Master Fiscal Economics

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Master's Programme

Compulsory CoursesSchool of Business and Economics

Tax Policy in the International Context

Full course description

In this seminar we will look into the problems of taxation in an international context with a specialemphasis on the European Union. Questions like: How much tax diversity can be permitted and howmuch tax harmonisation is needed for a proper functioning of an internal market? If a particulardegree of tax homogeneity is thought to be important, should we rely on centrally enforcedharmonisation or on voluntarily agreed coordination? How far can and should excise taxes differ inan economy facing global competition? What are the economic and fiscal effects of the large varietyof labour taxation and social security systems within Europe? Is there a need to harmonizeconsumption taxes (VAT) and how should a definitive system look like? What are the role of taxmorale and the perception of taxes in internationally competing tax systems? These and otherquestions will be discussed from a law as well as economic perspective. We will also look at theparticular problems due to the recently implemented and further planned enlargement of theEuropean Union. Reference will be made to the principles and practices of federal tax systems innon-European countries.

For further information please refer to www.unimaas.nl > Faculty of Law > Education > Programmeguide of the appropriate academic year.

Course objectives

Being able to understand and critically reflect recent developments and discussionsconcerning taxation issues in a global economyBeing able to assess problems of international taxation in an internal market from a tax lawand economic perspectiveLearn to formulate critical assessment of international taxation problems in oral and writtenform

Prerequisites

Public finance and public choice

For exchange students, an intermediate course in Public finance/Public economics is required.Exchange students need to have obtained a Bachelor degree with a major in Economics, not inBusiness.The course is required for International Tax Law students (FE), but also suitable for IES andother students, as well as for exchange students.

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an advanced level of English

Recommended reading

A collection of journal articles and reports will be made available.

EBC4034Period 228 Oct 201920 Dec 2019Period 43 Feb 20203 Apr 2020Print course descriptionECTS credits: 6.5Instruction language: EnglishCoordinator:

J.G.A. van Mierlo

Teaching methods: PBL, Presentation(s), Work in subgroupsAssessment methods: Final paper, Attendance, ParticipationSchool of Business and Economics

Taxation, Financial Decision-making and Accounting

Full course description

Managers of businesses make many different types of decisions (investment decisions, settingcompensation contracts, locating foreign operations, financial reporting choices and many more).These decisions can/will be influenced by different types of taxes and different tax outcomes. Theaim of this course is to explore the influences that taxation has on these decisions made bymanagement and, in turn, how management can influence taxes by adjusting the decisions theymake (tax planning). This course studies these relationships using a quantitative (corporate) financeperspective and using recent academic literature.

Furthermore, this course stresses that it is not only the monetary tax consequences a managershould consider when making decisions, but a manager should consider all tax and non-tax costs of adecision. Next to that a manager should consider the (tax) consequences for all parties involved in orinfluenced by the decisions as well society at large.

Lastly, this course examines the financial accounting issues that arise due to taxation and how IFRStreats the recording of taxes.

It is stressed that this course does not focus on applying or setting tax laws. The course creates abusiness framework that is applicable to multiple business decisions and to multiple tax jurisdictionsacross time.

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Course objectives

Learn, by using a quantitative perspective, how taxes affect the decision-making of businessesand, in turn, how businesses can adjust decisions to affect taxes.

Learn what tax planning is, and what needs to be considered when making decisions withregard to tax planning.

Learn about the recording of taxes in a financial accounting setting.

Learn about the increasing role of tax risk management in businesses.

Enhance understanding of current issues in tax research.

Prerequisites

Intermediate knowledge of (Corporate) Finance

Intermediate knowledge of Financial Accounting

Introductory knowledge of the workings of (international) tax systems (e.g. income tax,corporate tax, dividend tax)

Recommended reading

Textbook: Scholes, Wolfson, Erickson, Hanlon, Maydew & Shevlin (2015). Taxes and BusinessStrategy: A Planning Approach, 5th Edition, Global Edition, Pearson, Upper Saddle RiverA collection of (research) articles on several aspects of taxation.

EBC4040Period 12 Sep 201925 Oct 2019Print course descriptionECTS credits:

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6.5Instruction language: EnglishCoordinator:

R.H.C. Kaenen

Teaching methods: PBL, Presentation(s), Work in subgroupsAssessment methods: Participation, Written exam, PresentationFaculty of Law

Fiscaal Concernrecht

Full course description

Het blok Fiscaal concernrecht bouwt voort op het bachelorblok Vennootschapsbelasting. In het blokFiscaal concernrecht komt de fiscale problematiek van de grote, internationaal opererendeonderneming aan de orde. Uitgangspunt is de Nederlandse vennootschapsbelasting. Aandacht wordtbesteed aan de verhouding tussen de Nederlandse vennootschapsbelasting en het Europese recht enaan specifiek voor de vennootschapsbelasting geldende Europeesrechtelijke en andereinternationaalrechtelijke regelingen. Ingegaan wordt ook op de uitwerking in de Nederlandsewetgeving van de in internationaal verband genomen maatregelen om belastingontwijking doormultinationals tegen te gaan. Het blok bevat een verdieping van de regelingen inzake dedeelnemingsvrijstelling en de fiscale eenheid, die al in het blok Vennootschapsbelasting aan de ordezijn gekomen. Verder wordt in dit blok de fiscale problematiek rondom fusies en splitsingenbehandeld, niet alleen op het gebied van de vennootschapsbelasting maar ook op dat van deoverdrachtsbelasting alsmede de inkomstenbelasting bij aandeelhouders. Ten slotte wordt dedividendbelasting, die ook al summier in het blok Vennootschapsbelasting aan de orde is gekomen,uitgediept.

Course objectives

Doel van het blok is om de basiskennis op het gebied van de vennootschapsbelasting en dedividendbelasting die is verworven in het bachelorblok Vennootschapsbelasting te verdiepen. Naafloop van het blok moet de student in staat zijn om zelfstandig problemen op het gebied van devennootschapsbelasting en de dividendbelasting, welke dan ook, te onderkennen en te analyseren ener mogelijke oplossingen voor aan te dragen.

Prerequisites

De stof van het bachelorblok Vennootschapsbelasting wordt bekend verondersteld.

