第21章必讲后备国际税收环境与转移定价

21-0INTERNATIONALFINANCIALMANAGEMENT21-1INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKFourthEditionChapterObjective:Thischapterprovidesabriefintroductiontotheinternationaltaxenvironment.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。21ChapterTwenty-oneInternationalTaxEnvironment21-2ChapterOutlineTheObjectivesofTaxationTypesofTaxationTheNationalTaxEnvironments（国别税收环境）OrganizationalStructuresforReducingTaxLiabilitiesBranchandSubsidiaryIncomePaymentstoandfromForeignAffiliatesTaxHavensControlledForeignCorporationTransferPricing&RelatedIssuesBlockedFunds（冻结资金）21-3TheObjectivesofTaxationThetwinobjectivesoftaxationare:1.TaxNeutrality（税收中性）2.TaxEquity（税收公平）21-4TaxNeutralityAtaxschemeistaxneutralifitmeetsthreecriteria:1.CapitalExportNeutrality:thetaxschemedoesnotincentivisecitizensmovetheirmoneyabroad.好的税制既能为政府有效地筹集收入，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.CapitalImportNeutrality:thetaxburdenonaMNCsubsidiaryshouldbethesameregardlessofwhereintheworldtheMNCisincorporated（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.NationalNeutrality:taxableincomeistaxedinthesamemannerbythetaxpayer’snationaltaxauthoritiesregardlessofwhereintheworlditisearned.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。21-5TaxEquityTaxEquity:regardlessofthecountryinwhichanaffiliateofaMNCearnstaxableincome（无论跨国公司的分公司从哪个国家取得的应税所得）,thesametaxrateandtaxduedateshouldapply（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。Theprincipaloftaxequityisdifficulttoapply;theorganizationalformoftheMNCcanaffectthetimingofthetaxliability.21-6TypesofTaxationIncomeTaxWithholdingTaxValue-AddedTax21-7IncomeTaxAnincometaxisataxonpersonalandcorporateincome.Manycountriesintheworldobtainasignificantportion（很大一部分）oftheirtaxrevenuefromincometaxes.Anincometaxisadirecttax,thatisonethatispaiddirectlybythetaxpayeruponwhomitislevied（被征收）.21-8CorporatePercentageIncomeTaxRatesinSelectedCountries21-9CorporatePercentageIncomeTaxRatesinSelectedCountries21-10WithholdingTaxWithholdingtaxesarewithheld（扣缴）fromthepaymentsacorporationmakestothetaxpayer.Thetaxesareleviedonpassiveincomeearnedbyanindividualorcorporationofonecountrywithinthetaxjurisdiction（税收管辖权）ofanothercountry.Passiveincomeincludesinterestincomeanddividends,incomefromroyalties（特许权收入）,patents,orcopyrights.Awithholdingtaxisanindirecttax.21-11U.S.TaxTreatyPercentageWithholdingTaxRateswithSelectedCountries21-12U.S.TaxTreatyPercentageWithholdingTaxRateswithSelectedCountries21-13U.S.TaxTreatyPercentageWithholdingTaxRateswithSelectedCountries21-14Value-AddedTaxAvalue-addedtaxisanindirecttaxleviedonthevalueaddedinproductionofagoodorservice.InmanyEuropeanandLatinAmericancountriesthevalue-addedtaxhasbecomeamajorsourceoftaxationonprivatecitizens.Manyeconomistspreferavalue-addedtaxtoanincometaxbecausetheincentiveeffectsofthetwotaxesdiffersharply.21-15Value-AddedTaxAnincometaxhastheincentiveeffectofdiscouragingwork.Avalue-addedtaxhastheincentiveeffectofdiscouragingconsumption(therebyencouragingsaving).Value-addedtaxiseasiertoadministeraswell.Whiletaxpayershaveanincentivetohidetheirincome,producershaveanincentivetomakesurethattheirupstreamsuppliersintheproductionprocessdeclarethevalueadded(andpaythetax!).21-16Value-AddedTaxCalculationInthisexample,thetaxrateis15percent.Supposethatstageoneisthesaleofrawmaterialstothemanufacturer;stagetwoisthesaleoffinishedgoodstoaretailer;stagethreeisthesaleofinventoryfromtheretailertotheconsumer.ProductionStageSellingPriceValueAddedIncrementalVAT1€100€1002€300€2003€380€80TotalVAT=€100.15=€200.15=€80.15=€380.15€15€30€12€5721-17OtherTypesofTaxationAwealthtaxisataxleviednotonincomebutonthewealthofataxpayer.Propertytaxesareanexample.Apolltax（人头税，投票税）isataxonyourexistence.Itissocalledbecauseitwascollectedfromthosewhowishedtovote.21-18TheNationalTaxEnvironmentsWorldwideTaxation（全球性税制）TerritorialTaxation（地区性税制）ForeignTaxCredits（国外税收抵扣）21-19WorldwideTaxationTaxnationalresidentsofthecountryontheirworldwideincomenomatterinwhichcountryitwasearned.21-20TerritorialTaxationTerritorialtaxationtax（征税，这里是动词）residentsbaseduponwherethetaxableeventoccurred.21-21ForeignTaxCredits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。Allowstaxpayerstorecoversomewhatfromdoubletaxation.Directforeigntaxcreditsarecomputedfordirecttaxespaidonactiveforeign-sourceincomeofaforeignbranchofaU.S.MNCoronwithholdingtaxeswithheldfrompassiveincome.Indirectforeigntaxcreditsareforincometaxespaidbythesubsidiary.21-22ExamplesofCalculatingU.S.ForeignTaxCreditsforSubsidiaryOperations21-23OrganizationalStructuresforReducingTaxLiabilitiesBranch&SubsidiaryIncome（分公司及子公司的收入）PaymentstoandfromForeignAffiliatesTaxHavensControlledForeignCorporationForeignSalesCorporation21-24Branch&SubsidiaryIncomeAnoverseasaffiliateofaU.S.MNCcanbeorganizedasabranch（分公司）orasubsidiary（子公司）.Aforeignbranchisnotanindependentlyincorporated（独立成立的）firmseparatefromtheparent.Branchincomepassesdirectlytothe