The Taxation of Permanent Establishments
The Taxation of Permanent Establishments
An International Perspective
This book's principal theme is the taxation of permanent establishments, taking as its starting point the OECD (Organisation for Economic Co-operation and Development) model convention on the avoidance of double taxation, and examining how the Indian courts and India's law-makers have interpreted the rules governing attribution of profits.
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The dramatic advances in communications and technology that have taken place in recent years, combined with the progressive development of the Indian economy, have enticed many multi-national companies to tap the rich resources which India has to offer in terms of front-line business support services and customer relations. This has thrust the Indian tax system into the limelight, with multi-nationals and their advisers now needing to become familiar with the relevant aspects of Indian tax law and practice, and in particular, how India approaches the concept of permanent establishment and the circumstances in which a liability to tax in India could arise. This book's principal theme is the taxation of permanent establishments, taking as its starting point the OECD (Organisation for Economic Co-operation and Development) model convention on the avoidance of double taxation, and examining how the Indian courts and India's law-makers have interpreted the rules governing attribution of profits. Some of the issues and concepts may appear to be well settled and some are new.
Contents
Foreword iii
Preface v
About the Author. viii
Acknowledgements. x
List of Abbreviations. xi
Cases Cited / Discussed.. xii
Circulars Cited / Analysed.. xvii
Contents xix
Chapter 1: Taxation of Business Profits. 1
1.1 Taxation of an ‘Enterprise’ 1
1.1.1 Taxation of a resident v. taxation of an enterprise. 2
1.1.2 Permanent Establishment of an enterprise v. Permanent Establishment of a resident 4
1.1.3 Business profits of an enterprise v. business profits of a resident 4
1.1.4 Expenditure of an enterprise v. expenditure of a person. 5
1.1.5 Reference in OECD Discussions drafts on Attribution of Profits to Permanent Establishment 5
1.1.6 DTAAs not referring to ‘enterprise’ 5
1.1.7 ‘Enterprise’ under the DTAA v. ‘Enterprise’ in terms of the domestic law.. 6
1.2 Taxation of ‘Business profits’ 8
1.2.1 General meanings of ‘business’ 8
1.2.2 ‘Business’ in terms of the domestic law.. 9
1.2.3 ‘Business’ in terms of DTAA.. 9
1.2.4 Business Income v. Investment Income. 10
1.2.5 Does DTAA determine character of the income?. 11
1.3 Rate of tax applicable to the profits of a Permanent Establishment 13
1.4 Special treatment to insurance business. 14
Chapter 2: Para 1 of Article 7. 16
2.1 Taxation of profits of Permanent Establishment in the country of residence 17
2.1.1 Alternate view – no taxation in the country of residence. 18
2.1.2 Decisions dealing with taxation of profits attributable to the Permanent Establishment in the country of source 19
2.2 “Profits of an enterprise”. 23
2.2.1 The relevant business activity approach. 24
2.2.2 Functionally separate entity approach. 25
2.2.3 Can the profits taxable in the country of Permanent Establishment exceed the overall profits of the enterprise? 26
2.3 Attribution of profits. 28
2.3.1 What is “Attributable to”?. 28
2.3.2 Why to attribute?. 28
2.3.3 How to attribute?. 28
2.3.4 “Attributable to” in terms of the domestic law.. 29
2.4 Variations of Para 1 of Article 7. 31
2.4.1 DTAAs signed by India. 31
2.4.2 DTAAs signed by UK.. 32
2.4.3 DTAAs signed by USA.. 33
2.4.4 DTAAs signed by Netherlands. 33
2.4.5 DTAAs signed by China. 34
Chapter 3: Force of Attraction Rule.. 35
3.1 Force of Attraction Rule. 35
3.1.1 Role of Permanent Establishment in direct business?. 36
3.1.2 Extent of attribution. 36
3.1.3 ‘Force of attraction and Article 11(4), 12(3) etc. 38