Recommended reading

Vennootschapsbelasting

- J.L. van de Streek, S.A.W.J. Strik e.a., Cursus belastingrecht (Vennootschapsbelasting),

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studenteneditie, laatste editie, Kluwer, óf- J.N. Bouwman, Wegwijs in de Vennootschapsbelasting, laatste druk, SDU

Dividendbelasting- O.C.R. Marres, Dividendbelasting, FED fiscale studieserie nr. 26, laatste druk, Kluwer

TAX4001Period 12 Sep 201925 Oct 2019Print course descriptionECTS credits: 6.0Instruction language: DutchCoordinator:

J.H.M. Arts

Teaching methods: PBL, Lecture(s)Assessment methods: Written examKeywords: Vennootschapsbelasting, Dividendbelasting, Concern, Fusies, SplitsingenFaculty of Law

International and European Tax Law

Full course description

The master course ‘International & European Tax Law’ invites its students to study the principlesand foundations of international and EU law as it relates to direct taxation. Each state has its owntax system that has evolved throughout history differently from other tax systems due to theexogenous and endogenous natural, cultural, sociological and economical forces that have shaped itsdesign. However, there are rules of law connecting these systems, providing ideas and conceptscommon to many states. The course ‘International & European Tax Law’ is about the internationalinteraction of legal systems.

The topics that will be covered in this course include - inter alia - the law of double tax conventions(DTCs), avoidance of double taxation, the Vienna convention on the law of treaties, the impact of EUlaw on national tax systems and the interaction between the international and European legal order.The area of international and European tax law is a notoriously complex branch in legal studies.Accordingly, it is rather difficult to get an overview of all the rules and principles that may beapplicable when it comes to deal with practical cases. We will try to make the interactions visibleand understandable.

Course objectives

As said before, the area of international and European tax law is a notoriously complex branch inlegal studies. For this reason, this course does not aim to be comprehensive. In contrast, we will

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focus on some very relevant issues. This course aims to provide you with the necessary theoreticalbackground and legal skills to study other topics by yourself or in advanced courses. This course ismore about legal thinking and problem solving, than about practical or technical application of thelaw.

After having finished the course students will be able to demonstrate a systematic understanding of international and European tax lawbe capable of critical analysis, evaluation and synthesis of existing problems and new complexideasbe able to communicate with future clients and colleagues about the issues involvedhave the learning skills to allow them to study and work in a manner that may be largely self-directed or autonomous.

Prerequisites

The course International and European Tax Law is a compulsory course in all LL.M Tax tracks andthe M.Sc tracks Fiscal Economics and International Tax Management. Students are assumed to befamiliar with the structure of their national tax systems, especially limited liability to tax. Studentswho have earned an LL.B in Tax Law or a B.Sc in Fiscal Economics at Maastricht University havefollowed the compulsory course ‘Nederlands Internationaal Belastingrecht’ which covers thisprerequisite. Maastricht LL.B graduates in European Law School and B.Sc graduates as well as allstudents coming from abroad will be prepared for this course by following the preceding course onFundamentals of International Tax Law.

Recommended reading

The texts and documents needed will be electronically available. Recommendations for reading willbe found in the course book.

TAX4002Print course descriptionECTS credits: 6.0Instruction language: EnglishCoordinator:

R.G. Prokisch

Teaching methods: Lecture(s), PBLAssessment methods: Written examKeywords: International Public Law, European law, tax law, Double Taxation Conventions, European Tax Law,Tax Policy, Scope of Tax Treaties, Resident and Non, resident Taxpayers, Non, discrimination,Income from entrepreneurial activities, Real Estate Taxation, Permanent Establishments, Dividends,Interest Income, Royalties, Capital Gains, Avoidance of Double TaxationFaculty of Law

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International Tax Planning and Fiscal Ethics

Full course description

This course deals with various aspects that play a prominent role in today’s field of International TaxPlanning. On the basis of case studies the student will be guided through the ‘Fiscal Strategy’ ofboth multinational enterprises and tax authorities, a discipline that has constantly been in motionover the last couple of years and it will continue to be in motion for the years to come. Reference ismade, among others, to the Base Erosion & Profit Shifting (“BEPS”) reports drafted by theOrganization for Economic Cooperation and Development (OECD) and the Anti-Tax AvoidanceDirectives (ATAD) of the European Union. Both BEPS and ATAD take an important position in thiscourse. Furthermore, the topic of ‘Fiscal Ethics’, a topic that draws a lot of attention in the media allover the world, will be addressed in this course.

The topics in this course will be prepared by students in small groups and will be presented to thegroup during the tutorials. In this way students can further develop the skills which will be relevantfor them in their professional life.

Course objectives

The student has the capacity to analyze basic international tax planning structures.The student is able to apply tax concepts in an international tax setting.The student can reflect on the ethical aspects of international tax planning and limiting taxavoidance.

Prerequisites

Students are expected to have intermediate knowledge of the OECD Model Tax Convention(including commentaries), the OECD BEPS initiative and of European Tax Law.For instance: the courses TAX3008 and TAX4001, or TAX4010, as well as TAX4002.

TAX4019Period 513 Apr 202012 Jun 2020Print course descriptionECTS credits: 6.0Coordinator:

F. Souza de Man

Faculty of Law

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Transfer Pricing and Attribution of Income

Full course description

Students should become familiar with applying transfer pricing rules in the area of internationaltaxation. When analyzing transfers within legal entities, the transfer pricing rules – often modelledafter the OECD Transfer Pricing Guidelines – contribute to attributing the correct revenues andcosts to legal entities and permanent establishments in order to assess taxable profit. This coursewill address the concepts behind these fiscal transfer pricing rules and guide students in theirapplication, for instance in the context of financial activities and the use of intellectual property. Thecourse will also focus on some selected differences between the OECD Guidelines and actual countrypractices.

The topics in this course will be prepared by students in small groups and will be presented to thegroup during the tutorials. In this way students can further develop the skills which will be relevantfor them in their professional life.

Course objectives

The student should understand the legal and economic concepts provided in the OECDTransfer Pricing Guidelines and understand their general application.The student is capable to apply transfer pricing guidelines in selected situations of limitedcomplexity.The student should be able to understand the factors relevant to the attribution of income tolegal entities and permanent establishments in cross-border situations.

Prerequisites

Students are expected to have intermediate knowledge of international tax law.For instance: the course TAX3008 or TAX4010, as well as TAX4002.

TAX4020Period 513 Apr 202012 Jun 2020Print course descriptionECTS credits: 6.0Coordinator:

L.T.M. Hautvast

Economics ElectivesSchool of Business and Economics

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Behavioural Insights

Full course description

Increasingly, economists are discovering psychology as a means to enrich their models of economicbehaviour and well-being and to give them a better foundation. The importance of this is illustratedby the fact that Nobel prize winner in economics in 2002 was the distinguished psychologist DanielKahneman. He characterizes his research as a quest for the ‘logic of the irrational’. Adam Smithalready recognized that economic, just like other, behaviour is motivated by an intriguing blend of‘rational’ considerations and ‘irrational’ sentiments. The great challenge is to investigate theimplications of the latter motives for economics.

