When a large number of firms are not able to use the tax preferences as fast as legally allowed, pressures arise to create innovative after-tax financing (tax shelter) instruments. The purpose of these financing instruments is to transfer the tax losses of the corporation to investors who are...

In recent years there have been over twenty tax reforms that have taken a very different approach to the design of tax systems than those done one or two decades ago. This paper attempts to outline the changes that have taken place in the approach and policies of tax reform. A comparison is made...

Malaysia, a country of approximately 16 million people which gained independence in 1957, relied heavily on trade to achieve substantial growth in GNP during the 1960s (6.7 percent per year) and 1970s (10.5 percent per year). In the period 1980-83, however, the rate slipped to 3.1 percent per...

This paper presents a project evaluation study in which the methodological tools taught in the H.I.I.D Program in Investment Appraisal and Management are applied. It examines the feasibility of a hotel project in Cyprus covering all aspects of investment appraisal. It begins with an analysis of...