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Tax glossary reflects global tax law changes.

Recent international tax developments have created an evolution in tax terminology: New tax terms reflect recent changes in international tax law while existing terms have taken on fresh connotations or become obsolete. To keep up, the International Bureau of Fiscal Documentation (IBFD) issued the second edition of the International Tax Glossary.

The revision, which includes over 400 new terms as well as amended entries, reflects recent trends in international tax practice and includes a multilingual list of terms in English, French, German and Spanish.

The glossary defines both commonly used and arcane terms reflecting recently ratified international tax laws such as transfer pricing regulations and the North American Free Trade Agreement as well as terms used to reflect pending legislation such as the General Agreement on Tariffs and Trade. Terms such as cherry picking (selecting or funding only the successfully developed technologies), greenfields operation (launching a start-up operation) and openface Dutch sandwich (a term used to show the relationship between a Netherlands Antilles company that owns a Dutch company that owns a company in another country) appear alongside references to famous international tax cases such as the Gaston Schul case, in which a yacht imported from France into the Netherlands was subject to double imposition of the value-added tax.

Copies of the International Tax Glossary are available for $55 by calling Tammy Keough of IBFD Publications USA, Inc., Kinderhook, New York; phone: (518) 758-2245; fax: (518) 758-2246.

The IBFD welcomes comments from readers who believe there are important omissions.
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Title Annotation:International Bureau of Fiscal Documentation "International Tax Glossary"
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Dec 1, 1994
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