This course aims to give an intensive introduction into this field. In the first part of the course, thepsychology and behavioural economics of judgment and decision-making are dealt with. Basicprinciples of rationality are compared with actual behaviour in making decisions. Also, a link is madeto the emerging field of neuroeconomics. Next, in the second part of the course, students areintroduced into the psychological and economic research on subjective well-being (happiness) andits psychological, demographic and socio-economic determinants (especially income). Theimportance of this research for economics and its policy implications will be highlighted. Differencesand similarities in the approaches of psychology and economics will be clarified.

Course objectives

Acquiring a structured insight into the important roles of psychological factors and processesin the judgments, decision-making and well-being of economic agentsLearning about the difference in approach between psychology and economicsLearning about the relations between psychology and economics

Prerequisites

Good understanding of microeconomics, probability theory and mathematics (level comparable toQM2) and basic understanding of macroeconomics.

An advanced level of English.

Recommended reading

Hastie, Reid, and Robyn M. Dawes. Rational choice in an uncertain world: The psychology ofjudgment and decision making. Sage, 2010.Articles and chapters from books.

EBC4021Period 43 Feb 20203 Apr 2020Print course descriptionECTS credits: 6.5Instruction language:

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EnglishCoordinator:

T.G.K. Meissner

Teaching methods: Presentation(s), Lecture(s), Work in subgroupsAssessment methods: Participation, Written examSchool of Business and Economics

ECB and Monetary Policy

Full course description

The 2008 financial crisis and the subsequent Great Recession have put monetary policy once againin the spot lights. On the one hand central banks are blamed for creating the crisis, on the otherhand they are relied on to provide a way out of economic stagnation. Even almost 10 years later, weare still facing extreme monetary conditions. Interest rates are at the zero lower bound and centralbanks struggle with the question of how long to continue unconventional monetary policies andwhen and how to reverse these.

This course aims at deepening students’ knowledge of the relation between monetary and realphenomena in an economy, to facilitate a thorough analysis of the role of (ECB) monetary policy. Inparticular, we focus on

the role of money in the economy and the effectiveness of monetary policy in the short run andthe long run,the relation between money and credit and the role of commercial banks and the central bankin their creationthe transmission channels from monetary policy to the real economy under various conditions,and the role of the banking sector in the transmission- the causes and consequences offinancial crisesthe distinction between the goals and implementation of monetary policy (macroeconomicstability) and macro-prudential policy (financial stability)the optimal design of monetary policy (independence, transparency and accountability; rulesvs discretion; reputation and credibility),the actual position and policies of the European Central Bank (including a visit)

Course objectives

To understand and apply the workhorse (3-equation) model for macroeconomic analysis in aclosed economyTo understand the role of expectations in modern macroeconomics and monetary policyTo understand the role of the banking sector in the interac

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Prerequisites

Second-year macro-economics (BSC; level book Blanchard Et Al ''Macroeconomics: A EuropeanPerspective'').

Exchange students need to have obtained a Bachelor degree with a major in Economics orEcmonetrics.

Recommended reading

W. Carlin and D. Soskice, Macroeconomics: Institutions, Instability and the Financial System,3rd edition, 2014, Oxford University Press, selected chapters.Selected articles.

EBC4023Period 12 Sep 201925 Oct 2019Print course descriptionECTS credits: 6.5Instruction language: EnglishCoordinator:

C.J.M. Kool

Teaching methods: Paper(s), Work in subgroups, Lecture(s), PBL, Presentation(s)Assessment methods: Final paper, Participation, Written examSchool of Business and Economics

Open Macroeconomics in a Global Society

Full course description

Over the past decades, the global economy has steadily become more integrated, leading to largerflows of trade in goods and services and of financial capital, longer and more complicated valuechains in the production of manufactured goods, and a build-up of large stock of both financial andnon-financial foreign assets and liabilities. Obviously, this makes national economies moreinterdependent and requires taking into account spill-overs from the rest of the world into thedomestic economy. It raises the issue how an economy adjusts to demand and supply shocks and therole of the current account, the (real) exchange rate and monetary and fiscal stabilization policies inthe adjustment. Similarly, it asks what the influence is of the chosen exchange rate regime: floating,fixed or monetary union and the limitations this puts on policy. In the course, we develop an openeconomy framework to address these questions. Initially, we build on the closed economy 3-equation

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model developed in the course ‘ECB and Monetary Policy’. We extend the analysis to an openeconomy setting. Important additional issues are the stock-flow dynamics in the Balance ofPayments as well as stock-flow dynamics in government debt. These explicitly require anintertemporal approach. In the final part of the course, we explicitly focus on stabilization and risksharing in the Euro area. As a monetary union, it faces different constraints on monetary and fiscalstabilization policy than stand-alone countries. Moreover, the chosen institutional design furtherrestricts the possibilities for stabilization.

Course objectives

At the end of the course, students should be able to:* Discuss causes and consequences of international economic and financial integration;* Understand and explain the role of the Balance of Payments and its components in accounting forthe interconnection of the domestic economy with the rest of the world;* Understand and discuss the role of the real exchange rate (versus the real interest rate) inmacroeconomic adjustment;* Understand, explain and apply the 3-equation model for the open economy under fixed and floatingexchange rates;* Understand and explain the pros and cons of different foreign exchange rate regimes: floating,fixed, and monetary union;* Understand how the current account can be analyzed from the perspective of intertemporal risksharing – using a stock-flow framework – and apply this concept to real world cases;* Understand and use the importance of stock-flow dynamics in government debt;* Understand the – institutional – stabilization policy framework in the euro area and use it incombination with the 3-equation model for policy analysis;

Prerequisites

Second-year International Monetary Economics course (level book Krugman and Obstfeld),“International Economics: Theory and Policy”. Exchange students need to have obtained a Bachelordegree with a major in Economics or in Econometrics/Quantitative Economics.

An advanced level of English.

Recommended reading

Selected chapters and articles.

EBC4029Period 228 Oct 201920 Dec 2019Print course descriptionECTS credits: 6.5Instruction language: EnglishCoordinator:

C.J.M. Kool

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Teaching methods: PBL, Presentation(s)Assessment methods: Participation, Written exam, PresentationSchool of Business and Economics

Assurance Services

Full course description

This course is organized around 3 key themes: 1) Different types of assurance services; 2) The auditprocess; and 3) Auditor behavior and the functioning and regulation of the audit market.For the first theme, the course focuses on those assurance services that improve the reliability ofinformation (financial and non-financial) as perceived by decision makers such as shareholders.For the second theme, the course is aimed at deepen students insight on the different stages of theaudit process with a particular emphasis on the use of data analytics in the audit of financialstatements and digital auditing.For the third theme, academic research will be used to develop students’ understanding of auditorbehavior and the functioning and regulation of the audit market with a particular emphasis on theconcept of audit quality. This will include a discussion of topics such as professional judgment andjudgment biases; professional skepticism; ethical decision making; auditor independence; audit firmculture and governance; quality control; public oversight; audit market structure, concentration,competition and pricing.The course is linked to audit practice by means of case-studies, a workshop in collaboration with alarge audit firm and/or a guest lecture.

