跨国公司的税收筹划【外文翻译】 .doc

本科毕业论文（设计）外 文 翻 译原文：A Framework for International Tax Planning for ManagersCreating a balance between minimizing all of the applicable taxes subject to additional constraints requires a tax planning framework which recognizes the coordination of legal methods to minimize taxes. Leitch and Barrett (1992) assert that a multinational firm exists to exploit a variety of advantages which occur due to differentials in ownership, location, and internationalization factors across country boundaries. These same sorts of advantages can be considered related to tax minimization. The multinational manager in the hypothetical firm of Global Co. must consider tax planning strategies subject to differences in: (1) jurisdiction; (2) time periods; (3) entities; (4) contractual forms; and (5) activities.Jurisdiction In a regulatory sense, taxation exists to accomplish a variety of societal objectives. Consequently, these objectives are manifested in differing tax rates and schemes among nations. Some nations offer a tax holiday to corporate entities to stimulate local investment and employment, while others offer no incentives. Similarly, allowable exclusions and deductions used in determining taxable income may differ among countries. Global Co. must consider all of these elements when selecting countries for operations. The multinational firm is in a position to exploit these differences to legally avoid taxes and minimize the overall tax burden. Complications arise when managers make tax policy decisions in isolation from the overall business needs of the firm. The optimal strategy includes international tax policy in conjunction with business strategy. If Global Co. selects countries for operating activities solely for tax considerations, then the firm may fail to derive the maximum benefit from a multinational strategy which seeks to exploit a variety of advantages.Time PeriodsSince the multinational firm often produces goods or services in a variety of places over different economic cycles, there are choices available which allow the firm to defer payment of tax or recognition of taxable income. The objective of this sort of planning is to allow income to be taxed at the lowest possible rate. For example, Global Co. might vary production schedules at locations in different countries to take advantage of differing tax rates. The cross-jurisdictional differences in effective tax rates for a multinational enterprise may change over time. During low points in a business cycle, an entity in one country may have net operating losses which result in a net income tax rate of zero. If that entity is unable to immediately apply the net operating losses, then the parent firms strategy might be to shift income into that country to take advantage of the net operating losses. The parent could shift income by raising the transfer prices paid on products from that country, or by reducing the royalty payments that the subsidiary .pays to other entities. Accelerating recognition of taxable income could also be advantageous if a firm expects favorable tax incentives will be expiring in the next year. During high points in a business cycle, the multinational enterprise could attempt to defer recognizing income in high-tax countries. For example, installment sales contracts could be written to defer income recognition to future periods. The sales contract could be revised to lower the price on initial purchases, and increase the price on future maintenance and upgrades. They could accelerate expense recognition by performing more currently deductible maintenance than constructing facilities that must be depreciated over long time periods.Choice of EntityThe multinational may select a variety of organizational forms with which to conduct transactions with distributed units in other countries. This choice has legal as well as tax implications for the combined entity. If foreign units are organized as subsidiaries, the parent may be allowed to defer recognition of income from the subsidiary until dividends are distributed to the parent. Organizing units as branches will result in the inclusion of all branch income in the worldwide income of the parent. In some countries, the parent may elect to form partnerships where any income or loss will flow directly through to the partners without taxing the foreign entity. A hybrid entity also may be formed which results in one jurisdiction taxing the unit as a partnership and another as a corporation. These choices will affect Global Co. in characterizing the income received in the venture as active, passive, or triggering capital gains. Each result yields differing tax effects. In any event, the choice of entity from a tax planning perspective must be balanced with the needs of the firm overall. Tax regulations are rather fluid, and the multinational must be prepared to face changing situations over time. More importantly, it may be difficult to change the organizational form of a foreign unit once established. Global Co. would need to evaluate the business purpose for a particular choice of entity in conjunction with the related tax effects to determine the optimal arrangement. Particular legal considerations may be so acute that Global Co. would elect to form a type of entity even if it resulted in less tax benefit. Contractual FormsVarious contractual forms for the structure and workings of the entity can affect the tax situation of the multinational. One of the fundamental choices for Global Co. is how to finance the foreign entity. Sekely and Collins (1988) show that the capital structure choice of a firm is influenced by the country location. Financing through debt or equity will have different tax effects related to the deductibility of interest expense and lack of deductibility for equity contributions. Similarly, interest income would be recognized as income to the recipient, whereequity received is generally not taxed as income. Convertible or hybrid securities may be considered as debt or equity for the multinational, depending upon the circumstances. Operational choices, such as whether to hire personnel as contractual employees or independent contractors, will also have different tax effects for Global Co. A similar situation exists with respect to owning or leasing various assets. Tax differentials among countries may exist requiring the multinational to balance these choices across foreign units.Corporate ActivitiesPerhaps the most logical, yet less direct, concern for tax planning involves an evaluation of the various activities undertaken by the multinational. Figure 1 providesa diagram of the activities of a U.S. parent corporation and its foreign subsidiary. For example, Global Co. might provide assistance to a foreign subsidiary in the form of research and development, financing, production, and marketing and distribution. When Global Co. (the parent) provides technology, the subsidiary pays the parent in the form of royalites or management fees which are taxable income to the parent and deductible by the subsidiary. The parent may provide oversight to the subsidiary in production decisions without creating a taxable event. Marketing and distribution activities may generate gains for either the parent or the subsidiary depending upon where title passes for the goods. Similarly, any transfers and the location of the sale of goods also affects value-added taxes and tariffs.In terms of