企業(yè)改制重組中的稅收籌劃(Tax planning in the process of enterprise restructuring)

企業(yè)改制重組中的稅收籌劃(Taxplanningintheprocessofenterpriserestructuring)TaxplanningintheprocessofenterpriserestructuringTaxplanningintheprocessofenterpriserestructuring2008-12-2015:15:36Arestructuring,taxplanningconceptandsignificanceofrestructuringthetaxplanningreferstothescopeofthetaxlawrequirements,bothfromtheperspectiveoftaxrestructuringrestructuringschemeforscientificandreasonableplan,asfaraspossibletoreducethecorporatetaxburden,soastoreducetherestructuringcosts,maximizetheoverallvalueoftheenterprise.Objective.Thetaxplanningofrestructuringandreorganizationhasthefollowingmeanings:enterprisesconductingrestructuringandrestructuringshallcarryouttaxplanninginaccordancewiththelaw,andtheycanenjoyallthebenefitsoftaxpolicies,reducethetaxburdenonenterprisesandincreasetheirowninterests.accordingtothepreferentialtaxpolicyofthecountry,theenterprisehasconsideredthereformandreorganizationplan,andobjectivelyplayedtheroleoffasterandbetterimplementationofthenationaleconomicpolicy.thetaxplanningofrestructuringandreorganizationcangreatlyimprovethelevelofenterprisetaxplanning,enhancethetaxawarenessofenterprisesandstrengthenthetaxlawconcept.itcanstandardizethebehaviorofenterpriserestructuringandreorganization,soastorealizethemaximizationofenterprisevalue.itcanpromotethereformandperfectionofthenationaltaxlaw,andpromotetheadjustmentoftheindustrialstructureandtheoptimalallocationofresources.Two,thepossibilityofrestructuringtaxplanningApartoftherestructuringandrestructuringoccurredbecauseofthetaxminimizationopportunities.Taxfactorsaffectthemotivationandprocessofreorganization.Taxplanningofrestructuringandreorganizationisentirelypossibleinpractice.Firstofall,differentcorporatetaxdifferencesformdifferenttaxbenefits.Secondly,thedifferencebetweentheamountoftaxpaymentandthetaxpaymenttimeiscausedbydifferentwaysofcapitalcontribution.Theenterprisetaxrevenuecomesmainlyfromtwoaspects:oneisaccordingtothepreferentialtaxpoliciesofthestate,theamountoftaxdeductionorexemptionfromtaxpayers;twoisbasedontheprovisionsofthetaxlaw,thetaxpayer'staxperiodcanbedeferred.Preferentialtaxpurposeismainlythroughpartofthetaxrelief,encouragesometaxpayerstoinvestinthecountrymuch-neededindustriesanddepartments,orbythegovernmenttogiveuppartoftaxrevenuetoprovidefreesupporttospecifictaxpayers.Taxdeductionreferstovariousexpensesthatarestipulatedinthetaxlawandcanbedeductedastaxdeductibleitemsbeforetax.Deductionsandtaxincentiveswithincometaxesisatrade-offrelationship,enterprisescanaccordingtotaxlawbusinessoriented,takevariouseffectivemethods,itsdecisionandnationalpolicycoordination,maximizetaxbenefits.Theessenceoftaxdeferredcorporatetaxreductionwillnotonlydelaythepaymentoftaxes,soonly,butfromtheperspectiveoftimevalueofmoney,deferredtaxisequivalenttothecompanyreceivedanocostoffunds,toincreaserevenue.Three,thecontentoftaxplanningofrestructuringandreorganizationManyenterprisesinthenormalstateofoperationcannotgettaxrevenue,butthroughrestructuringandrestructuringactivities,youcanenjoypreferentialtaxtreatment.Thetaxincentivesforrestructuringandrestructuringareembodiedinthefollowingtwoaspects:1.,thetaxrevenuethathasnothingtodowiththemodeofrestructuringinvestmentthechoiceoftaxsubjectandthechangeoftaxstatus.China'scurrenttaxsystemtreatsthesameeconomicbehaviordifferentlyindifferenttaxpayers,especiallyintheincometaxsystem.Therefore,theincomeofdifferentsubjectsisdifferent.Therestructuringandreorganizationofenterpriseswillleadtochangesinthetaxpayers,andthenonpreferentialenterpriseswillbecomepreferentialenterprisesandenjoythebenefitsoftaxconcessions.Inaddition,accordingtoChina'scurrenttaxlaw,enterprisesareexemptfromincometaxfortheyear,within5yearsofitspretaxprofitsbukuiavailable,andwhenthepretaxprofitoflessthan30thousandyuanwhentheapplicabletaxrateof18%,30thousandto100thousandyuan,theapplicabletaxrateof27%,higherthan100thousandyuanwhentheapplicabletaxrateof33%.So,theprofitlevelishighandstabledevelopmentofenterprises,ifbuyingalossmakingenterprises,theoveralltaxstatuswillchangesignificantly,throughmergersandacquisitions,lossmakingenterprisesbecomeapartoftaxmergermergers,thelossescanbeoffsetbytheenterprisemergerandpurchasetaxableincome,enterprisescanenjoytaxbenefits.Intheeventofalossintheconsolidatedtax,theacquisitionenterprisecanalsoenjoythebenefitsofdelayingthepaymentoftaxes.Mergersandacquisitionsoflossmakingenterprisesgenerallyadoptabsorptionmergerorcontrollingmerger,butnewmergermethodisnotadopted.Becauseoftheresultofthenewmerger,thelossesofthemergedenterprisehavebeenwrittenoff,andtheenterpriseprofitsafterthemergercannotbededucted.Butsuchmergersmustbewaryoflossmakingenterprisesmaybringadverseeffectstotheoverallmerger,especiallythenegativeimpactoffallingprofitstotheoverallmarketvalueoftheenterprise,evenduetotargetenterprisesmayleadtoexcessiveinvestment,notonlydidnotgetdeferredtaxcrediteffect,butthecompanieshavetheadvantageintoalosssituation.Therefore,enterprisesintheprocessofrestructuringandrestructuring,Weshouldgivefullconsiderationtothechangesandgainsandlossesoftaxtreatmentcausedbychangesinthesubjectoftaxpayment.Throughreasonabletaxplanning,weshouldscientificallyselectthenatureoftaxpayersandtheformofrestructuringandreorganization.assettransfer.Taxissueofassetstransfer.Thereorganizationoftheenterprisewillinevitablyinvolvethetransferofassets,andthetransferofassetsinvolvesthetransfertaxandthetransferofincometax.Onthetransferoftaxinassettransfermostofthepreferentialtaxationpolicyoftaxsystem,suchasthereorganizationofassets,thecorrelationbetweenenterprisestransferassetsacquisitionofrealestatetransferdoesnotlevybusinesstaxandlandvalue-addedtax;tointangibleassets,realestateinvestment,investorparticipationistheprofitdistribution.Jointlybeartheinvestmentrisk,anddonotimposebusinesstax,landvalue-addedtaxexemption;inventoryofcurrentassetssuchasthetransfershouldberegardedasthegoodstradingbehaviorandpayvalue-addedtax;fixedassetstransfertothenatureofthegoods,ifthetransferpriceexceedstheoriginalvalue,shouldpayvalue-addedtaxattherateofthetransferpriceof4%levy.Theproceedsofthetransferofassets,suchasthetransferofmachinery,equipment,andrealestate,areregardedascapitalgains.Manycountriesintheworldtoencouragecapitalflowstocapitalgainsbypreferentialtaxpoliciesforlowtaxortaxexemption,activecapitalmarket,andaccordingtothelengthoftheholdingperiodwillbenefitthecapitalassetscoreforlong-termcapitalgainsandshort-termcapitalgainstaxdistinction,incentivemechanismforlong-terminvestment,onthebasisofreinvestmentforacapitalgainstaxdeferredtaxreductionsandexemptions,preferentialmeasures.InaccordancewiththerelevantChineseenterprisescapitalgainstaxregulations,enterpriseassettransferincomeshallbeincludedintaxableincome,taxtreatmentandtheproductionandoperationofthesame,accordingtothesameproportionofcorporateincometax,notaxpreferentialprovisionsspecifically,thecorrespondingloss,deductedfromthecurrentincometax,hasnotformedincentivemechanismofstockcapitalflows.Theeffectofdepreciationandtaxdeductionafterthetransferofvalue-addedassets.Thetheoryoftaxeffectinmergerandacquisitiontheoryholdsthatthechangeofassetvalueoftargetenterpriseisapowerfultaxmotivationformergerandacquisition.Thetaxlawsinmostcountriesprovidethatdepreciationisbasedonthehistoricalcostofassets.Inthecurrentmarketassetsgreatlyexceededthevalueofthehistoricalcostofthecase(thisoftenhappens,especiallyintheperiodofinflation),throughmergersandacquisitionstransactionswillbeassetrevaluation,enterprisemergerpurchasetargetenterpriseassets,theassetswillincreasethetaxbase,assetdepreciationdeductionofdepreciationoverenjoytheoriginaltargetenterprisesenjoythesamethedeductionofassets,andtheoriginalowneroftheenterprisecanalsothroughtheacquisitionoftheacquisitionpricepaymentreceivedapartoftherelevantincome.Therefore,enterprisesintherestructuringprocess,weshouldconsidertheneedsofproductionandoperationofthetransferofwhichassets,butalsofromtheperspectiveofsavingtaxexpendituredecidedtotransferassets,accordingtowhichmuchofthepriceofthetransferofassets,fromincometax,transfertaxanddepreciationtaxamountoftheconsiderationofassettransfer.conversionofthenormalincomeofenterprisesnotparticipatingindividends.Taxlawsinsomecountriesrequireapunitiveincometaxonahighsurplus.Agrowthenterprisewithalotofinvestmentopportunities,usuallyintheformofadividendfreestrategy,toattractagroupofshareholderswhopreferdividendpolicy.Whenthegrowthrateslowsdown,theopportunityforinvestmentdecreases,thelargeamountofincomeaccumulatedbynondividendenterprisesisfacedwiththeriskoftheimpositionofpunitiveincometaxbythetaxauthorities.Throughacquisitions,mergersinthepurchasepriceofthetargetenterprisearecontainedinthispartofthehighretainedearningstobargain,theTargetCorp'sshareholderscanonlypayincometaxforcapitalappreciation,withouthavingtopaythedividendincometax,sothemergercanreducethetaxburdenoftheshareholdersoftheTargetCorpasawhole.transferpricingbetweenaffiliatedenterprises.Becausetherelevantincometaxlawsandregulationsontheprofitlevelislowenterprises,foreign-investedenterprises,high-techenterprises,thenewthirdofficeindustryimplementationoftaxpreferentialpolicies,sobetweenbusinesstaxtreatmentdifferences.Asalistedcompanyincometaxstatisticsshownintheendof1998,theShanghaistockexchange337listedcompaniesin7undisclosedtax,only9enterprisesdirectlyunderthecentralgovernment,implementationoftheincometaxrateof33%,theremaining321listedcompanieswere0%-18%ofthe10stallstoenjoypreferentialtaxrates,thereare165companiesforthetaxrateof15%amongthem,110companiesin33%,thereturnof18%.aftertherestructuring,thepreferentialtaxtreatmentfortheassociationbetweenassociatedenterprisesofdifferentcompaniesusetransferpricingtoreducethetaxburden,providesaconvenient.Throughtransferpricing,enterprisescantransferprofitsfromenterpriseswithhightaxratestoenterpriseswithlowtaxrates,soastoreducethetaxburden.Inthisregard,China'scurrenttaxsystemisnotstrictlylimited.Whenenterprisesarerestructuredandrestructured,Theproblemoftransferpricingandotherrelatedbusinessandbusinessdealingsaretaxplanningneedstobeconsidered,differentplanningresultswillbringaboutdifferenttaxeffect.2.,thetaxbenefitsassociatedwiththerestructuringofinvestmentmethodsInthelegislativeprincipleoftaxlaw,taxinvestmentbehavioroftheenterpriseoritsshareholders'income,usuallyinrealincometaxpayersforthecurrenttaxbase;forthereisnoactualreceiptofcashdividend,investmentincomewillnotbetaxed.Thisgivesthemergerandacquisitionenterprisesthepossibilityoftax-freemergersandacquisitions.(1)typesoftax-freemergersandacquisitionsandtheirtaxstatus.Tax-freemergersandacquisitions,infact,referstothemergerandacquisitionofenterpriseswiththeirownvotingshares,inreturnforTargetCorpassetsorcommonstock,isawaytoinvestinshares.Accordingtotheobjectofthetransactionandthepositionchangeofthetargetenterpriseafterthetransaction,tax-freemergerandacquisitioncanbedividedintothreetypes:absorptionmergerandnewmerger.Themergermode,theshareholdersofthetargetcompaniesinthetargetenterprisesheldbythestockexchangestockmergeracquisitionenterprise,becomethecompany'sshareholders,nolongerexistsinthetargetenterprise;thenewmergermode,shareholdersofthetargetenterprisesandtheacquisitionenterprisewillholditssharesinexchangeforthenewlyestablishedenterprisestocks.Asanewlyestablishedenterpriseshareholder,theoriginaltwoenterprisesarenolongerexists.Mutualshareholdingmerger.Thatis,thestockexchangebetweentheacquisitionenterpriseandthetargetenterprise,andthemergerandacquisitionenterpriseandthetargetenterprisebecomethemutualshareholdingrelations.Generally,becauseofthelargershareholdingoftheM&acompany,itcanexertagreaterinfluenceonthemanagementdecisionofTargetCorp.Inthecrossshareholdingmergersandacquisitions,thetargetenterprisecannotonlyexistthroughtheliquidation,butalsostillexistasanindependententity.Stockexchangeforassetconsolidation.Votingsharesoftargetenterpriseassetswillbesoldtotheacquisitionofthebusinessinexchangeformergers,thenmergerswilltargetenterpriseliquidation,stocktoitsshareholdersinexchangeforthetargetenterprisehasbeencanceledthestock.Generally,mergersandacquisitionsshouldbecarriedoutat80%ofthefairmarketvalueofthetargetproperty.Inthecasethatthetaxlawprovidesforbothataxoncashdividendsandataxoncapitalgains,tax-freemergersandacquisitionsareessentiallyadelayintaxpayments,notagenuineexemptionfromtaxes.Intheprocessoftax-freemergersandacquisitions,iftheshareholdersofthetargetenterpriseonlyacceptsharesastradingproceeds,theydonothavetopaytaxes.Onlywhentheysellthesestocksdotheyneedtoconfirmthepossibleincomeandpaytheincometax.Inmanycountries(includingourcountry),thetaxlawstipulatesthatonlythecashdividendsaretaxed,andthecapitalgainsarenottaxed.Inthiscase,thetax-freereorganizationcanrealizetherealtaxexemptionfunction.Becauseofthedifferenceofthewayofdealing,therearetwowaystodealwiththethreetypesoftax-freemergerandacquisition:thepurchasemethodandthepoolingofinterestsmethod.Underthetwoaccountingmethods,therearedifferentregulationsontherecognitionofthereorganizationassets,thedifferencebetweenthemarketvalueandthebookvalue,whichaffecttheoveralltaxsituationoftherestructuredenterprises.Underthepurchasemethod,thepurchasepriceofthetargetenterpriseisnotequaltothebookvalueofthenetassetsofthetargetenterprise.Eachassetitemthatconstitutesthenetassetvalueonthedateofpurchaseshallbeaccountedforatthefairmarketvalueoftheassessment,andthefairmarketvalueabovethebookvalueofthenetassetsshallbetreatedasgoodwillinaccounting.Goodwillandamortizationoffixedassetsdepreciationcostsincreasedbecauseofthevalueorcost,reducepretaxprofits,willproducethetaxeffect,theamountofdepreciationoramortizationexpensesincreaseinincometaxexpenseinthecorrespondingnumbertoreducethenumberof.Thismethodofaccountingtreatmentisusedinstockexchangeforassettypeacquisitions.Thepoolingofinterestisonlyapplicabletotheissueofcommonsharesinreturnforcommonsharesofacquiredcompanies.Thecompaniesinvolvedinthemergerofassetsandliabilitiesintheoriginalbookvalue,thebookvalueofM&AcompaniespaypriceequaltothenetassetsoftheTargetCorpmerger,thereisnogoodwill,amortizationandappreciationofassetsdepreciation,sothereisnoeffectontheacquisitionenterprisefutureearningsreduction.Thismethodofaccountingisadoptedintheprocessofmergerandacquisition,mergerandacquisition,andstockexchange.Thepurchasemethodandequitycomparedtocollectmethod,highvalueassetsarerecognised,andbecauseofincreaseddepreciationandamortizationofgoodwillcausedbythedecreaseofnetprofit,theformationoftaxeffect.However,thepurchasemethodincreasestheoutflowofcashortheincreaseofliabilities,thusreducingthereturnonassetsandreducingtheeffectofcapitalutilization.Therefore,taxplanningshouldcomprehensivelymeasurethegainsandlosses.