Internationaal management
Filip De Beule
Inleiding ................................................................................................................................................... 5
Deel 1: International Tax and Investment Policy Coherence .................................................................. 6
1. Types belastingen ............................................................................................................................ 6
1.2 Directe belastingen ..................................................................................................................... 6
Personenbelasting (personal income tax) .................................................................................... 6
Vennootschapsbelasting (corporate income tax) ......................................................................... 6
Bronbelasting (withholding taxes) ................................................................................................. 6
1.2 Indirecte belastingen .................................................................................................................. 6
BTW (VAT) ................................................................................................................................... 6
Consumptietax (salestax) ............................................................................................................. 7
Comparison impact of salestax and VAT .................................................................................. 7
Border taxes ................................................................................................................................. 7
2. Entente ............................................................................................................................................. 7
3. Global warming in fiscaal klimaat .................................................................................................... 8
4. Zal de digitalisering eindelijk een diepgaande fiscale innovatie opleveren? ................................... 8
Wiens fout is het? ......................................................................................................................... 9
Deel 2: Taks compliance, avoidance and evasion ................................................................................ 11
1. Attitutes towards taxes, taks evasion and avoidance .................................................................... 11
Kirchler onderzoek ......................................................................................................................... 11
The undersheltering puzzle ............................................................................................................ 12
2. Voordelen en nadelen van belastingsontwijking ............................................................................ 13
2.1 Advantages of taks avoidance ................................................................................................. 13
2.2 Disadvantages of taks avoidance ............................................................................................ 13
3. Taks compliance en audits ............................................................................................................ 13
3.1 What does the theory say about what motivates tax compliance? .......................................... 13
3.2 Effects of (no) audit .................................................................................................................. 14
4. Taks avoidance probleem (belastingsontwijking) .......................................................................... 14
4.1 Cooperation – video ................................................................................................................. 14
4.2 What does the theory say about what motivates tax compliance? .......................................... 15
4.3 Results: intended taks compliance ........................................................................................... 17
4.4 Conclusies ................................................................................................................................ 17
5. Practical consequences ................................................................................................................. 17
Deel 3: Harmful tax practices and state aid ........................................................................................... 18
1. Introductie ...................................................................................................................................... 18
1.1 Taks competitie ........................................................................................................................ 18
1.2 Targeting harmful taks practices .............................................................................................. 18
1.3 Vennootschapsbelasting .......................................................................................................... 18
1
, 2. Harmful taks practices ................................................................................................................... 19
2.1 Het perspectief van de EU ....................................................................................................... 19
2.2 Common colsolidated corporate taks base (CCCTB) .............................................................. 19
3. State aid ......................................................................................................................................... 20
3.1 Identificeren van schadelijke belastingcompetitie volgens de OESO criteria .......................... 20
3.2 Staatssteun .............................................................................................................................. 21
3.3 Identificeren van staatssteun volgens de criteria van EU ........................................................ 21
4. Belgian taks practices .................................................................................................................... 22
4.1 Belgische fiscale stimulansen onder de microscoop ............................................................... 22
4.2 Patent box ................................................................................................................................ 22
4.3 Notionele intrestaftrek .............................................................................................................. 23
4.4 Excess profit rulings ................................................................................................................. 25
Definitie ....................................................................................................................................... 25
Probleem .................................................................................................................................... 26
Visies op EPR ............................................................................................................................. 26
Fiscaal voordeel: goedgunstig voordeel? ................................................................................... 27
Beslissing van de Europese Commissie .................................................................................... 27
Mogelijke oplossing .................................................................................................................... 28
Conclusie .................................................................................................................................... 28
Deel 4: Introductie internationale taxatie ............................................................................................... 29
1. Introductie ...................................................................................................................................... 29
1.1 Bronnen van internationale taxatie ........................................................................................... 29
2. Principes van internationaal bedrijfsinkomenstaks (CIT) ............................................................... 29
2.1 Dubbele taxatie ........................................................................................................................ 30
2.2 Methoden om dubbele taxatie te vermijden ............................................................................. 31
3. Dubbele taxatie berekening en oplossingen .................................................................................. 31
3.1 Algebra van internationale taxatie ............................................................................................ 31
3.2 Voorbeeld van een personenbelasting..................................................................................... 32
3.3 Voorbeeld foreign taks credit (FTC) ......................................................................................... 33
4. Taks planning of strategie .............................................................................................................. 34
4.1 Hybride mismatches (dubbele niet belasting) .......................................................................... 35
4.2 Transfer pricing ........................................................................................................................ 35
Limieten op transfer pricing ........................................................................................................ 36