Course objectives

Solid knowledge of different types of assurance services;Deepen insight on the audit process with a particular emphasis on the use of data analytics anddigital auditing;Develop understanding of auditor behavior and the functioning and regulation of the audit marketwith a particular emphasis on the concept of audit quality;Advanced knowledge of the academic literature on auditing and assurance services;Sharpen problem solving skills in auditing and assurance services settings and further developexperience in using and interpreting data in common decision contexts.

Students who successfully complete this course will have sufficient knowledge of the process ofassurance services to effectively perform entry-level assurance work in professional accountingfirms. Furthermore, students will be able to read and critically evaluate audit research, and reportthe results of research on current and fundamental issues in the accounting profession.

Graduates have profound, evidence-based and up-to-date academic knowledge and understanding oftheories, methods and tools in business/economics. This includes demonstrating the ability todevelop new ideas.Graduates can apply their profound knowledge and understanding to identify and solve alsounstructured or semi-structured real life business/economic problems in unfamiliar environmentswithin broader multidisciplinary contexts. This includes demonstrating analytical skills and aproblem-solving attitude.

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Graduates can integrate various perspectives to formulate judgments even with incompleteinformation on complex theoretical and practical business/economic issues.Graduates can effectively communicate both to specialist and nonspecialist audiences. This includesdemonstrating strong presentation skills, project- management skills, interpersonal skills, a highlevel of argumentation and context sensitivity.Graduates have self-directed learning skills and the ability to regulate their own learning process.

Prerequisites

Courses and workload are very demanding for all IB Master courses. Exchange students need tohave obtained a bachelor degree with a major in Business. Exchange students need to major inaccounting in their Master.An advanced level of English.

Recommended reading

Textbook and articles

EBC4037Period 12 Sep 201925 Oct 2019Print course descriptionECTS credits: 6.5Instruction language: EnglishCoordinator:

A. Vanstraelen

Teaching methods: Lecture(s), PBL, Assignment(s)Assessment methods: Participation, Written examSchool of Business and Economics

Corporate Governance and Financial Stakeholders

Full course description

The purpose of this course is to provide an understanding of corporate governance, i.e. how differentcorporate structures can lead to a better alignment of managers’ interests with those of financialstakeholders.

In the first part of the course, the prerequisites needed for an in depths understanding of corporategovernance are discussed. First, corporate governance will be motivated both from an agencyperspective as well as from a financial stakeholder perspective. Second, valuation will be discussedwhich is at the very heart of finance and is the core paradigm that we will use throughout our studyof corporate governance. The basic evaluation techniques will be refreshed and reviewed in the

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context of a case study.

The second part of the course focuses on specific types of financial stakeholders and their impact onthe governance of companies. The course explores the role of shareholders and pays attention toshareholder engagement. Regarding other financial stakeholders, this course explores projectfinance, privatization and bankruptcy as examples of corporate structures in which other financialstakeholders such as banks, bondholders, employees or the government play an important role.

Course objectives

Learn about the different types of financial stakeholders and their specific interests in the firm.Understand the relationship between financial stakeholders, corporate governance and firm value.Understand the need for corporate governance in today’s economies.

Prerequisites

Courses and workload are very demanding for all IB Master courses. Exchange students need tohave obtained a Bachelor degree in business. Exchange students need to major in finance in theirMaster. Students are expected to understand the following concepts: capital budgeting includingNPV, IRR, the calculation of WACC, the definition and estimation of cost of debt and equity, CAPM.The basics of financial accounting are also a prerequisite. An advanced level of English is required.

Recommended reading

Package of articles and cases.

EBC4052Period 12 Sep 201925 Oct 2019Print course descriptionECTS credits: 6.5Instruction language: EnglishCoordinator:

S. Kleimeier - Ros

Teaching methods: PBL, Presentation(s), Lecture(s), Assignment(s), Work in subgroupsAssessment methods: Participation, Written examSchool of Business and Economics

Institutional Investors

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Full course description

The course studies the strategy, organization and investment process of institutional investors.Among others we cover strategic asset allocation, responsible investing and alternative investmentslike for instance private equity, real estate, infrastructure and hedge funds. After studying therelevant literature we focus on the practical (real-life) application of these concepts to pensionfunds.

Course objectives

Institutional investors account for more than 50% of trading onmajor exchanges. In this coursestudents will learn how institutional investors are organized and how they invest ofn behalf of theirclients.

Prerequisites

Courses and workload are very demanding for all IB Master courses. Exchange students need tohave obtained a Bachelor degree in business.Exchange students need to major in finance in their Master.An advanced level of English is necessary.

Recommended reading

Articles and book chapters (can be downloaded from the Student Portal or in the library). No textbook.

EBC4054Period 228 Oct 201920 Dec 2019Print course descriptionECTS credits: 6.5Instruction language: EnglishCoordinator:

R.R.A.E. Otten

Teaching methods: PBL, Presentation(s), Lecture(s), Assignment(s), Work in subgroupsAssessment methods: Participation, Written examSchool of Business and Economics

Real Estate Finance

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Full course description

The real estate markets play a major role in the economy. By all counts, the real estate market is thelargest asset market we have. Moreover, the investment characteristics of real estate differmarkedly from those of other asset classes like stocks and bonds moreover, the real estate market isresponsible for a major part of global resource consumption. All this makes studying the real estatemarkets relevant and interesting. Some of the topics addressed include:

advanced valuation issuesthe economic effects of sustainability in real estateexplaining property market behaviourdiversification of the real estate portfoliodirect and indirect real estate investmentsperformance measurement of property investmentsreal estate and inflationinternational real estate investmentsmortgages and mortgage-backed securitiesgreen real estate financing

One of the teaching methods also includes a mandatory field trip.

Course objectives

Understand modern financing techniques for real estateAcquire a deep understanding about real estate investment strategies and valuationUnderstand how different real estate markets (housing, commercial real estate) behave in thelight of macro economic and demographic developments

Prerequisites

Basic knowledge of Financial Markets, Portfolio Management, and Valuation. Courses and workloadare demanding for all IB Master courses. Exchange students need to have obtained a Bachelordegree in business.

An advanced level of English.