3.1.4 Period of Permanent Establishment and ‘force of attraction rule’ 39
3.1.5 Uncertainties arising from ‘force of attraction rule’ 39
3.2 Hidden force of attraction rule or Extension of Article 7?. 40
3.2.1 Article 10(4) 40
3.2.2 Article 11(4) 43
3.2.3 Article 12(3), Article 13(3) and Article 21(2) 45
3.2.4 Payment by Permanent Establishment – Effective connected?. 46
3.2.5 Criteria for ‘effectively connected’ 48
3.2.6 Distinction between ‘force of attraction rule’ and Articles 10(4), 11(4), 12(3), 21(2). 49
3.3 Interplay between ‘force of attraction rule’ and other forms of Permanent Establishment 50
3.4 Interplay of ‘force of attraction rule’ and para 2 of Article 7 of the US Model 51
3.5 ‘Force of Attraction Rule’ under the ITA.. 53
3.6 Variations of ‘force of attraction rule’ 55
3.6.1 DTAAs signed by India. 55
3.6.2 DTAAs signed by UK.. 55
3.6.3 DTAAs signed by USA.. 55
3.6.4 DTAAs signed by Netherlands. 55
3.6.5 DTAAs signed by China. 56
Chapter 4: Para 2 of Article 7. 57
4.1 Analysis of certain terms used in para 2 of Article 7. 58
4.1.1 Distinct 58
4.1.2 Separate. 58
4.1.3 Same. 58
4.1.4 Similar 58
4.1.5 Wholly Independently. 59
4.1.6 There shall in each Contracting State be attributed to that permanent establishment 59
4.1.7 “With the enterprise of which it is a permanent establishment”. 62
4.2 Profits attributable under Article 7 of the DTAA v. under section 9 of ITA 63
4.3 Profits from self. 71
4.4 Summary of OECD Commentary on para 2 of Article 7. 72
4.5 Variations of para 2 of Article 7. 73
4.5.1 DTAAs signed by India. 73
4.5.2 DTAAs signed by UK.. 75
4.5.3 DTAAs signed by USA.. 76
4.5.4 DTAAs signed by Netherlands. 77
Chapter 5: Profits from Transactions With Self.. 79
5.1 Can a person earn Profits from himself by trading with himself?. 79
5.1.1 Cases rejecting the possibility of profits from self. 79
5.1.2 Cases permitting profits from self. 82
5.2 Can one sell goods to himself?. 83
5.3 Can one pay dividend to self. 84
5.4 Does the law require deduction of tax from payment to self?. 85
5.5 Can a person make investments in itself?. 87
5.6 Specific provisions of law.. 88
5.6.1 Transfer pricing provisions. 88
5.6.2 Conversion of capital asset into stock in trade. 88
5.7 Conclusion.. 89
Chapter 6: Para 3 of Article 7 - OECD Model.. 90
6.1 Deductions subject to the provisions of the domestic law.. 90
6.2 Method of computation of business income. 91
6.3 Do all the provisions of the ITA become applicable?. 95
6.4 Permanent Establishment and MAT.. 96
6.5 Provisions of Article 7(3) and Presumptive taxation.. 96
6.6 Summary of OECD Commentary on para 3 of Article 7. 100
6.7 Calculation of income of Permanent Establishment as per OECD Commentary 102
6.8 Calculation of income of Permanent Establishment as per OECD Discussion Draft 103
6.9 Conflict between para 2 and para 3 of Article 7. 104
6.10 Variations of Para 3 of Article 7. 105
6.10.1 DTAAs signed by India. 105
6.10.2 DTAAs signed by UK.. 108
6.10.3 DTAAs signed by USA.. 110
6.10.4 DTAAs signed by Netherlands. 111
6.10.5 DTAAs signed by China. 112
Appendix A.. 114
Chapter 7: Para 3 of Article 7 -UN Model.. 115
7.1 Nature of expenses allowed / disallowed.. 116
7.2 Deductibility of income generating items for the enterprise. 117
7.3 Should the HO & Permanent Establishment both be engaged in banking activities? 118
7.4 Connotation of 'reimbursement of actual expenses' 119
7.4.1 Cash outflow.. 119
7.4.2 Specific expenses v. allocation of general expenses. 119
7.5 Payments to the same entity v. payments to the same enterprise. 121
7.6 Conflict between arm’s length principle and para 3 of Article 7. 123
7.7 Income of the Permanent Establishment from the head office. 124
7.8 Variations of para 3 of Article 7 of the UN Model. 124
7.8.1 DTAAs signed by India. 124
7.8.2 DTAAs signed by UK.. 125
7.8.3 DTAAs signed by USA.. 126
7.8.4 DTAAs signed by Netherlands. 127
7.8.5 DTAAs signed by China. 128
Chapter 8: Para 4 of Article 7. 130
