跨国公司的税收筹划【外文翻译】.docx

跨国公司的税收筹划【外文翻译】.docx

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本科毕业论文（设计）

外  文  翻  译

原文：

AFrameworkforInternational TaxPlanningforManagers

Creatingabalancebetweenminimizingalloftheapplicabletaxessubject toadditionalconstraintsrequiresataxplanningframeworkwhichrecognizes thecoordinationoflegalmethodstominimizetaxes.LeitchandBarrett（1992） assertthatamultinationalfirmexiststoexploitavarietyofadvantageswhich occurduetodifferentialsinownership,location,andinternationalizationfactors acrosscountryboundaries.Thesesamesortsofadvantagescanbeconsidered relatedtotaxminimization.Themultinationalmanagerinthehypotheticalfirm ofGlobalCo.mustconsidertaxplanningstrategiessubjecttodifferencesin:

（1） jurisdiction;

（2）timeperiods;（3）entities;（4）contractualforms;and（5）activities.

Jurisdiction

Inaregulatorysense,taxationexiststoaccomplishavarietyofsocietal objectives.Consequently,theseobjectivesaremanifestedindifferingtaxrates andschemesamongnations.Somenationsofferataxholidaytocorporateentities tostimulatelocalinvestmentandemployment,whileothersoffernoincentives. Similarly,allowableexclusionsanddeductionsusedindeterminingtaxable incomemaydifferamongcountries.GlobalCo.mustconsideralloftheseelements whenselectingcountriesforoperations.Themultinationalfirmisinaposition toexploitthesedifferencestolegallyavoidtaxesandminimizetheoveralltax burden.Complicationsarisewhenmanagersmaketaxpolicydecisionsinisolation fromtheoverallbusinessneedsofthefirm.Theoptimalstrategyincludes internationaltaxpolicyinconjunctionwithbusinessstrategy.’IfGlobalCo. selectscountriesforoperatingactivitiessolelyfortaxconsiderations,thenthe firmmayfailtoderivethemaximumbenefitfromamultinationalstrategywhich seekstoexploitavarietyofadvantages.

TimePeriods

Sincethemultinationalfirmoftenproducesgoodsorservicesinavarietyof placesoverdifferenteconomiccycles,therearechoicesavailablewhichallowthe firmtodeferpaymentoftaxorrecognitionoftaxableincome.Theobjectiveof thissortofplanningistoallowincometobetaxedatthelowestpossiblerate.For example,GlobalCo.mightvaryproductionschedulesatlocationsindifferent countriestotakeadvantageofdifferingtaxrates. Thecross-jurisdictionaldifferencesineffectivetaxratesforamultinational enterprisemaychangeovertime.Duringlowpointsinabusinesscycle,anentity inonecountrymayhavenetoperatinglosseswhichresultinanetincometaxrate ofzero.Ifthatentityisunabletoimmediatelyapplythenetoperatinglosses,then theparentfirm’sstrategymightbetoshiftincomeintothatcountrytotakeadvantage ofthenetoperatinglosses.Theparentcouldshiftincomebyraisingthetransfer pricespaidonproductsfromthatcountry,orbyreducingtheroyaltypayments thatthesubsidiary.paystootherentities.Acceleratingrecognitionoftaxable incomecouldalsobeadvantageousifafirmexpectsfavorabletaxincentiveswill beexpiringinthenextyear. Duringhighpointsinabusinesscycle,themultinationalenterprisecould attempttodeferrecognizingincomeinhigh-taxcountries.Forexample,installment salescontractscouldbewrittentodeferincomerecognitiontofutureperiods. Thesalescontractcouldberevisedtolowerthepriceoninitialpurchases, andincreasethepriceonfuturemaintenanceandupgrades.Theycouldaccelerate expenserecognitionbyperformingmorecurrentlydeductiblemaintenancethan constructingfacilitiesthatmustbedepreciatedoverlongtimeperiods.

ChoiceofEntity

Themultinationalmayselectavarietyoforganizationalformswithwhichto conducttransactionswithdistributedunitsinothercountries.Thischoicehas legalaswellastaximplicationsforthecombinedentity.Ifforeignunitsareorganized assubsidiaries,theparentmaybeallowedtodeferrecognitionofincome fromthesubsidiaryuntildividendsaredistributedtotheparent.Organizingunits asbrancheswillresultintheinclusionofallbranchincomeintheworldwide incomeoftheparent.Insomecountries,theparentmayelecttoformpartnerships whereanyincomeorlosswillflowdirectlythroughtothepartnerswithouttaxing theforeignentity.Ahybridentityalsomaybeformedwhichresultsinonejurisdiction taxingtheunitasapartnershipandanotherasacorporation.Thesechoices willaffectGlobalCo.incharacterizingtheincomereceivedintheventureas active,passive,ortriggeringcapitalgains.Eachresultyieldsdifferingtaxeffects. Inanyevent,thechoiceofentityfromataxplanningperspectivemustbe balancedwiththeneedsofthefirmoverall.Taxregulationsareratherfluid,and themultinationalmustbepreparedtofacechangingsituationsovertime.More importantly,itmaybedifficulttochangetheorganizationalform