第21章必讲后备国际税收环境与转移定价

1、21-0INTERNATIONALFINANCIALMANAGEMENT21-1INTERNATIONALFINANCIALMANAGEMENTEUN / RESNICKFourth EditionChapter Objective:This chapter provides a brief introduction to the international tax environment.本章对跨国公司税收筹划很有用，对从事国际金融资产投资也很有指导意义。21Chapter Twenty-oneInternational Tax Environment21-2Chapter OutlineT

2、he Objectives of TaxationTypes of TaxationThe National Tax Environments（国别税收环境）Organizational Structures for Reducing Tax Liabilities nBranch and Subsidiary Income nPayments to and from Foreign AffiliatesnTax HavensnControlled Foreign CorporationTransfer Pricing & Related IssuesBlocked Funds（冻结资

3、金）21-3The Objectives of TaxationlThe twin objectives of taxation are:1. Tax Neutrality （税收中性）2. Tax Equity（税收公平）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. 好的税制既能为政府有效地筹集收

4、入，又不会对纳税人的经济决策产生负面影响，不会阻碍资源配置到世界任何可获得最高回报率的地方。资本输出中性是建立在实现全球经济效率基础上的。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（子公司的税负不因母公司所在地的不同而有所区别）. 无论跨国公司属于哪个国家，东道国对该跨国公司的分公司所征收的税收应该一视同仁且应与本国企业相同。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. 不论应税所得是在世界哪个国家挣的，各国税收当局都应以同样的方式征税。21-5Tax EquitylTax Equity: regardless of the country in which an affiliate of a MNC earns taxable income（无论跨国公司的分公司从哪个国家取得的应税所得

6、）, the same tax rate and tax due date should apply（适用相同的税率和纳税日期）. 例如，跨国公司的国外分公司所赚到的1美元与国内分公司所赚到的1美元应按相同的规则纳税。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（扣缴） 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（税收管辖权） of another country.lPassive income includes interest income and dividends, income from royalties（特许权收入）, 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（人头税，投票税） 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（全球性税制）lTerritorial Taxation（地区性税制）lForeign Tax Credits（国外税收抵扣）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（征税，这里是动词） residents based upon where the taxable event occurred.21-21Foreign Tax Credits 美国选择的避免双重征税的方式，是对跨国公司来自外国的收入已向外国当局缴纳的税款进行抵扣，即不再对这部分收入按照美国税制征税。外国税收抵扣总额不应高于假设这部分外国收入发生在美国的纳税额。税收抵扣的最高额度以全世

17、界外国来源所得计算，发生在不同国家的损益可以相互冲销，某一税收年度未抵扣完的可以回抵过去1年和未来10年的税收。 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（独立成立的） 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 被称为避税天堂的国家或地区，公司所得税税率和预提税税率都很低。例如，巴哈马、巴拿马、巴林、香港、开曼群岛、百慕大群岛、英属维尔京群岛、海峡群岛等。其中，巴拿马和香港外国来源的所得是免税的。 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. 税收改革法案的目的是防止一定所得在避税国家的税收延迟、并通过减少美国跨国公司从外国税收抵扣中获得的利益来增加税收。21-27中国对外投资主要目的地21-28Controlled

24、 Foreign Corporation 美国居民控股的国外公司是指美国股东拥有50%以上表决股份的外国子公司。美国股东可以是任何美国公民、居民、合伙企业、公司、信托或地产商，只要它拥有或间接拥有10%以上居民控股的国外公司具有投票权的股权。即使6个非关联的美国股东各自拥有同一家外国公司10%具有投票权的股权，就可以把该公司视为控股外国公司。美国公司的非控股外国公司的未分配利润会被延期征收，直至以股利形式被汇回。对控股国外公司的所得要立即征税。所得包括：保险所得；国外公司所得（即与销售、运输、和石油相关的被动收入）；来自遭遇国际联合抵制国家的收入；来自美国与之断交国家的收入。收到的非法贿赂、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（即使这些美国股东间彼此独立）.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（税收抵免）

27、 are unlikely to be completely used. 虽然在诸如避税天堂等地交税较少，但是美国控股的国外公司在美国要补缴差额税收。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（公平价格，独立企业间的交易价格）.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（经常性费用） and profit.nCost-plus approach: an appro

31、priate profit is added to the cost of the manufacturing affiliate. 21-33转移定价案例应用 Mintel制造公司生产的产品从母公司输送到海外全资子公司进行销售。产品单位变动成本1500美元，销售子公司卖给最终顾客的零售价为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（预约定价协议） 预约定价协议是跨国公司与某国税收当局之间签订的具有法律约束力的契约。例如，按照预约定价协议，IRS不再根据美国税收法典第482条的要求对某些被称为抵补业务的交易进行转移定价调整。预约定价协议中的具体转移定价方法可提前5年通过协商确定。 预约定价协议既可以是单边的，也可以是双边的，甚至可以是多边的。单边的预约定价协议指纳税人与某国税收当局就在该国的纳税问题进行协商。双边或多边预约定价协议是纳税人