第21章必講后備國(guó)際稅收環(huán)境與轉(zhuǎn)移定價(jià)

1、21-0INTERNATIONALFINANCIALMANAGEMENT21-1INTERNATIONALFINANCIALMANAGEMENTEUN / RESNICKFourth EditionChapter Objective:This chapter provides a brief introduction to the international tax environment.本章對(duì)跨國(guó)公司稅收籌劃很有用，對(duì)從事國(guó)際金融資產(chǎn)投資也很有指導(dǎo)意義。21Chapter Twenty-oneInternational Tax Environment21-2Chapter OutlineT

2、he Objectives of TaxationTypes of TaxationThe National Tax Environments（國(guó)別稅收環(huán)境）Organizational Structures for Reducing Tax Liabilities nBranch and Subsidiary Income nPayments to and from Foreign AffiliatesnTax HavensnControlled Foreign CorporationTransfer Pricing & Related IssuesBlocked Funds（凍結(jié)資

3、金）21-3The Objectives of TaxationlThe twin objectives of taxation are:1. Tax Neutrality （稅收中性）2. Tax Equity（稅收公平）21-4Tax NeutralityA tax scheme is tax neutral if it meets three criteria:1. Capital Export Neutrality: the tax scheme does not incentivise citizens move their money abroad. 好的稅制既能為政府有效地籌集收

4、入，又不會(huì)對(duì)納稅人的經(jīng)濟(jì)決策產(chǎn)生負(fù)面影響，不會(huì)阻礙資源配置到世界任何可獲得最高回報(bào)率的地方。資本輸出中性是建立在實(shí)現(xiàn)全球經(jīng)濟(jì)效率基礎(chǔ)上的。2. Capital Import Neutrality: the tax burden on a MNC subsidiary should be the same regardless of where in the world the MNC is incorporated（子公司的稅負(fù)不因母公司所在地的不同而有所區(qū)別）. 無(wú)論跨國(guó)公司屬于哪個(gè)國(guó)家，東道國(guó)對(duì)該跨國(guó)公司的分公司所征收的稅收應(yīng)該一視同仁且應(yīng)與本國(guó)企業(yè)相同。3. National Neutr

5、ality: taxable income is taxed in the same manner by the taxpayers national tax authorities regardless of where in the world it is earned. 不論應(yīng)稅所得是在世界哪個(gè)國(guó)家掙的，各國(guó)稅收當(dāng)局都應(yīng)以同樣的方式征稅。21-5Tax EquitylTax Equity: regardless of the country in which an affiliate of a MNC earns taxable income（無(wú)論跨國(guó)公司的分公司從哪個(gè)國(guó)家取得的應(yīng)稅所得

6、）, the same tax rate and tax due date should apply（適用相同的稅率和納稅日期）. 例如，跨國(guó)公司的國(guó)外分公司所賺到的1美元與國(guó)內(nèi)分公司所賺到的1美元應(yīng)按相同的規(guī)則納稅。lThe principal of tax equity is difficult to apply; the organizational form of the MNC can affect the timing of the tax liability.21-6Types of TaxationlIncome TaxlWithholding TaxlValue-Added

7、Tax21-7Income TaxlAn income tax is a tax on personal and corporate income.lMany countries in the world obtain a significant portion （很大一部分）of their tax revenue from income taxes.lAn income tax is a direct tax, that is one that is paid directly by the taxpayer upon whom it is levied（被征收）.21-8Corporat

8、e Percentage Income Tax Rates in Selected Countries21-9Corporate Percentage Income Tax Rates in Selected Countries21-10Withholding TaxlWithholding taxes are withheld（扣繳） from the payments a corporation makes to the taxpayer. lThe taxes are levied on passive income earned by an individual or corporat

9、ion of one country within the tax jurisdiction（稅收管轄權(quán)） of another country.lPassive income includes interest income and dividends, income from royalties（特許權(quán)收入）, patents, or copyrights.lA withholding tax is an indirect tax.21-11U.S. Tax Treaty Percentage Withholding Tax Rates with Selected Countries21-

10、12U.S. Tax Treaty Percentage Withholding Tax Rates with Selected Countries21-13U.S. Tax Treaty Percentage Withholding Tax Rates with Selected Countries21-14Value-Added TaxlA value-added tax is an indirect tax levied on the value added in production of a good or service.lIn many European and Latin Am

11、erican countries the value-added tax has become a major source of taxation on private citizens.lMany economists prefer a value-added tax to an income tax because the incentive effects of the two taxes differ sharply.21-15Value-Added TaxlAn income tax has the incentive effect of discouraging work.lA

12、value-added tax has the incentive effect of discouraging consumption (thereby encouraging saving).lValue-added tax is easier to administer as well. While taxpayers have an incentive to hide their income, producers have an incentive to make sure that their upstream suppliers in the production process

