The magnitude of base erosion and profit shifting of multinational enterprises with their business operations in New Zealand.

The concept of base erosion and profit shifting (BEPS) was first introduced by the Organisation for Economic Co-operation and Development (OECD) in 2013. BEPS refers to tax avoidance practices employed notably by multinational enterprises (MNEs) to achieve a lower tax base through shifting profits to low or no tax jurisdictions. This study seeks empirically to determine the BEPS issues in a New Zealand context by focusing on two groups of multinational firms, (1) New Zealand subsidiaries owned by foreign MNEs (NZSOFMs) and (2) New Zealand domestically owned MNEs (NZDOMs) with overseas subsidiaries, using two methods of estimation. The first part of the study is designed to uncover indirect indications of profit shifting by estimating the percentage change in profits, in response to a percentage point change in the statutory corporate tax rate, using the measure of semi-elasticity of profits. An ordinary least squares (OLS) firm fixed effects model is employed to analyse the micro-panel data collected for the years 2008 to 2017. In addition to the indirect approach of observing the reported profitability of MNEs, the debt structure and transfer price of a company also reveal certain traits of profit shifting. The second part of the study regresses eight specific ratios related to debt, distribution of operating income and transfer pricing on foreign ownership, controlling for size and industry, to capture profit shifting driven by the differential in domestic tax treatment of foreign ownership as compared to domestic ownership. The observations in the second part include NZSOFMs sampled in the first part of study and New Zealand domestically owned companies (NZDOCs) with only domestic subsidiaries or with at least one wholly owned foreign subsidiary. The cross-sectional data collected in 2015, when the final reports on OECD’s BEPS Action Plan were released, is examined using the simple OLS method. The samples in this study are selected using the full list of the companies registered in New Zealand provided by the New Zealand Companies Office. Basic firm-level financial data is employed to construct the variables needed for the estimation model. The data is collected and consolidated manually from the financial statements published on the website of New Zealand Companies Office. The commercial database Orbis, which provides financial data and ownership information, is used as an additional source of company information. The first part of the study on profit shifting suggests that the reported pre-tax profits of NZSOFMs are more responsive to the single corporate tax rate of the host country (New Zealand). The tax rate differences between NZSOFMs and their immediate parents have little impact on the reported profits of NZSOFMs in New Zealand. On the other hand, the statistical results of NZDOMs are not discussed in detail, but presented in the appendix, due to the relatively small sample size of 16 NZDOMs which is highly unrepresentative of the population. The estimation results in the second part of the study indicate that NZSOFMs have lower interest-bearing debt, higher short-term debt, and lower long-term debt relative to total assets, than do NZDOCs. Nonetheless, the income tax expense and net profit of NZSOFMs are relatively higher than those of the NZDOCs, and the interest expense of NZSOFMs is lower than NZDOCs. Lastly, there no significant difference has been identified in terms of the ratio of earnings before interest and taxes (EBIT) to sales for NZSOFMs and NZDOCs

Tax Avoidance, Corporate Governance and Firm Value in The Digital Era

In this study, we examine the link between tax avoidance and firm value and identify the moderating effect of corporate governance in this digital era. Corporate tax avoidance activities have been considered as value-enhancement activities to the companies and better quality of corporate governance would positively related to firm value. This study uses a sample of Malaysian Public Listed Companies (PLCs) which ranked the top 100 companies of good disclosure in the Malaysia-ASEAN corporate governance report 2014. It was conducted using cross-sectional data by observing a final sample of 82 PLCs at one point in time. We provide evidence from Malaysia that corporate tax avoidance behaviour would actually reduce firm value and corporate governance has moderator effect on the relationship of tax avoidance and firm value. This study offers practical insights to the government and policymakers in understanding the tax avoidance behaviour of company and it helps in forming adequate and effective taxation system in Malaysia. We also give constructive apprehension to Malaysian companies to understand the negative consequences of corporate tax avoidance when engaging in tax planning activities aggressively. Most importantly, this study added more evidence to the stream of literature that investigates the role of tax avoidance strategies, as moderated by the level of corporate governance, in determining the firm value in this era of technology