Recommended reading

Reader containing book chapters and journal articles.Geltner, Miller, Clayton and Eichholtz, Commercial Real Estate Analysis and Investments, 3rdedition, 2013. Oncourse Learning

EBC4055Period 56 Apr 20205 Jun 2020Print course descriptionECTS credits:

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6.5Instruction language: EnglishCoordinator:

N. Kok

Teaching methods: PBL, Presentation(s), Lecture(s), Assignment(s), Work in subgroupsAssessment methods: Participation, Written examSchool of Business and Economics

Risk Management

Full course description

The course is built around three important topics: first, it is important to identify financial risks andto measure them. Important topics, such as value-at-risk, volatility, correlation and copulas, as wellas credit risk loss measurement will be addressed. The increased notion of concentration risk,warrant a proper discussion of alternative ways to model/measure co-movements (through copulas),as well as provide alternative ways to represent the variability in a financial variable (this includesalternative volatility models, such as GARCH models).

Second, this course focuses on understanding alternative approaches to manage risk. This includesthe usage of derivative securities such as options and futures. It is a fact that derivatives' marketsare skyrocketing, and it is becoming increasingly common for non-financial corporations to makeheavy use of financial derivatives. Indeed, internationally, over 60% of non-financial corporations arereported using derivatives. As of December 2007, the total notional value of over-the-counterderivatives was $596 trillion, a 200% increase over its value in December 2005. Financial riskmanagement is reported to be the main reason for the use of financial derivatives by non-financialinstitutions.

Third, this course will focus on regulatory developments for banks under Basel II. Basel II has setnew capital requirements standards for credit risk, operational risk and market risk. We will reviewthe Basel II three pillar model and will discuss the three risk types mentioned above in detail as well.

Course objectives

Understand the different dimensions of risk in banks, learns how to measure market-, credit-,liquidity- and operational risk.Understand the concepts of regulatory- and economic capital in a Basel II context and how tointegrate these in a firm wide framework for performance measurement.

After completion of the course, participants should be able to measure alternative risk types, be ableto carry out capital requirements, and determine risk mitigating strategies such as hedging andportfolio selection.

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Prerequisites

Exchange students need to have obtained a Bachelor degree in economics or businessadministration. Exchange students need to major in finance in their master.

An advanced level of English.

Recommended reading

Risk Management and Financial Institutions, 3rd edition, John C. Hull, Pearson Prentice Hall,ISBN: 978-1-118-26903-9.

Additional literature may be available through Eleum.

Data and programs for assignments will be available through Eleum.

EBC4056Period 56 Apr 20205 Jun 2020Print course descriptionECTS credits: 6.5Instruction language: EnglishCoordinator:

W.F.M. Bams

Teaching methods: PBL, Presentation(s), Lecture(s), Assignment(s), Work in subgroupsAssessment methods: Written examSchool of Business and Economics

Corporate Finance

Full course description

The students should not only understand each decision-making area on its own, but should also beaware of their interdependence and its relationship with corporate value creation. Participants willbe introduced to concept of shareholder value, its determinants, and how financial managers canincrease and measure shareholder value. Overall, this course focuses on both the theory and modelsof corporate finance and converts them into tools that can be used to analyse, understand and helpany corporation, large and small. More specifically, the course will cover corporate debt, capitalstructure, and financial distress. Similarly, the topic of investment banking is now also broadenedand in a securities offerings context also involves manipulative practices of investment banks. Theremaining topics of the course are the private equity, venture capital, mergers and acquisitions andpay-out policy.

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Course objectives

This course will provide a thorough understanding of the financial decisions that have to be made ina corporation. These decisions centre on the investment, financing, dividend, and restructuringactivities of multinational companies, but also of smaller companies and start ups. The course alsoaims to train research skills in corporate finance. This is supposed to be a preparatory assignmentfor the students’ master theses in corporate finance.

Prerequisites

Courses and workload are very demanding. Exchange students need to have obtained a Bachelordegree in economics or business administration. Exchange students need to major in finance in theirMaster. Basic finance concepts are assumed to be known and they include: concept of net presentvalue, internal rate of return, CAPM, WACC, optimal capital structure theory, Lintner’s dividendmodel, agency costs, debt overhang, and moral hazard.

An advanced level of English.

Recommended reading

Journal articles, cases

EBC4057Period 56 Apr 20205 Jun 2020Print course descriptionECTS credits: 6.5Instruction language: EnglishCoordinator:

P.J. Mauricio Rodrigues

Teaching methods: Presentation(s), Lecture(s), Assignment(s), Work in subgroupsAssessment methods: Participation, Written examSchool of Business and Economics

Internal Control and Data Analytics

Full course description

The area of internal control and accounting information systems concerns the quality of (financial)information. As a result of recent corporate financial scandals, this has become a significant issue intoday's business. Every business needs a control system that monitors the effectiveness andefficiency of operations, reduces the risk of asset loss, and helps to ensure the quality andcompliance with laws and regulations. The course Internal Control first discusses some key concepts

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of internal control, such as the role of information, the COSO control framework, and the typology oforganisations framework. Thereafter, based on the typology of organisations framework, the courseaddresses the evaluation and design of effective and efficient internal controls for different types oforganisations applying contemporary techniques such as process mining. Furthermore, we discusscurrent IT developments such as blockchain and current research in the area of internal control.

Course objectives

Understand the concept of internal control and the relationship with other disciplines. Understandthe role of internal control in producing information of high quality and in promoting the efficiencyand effectiveness of an organisation's operations. Understand the different control frameworks andhow they relate to each other. Learn about the typology of organisations framework and apply thisframework to design effective internal control systems for different types of organisations. Learnabout current research in the area of internal control.

Graduates have profound, evidence-based and up-to-date academic knowledge and understanding oftheories, methods and tools in business/economics. This includes demonstrating the ability todevelop new ideas.

Graduates can apply their profound knowledge and understanding to identify and solve alsounstructured or semi-structured real life business/economic problems in unfamiliar environmentswithin broader multidisciplinary contexts. This includes demonstrating analytical skills and aproblem-solving attitude.

Graduates can integrate various perspectives to formulate judgments even with incompleteinformation on complex theoretical and practical business/economic issues.

Graduates can independently conduct research.

Graduates can effectively communicate both to specialist and nonspecialist audiences. This includesdemonstrating strong presentation skills, project- management skills, interpersonal skills, a highlevel of argumentation and context sensitivity.

Graduates have self-directed learning skills and the ability to regulate their own learning process.

Graduates have a professional attitude. This includes demonstrating an open mind, proactivebehaviour, critical reflection and accountability.

Graduates can effectively function in a multicultural environment and work in multicultural teams.This includes demonstrating interpersonal skills, a high proficiency of English, and culturalsensitivity.

Graduates show social responsibility. This includes demonstrating awareness for academic andscientific responsibility in a broader social or ethical context.

Prerequisites

No specific required knowledge.