13、 declare the value added (and pay the tax!).21-16Value-Added Tax Calculation In this example, the tax rate is 15 percent. Suppose that stage one is the sale of raw materials to the manufacturer; stage two is the sale of finished goods to a retailer; stage three is the sale of inventory from the reta

14、iler to the consumer. Production StageSelling PriceValue AddedIncremental VAT110010023002003380 80 Total VAT= 100 .15= 200 .15= 80 .15= 380 .15 15 30 12 5721-17Other Types of TaxationlA wealth tax is a tax levied not on income but on the wealth of a taxpayer. Property taxes are an example.lA poll ta

15、x（人頭稅，投票稅） is a tax on your existence. It is so called because it was collected from those who wished to vote.21-18The National Tax EnvironmentslWorldwide Taxation（全球性稅制）lTerritorial Taxation（地區(qū)性稅制）lForeign Tax Credits（國(guó)外稅收抵扣）21-19Worldwide TaxationlTax national residents of the country on their wor

16、ldwide income no matter in which country it was earned.21-20Territorial TaxationlTerritorial taxation tax（征稅，這里是動(dòng)詞） residents based upon where the taxable event occurred.21-21Foreign Tax Credits 美國(guó)選擇的避免雙重征稅的方式，是對(duì)跨國(guó)公司來(lái)自外國(guó)的收入已向外國(guó)當(dāng)局繳納的稅款進(jìn)行抵扣，即不再對(duì)這部分收入按照美國(guó)稅制征稅。外國(guó)稅收抵扣總額不應(yīng)高于假設(shè)這部分外國(guó)收入發(fā)生在美國(guó)的納稅額。稅收抵扣的最高額度以全世

17、界外國(guó)來(lái)源所得計(jì)算，發(fā)生在不同國(guó)家的損益可以相互沖銷(xiāo)，某一稅收年度未抵扣完的可以回抵過(guò)去1年和未來(lái)10年的稅收。 Allows taxpayers to recover somewhat from double taxation. Direct foreign tax credits are computed for direct taxes paid on active foreign-source income of a foreign branch of a U.S. MNC or on withholding taxes withheld from passive income. In

18、direct foreign tax credits are for income taxes paid by the subsidiary.21-22Examples of Calculating U.S. Foreign Tax Credits for Subsidiary Operations21-23Organizational Structures for Reducing Tax LiabilitiesBranch & Subsidiary Income（分公司及子公司的收入）Payments to and from Foreign Affiliates Tax Haven

19、s Controlled Foreign CorporationForeign Sales Corporation21-24Branch & Subsidiary IncomelAn overseas affiliate of a U.S. MNC can be organized as a branch（分公司） or a subsidiary（子公司）.lA foreign branch is not an independently incorporated（獨(dú)立成立的） firm separate from the parent.nBranch income passes di

20、rectly to the parents income statements.lA foreign subsidiary is an affiliate organization of the MNC that is independently incorporated.nIncome may not be taxed in the U.S. until it is repatriated（被返回）, under certain circumstances.21-25Payments to and from Foreign AffiliateslHaving foreign affiliat

21、es offers transfer price tax arbitrage strategies.lThe transfer price is the accounting value assigned to a good or service as it is transferred from one affiliate to another.lIf one country has high taxes, dont recognize income therehave those affiliates pay high transfer prices. If one country has

22、 low taxes, recognize income therehave those affiliates pay low transfer prices.21-26Tax Havens 被稱(chēng)為避稅天堂的國(guó)家或地區(qū)，公司所得稅稅率和預(yù)提稅稅率都很低。例如，巴哈馬、巴拿馬、巴林、香港、開(kāi)曼群島、百慕大群島、英屬維爾京群島、海峽群島等。其中，巴拿馬和香港外國(guó)來(lái)源的所得是免稅的。 Tax havens are countries with low corporate income tax rates and low withholding tax rates on passive income.

23、 Tax havens were once useful as locations for a MNC to establish a shell company. The Tax Reform Act of 1986 greatly diminished the need for and ability of U.S. corporations to profit from the use of tax havens. 稅收改革法案的目的是防止一定所得在避稅國(guó)家的稅收延遲、并通過(guò)減少美國(guó)跨國(guó)公司從外國(guó)稅收抵扣中獲得的利益來(lái)增加稅收。21-27中國(guó)對(duì)外投資主要目的地21-28Controlled