Effect of synthesis methods on properties of copper oxide doped titanium dioxide photocatalyst in dye photodegradation of rhodamine B

Copper oxide modified titanium dioxide photocatalysts have been widely reported for their excellent performance in the wastewater treatment. However, there is lack of information on the effect of different synthesis methods towards the properties and catalytic activity of the photocatalyst. In this research, a series of copper oxide doped titanium dioxide (Cu TiO2) photocatalysts were synthesized via three different methods of sonochemical, impregnation and physical mixing. Cu TiO2 of varied molar ratios of Cu dopant to TiO2 TR595 (1:99, 2:98, 3:97 and 4:96) were prepared. Comparison of physical-chemical properties and photocatalytic activity among the synthesized samples and unmodified TiO2 TR595 were made. X-ray diffraction analysis depicted the formation of TiO2 rutile phase in all samples. Besides, diffuse reflectance UV-visible analysis proved that the synthesized samples were active under visible light region. According to the Tauc plot and photoluminescence spectra, the band gap energies and recombination rate of electron-hole pairs of Cu TiO2 samples decreased upon loading of Cu. Moreover, EDX analysis confirmed the existence of Ti and Cu in all the samples. The photocatalytic efficiencies of the synthesized samples were discovered through photodegradation of Rhodamine B organic dye under 6 hours of visible light irradiation. Amongst, Cu TiO2 photocatalysts synthesized via sonochemical method with molar ratio of 2:98 produced the highest photocatalytic activity of 65% which attributed to the lowest recombination rate of photogenerated charge carriers and availability of large number of reactive oxidative species

Influenza Excess Mortality from 1950–2000 in Tropical Singapore

10.1371/journal.pone.0008096PLoS ONE412

Linear B-cell epitopes in the spike and nucleocapsid proteins as markers of SARS-CoV-2 exposure and disease severity

BACKGROUND Given the unceasing worldwide surge in COVID-19 cases, there is an imperative need to develop highly specific and sensitive serology assays to define exposure to Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2). METHODS Pooled plasma samples from PCR positive COVID-19 patients were used to identify linear B-cell epitopes from a SARS-CoV-2 peptide library of spike (S), envelope (E), membrane (M), and nucleocapsid (N) structural proteins by peptide-based ELISA. Hit epitopes were further validated with 79 COVID-19 patients with different disease severity status, 13 seasonal human CoV, 20 recovered SARS patients and 22 healthy donors. FINDINGS Four immunodominant epitopes, S14P5, S20P2, S21P2 and N4P5, were identified on the S and N viral proteins. IgG responses to all identified epitopes displayed a strong detection profile, with N4P5 achieving the highest level of specificity (100%) and sensitivity (>96%) against SARS-CoV-2. Furthermore, the magnitude of IgG responses to S14P5, S21P2 and N4P5 were strongly associated with disease severity. INTERPRETATION IgG responses to the peptide epitopes can serve as useful indicators for the degree of immunopathology in COVID-19 patients, and function as higly specific and sensitive sero-immunosurveillance tools for recent or past SARS-CoV-2 infections. The flexibility of these epitopes to be used alone or in combination will allow for the development of improved point-of-care-tests (POCTs)

Comparing feature selection and machine learning approaches for predicting CYP2D6 methylation from genetic variation

