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70 U. Toronto Fac. L. Rev. 90 (2012)
The Limits of Sovereign Immunity: A Study and Analysis of the Canadian Income Taxation of Sovereign Wealth Funds

handle is hein.journals/utflr70 and id is 148 raw text is: THE LIMITS OF SOVEREIGN IMMUNITY: A STUDY AND ANALYSIS OF THE CANADIAN INCOME TAXATION OF SOVEREIGN WEALTH FUNDS MICHAEL PODOLNY I. INTRODUCTION 92 II. DEFINING SOVEREIGN WEALTH FUNDS 93 i. The Question of Pension Funds 95 III. CURRENT CANADIAN TAX TREATMENT OF SWFS 95 i. What Could be Taxed? 97 IV. CURRENT TAX TREATMENT IN U.S. AND OECD PRONOUNCEMENTS 98 i. The United States 98 ii. Integral Part vs. Controlled Entity 99 iii. What Could be Taxed 100 iv. OECD 100 V. TAX TREATIES 101 i. Why are Treaties Important? 102 Vl. POLICIES UNDERLYING CURRENT RULES 103 i. Comity and the Doctrine of Sovereign Immunity 103 ii. Reciprocity 104 iii. Economics 104 VII. POPULAR CRITIQUES AND CALLS FOR REFORM 106 i. Removing Tax Exemptions 106 ii. Maintaining the Status Quo 107 VIII. EVALUATION AND RECOMMENDATIONS 109 i. Equity 109 ii. Neutrality 110 iii. Administrative Efficiency 111 iv. International Competitiveness 112 v. Recommendations 113 IX. CONCLUSION 114 The author would like to thank Professor Jinyan Li of Osgoode Hall Law School for her encouragement and valuable comments on this paper. UNIVERSITY OF TORONTO FACULTY OF LAW REVIEW VOL. 70 (2)

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