(2)thetaxeffectsofdifferentwaysofrestructuringcapitalcontributions.Thedifferentmodesoftakeoverhavedifferenteffectsontaxeffects.Inthetax-freetransaction,theassetevaluationvalueisoftenhigherthanthebookvalueunderthemergermodeofstockexchange,sotheacquisitionenterprisecangettheadditionaldepreciationdeductiontax.Ratherthanthemarketvalueofthetargetenterpriseinthecarryingvalueoftheassetsundertheconditionoftax-freeacquisitionmergercompaniestendtousestockforstock,thetargetenterpriseassetstoenterprisemergerwhollyintact.Iftheacquisitionenterpriseconvertstargetenterprisesharesofconvertiblebonds,afteraperiodoftimeandthenconvertthemintocommonstock,theseenterprisestopayinterestonthebondscanbesubtractedfromthepretaxprofit,thusreducingthecorporateincometaxmerger.Thegoalofenterprisetax-freereorganization,shareholdersdonotneedtoimmediatelyconfirmtheformationofcapitalgains,whichdonotneedtopayincometax;onlyintax-freereorganization,mergerofenterprisescanobtainnetoperatinglosses,andusedtooffsetfutureearnings,butcannotbeusedtopaybackthetax.Ifafterthestockexchangetypemergerandacquisition,thetargetenterprisestillmaintainstheindependentmanagemententity,thenmaydeferthelosstobepossibletoretaininthetargetenterprise,toreducethetargetenterprise'sprofit,butcannottransfertothemergerandacquisitionenterprise.Onlyafterthetargetenterprisepaysoff,theacquisitionenterprisemayobtainthedeferrednetoperatingloss,andtheliquidationwillcausethetargetenterprisetobeforcedtorecovertheexcessivedepreciationandotheradversetaxconsequences.Correspondingtothetax-freetransaction,taxabletransactionsreferstomergerswithcashorothernonequityassetsmerger,shareholdersinthetargetenterprisesreceivethecorrespondingassets,needtopayincometax,toobtaintaxexemptionordeferredtaxconcessions.Inthetaxablereorganization,theacquisitionenterprisecanenjoythebenefitsofincreasingthetaxbaseofthedepreciationassets.Butatthesametime,thetargetenterpriseshareholdersmustquicklyidentifypossiblecapitalgains.Intheprincipleoftwo-waytrading,theinterestsofthemergerandacquisitionusuallyconflictwiththeinterestsofthetargetenterpriseshareholders.TheadvantageofthetaxbaseofthehighassetmarketpriceseemstobereflectedbythehighsharepriceofTargetCorp,sothatthetargetenterprisecanhavecapitalgains.Inaddition,theincomeofthetargetenterpriseduetoexcessivedepreciationwillberenewedascommonincomeratherthanascapitalgains.Thespecificamountisdeterminedbythecharacteristicsoftheparticularasset.Inthetaxablereorganization,thenetoperatinglossdisappears,neithertheacquisitionenterprisenorthetargetenterprisecanobtainit.Taxabletransactionsmayalsofacilitatetheacquisitionofdebtfinancingbytheacquiringparty.Mostofthestatetaxlaw,enterprisesindebtandinterestexpensescanbeusedaspretaxexpenses,sodebtfinancinghastaxeffect.Intheprocessoffinancingplanning,mergersandacquisitionsenterprisesusealargeamountofdebtfinancingtoraisethefundsneededforrestructuring,soastoreducetheincometaxexpensesofenterprisesingeneral.However,itshouldbenotedthatifthelevelofacquisitionliabilitiesistoohigh,itmaybedifficulttocompletethereformandintegrationofmergersandacquisitionswithinashortperiodoftime,anditismoredifficulttocopewiththeriskscausedbyenvironmentalchanges,resultinginmergersandacquisitionsfailure.Four,thereformandreorganizationoftaxplanningshouldpayattentiontotheproblemTherestructuringandreorganizationofenterprisesintaxplanning,butshouldconsiderthetaxeffectoftheabovefactorsontheTargetCorpselection,positioning,themaintaxbenefits,bothshareholderstransferpricingandinvestmentchoiceandsoon,shouldalsopayattentiontothefollowingquestions:taxplanningshouldestablishtheconceptofmaximizingtheoveralleconomicbenefitsThecorrelationbetweenvarioustaxcuts,ataxbaseandothertaxeswillincreasethetaxbase;ataxexemptionperiod,mayinthefuture,oneorseveraltaxperiodtaxes;theoveralltaxburdenmaybecausedbytherisingcostsorotheradverseconsequencesandsoon,therefore,enterprisesinthetaxrestructuringtheplanshouldbeconsideredintheactualoperation,inadditiontotakingfulladvantageoftaxdeferredtaxincentives,taxtoobtaintaxrevenue