IntroductionPharmacogenetics currently supports clinical decision-making on the basis of a limited number of variants in a few genes and may benefit paediatric prescribing where there is a need for more precise dosing. Integrating genomic information such as methylation into pharmacogenetic models holds the potential to improve their accuracy and consequently prescribing decisions. Cytochrome P450 2D6 (CYP2D6) is a highly polymorphic gene conventionally associated with the metabolism of commonly used drugs and endogenous substrates. We thus sought to predict epigenetic loci from single nucleotide polymorphisms (SNPs) related to CYP2D6 in children from the GUSTO cohort.MethodsBuffy coat DNA methylation was quantified using the Illumina Infinium Methylation EPIC beadchip. CpG sites associated with CYP2D6 were used as outcome variables in Linear Regression, Elastic Net and XGBoost models. We compared feature selection of SNPs from GWAS mQTLs, GTEx eQTLs and SNPs within 2 MB of the CYP2D6 gene and the impact of adding demographic data. The samples were split into training (75%) sets and test (25%) sets for validation. In Elastic Net model and XGBoost models, optimal hyperparameter search was done using 10-fold cross validation. Root Mean Square Error and R-squared values were obtained to investigate each models’ performance. When GWAS was performed to determine SNPs associated with CpG sites, a total of 15 SNPs were identified where several SNPs appeared to influence multiple CpG sites.ResultsOverall, Elastic Net models of genetic features appeared to perform marginally better than heritability estimates and substantially better than Linear Regression and XGBoost models. The addition of nongenetic features appeared to improve performance for some but not all feature sets and probes. The best feature set and Machine Learning (ML) approach differed substantially between CpG sites and a number of top variables were identified for each model.DiscussionThe development of SNP-based prediction models for CYP2D6 CpG methylation in Singaporean children of varying ethnicities in this study has clinical application. With further validation, they may add to the set of tools available to improve precision medicine and pharmacogenetics-based dosing

An interventional study on the levels of knowledge, attitude and practice on hand washing among the residents of Kampung Stapang I, Sibu from 11th June to 17th August 2012

/ Hand washing practice is one of preventive measures for some common infectious diseases. Thus to promote hand washing among community, level of knowledge and awareness amoog the population should be assessed so that appropriate interventions can be carried out. The objective of this study was to study the knowledge, attitude and practice 00 hand washing among residents of Stapang I aged 18 and above from 11th of June to 17th of August 201iJ The results obtained were then using as the baseline data to conduct an intervention programme beneficial to the community to enhance their level of knowledge, attitude and practice towards hand washing. Data collection was done by face to face interview using interview-based questionnaire. Data analysis was done using SPSS software version 20.0. Results showed that 50% of the respondents had good knowledge and good attitude while 63.3% had good practice towards hand washing. Post-intervention study showed significant improvement in the total score for knowledge and attitude towards hand washing (pO.05). In conclusion, there is a great need for intensive intervention in order to enhance the practice of hand washing among the respondents

Boleslaus Lukaszewski (Father Luke) Photographs. Roll 1213c, Image 006

Roll 1213c. Carnival and International Tea. Image 42 of 75. (15 October 1965) [PHO 1.1213c.6]The Boleslaus Lukaszewski (Father Luke) Photographs contain more than 28,000 images of Saint Louis University people, activities, and events between 1951 and 1970. The photographs were taken by Boleslaus Lukaszewski (Father Luke), a Jesuit priest and member of the University's Philosophy Department faculty

Construction and characterization of a stable subgenomic dengue virus type 2 replicon system for antiviral compound and siRNA testing.

Self-replicating, non-infectious flavivirus subgenomic replicons have been broadly used in the studies of trans-complementation, adaptive mutation, viral assembly and packaging in Kunjin, yellow fever and West Nile viruses. We describe here the construction of subgenomic EGFP- or Renilla luciferase-reporter based dengue replicons of the type 2 New Guinea C (NGC) strain and the establishment of stable BHK21 cell lines harboring the replicons. In replicon cells, viral proteins and RNAs are stably expressed at levels similar to cells transfected with the full length NGC infectious RNA. Furthermore, the replicon can be packaged by separately transfected C (core)-prM (pre-membrane)-E (envelope) polyprotein construct. The replicon cells were subjected to treatment with several antiviral compounds and inhibition of the replicon was observed in treatment with known nucleoside analog inhibitors of NS5 such as 2'-C-methyladenosine (EC(50)=2.42 +/- 0.59 microM), or ribavirin (EC(50)=6.77 +/- 1.33 microM), mycophenolic acid (EC(50)=1.31 +/- 0.27 microM) and siRNA against NS3. The BHK-replicon cells have been stably maintained for about 10 passages without significant loss in reporter intensity and are sufficiently robust for both research and drug discovery