8.1 Difference between Paragraph 24 and 25 of the OECD Commentary on Article 7 130
8.2 Under what circumstances Apportionment Method can be applied?. 131
8.3 Application of para 4 to a new line of business. 131
8.4 Requirement of consistent results with arm’s length method.. 132
8.5 What is ‘Customarily followed’?. 133
8.5.1 Can a method prescribed by the law be considered as a ‘customary method’? 133
8.5.2 Can an administrative practice adopted by the tax authorities be considered as a ‘customary method’? 134
8.6 Customary methods in India.. 135
8.7 Presumptive taxation and Article 7. 136
8.8 Global Formulary Apportionment Method.. 138
8.9 Variations of para 4 of the Model Convention.. 139
8.9.1 DTAAs signed by India. 140
8.9.2 DTAAs signed by UK.. 140
8.9.3 DTAAs signed by USA.. 141
8.9.4 DTAAs signed by Netherlands. 141
8.9.5 DTAAs signed by China. 142
Chapter 9: Para 5 of Article 7. 143
9.1 ‘Profits’ in terms of para 5 of Article 7. 143
9.2 ‘Mere purchase’ 145
9.3 Purchase of goods from other countries. 146
9.4 Purchase for other enterprise. 146
9.5 Purchases for the Permanent Establishment. 148
9.6 Purchase of capital assets. 148
9.7 Applicability of para 5 to purchase of services. 149
9.8 Other preparatory and auxiliary services. 149
9.9 Delivery of goods to the Permanent Establishment. 150
9.10 Variations of para 5 of Article 7. 151
9.10.1 DTAAs signed by India. 151
9.10.2 DTAAs signed by UK.. 152
9.10.3 DTAAs signed by USA.. 152
9.10.4 DTAAs signed by Netherlands. 153
9.10.5 DTAAs signed by China. 154
Chapter 10: Para 6 & 7 of Article 7 of OECD Model, other paras of US Model and other provisions of Article 7. 155
10.1 Para 6 of Article 7. 155
10.1.1 ‘Good and sufficient nature’, subjective terms. 155
10.1.2 Implications of the words ‘for the purpose of preceding paragraphs’ 155
10.2 Variations of para 6 of Article 7. 156
10.2.1 DTAAs signed by India. 156
10.2.2 DTAAs signed by UK.. 157
10.2.3 DTAAs signed by USA.. 157
10.2.4 DTAAs signed by Netherlands. 159
10.2.5 DTAAs signed by China. 159
10.3 Para 7 of Article 7. 159
10.3.1 Desired positions. 161
10.3.2 Rationale. 161
10.4 Variations of para 7. 162
10.4.1 DTAAs signed by India. 162
10.4.2 DTAAs signed by UK.. 163
10.4.3 DTAAs signed by USA.. 164
10.4.4 DTAAs signed by Netherlands. 165
10.4.5 DTAAs signed by China. 165
10.5 Other clauses in the US Model. 165
10.5.1 Para 7 of Article 7 of the US Model - Definition of ‘business profits’ 165
10.5.2 Variations of Para 7 of Article 7 - US Model 166
10.5.3 Para 8 of Article 7 of the US Model - Income after cessation of Permanent Establishment 167
10.5.4 Implications of the principles of the domestic law dealing with accrual of income 168
10.5.5 Taxation of income accruing after cessation of Permanent Establishment 169
10.5.6 Taxation of passive income accruing after cessation of Permanent Establishment 170
10.5.7 Extension of scope of Para 8 of Article 7. 173
10.5.8 Transfer of asset from the Permanent Establishment to the head office. 173
10.5.9 Attribution of expenses. 174
10.5.10 Variations of Para 8 of Article 7 - US Model 175
10.5.11 Other provisions found in Article 7. 176
Appendix A.. 183
Chapter 11: Para 2 of Article 3. 184
11.1 Meaning of “law”. 184
11.2 What is law concerning taxes in India.. 186
11.2.1 Definitions adopted from other laws. 186
11.2.2 Definitions of the General Clauses Act 187
11.2.3 General meaning given to certain words on the basis of other statutes. 187
11.2.4 Implications of Court Rulings. 188
11.2.5 Provisions of DTAAs. 188
11.3 Amendment to Model Convention and OECD Commentary.. 189
11.4 Static v. Ambulatory approach.. 189
11.4.1 Static Approach. 190
11.4.2 Ambulatory Approach. 190
11.5 Implications of inadequate definition in Article 3. 191
Chapter 12: Approaches for Ascertaining Income under the Income Tax Act 193
12.1 Statutory provisions facilitating computation of business income. 193
