute 27 Exception or Relieving Provision • Most GAARs provide an exception or additional condition for the application of the GAAR • Some GAARs apply only if the transaction is contrary to the object and purpose of the relevant provisions of the statute • Some GAARs apply only if the transaction results in a “misuse or abuse” of the statute 28 Exception or Relieving Provision • Exception is difficult to draft in language that provides clear guidance as to what transactions are caught by the GAAR • Exceptions that refer to transactions that are in accordance with or not contrary to the object and purpose of the statute are effectively interpretive rules • They require a determination of the purpose of the relevant provisions of the statute 8 29 Exception or Relieving Provision • Exception that is an interpretive rule may be difficult to apply especially for courts that interpret tax statutes literally • Risk that GAAR could be rendered meaningless • Alternatives: base the exception on objective factors such as artificiality, lack of commercial or economic substance or list factors courts must consider 30 The Role of Economic Substance • Economic substance is often the most important factor in applying a GAAR • As a general principle, tax should apply to the economic substance rather than the legal form of transactions • Most tax systems adhere to legal form to some extent • Important for the GAAR to apply on the basis of economic or commercial substance 31 The Role of Economic Substance • Meaning of economic substance is vague • In general, it means the non-tax consequences of a transaction • Indicators of a lack of economic substance: absence of pre-tax profit and no or limited risk of loss; tax-indifferent parties; no change in the financial position of the parties 32 Determination of Tax Consequences • If the GAAR applies, how should the tax consequences be determined?
Language:English
Score: 871334.3 - https://www.un.org/esa/ffd/wp-...08_GAARs_D3_1_Role-of-GAAR.pdf
Data Source: un
This definition includes both transactions conducted by agents from their own accounts on behalf of senders, as is the case in Pakistan, as well as agent-assisted transactions that are popular in sub-Saharan Africa, where many senders and recipients 2 already have mobile money accounts, but are assisted by the agent to make their transactions. These agent- assisted transactions are made from the sender’s accounts, and do not involve the agent’s account. (...) In Pakistan , 3 sender/recipient must bring their original identification document with a copy to make a transaction. In East Africa, many senders conduct agent-assisted transactions where they come to the agent with their mobile phone, they give their mobile phone to the agent, and in many cases disclose their PIN and request the agent to conduct the transaction for them.
Language:English
Score: 868327.3 - https://www.itu.int/en/publica.../files/basic-html/page331.html
Data Source: un