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NEW INTERNATIONAL TAX AND BUSINESS SERVICE Shortly before the holidays, the Firm provided each practice office with an initial supply of "Taxation in the United Kingdom," the first booklet in a new H&S International Tax and Business Service. By 1970, the Service may number 75 or more separate booklets on taxation and business for the countries of the world in which American businessmen are interested. The complete set will be packaged also in loose-leaf form and will fill a bookshelf of especially designed ring binders. Even after the first editions are completed, they will have to be continually updated. The binding of the booklets has been designed to permit supplementary pages to be added and obsolete pages replaced. The Service was conceived to fill our clients' need for general information on the tax structures of foreign countries and on other matters relevant to the conduct of business abroad. The concept and operating plan of the Service reflect the combined efforts of Thomas J. Graves and the Executive Office tax staff, with T. Milton Kupfer and Eger-ton W. Duncan taking leading roles. The technical resources that have been marshalled behind this project will not be fully apparent until the series is well under way. Many of our associated international offices will eventually be involved. Already they are preparing drafts on taxes in their own countries, following the general pattern established in "Taxation in the United Kingdom." The pattern will be varied to suit local conditions. Countries in which we have no offices will be covered by our nearby offices or by firms associated with us in serving our clients there. The tax booklets will describe in general terms a country's income tax and other principal taxes. A unique feature will be a chapter explaining the significant differences between the tax system in the country and our own. In the United Kingdom, for instance, items of income are taxable only if they fall in definite categories or "schedules." In the United States all items of income are taxable unless they fall within specific exclusions. Preparations for the Service got under way two years ago, when Ed Duncan came from Chicago to the Executive Office to be its editor. For many months now, drafts have been flowing in from our offices abroad for review in the Executive Office. Ed has had help in this review from Dwight Brown (Detroit), Zachary B. Shwal and Hugh A. Garnett (both Executive Office), and Professor Donald H. Skadden of the University of Illinois. Ed Duncan's job calls for keeping many balls in the air at once. So far, in addition to the completed booklet on the United Kingdom, he has piloted manuscripts on Puerto Rico and Australia through the involved editorial voyage to the point where they are on their way to the printer. Drafts on Uruguay, Peru, Canada, Venezuela, and The Netherlands are nearing completion and have been sent back to our offices there with various suggestions. The manuscripts in process, which also include Colombia, South Africa, Philippines, Mexico, Japan, India, and France, reflect the broad range of the countries to be covered eventually. "Most of the need for editing comes from communications difficulties," says Mr. Duncan. "Some are matters of minor words. In Australia, for instance, they talk about 'lodging' a return for what we mean by 'filing.' " Others are more complicated. Sometimes points which our international offices think can be glossed over will need special emphasis for complete understanding by our readers in the United States. For example, in some of the Commonwealth countries depreciation is allowed only on certain types of assets; other assets may not be depreciated even though used for business or income-producing purposes and even though the asset has a determinable useful life. The Commonwealth writer does not realize just how difficult it is to convince readers in the United States that this is a fact. Once the tax series is well established, the booklets on other business considerations will begin to appear. These will cover such matters as types of business organization which can be used in a country, any restrictions on nationality or residence of owners, incentives offered by governments to attract businesses to their country, and any regulation of currency, foreign exchange, imports or exports. No attempt is being made in the International Tax and Business Service to provide solutions to particular problems. The Service should, however, be useful to our practice offices in helping clients who have business abroad or who are considering whether or not to expand overseas. 9
New international tax and business service
Taxation -- Accounting
Taxation -- Great Britain
Graves, Thomas J.
Kupfer, T. Milton
Duncan, Egerton W.
Garnett, Hugh A.
Skadden, Donald H.
Haskins & Sells. Executive Office
Haskins & Sells. Detroit Office
Haskins & Sells. Chicago Office
H&S Reports, Vol. 02, (1965 winter), p. 09
|Source||Originally published by: Haskins & Sells|
|Rights||Copyright and permission to republish held by: Deloitte|
|Format||PDF page image with corrected OCR scanned at 400 dpi|
|Collection||Deloitte Digital Collection|
|Digital Publisher||University of Mississippi Library. Accounting Collection|