12.1.1 Provisions of the Income Tax Act, 1961. 193
12.1.2 Provisions of the Companies Act, 1956. 194
12.2 Under what circumstances can Rule 10 be invoked?. 195
12.3 Methods of attribution prescribed by Rule 10. 196
12.3.1 Presumptive method. 196
12.3.2 Proportionate method. 197
12.3.3 Discretionary method. 197
12.4 Which of the three methods should be followed?. 198
12.5 Difficulties in calculating world income as per the provisions of the ITA 199
12.5.1 Certain types of income/expenses not contemplated by the provisions of ITA 200
12.5.2 Can certain business transactions not connected with the part of the business carried on in India be ignored in Proportionate method?. 201
12.5.3 Accounts maintained in other languages. 203
12.6 Applicability of Rule 10 to interest income. 204
12.7 Methods of computation of business income under the ITA.. 206
12.7.1 Computation method. 206
12.7.2 Presumptive method. 206
12.7.3 Proportionate method. 207
12.7.4 Preferred method for non-resident taxpayers under the ITA.. 207
Appendix A.. 209
Chapter 13: Profits attributable to business operations in India.. 210
13.1 Profits attributable to business operations. 210
13.1.1 Where all the operations of the business are carried out in a foreign country. 211
13.1.2 Where all the operations are carried out in India. 211
13.1.3 Where some operations are carried out in India and some outside India. 212
13.2 What types of business operations attract profit attribution?. 212
13.3 What are profits reasonably attributable to operations?. 213
13.4 Arm’s Length Consideration and Profits Attributable. 214
13.4.1 CBDT Circular No. 23. 214
13.4.2 Circular No. 4 of 1958. 219
13.5 Judgments not considering adequacy or otherwise of the payments to Indian agents 219
13.6 Is Circular 23 still valid?. 220
13.7 Taxation of BPO units. 220
13.7.1 Circular no. 1 of 2004. 220
13.7.2 Circular no. 5 of 2004. 221
13.7.3 Recent AAR ruling in the case of Morgan Stanley. 221
Appendix A.. 222
Appendix B.. 223
Appendix C.. 225
Appendix D.. 229
Appendix E.. 232
Appendix F. 236
Appendix G.. 237
Appendix H.. 238
Appendix I. 241
Chapter 14: Methods of Profits Attribution.. 243
14.1 Profits attribution - A guesswork.. 243
14.2 Do the courts interfere with the profits attributed by the tax authorities 243
14.3 Methods of profit attribution.. 244
14.3.1 Method 1 - Resources deployed as a basis of attribution (basic) 245
14.3.2 Method 2 - Salaries paid / costs incurred as basis of profits attribution. 249
14.3.3 Method 3 - Outsourcing cost as a method of profits attribution. 250
14.3.4 Method 4 - DTAA Method. 254
Appendix A.. 256
Chapter 15: Head office expenses. 259
15.1 Deduction for head office expenses under ITA.. 259
15.1.1 Applicability in case there is no branch office in India. 259
15.1.2 Applicability to expenses incurred by other overseas branches. 260
15.1.3 Executive and general administration expenditure. 261
15.1.4 Allowance for expenditure when the non-resident carries on business only in India 262
15.1.5 Expenditure specifically incurred for Indian branches. 264
15.1.6 Does section 44C abet the difficulties faced by the assessing officers?. 264
15.1.7 Head office expenses and Rule 10. 265
15.1.8 Is it necessary to debit head office expenses to the P & L account of the Indian branch? 265
15.1.9 Is it necessary to remit funds to head office?. 266
15.1.10 Head Office expenses and deduction of tax at source. 266
15.2 Deduction for head office expenses and provisions of DTAA.. 268
15.2.1 Does para 3 give special treatment to head office expenses?. 271
15.2.2 Head office expenses and non-discrimination. 272
Appendix A.. 275
Appendix B.. 277
Chapter 16: Effectively Connected - Permanent Establishment and Dividend, Interest, Royalties, Fees for Technical Services, Other Income.. 283
16.1 Rationale for linking the Articles. 283
16.2 Does Article 7 result in higher tax liability?. 283
16.3 Articles dealing with ‘effectively connected’ 285
16.4 Meaning of ‘effectively connected with’ 287
16.5 Guidance from DTAAs signed by countries. 288
16.6 Implications of difference between ‘effectively connected with’ and ‘attributable to’ 289
16.7 Implications of the words ‘attributable to’ in the US Model. 291
16.8 ‘Business profits’ 292
16.9 Interplay between ‘force of attraction rule’ and ‘effectively connected to’ 292
16.10 Special feature of UN Model. 294
16.11 Variations of scope of ‘effectively connected’ in the UN Model. 295
16.12 Taxation of Royalty and Fees for Technical Services income as per the domestic law 295
16.12.1 Specific provisions of ITA dealing with Royalties / FTS - upto March 31, 2003 296
16.12.2 Specific provisions of ITA dealing with Royalties / FTS - after March 31, 2003 297
16.12.3 Taxability of Royalties or FTS for services rendered outside India. 300
16.13 Section 115A.. 303
Appendix A.. 305
Appendix B.. 310
Chapter 17: Permanent Establishment and Immovable Property.. 315
17.1 House Property Income v. Business Income. 315
17.2 Whether a let out property results in Permanent Establishment. 317
17.3 Article 7 v. Article 6. 318
17.3.1 Letting out premises as main activity. 318
17.3.2 Letting out as incidental activity. 319
17.4 Sale of immovable property.. 319
17.4.1 Immovable property as depreciable assets. 319
17.4.2 Immovable property as stock in trade. 319
17.4.3 Article 6(1) / (3) v. Article 13(1) 321
17.5 Forms of Permanent Establishment and Immovable property.. 323
17.5.1 Service PE & income from immovable property. 323
17.5.2 Agency PE and income from immovable property. 325
Chapter 18: Permanent Establishment and Capital Gains. 328
18.1 Capital gains on alienation of immovable property.. 328
18.2 Capital gains on alienation of movable property.. 328
18.2.1 ‘Movable property’ v. ‘Capital assets’ 329
18.2.2 Alienation v. Transfer 329
18.2.3 Movable business property. 333
18.3 Gains from alienation of Permanent Establishment. 336
18.4 Capital gains and other forms of Permanent Establishment. 337
Appendix A.. 341
Chapter 19: Permanent Establishment and Non-discrimination.. 342
19.1 Can a Permanent Establishment take benefit of Para 1 of Article 24? 343
19.2 Benefit of Para 1 to a company not having a Permanent Establishment 345
19.3 Does ITA discriminate on the basis of nationality?. 349
19.4 Taxation of foreign companies at a higher rate. 350
19.4.1 Societe General Bank (AAR) 351
19.4.2 ABN Amro Bank NV v. JCIT (ITA No. 692/Cal/2000) Calcutta ITAT.. 357
19.4.3 Specific provisions allowing tax rate discrimination. 358
19.4.4 Commentaries on DTAA.. 359
19.5 Legislative amendments to continue tax rate discrimination.. 360
19.5.1 Does Explanation override Para 2 of Article 24?. 361
19.5.2 Explanation does not try to plug para 1 of Article 24. 362
19.5.3 Validity of the amendment to section 90. 363
19.5.4 Validity of the amendment to section 90. 363
19.6 Interplay between Article 7(3) and Article 24(3) 363
19.7 Interplay between Article 7(4) and Article 24(3) 365
19.8 Instances of discrimination under the ITA.. 366
19.8.1 Rate of tax. 366
19.8.2 Disallowance under section 44C.. 366
19.8.3 Provisions of section 44D/115A.. 366
19.8.4 Presumptive taxation and discrimination. 366
19.8.5 Deduction of tax at source. 366
Chapter 20: Service PE.. 368
20.1 Definition of Service PE.. 368
20.2 Rationale of Service PE clause. 369
20.3 “Other personnel”. 369
20.3.1 Other personnel – whether it includes non-individuals?. 369
20.3.2 Use of the term ‘personnel’ in the domestic law.. 369
20.3.3 Dictionary meaning of the term ‘personnel’ 370
20.3.4 Use of the term ‘personnel’ in tax treaties. 370
20.3.5 Use of the term ‘personnel’ in the Commentary. 371
20.3.6 Other personnel – whether it includes employees of a non-individual contractor? 372
20.3.7 Should the ‘personnel’ not be resident of the host country?. 373
20.4 Benefit of exception contained in Article 5(7) 375
20.4.1 Effect of deeming fiction. 375