4.3 Thin capitalization..................................................................................................................... 36
4.4 Taks havens ............................................................................................................................. 36
4.5 Preferentiële taksregimes ........................................................................................................ 37
5. Tekst “international taxation”.......................................................................................................... 37
6. PWC colleges ................................................................................................................................ 37
6.1 Internationaal fiscaal recht ....................................................................................................... 37
Inleiding tot internationaal fiscaal recht ...................................................................................... 37
2
, Recente internationale en Europese ontwikkelingen ................................................................. 38
Dubbelbelastingverdragen (OESO-modelverdrag) .................................................................... 39
Definitie en doel ...................................................................................................................... 39
Krijtlijnen van een DBV ........................................................................................................... 39
OESO-modelverdrag............................................................................................................... 39
Europese regelgeving ................................................................................................................. 47
6.2 Transfer pricing ....................................................................................................................... 49
Introductie ................................................................................................................................... 49
Transfer pricing methodes .......................................................................................................... 51
Typische operationele modellen in de praktijk ........................................................................... 55
Transfer pricing in een Belgisch perspectief............................................................................... 58
Beheer en oplossing van geschillen ........................................................................................... 59
Digitale economie ....................................................................................................................... 62
Deel 4 vervolg: Bespreking taken .......................................................................................................... 64
Taak 1: vennootschap viaduct NV ..................................................................................................... 64
1. Inwonerschap vennootschap ..................................................................................................... 64
2. Vaste inrichting ........................................................................................................................... 65
Redenering vestigingsplaats ...................................................................................................... 66
Vaste inrichting in Frankrijk?....................................................................................................... 68
3. Prestaties van de werknemers ................................................................................................... 72
Taak 2: Business restructuring .......................................................................................................... 73
Standaard model ........................................................................................................................ 74
Restructured model zonder Finco .............................................................................................. 75
Restructured model met Finco (géén goede manier) ................................................................. 77
Restructured model met Finco (wel goede manier) ................................................................... 77
Deel 5: Internationaal financieel management ...................................................................................... 83
1. Introductie ...................................................................................................................................... 83
1.1 Verschillende financieringsbronnen en actoren ....................................................................... 83
2. International financiering in MNE ................................................................................................... 84
2.1 Introductie ................................................................................................................................. 84
Debt-equity decision/ratio ........................................................................................................... 85
Debt ratio varieert bij bedrijf, industrie en land ........................................................................... 86
2.2 Foreign exchange risk (management) ..................................................................................... 86
Economische blootstelling (operating exposure) ........................................................................ 86
Hoe kan een verkoper de economische blootstelling verminderen? ...................................... 87
Hoe kan een koper de economische blootstelling verminderen? ........................................... 88
Transactie blootstelling ............................................................................................................... 88
Hoe kunnen bedrijven de transactie blootstelling minimaliseren ............................................ 89
Hedging practices ................................................................................................................... 90
Translation exposure .................................................................................................................. 90
3
, 2.3 Equity financing ........................................................................................................................ 93
Internationalization of equity market ........................................................................................... 93
2.4 Debt financing .......................................................................................................................... 93
Lenen van de eurodeviezenmarkt .............................................................................................. 93
Aantrekkelijkheid van de eurocurrency markt ......................................................................... 94
Bonds (obligaties) ....................................................................................................................... 94
Buitenlandse obligaties en euro-obligaties ............................................................................. 94
Fiscaliteit en rendement .......................................................................................................... 95
Ter illustratie ............................................................................................................................ 96
2.5 Intracompany financing ............................................................................................................ 96
Methoden om funds te transfereren binnen de MNE ................................................................. 96
Totale schuld en lokale schuld van buitenlandse filialen met een Amerikaanse meerderheid
van 1983-2001 ........................................................................................................................ 97
2.6 Working capital and cash flow management in MNEs ............................................................ 98
Working capital management ..................................................................................................... 98
Methoden voor transfereren van funds binnen de MNE ......................................................... 98
Intracompany trade (trade credit) ............................................................................................ 98
Fronting loan ........................................................................................................................... 99
Cash flow management ............................................................................................................ 100
Multilaterale netting (verrekening) ......................................................................................... 101
Netting systemen (berekeningssystemen) ............................................................................ 101
Voordelen van netting ........................................................................................................... 102
Overheidsbeleid en verrekening ........................................................................................... 102
Gecentraliseerde cash depository ........................................................................................ 103
Gecentraliseerde depository en pooling ............................................................................... 104
