全国社会保障基金境外投资收益的税收问题探析

从2006年年底开始,全国社会保障基金境外投资的大门正式开启,由此引起的该基金境内外投资收益税负不均的问题,不仅违反了税收中性原则,而且不利于该基金的保值增值。对此,主张"国家及其财产豁免"并不可行。可行的方法是将其纳入到双边税收协定中,通过对将该基金的股息、利息以及资本利得适用协定的特别条款,从而免除来源国的征税。     

Participation exemption and tax arbitrage: Italy’s case

This paper studies how participation exemption (PEX) tax rules for stocks owned by companies, which are frequent in EU countries, introduce tax arbitrage opportunities. The focus is on Italy’s PEX rules. PEX enables companies to make manufactured loans that generate tax exempt interest income by combining stocks with forwards or options. Borrowing through similar manufactured loans allows companies to bypass restrictions to deducting the cost of borrowing. PEX induced arbitrage exploitable through stock and options portfolios is available even when put-call parity holds for European options. Derivatives that hedge a stock can “inherit” the PEX regime of the stock they hedge. PEX gives companies that own a stock a tax timing option, which can be exploited through stock straddle strategies, i.e. long-short positions in the same stock, and which can generate valuable tax savings.     

A New Tax on Income from Capital in the Netherlands

The Dutch income tax is until now based on the source theory. As a consequence capital gains are not taxed; this principle forms the basis of many schemes for tax avoidance. To cope with this problem the Government proposes an analytic income tax at a rate of 30% assuming a fixed annual yield of 4%. According to critics the proposal will lead to a modest taxation on capital gains but also to various forms of tax arbitration and a tax justice deficiency.     

Human capital,instability and foreign investment in transition economies

I argue that the West should lend money to the former Soviet Union and Eastern Europe (FSUEE) to prevent excessive deterioration of its human capital stock. Such loans can improve the recipient countries' welfare by allowing them to enjoy the long-run benefits of a large human capital stock without incurring the costs of maintaining these stocks through lean economic times. The West can receive a fully competitive rate of return on these loans, and future foreign investors will be able to earn high rates of return by supplying physical capital to a newly stabilized FSUEE with abundant human capital.     

美国企业并购中涉税影响的评介

合理的企业并购战略既重新配置经济中存量资源,促进经济发展,还是企业经营迈向成功的契机。随着我国海内外并购活动的日趋活跃,税收已经成为影响企业并购形式、交易成本等方面的重要因素,但并未引起国内学者的重视。本文主要依据美国《国内税收法典》、《1986年税收改革法案》,简要综述国外学者对美国企业并购中涉税问题的研究成果,阐明税收因素对美国企业并购的重要影响,为我国企业并购提供借鉴,也为国内并购交易的税收法规研究提供新的思路。     

When the Belt and Road Initiative Meets BEPS: Reforming China's Foreign Tax Credit Rules in the New Era

Today, international taxation is at an inflection point. The implementation of action plan on base erosion and profit shifting (BEPS) and enforcement of the Belt and Road Initiative are reshaping taxation rules and principles. As a crucial aspect of outbound taxation, foreign tax credit is expected to embrace the normative objectives of the new era, which emphasize the importance of subjecting all trans-border business activities to equitable, efficient, and coordinated taxation. Currently, China’s foreign tax credit prescribes in an incompatible pattern; it lacks clear legislative intent, despite marking specific rules with archaic unilateral characters. To reform this regime, legislative principle should reflect the latest consensus on the economic activities’ nexus and ensure that the income derived from trans-border transactions falls under a minimum tax. Regarding specific rules, it is strongly suggested that active and passive incomes be distinguished and the equity holding threshold of obtaining indirect credit be lowered. China’s foreign tax credit reform should take an inclusive perspective, actively participating in the cooperation between countries.     

European group taxation-the role of exit taxes

The European Commission’s proposal to establish a Common Consolidated Corporate Tax Base reduces both compliance and administrative costs for European groups. The proposal would replace separate entity accounting with a profit allocation based on formula apportionment. Since formula apportionment rests on the source principle, the group faces an incentive to invest in low tax member states. Residence-based group taxation based on separate entity accounting could be an alternative. The subsidiaries’ profits and losses are attributed to the parent of the group (current inclusion), and the European group’s profit is taxed at the corporate income tax rate of the parent. The parent’s state of residence grants a foreign tax credit. Current inclusion prevents tax distortions regarding the location of investments, if no limitations on the foreign tax credit exist. A serious drawback of residence-based taxation is the incentive to move the group’s headquarter to a low tax member state. At present, this incentive is mitigated by exit taxation. Applicable exit taxation rules, however, most likely infringe upon European law. Rules that conform to European law probably abolish unfavourable liquidity effects upon exit. In net present value terms, however, exit taxes still render it burdensome for the group to move the headquarter to another member state.