20.4.2 Rendering services v. carrying on business. 376
20.4.3 Can an independent agent render services on behalf of an enterprise?. 376
20.4.4 Domestic law meaning of the term ‘agent’ 378
20.4.5 Conclusion. 379
20.5 Should ‘other personnel’ be dependent on the enterprise?. 379
20.6 Overlap between Service PE and Agency PE?. 380
20.7 Benefit of exceptions contained in Article 5(4) 381
20.8 Meaning of ‘furnishing services within’ 383
20.8.1 Difference between ‘Services rendered within a country’ and ‘services rendered in a country’ 383
20.8.2 Presence of person availing services. 384
20.8.3 Absence of person availing services in the country - Direct utilization / consumption of services 384
20.8.4 Absence of person availing services in the country - Indirect utilization of services 386
20.8.5 Utilization of services in another country. 389
20.8.6 Provision of services to the head office. 390
20.9 Six months within any twelve months period.. 391
20.9.1 Month as a calendar month. 391
20.9.2 Month as a period of thirty days. 392
20.9.3 ‘Month’ as per the domestic law.. 392
20.9.4 Should the term ‘month’ be interpreted differently for twelve months calculation? 394
20.9.5 Should the services be rendered for a continuous period of six months?. 394
20.9.6 Man days v. Solar days. 394
20.9.7 Treatment of temporary gaps. 395
20.10 Same or connected project. 396
20.11 Service PE and requirements of Article 5(1) 397
20.12 Provision of services v. lending / deputation of employees. 398
20.13 One day PE.. 399
20.14 Service PE v. ‘Fees for technical services’ 399
20.14.1 Exclusion in Service PE clause. 400
20.14.2 Implications of non-exclusion. 405
20.14.3 Interplay between Service PE and Article 13(5) 406
20.14.4 Restricted article for ‘Technical fees’ 409
20.15 Service PE in terms of the provisions of the domestic law.. 409
20.16 Variations of Service PE clause. 412
20.16.1 DTAAs signed by India. 412
20.16.2 DTAAs signed by UK.. 416
20.16.3 DTAAs signed by USA.. 419
20.16.4 DTAAs signed by Netherlands. 420
20.16.5 DTAAs signed by France. 420
20.16.6 DTAAs signed by China. 420
Appendix A.. 423
Appendix B.. 425
Appendix C.. 430
Appendix D.. 433
Appendix E.. 436
Appendix F. 437
Appendix G.. 440
Chapter 21: Permanent Establishment and Return Filing Requirement 443
21.1 Return filing requirements under section 139. 443
21.2 Exemption under section 115A(5) 444
21.3 Section 139(1) v. Section 115A(5) 445
21.4 Deduction of tax at DTAA rates and return filing requirements. 446
21.5 Requirement of return filing when entire income exempt under DTAA 447
21.6 Two entity approach and return filing requirement. 448
21.7 Conclusion.. 449
Appendix A.. 450
Chapter 22: Taxation of a Liaison Office as Permanent Establishment 452
22.1 Forms of presence of foreign companies in India.. 452
22.1.1 Branch Office. 452
22.1.2 Project Office. 452
22.1.3 Liaison Office. 453
22.2 Meaning of business activity.. 454
22.2.1 'Business' under The Companies Act, 1956. 454
22.2.2 'Business' under the Bombay Shops and Establishment Act, 1948. 455
22.2.3 'Business' under the Foreign Exchange Management Act, 1999. 455
22.2.4 'Business' under the Income Tax Act, 1961. 455
22.3 Are foreign companies having liaison offices required to file return of income in India? 457
22.4 Tax liability of foreign companies having liaison office in India.. 458
22.4.1 Tax liability under the ITA.. 458
22.4.2 Tax liability under the DTAA.. 459
22.5 Preparatory or auxiliary activities. 460
Appendix A.. 464
Chapter 23: Scope of Option under section 90(2) 466
23.1 Example 1. 466
23.2 Example 2. 468
23.3 Example 3. 469
23.4 Example 4. 470
23.5 Example 5. 471
Chapter 24: Summary of OECD Discussion Drafts. 475
24.1 Applicability of OECD Work to the UN Model. 475
24.2 ‘Enterprise’ or ‘Enterprise as a whole’ to mean juridical entity.. 476
24.3 Summary of the discussion drafts. 477
Part A 478
Part B 497
Part C 509
Part D 525
Index.. 547