4
Filip De Beule
Inleiding ................................................................................................................................................... 5
Deel 1: International Tax and Investment Policy Coherence .................................................................. 6
1. Types belastingen ............................................................................................................................ 6
1.2 Directe belastingen ..................................................................................................................... 6
Personenbelasting (personal income tax) .................................................................................... 6
Vennootschapsbelasting (corporate income tax) ......................................................................... 6
Bronbelasting (withholding taxes) ................................................................................................. 6
1.2 Indirecte belastingen .................................................................................................................. 6
BTW (VAT) ................................................................................................................................... 6
Consumptietax (salestax) ............................................................................................................. 7
Comparison impact of salestax and VAT .................................................................................. 7
Border taxes ................................................................................................................................. 7
2. Entente ............................................................................................................................................. 7
3. Global warming in fiscaal klimaat .................................................................................................... 8
4. Zal de digitalisering eindelijk een diepgaande fiscale innovatie opleveren? ................................... 8
Wiens fout is het? ......................................................................................................................... 9
Deel 2: Taks compliance, avoidance and evasion ................................................................................ 11
1. Attitutes towards taxes, taks evasion and avoidance .................................................................... 11
Kirchler onderzoek ......................................................................................................................... 11
The undersheltering puzzle ............................................................................................................ 12
2. Voordelen en nadelen van belastingsontwijking ............................................................................ 13
2.1 Advantages of taks avoidance ................................................................................................. 13
2.2 Disadvantages of taks avoidance ............................................................................................ 13
3. Taks compliance en audits ............................................................................................................ 13
3.1 What does the theory say about what motivates tax compliance? .......................................... 13
3.2 Effects of (no) audit .................................................................................................................. 14
4. Taks avoidance probleem (belastingsontwijking) .......................................................................... 14
4.1 Cooperation – video ................................................................................................................. 14
4.2 What does the theory say about what motivates tax compliance? .......................................... 15
4.3 Results: intended taks compliance ........................................................................................... 17
4.4 Conclusies ................................................................................................................................ 17
5. Practical consequences ................................................................................................................. 17
Deel 3: Harmful tax practices and state aid ........................................................................................... 18
1. Introductie ...................................................................................................................................... 18
1.1 Taks competitie ........................................................................................................................ 18
1.2 Targeting harmful taks practices .............................................................................................. 18
1.3 Vennootschapsbelasting .......................................................................................................... 18
1
, 2. Harmful taks practices ................................................................................................................... 19
2.1 Het perspectief van de EU ....................................................................................................... 19
2.2 Common colsolidated corporate taks base (CCCTB) .............................................................. 19
3. State aid ......................................................................................................................................... 20
3.1 Identificeren van schadelijke belastingcompetitie volgens de OESO criteria .......................... 20
3.2 Staatssteun .............................................................................................................................. 21
3.3 Identificeren van staatssteun volgens de criteria van EU ........................................................ 21
4. Belgian taks practices .................................................................................................................... 22
4.1 Belgische fiscale stimulansen onder de microscoop ............................................................... 22
4.2 Patent box ................................................................................................................................ 22
4.3 Notionele intrestaftrek .............................................................................................................. 23
4.4 Excess profit rulings ................................................................................................................. 25
Definitie ....................................................................................................................................... 25
Probleem .................................................................................................................................... 26
Visies op EPR ............................................................................................................................. 26
Fiscaal voordeel: goedgunstig voordeel? ................................................................................... 27
Beslissing van de Europese Commissie .................................................................................... 27
Mogelijke oplossing .................................................................................................................... 28
Conclusie .................................................................................................................................... 28
Deel 4: Introductie internationale taxatie ............................................................................................... 29
1. Introductie ...................................................................................................................................... 29
1.1 Bronnen van internationale taxatie ........................................................................................... 29
2. Principes van internationaal bedrijfsinkomenstaks (CIT) ............................................................... 29
2.1 Dubbele taxatie ........................................................................................................................ 30
2.2 Methoden om dubbele taxatie te vermijden ............................................................................. 31
3. Dubbele taxatie berekening en oplossingen .................................................................................. 31
3.1 Algebra van internationale taxatie ............................................................................................ 31
3.2 Voorbeeld van een personenbelasting..................................................................................... 32
3.3 Voorbeeld foreign taks credit (FTC) ......................................................................................... 33
4. Taks planning of strategie .............................................................................................................. 34
4.1 Hybride mismatches (dubbele niet belasting) .......................................................................... 35
4.2 Transfer pricing ........................................................................................................................ 35
Limieten op transfer pricing ........................................................................................................ 36
