Cross-Border Group-Taxation and Loss-Offset in the EU - An Analysis for CCCTB (Common Consolidated Corporate Tax Base) and Etas (European Tax Allocation System)

The European Commission proposed to replace the currently existing Separate Accounting by an EU-wide tax system based on a Common Consolidated Corporate Tax Base (CCCTB). Besides the CCCTB, there is an alternative tax reform proposal, the European Tax Allocation System (ETAS). In a dynamic capital budgeting model we analyze the impacts of selected loss-offset limitations currently existing in the EU under both concepts on corporate crossborder real investments of MNE. The analyses show that replacing Separate Accounting by either concept can lead to increasing profitability due to cross-border loss compensation. However, if the profitability increases, the study indicates that the main criteria of decisions on location are the tax rate divergences within the EU Member States. High tax rate differentials in the Member States imply significant redistribution of tax payments under CCCTB and ETAS. The results clarify that in both reform proposals tax payment reallocations occur in favor of the holding. National loss-offset limitations and minimum taxation concepts in tendency lose their impact on the profitability under both proposals. However, we found scenarios in which national minimum taxation can encroach upon the group level, although in our model the minimum taxation's impacts seem to be slight. Moreover, we identify harmful paradoxes in ETAS due to the tax credit mechanism. Our results can contribute to the current discussion on corporate group tax harmonization within the EU and other economic zones, e.g. the US, and help to anticipate the tax effects of lossoffset restrictions under the respective tax systems

Cross-Border Acquisitions and Corporate Taxes: Efficiency and Tax Revenues

We find that reduced foreign corporate taxes may lead to inefficient foreign acquisitions if complementarities between foreign and domestic assets are low, and to efficient foreign acquisitions if such complementarities are high. Moreover, with large complementarities, foreign acquisitions can increase domestic tax revenues. The reason is that in the bidding competition between the foreign firms, all benefits from the acquisition, including tax advantages and evaded taxes, are competed away and captured by the domestic seller which, in turn, pays capital gains tax on the proceeds. Technical issues in the tax code, such as the treatment of goodwill deductibility, is also shown to crucially affect the pattern of foreign acquisitions

Comparison of “IN-REC-SUR-E” and LISA in preterm neonates with respiratory distress syndrome: a randomized controlled trial (IN-REC-LISA trial)

Background: Surfactant is a well-established therapy for preterm neonates affected by respiratory distress syndrome (RDS). The goals of different methods of surfactant administration are to reduce the duration of mechanical ventilation and the severity of bronchopulmonary dysplasia (BPD); however, the optimal administration method remains unknown. This study compares the effectiveness of the INtubate-RECruit-SURfactant-Extubate (IN-REC-SUR-E) technique with the less-invasive surfactant administration (LISA) technique, in increasing BPD-free survival of preterm infants. This is an international unblinded multicenter randomized controlled study in which preterm infants will be randomized into two groups to receive IN-REC-SUR-E or LISA surfactant administration. Methods: In this study, 382 infants born at 24+0–27+6 weeks’ gestation, not intubated in the delivery room and failing nasal continuous positive airway pressure (nCPAP) or nasal intermittent positive pressure ventilation (NIPPV) during the first 24 h of life, will be randomized 1:1 to receive IN-REC-SUR-E or LISA surfactant administration. The primary outcome is a composite outcome of death or BPD at 36 weeks’ postmenstrual age. The secondary outcomes are BPD at 36 weeks’ postmenstrual age; death; pulse oximetry/fraction of inspired oxygen; severe intraventricular hemorrhage; pneumothorax; duration of respiratory support and oxygen therapy; pulmonary hemorrhage; patent ductus arteriosus undergoing treatment; percentage of infants receiving more doses of surfactant; periventricular leukomalacia, severe retinopathy of prematurity, necrotizing enterocolitis, sepsis; total in-hospital stay; systemic postnatal steroids; neurodevelopmental outcomes; and respiratory function testing at 24 months of age. Randomization will be centrally provided using both stratification and permuted blocks with random block sizes and block order. Stratification factors will include center and gestational age (24+0 to 25+6 weeks or 26+0 to 27+6 weeks). Analyses will be conducted in both intention-to-treat and per-protocol populations, utilizing a log-binomial regression model that corrects for stratification factors to estimate the adjusted relative risk (RR). Discussion: This trial is designed to provide robust data on the best method of surfactant administration in spontaneously breathing preterm infants born at 24+0–27+6 weeks’ gestation affected by RDS and failing nCPAP or NIPPV during the first 24 h of life, comparing IN-REC-SUR-E to LISA technique, in increasing BPD-free survival at 36 weeks’ postmenstrual age of life. Trial registration: ClinicalTrials.gov NCT05711966. Registered on February 3, 2023