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Recommended reading

Vaassen, E.H.J., Meuwissen, R.H.G., and Schelleman, C.C.M. 2009.

Accounting Information Systems and Internal Control. Chichester: John Wiley & Sons.

Reader with academic articles.

EBC4069Period 12 Sep 201925 Oct 2019Period 43 Feb 20203 Apr 2020Print course descriptionECTS credits: 6.5Instruction language: EnglishCoordinator:

C.C.M. Schelleman

Teaching methods: PBL, Presentation(s), Assignment(s), Work in subgroupsAssessment methods: Participation, Written examSchool of Business and Economics

Financial Accounting

Full course description

This course provides an in-depth treatment of various advanced financial reporting methods thatplay a major role in the financial reporting of multi-national companies. It covers both measurementand (footnote) disclosure issues. Topics that will be discussed in detail include provisions andcontingent liabilities, financial instruments, impairment, business combinations, and consolidation of(foreign) subsidiaries. Although a substantial part of the course will focus on the practicalapplication of International Financial Reporting Standards (IFRS), the rationale behind thestandards will also be discussed using insights from academic literature. The course also addressesbroader corporate reporting issues such as Corporate Social Reporting and non-GAAP reporting, asthese alternative reporting metrics provide additional information to market participants andstakeholders.

Course objectives

Being able to prepare financial statements according to IFRS.

Understanding the rationale behind accounting methods and disclosures required by IFRS.Understanding the pros and cons of (allowed) alternative treatments.

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Prerequisites

Students entering the course should have knowledge of financial accounting at an intermediatelevel. We expect students who have a major in accounting or finance to be more successful indealing with the level and intensity of the course. Exchange students need to have obtained abachelor degree with a major in Business.

An advanced level of English.

Recommended reading

Picker, R., Leo K., Loftus J., Wise V., Clark K., and Alfredson R. "Applying InternationalFinancial Reporting Standards, 3rd edition, Wiley.

EBC4074Period 43 Feb 20203 Apr 2020Print course descriptionECTS credits: 6.5Instruction language: EnglishCoordinator:

M.F. van Peteghem

Teaching methods: PBL, Presentation(s), Assignment(s), Work in subgroupsAssessment methods: Participation, Written examSchool of Business and Economics

Management Control

Full course description

The central question of this course is: ‘How do managers control the parts of the organisation theyare responsible for?’ In other words, we are interested in how managers make sure thatorganisational participants behave and perform in line with the organisation's objectives.Management Control is an essential managerial task. In this course we will deal with the followingquestions: What control problems do we observe in practice? In what way can these controlproblems be solved? What are the effects of management control systems? How can we design andimplement adequate management control systems?

Course objectives

After you have finished this course, you will have a good understanding of at least three themes.First, you will be able to understand and discuss the meaning and importance of managementcontrol as a basic part of managerial activity. Second, you will be able to understand and assess the

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interaction between control problems and organisational arrangements, such as performancemeasurement and incentives. Third, you will have obtained skills to adequately address controlproblems in actual practice, which includes data analytics.

Graduates have profound, evidence-based and up-to-date academic knowledge and understanding oftheories, methods and tools in business/economics. This includes demonstrating the ability todevelop new ideas.

Graduates can apply their profound knowledge and understanding to identify and solve alsounstructured or semi-structured real life business/economic problems in unfamiliar environmentswithin broader multidisciplinary contexts. This includes demonstrating analytical skills, data analysisskills and a problem-solving attitude.

Prerequisites

2nd year courses Finance & Accounting (EBC2007) and Management of organisations(EBC2008) or 2nd year courses Accounting II (EBC2002) and Managerial economics(EBC2023).Intermediate level knowledge on the subject fields of Accounting, Organisational studies orFinance.

Recommended reading

Merchant, K.A. and Van der Stede, W.A., Management Control Systems: PerformanceMeasurement, Evaluation and Incentives, Prentice Hall, 3rd edition, 2012.

EBC4154Period 56 Apr 20205 Jun 2020Print course descriptionECTS credits: 6.5Instruction language: EnglishCoordinator:

F. Moers

Teaching methods: PBL, Presentation(s), Work in subgroupsAssessment methods: Participation, Written exam

Law ElectivesFaculty of Law

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Estate Planning: Bedrijfsopvolging

Full course description

In dit blok wordt het onderwerp Bedrijfsopvolging behandeld vanuit het perspectief van deondernemer in een kleine of middelgrote onderneming (MKB). Centraal staat daarbij de samenlooptussen de vennootschapsbelasting, de loon- en inkomstenbelasting en de schenk- en erfbelasting endaarmee samenhangende aspecten van estate planning in nationale verhoudingen. Gekeken wordtnaar samenwerkingsverbanden tussen (toekomstige) ondernemers met het oog op bedrijfsopvolging,waaronder de fiscale behandeling van personenvennootschappen. Ook wordt ingegaan op de positievan de directeur-grootaandeelhouder (DGA) en de bijzondere regelingen die voor hem gelden (fictiefloon, terbeschikkingstelling van vermogen aan de BV, de terugkeer van de VPB naar de IB). In hetkader van de bedrijfsoverdracht wordt o.a. gekeken naar bedrijfsopvolging en vererving bijoverlijden, overdracht bij leven en schenking van (bedrijfs)vermogen (o.a. vastgoed). Daarbij komenook relevante onderdelen van het nieuwe huwelijksvermogensrecht aan bod en de betekenis vanhuwelijkse voorwaarden en testamenten voor de fiscale planning. Deze onderwerpen zullen mede inde vorm van presentaties door studenten verzorgd worden.

Course objectives

- De student bezit kennis van geselecteerde fiscale faciliteiten gericht op de bedrijfsopvolging in hetmidden- en kleinbedrijf.- De student kan een beredeneerd oordeel vormen over de fiscale aspecten van een voorgenomenbedrijfsopvolging.- De student is zich bewust van de samenloop van fiscale heffingswetten (loon- eninkomstenbelasting, vennootschapsbelasting, schenk- en erfbelasting, overdrachtsbelasting,dividendbelasting) en van het fiscale recht met het civiele recht (erfrecht, huwelijksvermogensrecht,ondernemingsrecht).- De student is in staat fiscale aandachtspunten te formuleren bij het adviseren van MKB-ondernemers over bedrijfsopvolging in nationale verhoudingen.- De student kan in teamverband een presentatie voorbereiden en presenteren.

Prerequisites

De student dient een grondige kennis te hebben van de Nederlandse loonbelasting,inkomstenbelasting en vennootschapsbelasting en kennis op hoofdlijnen van de schenk- enerfbelasting, de dividendbelasting en de overdrachtsbelasting. Verder is kennis op hoofdlijnen vanhet Nederlandse ondernemingsrecht, huwelijksvermogensrecht en erfrecht wenselijk.