4.3 Thin capitalization..................................................................................................................... 36
4.4 Taks havens ............................................................................................................................. 36
4.5 Preferentiële taksregimes ........................................................................................................ 37
5. Tekst “international taxation”.......................................................................................................... 37
6. PWC colleges ................................................................................................................................ 37
6.1 Internationaal fiscaal recht ....................................................................................................... 37
Inleiding tot internationaal fiscaal recht ...................................................................................... 37
2
, Recente internationale en Europese ontwikkelingen ................................................................. 38
Dubbelbelastingverdragen (OESO-modelverdrag) .................................................................... 39
Definitie en doel ...................................................................................................................... 39
Krijtlijnen van een DBV ........................................................................................................... 39
OESO-modelverdrag............................................................................................................... 39
Europese regelgeving ................................................................................................................. 47
6.2 Transfer pricing ....................................................................................................................... 49
Introductie ................................................................................................................................... 49
Transfer pricing methodes .......................................................................................................... 51
Typische operationele modellen in de praktijk ........................................................................... 55
Transfer pricing in een Belgisch perspectief............................................................................... 58
Beheer en oplossing van geschillen ........................................................................................... 59
Digitale economie ....................................................................................................................... 62
Deel 4 vervolg: Bespreking taken .......................................................................................................... 64
Taak 1: vennootschap viaduct NV ..................................................................................................... 64
1. Inwonerschap vennootschap ..................................................................................................... 64
2. Vaste inrichting ........................................................................................................................... 65
Redenering vestigingsplaats ...................................................................................................... 66
Vaste inrichting in Frankrijk?....................................................................................................... 68
3. Prestaties van de werknemers ................................................................................................... 72
Taak 2: Business restructuring .......................................................................................................... 73
Standaard model ........................................................................................................................ 74
Restructured model zonder Finco .............................................................................................. 75
Restructured model met Finco (géén goede manier) ................................................................. 77
Restructured model met Finco (wel goede manier) ................................................................... 77
Deel 5: Internationaal financieel management ...................................................................................... 83
1. Introductie ...................................................................................................................................... 83
1.1 Verschillende financieringsbronnen en actoren ....................................................................... 83
2. International financiering in MNE ................................................................................................... 84
2.1 Introductie ................................................................................................................................. 84
Debt-equity decision/ratio ........................................................................................................... 85
Debt ratio varieert bij bedrijf, industrie en land ........................................................................... 86
2.2 Foreign exchange risk (management) ..................................................................................... 86
Economische blootstelling (operating exposure) ........................................................................ 86
Hoe kan een verkoper de economische blootstelling verminderen? ...................................... 87
Hoe kan een koper de economische blootstelling verminderen? ........................................... 88
Transactie blootstelling ............................................................................................................... 88
Hoe kunnen bedrijven de transactie blootstelling minimaliseren ............................................ 89
Hedging practices ................................................................................................................... 90
Translation exposure .................................................................................................................. 90
3
, 2.3 Equity financing ........................................................................................................................ 93
Internationalization of equity market ........................................................................................... 93
2.4 Debt financing .......................................................................................................................... 93
Lenen van de eurodeviezenmarkt .............................................................................................. 93
Aantrekkelijkheid van de eurocurrency markt ......................................................................... 94
Bonds (obligaties) ....................................................................................................................... 94
Buitenlandse obligaties en euro-obligaties ............................................................................. 94
Fiscaliteit en rendement .......................................................................................................... 95
Ter illustratie ............................................................................................................................ 96
2.5 Intracompany financing ............................................................................................................ 96
Methoden om funds te transfereren binnen de MNE ................................................................. 96
Totale schuld en lokale schuld van buitenlandse filialen met een Amerikaanse meerderheid
van 1983-2001 ........................................................................................................................ 97
2.6 Working capital and cash flow management in MNEs ............................................................ 98
Working capital management ..................................................................................................... 98
Methoden voor transfereren van funds binnen de MNE ......................................................... 98
Intracompany trade (trade credit) ............................................................................................ 98
Fronting loan ........................................................................................................................... 99
Cash flow management ............................................................................................................ 100
Multilaterale netting (verrekening) ......................................................................................... 101
Netting systemen (berekeningssystemen) ............................................................................ 101
Voordelen van netting ........................................................................................................... 102
Overheidsbeleid en verrekening ........................................................................................... 102
Gecentraliseerde cash depository ........................................................................................ 103
Gecentraliseerde depository en pooling ............................................................................... 104
4