Some technique-dependent patterns of collateral flow during cerebral angiography

During selective transfemoral catheter cerebral angiography, anastomoses between external carotid branches and the vertebral artery, between the vertebral and deep or ascending cervical arteries, and between the middle meningeal and ophthalmic arteries can be demonstrated fairly frequently in patients with no known vascular abnormalities. One can occasionally show bidirectional filling of these anastomoses depending on the vessel injected. Visualization of these anastomoses occurs to a variable degree and is sometimes entirely technique-dependent, reflecting a transient increase in the intraluminal pressure during the injection of contrast medium.-Thus, demonstration of extracranial collateral arterial flow during cerebral angiography should not necessarily be interpreted as an abnormal phenomenon, such as may be seen with arterial occlusive disease, vascular malformation, or a very vascular tumor. Au cours de l'angiographie cérébrale parcathétérismes sélectifs par voie fémorale, peuvent apparaître des anastomoses entre des branches carotidiennes externes et l'artère vertébrale, entre l'artère vertébrale et les artères cérébrales profondes ou ascendantes et entre l'artère méningée moyenne et l'artère ophtalmique. Occasionnellement, on peut mettre en évidence un remplissage bidirectionnel de ces anastomoses, en rapport avec le vaisseau injecté. La visualisation de ces anastomoses se produit de facon variable dépend parfois entièrement de la technique, reflétant une augmentation transitoire de la pression dans l'artère durant l'injection du produit de contraste. Par conséquent, l'observation d'une circulation artérielle collatérale extracrânienne pendant une angiographie cérébrale ne représente pas nécéssairement un phénomène anormal tel qu'on le rencontre dans les troubles artériels occlusifs, dans les malformations vasculaires et dans les tumeurs vascularisées. Während der selektiven transfemoralen Katheter-Angiographie können sich Anastomosen zwischen Externa-Gefäßen und der A. vertebralis, zwischen der A. vertebralis und tiefen oder aufsteigenden cervicalen Arterien und zwischen der A. meningica media und der A. ophthalmica darstellen. Diese Befunde finden sich auch bei Patienten, bei denen keine Gef:aßanomalien vorliegen. Gelegentlich wird ein bidirektionaler Kontrastmitteldurchfluß durch diese Anastomosen nachgewiesen, dabei ist die Kontrastmittelfüllung von der Lokalisation der Kontrastmittelinjektion abhängig. Es zeigt sich also, daß diese unterschiedlichen Durchströmungen technisch bedingt werden können und nicht immer als abnormales Phänomen gedeutet werden können.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/46671/1/234_2004_Article_BF00341594.pd

S -Adenosyl- l -homocysteine in brain

Administration of methionine sulfoximine (MSO) to rats and mice significantly decreased cerebral levels of S -adenosyl- l -homocysteine (AdoHcy). Concurrent administration of methionine prevented this decrease and, when methionine was given alone, significantly elevated AdoHcy levels resulted in both species. Regionally, AdoHcy levels varied from 20 nmol/g in rat cerebellum and spinal cord to about 60 nmol/g in hypothalamus and midbrain. MSO decreased AdoHcy in all regions tested except striatum, midbrain, and spinal cord. AdoMet/AdoHcy ratios (methylation index) varied from 0.48 in hypothalamus to 2.4 in cerebellum, and MSO administration decreased these ratios in all regions except hypothalamus. AdoHcy hydrolase activity was lowest in hypothalamus, highest in brainstem and, generally, varied inversely with regional AdoHcy levels. MSO decreased AdoHcy hydrolase activity in all regions except hypothalamus and spinal cord. Cycloleucine administration resulted in significantly decreased levels of mouse brain AdoHcy, whereas the administration of dihydroxyphenylalanine (DOPA) failed to affect AdoHcy levels. It is concluded that (a) cerebral AdoHcy levels are more tightly regulated than are those of AdoMet after MSO administration, (b) slight fluctuations of AdoHcy levels may be important in regulating AdoHcy hydrolase activity and hence AdoHcy catabolism in vivo, (c) the AdoMet/AdoHcy ratio reflects the absolute AdoMet concentration rather than the transmethylation flux, (d) the decreased AdoMet levels in midbrain, cortex, and striatum after MSO with no corresponding decrease in AdoHcy suggest an enhanced AdoMet utilization, hence an increased transmethylation in the MSO preconvulsant state.Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/45411/1/11064_2004_Article_BF00966019.pd

Boomerang webs up to three-loop order

Abstract Webs are sets of Feynman diagrams which manifest soft gluon exponentiation in gauge theory scattering amplitudes: individual webs contribute to the logarithm of the amplitude and their ultraviolet renormalization encodes its infrared structure. In this paper, we consider the particular class of boomerang webs, consisting of multiple gluon exchanges, but where at least one gluon has both of its endpoints on the same Wilson line. First, we use the replica trick to prove that diagrams involving self-energy insertions along the Wilson line do not contribute to the web, i.e. their exponentiated colour factor vanishes. Consequently boomerang webs effectively involve only integrals where boomerang gluons straddle one or more gluons that connect to other Wilson lines. Next we classify and calculate all boomerang webs involving semi-infinite non-lightlike Wilson lines up to three-loop order, including a detailed discussion of how to regulate and renormalize them. Furthermore, we show that they can be written using a basis of specific harmonic polylogarithms, that has been conjectured to be sufficient for expressing all multiple gluon exchange webs. However, boomerang webs differ from other gluon-exchange webs by featuring a lower and non-uniform transcendental weight. We cross-check our results by showing how certain boomerang webs can be determined by the so-called collinear reduction of previously calculated webs. Our results are a necessary ingredient of the soft anomalous dimension for non-lightlike Wilson lines at three loops.</jats:p