论外商证券投资法律制度

外商对华证券投资包括投资于境外证券市场与境内证券市场的外资股与债券,其主流则为境内上市外资股(B股)与QFII投资普通股(A股)。外商证券投资的法律制度由投资者本国的法律监管与东道国法律监管两部分构成。前者监管主要针对证券发行数量、税收和利率的限制,后者监管主要集中在证券入市审批和证券交易管理,两者中应以东道国法律监管为主。我国对外商证券投资实行较为严格的监管制度,集中体现为证券市场开放中实行的QFII制度。法律监管的范围涉及市场准入审批、证券发行、证券交易、资产管理和外汇管理等方面。     

Why are countries reluctant to exchange information on interest income? Participation in and effectiveness of the EU Savings Tax Directive

Since 1.7.2005 the EU Savings Tax Directive has ensured a minimum of taxation on foreign interest income by offering participating countries the opportunity either to apply a withholding tax or to exchange information on cross-border interest income. The aim of the paper is to examine why countries do not exchange information on interest income. The results suggest that the incentive to exchange information is weakened if the financial sector in a country is very profitable. A high profitability of the financial sector enables countries to maximize revenues from the corporation tax. A second reason for discouraging information exchange is related to the spillover effects on the domestic labor market. An inflow of financial capital is indirectly associated with the creation of employment and well-paid jobs. In its current form the savings tax directive enables individuals to avoid taxation, either by placing their income in non-participating countries or by investing in assets which are not part of the directive. Using German revenue data for 2005 and 2006 the paper shows that Germany receives significantly less revenue from countries applying a withholding tax. This result indirectly indicates that investors can take advantage of the directive's loopholes.     

我国股票期权激励制度的法律问题研究

股票期权制度作为近年来在西方国家行之有效的一种企业激励机制,在我国也得到了越来越广泛的运用。但由于相关法律制度的不完善、甚至空缺,我国大多数公司在这一制度的实施过程中遇到了各种问题。改变我国现有的公司资本制度,为建立＂库存股＂提供可操作性,并修改《公司法》与《证券法》中关于新股发行与股份回购的相关规定,是有待解决的首要问题之一;其次,将独立董事纳入激励对象范围,为激励对象提供更多行权资金来源渠道,有助于提高该制度的实施效果;最后,修改《税法》,给予股票期权制度更多税收优惠政策,更好地体现税法在调节该制度激励尺度和激励方向上的杠杆作用。     

非洲国家税法对外资的影响分析

在经济全球化的背景下,非洲国家大都渴望吸引更多的外来投资以发展本国经济.税收作为国家宏观调控的重要手段,税法作为宏观调控法的重要组成部分,在吸引外来投资的过程中作用十分关键,所以非洲国家都非常重视税法的作用.他们积极地进行税收立法,明确税法以吸引投资为主要目的;采用税收优惠政策以吸引投资;采取税收措施以引导投资方向;消除关税壁垒以减少吸引外资的障碍.在中国企业逐渐将目光投向非洲大陆的时候,这些都值得我们关注和探讨.     

论外商投资合同法律效力争议解决

本文所称外商投资合同法律效力争议,是一个较为宽泛的概念,它不仅包括外商在中国境内直接投资签署的中外合资/合作经营企业合同及其变更的法律效力所产生之争议,也包括外资并购合同法律效力产生之争议,还包括外商投资中企境外企业所签署的合同法律效力所产生之争议。本文意图通过对上述三种不同形式的外商投资合同法律效力所产生之争议的不同方面进行比较研究,从而找出正确的解决这些争议的方法,以供业内人士、仲裁员、律师参考。     

新发展格局下中国国际税制竞争力的提升路径

国际税收法律制度竞争是国际税收竞争的核心,一国的国际税收竞争力从根本上取决于其税制的竞争力。近年来,各国提升国际税制竞争力的主要举措包括从全球税制向有限属地税制转型、加强税收协定中消极所得预提税税率的法律协调以及对吸引外资的税收优惠制度进行调整。在全球竞争的大背景下,中国应当在总结国内外国际税制改革先进经验的基础上,对自身的国际税制进行系统性改革,即加快从全球税制向有限属地税制转型,完善税收协定中的消极所得条款,调整企业所得税优惠以应对支柱二规则带来的挑战。     

防范资本弱化避税的法律规则探析

利用资本弱化手段逃避企业所得税已经成为企业避税的一种重要形式,针对这一现象许多国家特别是发达国家都制定了资本弱化规则,以阻止本国或跨国企业融资中债务资本的滥用,防范资本弱化对本国税收利益的侵蚀。发达国家普遍采用的防范资本弱化的方法主要有固定比例法和公平交易法两种。结合国外实施资本弱化税制国家的立法和司法实践,根据我国立法现状,笔者认为,我国应当建立以安全港规则为主,公平交易规则为辅的防范资本弱化避税的规则模式。这种规则模式,既能体现社会正义、维护国家利益,又能体现社会公平、保护企业的合法权益。     

State Aid and Taxation of Transnational Companies: A Study of State-Corporate Crime

This study examines the taxation of transnational companies from the perspective of state-corporate crime. As in Sutherland’s pioneering study on white-collar crime, the author relies, in this case, on administrative decisions issued by the European Commissioner for Competition regarding Fiat and Starbucks. According to the Commissioner, the tax advisors of these organizations prepared and submitted special tax rulings on behalf of their clients that were granted by the Luxembourg and Dutch tax authorities, respectively. However, these tax rulings were considered illegal under European law, as they constitute state aid. Therefore, the Commissioner fined Fiat and Starbucks. In this inquiry, state aid from tax rulings is conceived as a process of capital accumulation that arises from states’ regimes of permission based on the interactions between public sector and private sector actors. Thus, an observable symbiosis between tax authorities and transnational companies allowed the latter to use tax regulations in a manipulative way, while the former exercised weak/undue control. This study also unveiled the criminogenic role of tax advisors, an industry that is rarely held accountable for their actions.     