financing, the taxation situation for Global Co. depends upon whether debt or equity was used to assist the subsidiary. Equity in foreign subsidiaries generates dividends or capital gains which are taxable to the parent by the full amount of the distribution. To minimize taxes for the combined corporate entity, taxation and source of income issues must be considered in all phases of Global Co.s activities. Particular activities may be desirable from a business perspective, but create less than ideal tax implications. For example, Global Co. may wish to exercise control over a subsidiary in the form of a significant equity interest, but may prefer merely to loan funds and generate taxable interest on the loan repayment in the very distant future. The rules for sourcing income of the combined enterprises in the U.S. or foreign countries are summarized in Table 3.The type of goods or services offered may influence the location of taxation of the transaction, and thus the eventual effective tax rate of the muItinational entity and any foreign subsidiaries. For example, if Global Co. exports inventory it purchased in the U.S. and title passes in Country X, then the income on that sale is classified as foreign-source income and any contract disputes would be determined under country Xs laws. To shift the sourcing of income on the sale of purchased inventories from Country X to the U.S., Global Co. could restructure its marketing so that title passes to the purchasers in the U.S. When a corporation manufactures goods in one country and exports them to its foreign branch, the income from the sale of those goods must be allocated between U.S.- and foreign-source income. If an arms_length transfer price can be estimated, then that transfer price is used to source income between the countries. If not, the gross income is classified as U.S. or foreign source using an appoionment formula based on the ratio of the firms property and sales in the U.S. and foreign countries. Passive investment income (interest and dividends from unrelated firms) is often subject to a type of withholding tax when the income is transferred out of the country. Capital gains on property are taxed according to the type of property. Tangible property gains typically are taxed in the country where the property is located. Gains on intangible property may be taxed in the country where the owner of the intangible property resides. This result may make it necessary for Global Co. to consider the ownership of any intangible property that the foreign entity may require for operations.Once Global Co. determines the appropriate tax strategy given an overall business strategy, compliance is the next phase which confronts the manager with a set of choices. The results of a U.S.-based multinational firms efforts at tax minimization on a global scale are first apparent in calculations on the U.S. income tax return. For foreign income taxes paid, the taxpayer may select each year either a deduction to reduce taxable income or a foreign tax credit that directly reduces the tax liability. For taxes paid other than income, deduction is the only treatment allowed. For Global Co., the optimal choice between a tax deduction or tax credit will depend upon the type of income created by the specific foreign entity and related types of worldwide income generated by the combined entity. Choices that Global Co. made previously with regard to the type of entity, financing decisions, location of foreign operations, and passing of title, etc. for the foreign entity will be reflected in the type and character of income generated by the foreign entity.While multinationals attempt to create a tax policy which minimizes total taxes and maximizes after-tax cash flow, the governments who administer tax regulation also pursue their own goals. These governments try to maximize their own social policy goals given a variety of constraints and external factors. Multinationals can improve their own tax planning by evaluating the position of foreign governments with respect to their own tax policy objectives and future changes. Therefore, for planning purposes, the multinational should evaluate tax policy goals of foreign governments and method of collection for each country where the firm maintains operations.In achieving their revenue goals, governments may adjust either the tax rate or the tax base, or attempt to stimulate total economic output through incentives. Employment goals for the workforce provide incentives for firms to support job growth in particular regions, or to expand specific targeted industries. Govemments could also seek to create a neutral environment which mitigates incentives for firms to adjust their business behavior solely in response to tax differences. This type of consideration is also reflected in allowing credit for taxes paid to foreign governments to avoid double taxation for multinationals. Cooperation between the governments of nations is evidenced by the creation of multilateral trade treaties and bilateral tax treaties. These agreements greatly simplify compliance and minimize uncertainty for multinationals. Another aspect which will affect the tax policy of multinationals is the tax administrative process in each country. Transactions in the U.S. are characterized by a set of formal rules, while negotiated settlements are much more common in countries such as the Netherlands. At present, relative instability in the administrative process in the former Soviet Union greatly complicates tax planning for multinationals with operations there.Most countries employ a mix of several methods to execute their tax policy. Taxable income can be calculated using worldwide or territorial income. The relative effects of such policies on a multinational depend upon specific calculations for income according to source. Non-resident corporations may also be subject to a withholding tax on income earned.For Global Co., an optimal international tax minimization strategy has involved the use of subsidiaries in tax haven countries, FSCs, transfer pricing, income sourcing and characterization decisions affecting active and passive distinctions, and the creation of a financing subsidiary. All of these decisions were made in conjunction with the overall global strategy of the company and the motivations for creating a multinational entity. Tax considerations outside of the U.S. were balanced with legal, political and economic risks. Ultimately, Global Co.s strategy incorporates these risks and evaluates competitive situations to choose the appropriate form of entity and location. Financing and operational decisions would seek to minimize taxes, but not to the detriment of the overall strategic purpose in creating foreign operations.The central theme of this paper is that multinational firms can use a variety of techniques to reduce or defer payment of income taxes. In developing strategies to maximize after-tax cash flow, both tax and non-tax factors must be considered. Sometimes the tax benefits of implementing a particular tax-minimizing strategy are less than the non-tax costs. Previous sections of this paper have shown basic concepts and examples of the international tax implications of the choice of jurisdiction, timing, entity form, contractual form, and activities. Although the legal details are complex, all managers in multinational firms should be aware of the basic concepts of international taxation