Recommended reading

Voor dit blok wordt de student de keuze gelaten uit een aantal handboeken. Daarnaast dienenartikelen te worden bestudeerd evenals recente parlementaire stukken. Tot de verplichte literatuurbehoort Essers / Van Kempen, Cursus belastingrecht (Inkomstenbelasting), studenteneditie2017/2018, Wolters Kluwer, en Van Vijfeijken / Gubbels, Cursus belastingrecht (Schenk- enErfbelasting), 2017/2018, Wolters Kluwer, en Nuytink, Personen- en familierecht,huwelijksvermogensrecht en erfrecht, 7e druk, 2018 dan wel Van Mourik / Schols, Erfrecht(Monografieën Privaatrecht 1), 2018, Kluwer, en Van Mourik / Schols, Huwelijksvermogensrecht

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(Monografieën Privaatrecht 12), 2017, Kluwer, of latere edities van genoemde boeken.

Tot de optionele fiscale literatuur behoort Bollen-Vandenboorn (red.), Pensioen en de belangrijkstetoekomstvoorzieningen, 10e druk, 2019, Sdu; Bouwman / Boer, Wegwijs in deVennootschapsbelasting, 14e druk, 2015, Sdu, óf Van de Streek / Strik (red.), Cursus belastingrecht(Vennootschapsbelasting), studenteneditie 2017/2018, Wolters Kluwer; Marres, Dividendbelasting,5e druk, 2018, Kluwer; Verploegh / Van Schendel / De Kock, Loonheffingen, 12e druk, 2018, Kluwer,óf Weerepas (red.), Cursus belastingrecht (Loonbelasting), studenteneditie 2017/2018, WoltersKluwer; Gassler / Van Kempen / Verbaan, Cursus belastingrecht (Overdrachtsbelasting),studenteneditie 2016/2017, Kluwer óf Van Straaten / Rozendal / Schoenmaker, Wegwijs in deOverdrachtsbelasting, 21e druk, 2017, Sdu, en Sonneveldt, Wegwijs in de Successiewet, 21e druk,2017, Sdu, of latere edities van genoemde boeken. Tot de optionele civielrechtelijke literatuurbehoort Hamers / Van Vliet, Inleiding personenvennootschappen, 4e druk, 2012, Boom, en Autar /Baard / Burgerhart / Sonneveldt, Compendium Estate Planning, 6e druk 2018, Sdu, of latere editiesvan genoemde boeken.

TAX4008Period 43 Feb 20203 Apr 2020Print course descriptionECTS credits: 6.0Instruction language: DutchCoordinator:

R.H.C. Luja

Teaching methods: Lecture(s), PBL, Presentation(s)Assessment methods: Written exam, Presentation, Final paperKeywords: Bedrijfsopvolging, belastingheffing, personenvennootschap, directeur-grootaandeelhouder, MKBFaculty of Law

Pensioen

Full course description

Dit blok heeft betrekking op de voorzieningen die pensioen plegen te worden genoemd. Alvorens defiscale aspecten onderzocht kunnen worden, zal de student zich verdiepen in de vraag wat onderpensioen wordt verstaan en hoe de niet-fiscale regels voor dit fenomeen in elkaar steken. Dezeblijken over uiteenlopende rechtsgebieden te zijn verspreid. Ook wat het belastingrecht betreft, gaathet om een materie die in meer dan één wet aan de orde komt. In het blok komen zowel de loon- eninkomstenbelasting als de erfbelasting aan de orde. Tevens wordt aandacht geschonken aanEuropese en internationale aspecten. De consequenties van pensioenverplichtingen voor dewinstbepaling van ondernemingen komen zo goed als niet aan bod; het blok heeft betrekking op de

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positie van natuurlijke personen die niet ondernemer zijn. Dit neemt overigens niet weg dat weluitvoerig aandacht wordt besteed aan de positie van de directeur-groot aandeelhouder. Debijeenkomsten zijn thematisch opgezet en worden gekenmerkt door een interdisciplinair karakter.De bijeenkomsten staan op zichzelf maar daarnaast kan de opgedane kennis worden aangewend inde volgende bijeenkomsten. De eerste vier bijeenkomsten omvatten de algemenepensioenproblematiek. Daarnaast wordt een koppeling gelegd tussen volksverzekeringen enerzijdsen de pensioenproblematiek anderzijds. Halverwege het blok zullen de echtscheidingsperikelenrondom pensioen aan de orde komen alsmede gevolgen bezien vanuit de Successiewet. In het laatstedeel van het blok wordt ingegaan op de Europeesrechtelijke en internationale aspecten vanpensioen.

Course objectives

Na afronding van het blok heeft de student kennis en inzicht verworven op het gebied van depensioenen. De student heeft daarbij leren werken met zowel civiele als fiscale wetgeving en is hijzich ervan bewust geworden dat deze verschillende soorten wetgeving onlosmakelijk met elkaarverbonden zijn. De student is in staat de consequenties van een pensioenovereenkomst te toetsen ente beoordelen, hij is op de hoogte van de basisvoorzieningen in Nederland, hij kan tevens deverschillen in regelgeving (zowel civiel als fiscaal) aangeven tussen de werknemer en de directeur-groot aandeelhouder, hij beheerst de volledige regelgeving omtrent de zuivere pensioenregeling enhet nettopensioen. Tevens is hij in staat de civiele en fiscale consequenties te geven ingeval eenhuwelijk eindigt in een scheiding alsook de consequenties ingeval van overlijden. De student is op dehoogte van de pensioenproblematiek vanuit Europeesrechtelijk perspectief alsmede opverdragsniveau. Wat (internationale) waardeoverdracht van pensioen betreft, is hij op de hoogte vande civiele en fiscale regelgeving.

