第21章必講后備國際稅收環(huán)境與轉移定價

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

2、he Objectives of TaxationTypes of TaxationThe National Tax Environments（國別稅收環(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，又不會對納稅人的經濟決策產生負面影響，不會阻礙資源配置到世界任何可獲得最高回報率的地方。資本輸出中性是建立在實現(xiàn)全球經濟效率基礎上的。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（子公司的稅負不因母公司所在地的不同而有所區(qū)別）. 無論跨國公司屬于哪個國家，東道國對該跨國公司的分公司所征收的稅收應該一視同仁且應與本國企業(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. 不論應稅所得是在世界哪個國家掙的，各國稅收當局都應以同樣的方式征稅。21-5Tax EquitylTax Equity: regardless of the country in which an affiliate of a MNC earns taxable income（無論跨國公司的分公司從哪個國家取得的應稅所得

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，跨國公司的國外分公司所賺到的1美元與國內分公司所賺到的1美元應按相同的規(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） of another country.lPassive income includes interest income and dividends, income from royalties（特許權收入）, 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，這里是動詞） residents based upon where the taxable event occurred.21-21Foreign Tax Credits 美國選擇的避免雙重征稅的方式，是對跨國公司來自外國的收入已向外國當局繳納的稅款進行抵扣，即不再對這部分收入按照美國稅制征稅。外國稅收抵扣總額不應高于假設這部分外國收入發(fā)生在美國的納稅額。稅收抵扣的最高額度以全世

17、界外國來源所得計算，發(fā)生在不同國家的損益可以相互沖銷，某一稅收年度未抵扣完的可以回抵過去1年和未來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 被稱為避稅天堂的國家或地區(qū)，公司所得稅稅率和預提稅稅率都很低。例如，巴哈馬、巴拿馬、巴林、香港、開曼群島、百慕大群島、英屬維爾京群島、海峽群島等。其中，巴拿馬和香港外國來源的所得是免稅的。 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家的稅收延遲、并通過減少美國跨國公司從外國稅收抵扣中獲得的利益來增加稅收。21-27中國對外投資主要目的地21-28Controlled

24、 Foreign Corporation 美國居民控股的國外公司是指美國股東擁有50%以上表決股份的外國子公司。美國股東可以是任何美國公民、居民、合伙企業(yè)、公司、信托或地產商，只要它擁有或間接擁有10%以上居民控股的國外公司具有投票權的股權。即使6個非關聯(lián)的美國股東各自擁有同一家外國公司10%具有投票權的股權，就可以把該公司視為控股外國公司。美國公司的非控股外國公司的未分配利潤會被延期征收，直至以股利形式被匯回。對控股國外公司的所得要立即征稅。所得包括：保險所得；國外公司所得（即與銷售、運輸、和石油相關的被動收入）；來自遭遇國際聯(lián)合抵制國家的收入；來自美國與之斷交國家的收入。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（即使這些美國股東間彼此獨立）.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，但是美國控股的國外公司在美國要補繳差額稅收。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（公平價格，獨立企業(yè)間的交易價格）.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（經常性費用） and profit.nCost-plus approach: an appro

31、priate profit is added to the cost of the manufacturing affiliate. 21-33轉移定價案例應用 Mintel制造公司生產的產品從母公司輸送到海外全資子公司進行銷售。產品單位變動成本1500美元，銷售子公司賣給最終顧客的零售價為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（預約定價協(xié)議） 預約定價協(xié)議是跨國公司與某國稅收當局之間簽訂的具有法律約束力的契約。例如，按照預約定價協(xié)議，IRS不再根據美國稅收法典第482條的要求對某些被稱為抵補業(yè)務的交易進行轉移定價調整。預約定價協(xié)議中的具體轉移定價方法可提前5年通過協(xié)商確定。 預約定價協(xié)議既可以是單邊的，也可以是雙邊的，甚至可以是多邊的。單邊的預約定價協(xié)議指納稅人與某國稅收當局就在該國的納稅問題進行協(xié)商。雙邊或多邊預約定價協(xié)議是納稅人