Papers by Christiana Panayi
This note examines the National Grid Indus case (Case C-3710) and its implications on corporate e... more This note examines the National Grid Indus case (Case C-3710) and its implications on corporate exit tax regimes in the EU.
This paper examines the European Commission’s draft plans to introduce a Common Consolidated Corp... more This paper examines the European Commission’s draft plans to introduce a Common Consolidated Corporate Tax Base (CCCTB) for EU group companies. It analyses the basic features of the draft proposal, as published in the draft Directive of 16 March 2011 and the possible effects of these on the UK tax system. The paper focuses on areas such as formulary apportionment, loss relief, intra-group transfers, reorganisations, the administration of the new system, taxation of inbound and outbound investment and anti-abuse rules. Throughout this paper, there is a comparison of the proposed rules with the UK provisions. Even though the Commission does not, for political reasons, acknowledge the possibility of Member States abstaining from the CCCTB, it is very likely that unanimity will not be reached in Council and any proposal will have to proceed via enhanced co-operation. The paper examines the application of enhanced co-operation in this context and considers how the rules of the CCCTB will...
This article considers the Commission’s recent proposal to amend the Savings Directive. Specifica... more This article considers the Commission’s recent proposal to amend the Savings Directive. Specifically, the proposed changes are examine after a brief overview of the Savings Directive. In this respect, the author demonstrates that the Commission appears to have taken note of the criticisms of the Savings Directive and has sought to close some of the loopholes. It is, however, not a panacea.
This article examines cross-border loss relief for group companies in the context of European Uni... more This article examines cross-border loss relief for group companies in the context of European Union law and considers how this has affected Member States such as the UK. First, the failed and pending legislative initiatives for cross-border group relief are considered; namely, the Draft Directive on Cross-Border Loss Relief and the Common Consolidated Corporate Tax Base. The case law of the Court of Justice is then analysed in an attempt to assess whether some of the principles set out in these legislative initiatives found their way to Member State laws through the Court's jurisprudence. Following this, the judicial and legislative response to the Marks & Spencer judgment in the UK are critically assessed. It is questioned whether lack of Union competence has indeed stifled developments in this area. It is also questioned whether, at least in this context, developments generated through case law bring about a satisfactory result. The author concludes with thoughts as to the UK ...
This paper examines the effect of State Aid on EU direct tax law.
This paper examines whether limitations on benefits are a type of state aid, prohibited under Eur... more This paper examines whether limitations on benefits are a type of state aid, prohibited under European Law.
In this paper, we reassess the traditional quasi-definitions of treaty-shopping in an attempt to ... more In this paper, we reassess the traditional quasi-definitions of treaty-shopping in an attempt to delineate the contours of such practices. We examine the various theoretical arguments advanced to justify the campaign against treaty-shopping and we assess the extent to which these concerns are addressed by the OECD and the US Model.We also consider the current trends in treaty-shopping and the anti-treaty-shopping policies under the OECD Model and the US Model. We focus on recent cases on beneficial ownership. Finally, we examine the possible implications of European Union law on the treaty-shopping debate.
Cambridge yearbook of European legal studies, 2012
In this chapter I examine how the cross-border movement of companies may be affected by some tax ... more In this chapter I examine how the cross-border movement of companies may be affected by some tax rules and I consider the impact of EU law on such rules. The examination is in the context of the case law of the Court of Justice and the limited EU direct tax legislation. I assess how these affect the cross-border movement of companies as well as their investment strategies. I conclude by considering whether this is a satisfactory way of dealing with the issues. The contents of this chapter are based on materials available up to 1st March 2011.
Yearbook of European Law, 2009
This theory originated from nations that were keen to adopt a liberal approach to trade. 5 Under ... more This theory originated from nations that were keen to adopt a liberal approach to trade. 5 Under this theory, the existence and dissolution of a company are determined by the State of incorporation. Furthermore, the internal affairs of the company (e.g. matters of legal status, standing, rules on corporate governance, relationship between company, directors and shareholders, dissolution, liquidation etc) are regulated by the law of the State of incorporation. 6 This is irrespective of any activities, minimal or substantial, pursued in other States. Therefore, once a company has satisfied the formation requirements in its State of incorporation, then it is recognised everywhere. 7 In other words, when the incorporation theory is used for determining governing law, the same theory tends to be used for the issue of recognition. 8
2013 Iran Workshop on Communication and Information Theory, 2013
ABSTRACT Three network architectures, compatible with passive optical networks, for future hybrid... more ABSTRACT Three network architectures, compatible with passive optical networks, for future hybrid quantum-classical networks are proposed and compared. These setups rely on three different schemes for quantum key distribution (QKD): BB84, entanglement-based QKD, and measurement-device-independent QKD (MDI-QKD). It turns out that, while for small-to-moderatesize networks BB84 supports the highest secret key generation rate, it may fail to support large numbers of users. Its cost implications are also expected to be higher than other setups. For large networks, MDI-QKD offers the highest key rate if fast single-photon detectors are employed. Entanglement-based networks offer the longest security distance among the three setups. MDI-QKD is, however, the only architecture resilient to detection loopholes and possibly the most favorable with its less demanding end-user technology. Entanglement-based and MDI-QKD setups can both be combined with quantum repeater systems to allow for long-distance QKD with no trust constraints on the service provider.
Research in Optical Sciences, 2014
ABSTRACT While essential to future quantum technologies, implementation challenges have delayed t... more ABSTRACT While essential to future quantum technologies, implementation challenges have delayed the exploitation of quantum memories. Here we give practical examples in measurement-device-independent quantum cryptography, where today’s imperfect memories potentially offer a boost in their performance.
New Journal of Physics, 2014
A protocol with the potential of beating the existing distance records for conventional quantum k... more A protocol with the potential of beating the existing distance records for conventional quantum key distribution (QKD) systems is proposed. It borrows ideas from quantum repeaters by using memories in the middle of the link, and that of measurement-device-independent QKD, which only requires optical source equipment at the userʼs end. For certain memories with short access times, our scheme allows a higher repetition rate than that of quantum repeaters with single-mode memories, thereby requiring lower coherence times. By accounting for various sources of nonideality, such as memory decoherence, dark counts, misalignment errors, and background noise, as well as timing issues with memories, we develop a mathematical framework within which we can compare QKD systems with and without memories. In particular, we show that with the state-of-the-art technology for quantum memories, it is potentially possible to devise memory-assisted QKD systems that, at certain distances of practical interest, outperform current QKD implementations.
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Papers by Christiana Panayi