24、 Foreign Corporation 美國(guó)居民控股的國(guó)外公司是指美國(guó)股東擁有50%以上表決股份的外國(guó)子公司。美國(guó)股東可以是任何美國(guó)公民、居民、合伙企業(yè)、公司、信托或地產(chǎn)商，只要它擁有或間接擁有10%以上居民控股的國(guó)外公司具有投票權(quán)的股權(quán)。即使6個(gè)非關(guān)聯(lián)的美國(guó)股東各自擁有同一家外國(guó)公司10%具有投票權(quán)的股權(quán)，就可以把該公司視為控股外國(guó)公司。美國(guó)公司的非控股外國(guó)公司的未分配利潤(rùn)會(huì)被延期征收，直至以股利形式被匯回。對(duì)控股國(guó)外公司的所得要立即征稅。所得包括：保險(xiǎn)所得；國(guó)外公司所得（即與銷(xiāo)售、運(yùn)輸、和石油相關(guān)的被動(dòng)收入）；來(lái)自遭遇國(guó)際聯(lián)合抵制國(guó)家的收入；來(lái)自美國(guó)與之?dāng)嘟粐?guó)家的收入。收到的非法賄賂、回

25、扣等收入。 The Tax Reform Act of 1986 created a new type of foreign subsidiary: the controlled foreign corporation. A controlled foreign corporation is a foreign subsidiary that has over half of its voting stock held by U.S. shareholderseven if these shareholders are unaffiliated（即使這些美國(guó)股東間彼此獨(dú)立）.21-29Cont

26、rolled Foreign Corporation The undistributed income of a minority foreign subsidiary of a U.S. MNC is tax deferred until it is remitted（寄回） via a dividend. This is not the case with a controlled foreign corporationthe tax treatment is much less favorable. The result is that foreign tax credits（稅收抵免）

27、 are unlikely to be completely used. 雖然在諸如避稅天堂等地交稅較少，但是美國(guó)控股的國(guó)外公司在美國(guó)要補(bǔ)繳差額稅收。21-30Transfer Pricing & Related IssueslThe Transfer Price is the price that for accounting purposes, is assigned to goods and services flowing from one division of a firm to another division.lControversial even for a dome

28、stic firm.nConsider the example of a firm that has one division that mills lumber（加工木材） and another that makes furniture. The transfer price of the lumber is a political as well as economic and accounting issue.21-31Transfer Pricing & Related IssuesFor MNC, there exists the added complications o

29、f:Differences in tax rates.Import duties and quotas.Exchange rate restrictions on the part of the host country. Most countries have regulations controlling transfer pricing. nIn the U.S., the tax code requires transfer prices to be arms length prices（公平價(jià)格，獨(dú)立企業(yè)間的交易價(jià)格）.21-32Arms Length PricelA price t

30、hat a willing seller would charge a willing unrelated buyer.lThe IRS prescribes three methods for estimating an arms length pricenComparable uncontrolled price.nResale price: the price at which the good is resold by the affiliate is reduced by overhead（經(jīng)常性費(fèi)用） and profit.nCost-plus approach: an appro

31、priate profit is added to the cost of the manufacturing affiliate. 21-33轉(zhuǎn)移定價(jià)案例應(yīng)用 Mintel制造公司生產(chǎn)的產(chǎn)品從母公司輸送到海外全資子公司進(jìn)行銷(xiāo)售。產(chǎn)品單位變動(dòng)成本1500美元，銷(xiāo)售子公司賣(mài)給最終顧客的零售價(jià)為3000美元。EXHIBIT 21.5 Low versus High Transfer Pricing Strategy between Mintel Affiliates with the Same Income Tax Rate21-34EXHIBIT 21.6 Low versus High Tra

32、nsfer Pricing Strategy between Mintel Affiliates with Differential Income Tax Rates21-35EXHIBIT 21.7 Low versus High Transfer Pricing Strategy between Mintel Affiliates with Differential Income Tax Rates and a 5 Percent Import Duty21-36EXHIBIT 21.8 Low versus High Transfer Pricing Strategy for Minte

33、l with Low Transfer Price and Additional Royalty Charge with Differential Income Tax Rates21-37Advance Pricing Agreement（預(yù)約定價(jià)協(xié)議） 預(yù)約定價(jià)協(xié)議是跨國(guó)公司與某國(guó)稅收當(dāng)局之間簽訂的具有法律約束力的契約。例如，按照預(yù)約定價(jià)協(xié)議，IRS不再根據(jù)美國(guó)稅收法典第482條的要求對(duì)某些被稱(chēng)為抵補(bǔ)業(yè)務(wù)的交易進(jìn)行轉(zhuǎn)移定價(jià)調(diào)整。預(yù)約定價(jià)協(xié)議中的具體轉(zhuǎn)移定價(jià)方法可提前5年通過(guò)協(xié)商確定。 預(yù)約定價(jià)協(xié)議既可以是單邊的，也可以是雙邊的，甚至可以是多邊的。單邊的預(yù)約定價(jià)協(xié)議指納稅人與某國(guó)稅收當(dāng)局就在該國(guó)的納稅問(wèn)題進(jìn)行協(xié)商。雙邊或多邊預(yù)約定價(jià)協(xié)議是納稅人