Recommended reading

Verplichte literatuur: A.H.H. Bollen-Vandenboorn, Pensioen en de belangrijkstetoekomstvoorzieningen, Fiscale Geschriften nr. 27, 7e druk, Den Haag 2016, Reader (BureauOnderwijs FdR, printing-on-demand) Aanbevolen literatuur Literatuur: • Cursus BelastingrechtSuccesiebelastingen, Studenteneditie, meest recente uitgave, Kluwer, Deventer . • A.H.H. Bollen-Vandenboorn, De fiscale aspecten van pensioendeling bij echtscheiding, Fiscaal WetenschappelijkeReeks 3, SDU Fiscale & Financiële Uitgevers, Amersfoort, 2004.TAX4004Period 43 Feb 20203 Apr 2020Print course descriptionECTS credits: 6.0Instruction language: DutchCoordinator:

A.H.H. Bollen

Teaching methods: Lecture(s), Paper(s), PBL, Presentation(s)Assessment methods: Final paper, Presentation, Written examKeywords:

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Pensioen, werknemer/deelnemer, DGA, AOW, Anw, pensioenovereenkomst, pensioenfondsen,premiepensioeninstelling, Governance, civiele regelgeving, fiscale aspecten, Witteveenkader,Financieel toetsingskader, echtscheiding en pensioendeling, erfbelasting en imputatieregeling,waardeoverdracht, verdragstoepassing, Europeesrechtelijke aspecten.Faculty of Law

Fundamentals of International Taxation

Full course description

This course focuses on providing students with the knowledge to understand and assess theconsequences of developing a business in a cross-border environment, dealing with issues of whoshould be taxed, on which amount and by whom, as well as with methods applied in practice to avoidthe double taxation of income. Furthermore, students will analyze, taking the OECD and UN ModelTax Conventions as references, when a double tax convention can be applied and whether businessis conducted at source trough a permanent establishment.

Course objectives

The student has the capacity to identify current issues on the field of international taxationand provide solutions for the existing challenges, such as the avoidance of double taxation.The student is able to compare the different positions taken by States as regards the taxationof business activities and develop his/her own opinion on their alignment with the internationalstandards.The student can assess the importance of double tax conventions as tools to avoid doubletaxation and their relation with the domestic legislation of states.The student is able to present his arguments in a structured manner and to engage in highlevel discussions with professionals of the field.The student has the knowledge and learning skills essential for the continuation of his MasterStudies in International and European Tax law

Prerequisites

Introductory knowledge on principles of income taxation and taxation in a domestic setting.

Recommended reading

Michael Lang, Introduction to the Law of Double Tax Conventions, 2nd Edition, IBFD, Amsterdam

TAX4010Print course descriptionECTS credits: 6.0Instruction language: EnglishCoordinator:

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F. Souza de Man

Teaching methods: PBL, Lecture(s)Assessment methods: Written exam, AssignmentKeywords: Domestic Taxation, International Taxation, Income Taxation, Double Tax Conventions, Avoidance ofDouble TaxationFaculty of Law

Cross-border Taxation of Human Capital

Full course description

The course focuses on wage/income tax and social security contributions of employees andemployers operating internationally:

The employee living abroad and working in the Netherlands andThe employee living in the Netherlands and working abroad. In case of employers: obligationto withhold tax and liability.

Special cases:

Hiring out of labour, posting, performing activities in two or more (Member) States;1.Artists and sportsmen;2.Cross border workers (Belgium and Germany);3.Fiscal facilities (30%-arrangement);4.Directors;5.Pension;6.Students.7.

Course objectives

Students can recognize, analyze, interpret and classify the facts in a proper way; they canapply their knowledge and understanding in the given cases;Students can define and describe in depth the issues regarding to taxation and social securitycontributions in cross border labour situations; they have competence to apply the applicablerules;Students can apply the OECD Model (taxation) and Regulation 883/2004 and Regulation987/2009 (social security contributions);Students can research, discuss and combine the fields of taxation and social security;Students can debate and criticize the (outcome of) current rules;Students can formulate and resolve the problems arising from cross border employment.

Prerequisites

International and EU tax law

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Recommended reading

Most important literature:

K. van Raad, Materials on international & EC Tax Law, Volume I and III, latest edition,1.International Tax Center LeidenReader with several loose-leaf texts2.

TAX4009Period 43 Feb 20203 Apr 2020Print course descriptionECTS credits: 6.0Instruction language: EnglishCoordinator:

M.J.G.A.M. Weerepas

Teaching methods: PBL, Lecture(s), Assignment(s)Assessment methods: Written exam, AssignmentKeywords: INTERNATIONAL TAX LAW ON HUMAN CAPITAL, EU SOCIAL SECURITY LAW, CASE LAWFaculty of Law

International Tax Planning and Fiscal Ethics

Full course description

This course deals with various aspects that play a prominent role in today’s field of International TaxPlanning. On the basis of case studies the student will be guided through the ‘Fiscal Strategy’ ofboth multinational enterprises and tax authorities, a discipline that has constantly been in motionover the last couple of years and it will continue to be in motion for the years to come. Reference ismade, among others, to the Base Erosion & Profit Shifting (“BEPS”) reports drafted by theOrganization for Economic Cooperation and Development (OECD) and the Anti-Tax AvoidanceDirectives (ATAD) of the European Union. Both BEPS and ATAD take an important position in thiscourse. Furthermore, the topic of ‘Fiscal Ethics’, a topic that draws a lot of attention in the media allover the world, will be addressed in this course.

The topics in this course will be prepared by students in small groups and will be presented to thegroup during the tutorials. In this way students can further develop the skills which will be relevantfor them in their professional life.

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Course objectives

The student has the capacity to analyze basic international tax planning structures.The student is able to apply tax concepts in an international tax setting.The student can reflect on the ethical aspects of international tax planning and limiting taxavoidance.

Prerequisites

Students are expected to have intermediate knowledge of the OECD Model Tax Convention(including commentaries), the OECD BEPS initiative and of European Tax Law.For instance: the courses TAX3008 and TAX4001, or TAX4010, as well as TAX4002.

TAX4019Period 513 Apr 202012 Jun 2020Print course descriptionECTS credits: 6.0Coordinator:

F. Souza de Man

Faculty of Law

Transfer Pricing and Attribution of Income

Full course description

Students should become familiar with applying transfer pricing rules in the area of internationaltaxation. When analyzing transfers within legal entities, the transfer pricing rules – often modelledafter the OECD Transfer Pricing Guidelines – contribute to attributing the correct revenues andcosts to legal entities and permanent establishments in order to assess taxable profit. This coursewill address the concepts behind these fiscal transfer pricing rules and guide students in theirapplication, for instance in the context of financial activities and the use of intellectual property. Thecourse will also focus on some selected differences between the OECD Guidelines and actual countrypractices.

The topics in this course will be prepared by students in small groups and will be presented to thegroup during the tutorials. In this way students can further develop the skills which will be relevantfor them in their professional life.

Course objectives

The student should understand the legal and economic concepts provided in the OECDTransfer Pricing Guidelines and understand their general application.The student is capable to apply transfer pricing guidelines in selected situations of limitedcomplexity.The student should be able to understand the factors relevant to the attribution of income to

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legal entities and permanent establishments in cross-border situations.

Prerequisites

Students are expected to have intermediate knowledge of international tax law.For instance: the course TAX3008 or TAX4010, as well as TAX4002.

TAX4020Period 513 Apr 202012 Jun 2020Print course descriptionECTS credits: 6.0Coordinator:

L.T.M. Hautvast