Case Baiting

In 2014, New Jersey passed the Sports Wagering Act, permitting sports betting at state casino and racetrack venues, in direct conflict with the federal Professional and Amateur Sports Protection Act. In 2017, South Dakota passed Senate Bill 106, requiring that certain e-commerce retailers collect and remit sales tax, in violation of federal law. The two U.S. Supreme Court decisions arising from challenges to these state statutes—South Dakota v. Wayfair and Murphy v. NCAA—exemplify U.S. Supreme Court “case baiting.” Case baiting is a tactic states implement to challenge federal directives by passing state legislation that directly conflicts with federal law to lure the Court into granting certiorari and ruling in their favor. This article argues that South Dakota's and New Jersey's triumphs pave the way for other jurisdictions to pursue similar strategies across multiple legal issues such as abortion restrictions and immigration law. In addition, this article suggests that case baiting invites further scholarly exploration of important policy considerations, including the use of this tactic as a novel approach to the application of law and strategy, whether case baiting promotes the Court's progression toward a more quasi-legislative role, and whether passing conflict legislation violates state legislators’ oaths of office.     

论现代服务业营业税法的改革取向

现代服务业已经成为衡量一国现代化水平的重要标志。然而，我国现行营业税法律制度存在的诸多弊端，尤其是重复征税问题无疑成为现代服务业发展的重要障碍。因此，剖析现行营业税法律制度是改革之前提。在此基础上，借鉴国外促进现代服务业发展的先进税收立法经验，并结合我国的国情，进一步完善营业税法律制度。与此同时，应改变对现代服务业的征税方式，将其逐步纳入增值税的征收范围，以避免重复征税，从而减轻现代服务业的税收负担。目前，上海正进行增值税扩围的试点，以此为契机积累向全国推广的经验，可促进现代服务业快速有序发展和竞争能力的提升。     

《中德税收协定》的现状与发展趋势

中德两国互为重要的经济贸易伙伴国。《中德税收协定》自1985年签订以来,成为两国解决双重征税和防止逃漏税问题的法律准则。然而,《中德税收协定》实施后,中国不断地推进税制改革,两国间经贸往来出现了新的形式,与此同时,国际税法理论也有了新的发展。因此,适时修改《中德税收协定》是必要的。尽管中国在德国的投资已有所发展,但是应当清醒地看到,中国仍是资本输入国,在修订《中德税收协定》时,应当坚持来源地管辖权为主和适当兼顾居民管辖权的原则。     

Why are some foreign-born workers more entrepreneurial than others?

Foreign-born workers have made significant and substantial contributions to economic productivity and new firm creation in the United States. This paper identifies predictors of entrepreneurial participation among foreign-born workers, combining nationally representative survey datasets covering the U.S. resident, college-educated workforce with country-of-origin macro statistics from the Global Entrepreneurship Monitor. Immigrants who come to the U.S. after earning university degrees abroad are more likely to own businesses than other college-educated, U.S. resident workers. However, much of their higher rate of business ownership can be attributed to differences in demographic characteristics, such as years of postgraduate work experience and marital status. By contrast, science and engineering-based business ownership is most common among immigrants who came to the U.S. to pursue higher education. Furthermore, after controlling for differences in human capital, U.S.-trained adult immigrants have higher propensity to own businesses than other foreign-born workers and native U.S. citizens, overall. U.S.-trained immigrants’ higher probability of business ownership is not explained by differences in human capital or other demographic characteristics, but does seem partly attributable to differences across foreign-born workers’ countries-of-origin. Specifically, adult immigrants and foreign temporary residents from countries that offer entrepreneurs lower levels of cultural support are more likely to start and own U.S. businesses.     

房产税改革正当性的五维建构

房产税改革是当前我国财税体制改革中的焦点、重点和难点,其正当性建构必须得到重视。在现行法律框架下,有关土地公有制和双重征税的质疑能够化解,存量房产具有可税性。房产税改革的正当性可分解为五个维度:一是征税正当,应以完善财产税制为直接目的,组织收入的功能则需经由整体性的税费结构调整来渐进地实现。二是定税正当,应以税负适度为核心,合理确定计税依据、税率及税收优惠。三是管税正当,应完善房产评估等配套制度,建立以纳税申报为主体的新型征纳模式。四是用税正当,应强化地方财政支出的公共性,形成地方财政收支健康运转的良性循环。五是程序正当,应以制定房产税法的形式推进改革,通过改革路径的法治化和可参与化来增强其民意基础。