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10 Loy. Mar. L.J. 91 (2011-2012)
Keeping U.S. Trade and International Shipping Afloat while the Global Economy Sinks: U.S. Tax Incentives and Procedure concerning Foreign Shipping Companies

handle is hein.journals/loymarlj10 and id is 103 raw text is: KEEPING U.S. TRADE AND INTERNATIONAL SHIPPING AFLOAT WHILE THE GLOBAL ECONOMY SINKS: U.S. TAX INCENTIVES AND PROCEDURE CONCERNING FOREIGN SHIPPING COMPANIES Richard D. Lamb IHI I. INTRODUCTION The sinking global economy has changed the topography of the business world, especially the international shipping industry.' Many commentators and economists have argued that a global recovery is currently under way, but it is much more protracted compared to the recoveries following past recessions.2 Due to volatile markets and government policies, businesses throughout the world, including shipping companies, are looking for any opportunities for investment and growth. Business is increasingly international, and while the need for tax revenue remains essential to governments with fragile economies and fiscal deficits, attracting foreign investment capital remains desirable.3 This capital can boost production, employment, GDP, and tax revenue.4 The objectives of many companies include maximizing the return to shareholders, and one significant way to accomplish this is paying lower amounts of tax in the different * J.D., Certificate in Taxation Law, Candidate 2012, Loyola University New Orleans College of Law. Special thanks to Prof. Cynthia Lepow for her guidance. 1. United Nations Conference on Trade and Development: Review of Maritime Transport, pg. xiv, http://www.unctad.org/en/docs/rmt2010_en.pdf (last visited Oct. 1, 2011). 2. Id. 3. Craig Elliffe, International Tax Avoidance-The Tension Between Protecting the Tax Base and Certainty of Law, University of Auckland-Faculty of Business & Economics, (March 16, 2011), http://papers.ssrn.com/sol3/papers.cfm?abstract-id =1787843 (last visited Apr. 8, 2011). 4. Id. 91

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