Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
1Activity
0 of .
Results for:
No results containing your search query
P. 1
WTS. Which Tax Consequences

WTS. Which Tax Consequences

Ratings: (0)|Views: 0 |Likes:
Published by Carlos Santillan

More info:

Published by: Carlos Santillan on Nov 22, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

03/24/2014

pdf

text

original

 
TAX news
InTernATIonAl
August 2010
wic TaxCcad opptitiai fm tFiacia Cii?
e tg t gbacm i ig igf c, t fiaciacii a ft a a ftax paig pptitiad pitfa tat mtia-tia cmpai dcid.Dpit t gba impactf t fiacia cii ttax amificati a c-t pcific. I ti i pt ct d-pmt fm t ctjidicti.“At t d f a cmiccii cmpai ftd capita tctigic d t affct ttiiati f tax .”
Dr. Christoph SesekeWTS Seseke France
 
Tab f Ctt
1.C:Chinanhancssupporttosallanddiu-sizdntrpriss.............................32.Demk:TaxconsquncsothrstructuringoDanishcopanis.............................43.FCe:LossutilizationandcapitalrstructuringinFranc................................................54.Gemy:owdotaxsactthrfnancingandrcovroGrancopanis?.........65.D:StrngthndGnralnti-voidanculsinndiainordrtoincrastaxrvnus......86.TLy:taliantaxrulsgtworsinthlightoliquiditrstraintsanddcliningprofts......107.PTGL:Portugusgovrnntintroducsasurstoconsolidatthbudgt........118.SS:Wasofnancingandrfnancinginussia.........................................................129.ke:rainianconosursroadditionaltaxburdns.....................................1310.S:Claiingalossorabandondgoodwill....................................................................14
2 |
InTernATIonAl TAX news
WTSlliancc/oWTSGSturbratungsgsllschatThoas-Wir-ing1-380539munich,Granwww.wts.d·prss@wts.deditorialTa:WinridFignaTl.+49(89)28646-178Fax-49(89)28646-111SilkohlrTl.+49(89)28646-224Fax+49(89)28646-2323
 uthors:marGao,iclasolstSonn,Dr.Chris-
tophSs,WinridFigna,kunjanGandhi,Giovannioll,marinaLobardo,lxandr ndrad,VitalSinitsin,elnaBuuva,Stuart
 .kwstl rtDirctor:klausSl,liquidstraPrinting:DSBusinssPrintSrvicsGbWTSllianchasbrsinrgntinia ustralia•ustria•Brazil•China
elSalvador•Finland•Franc•Gran
Ghana•ndia•ndonsia•ran•taly•Libria
malta•mxico•thrlands•igriaPoland•Singapor•Spain•SwdnSwitzrland•Taiwan•Tur•rain•S 
This issue of INTERNATIONAL TAX NEWS ispublished by WTS Alliance. The information isintended to provide general guidance with respectto the subject matter. This general guidance shouldnot be relied on as a basis for undertaking anytransaction or business decision, but rather theadvice of a qualied tax consultant should beobtained based on a taxpayer’s individualcircumstances. Although our articles are carefullyreviewed, we accept no responsibility in the eventof any inaccuracy or omission. For furtherinformation please refer to the authors.
Impit
Thfrstgoodnwsatrthglobalconoicandfnancialcrisisisanindicatoroaspradingrcovry.
owvr,itwilltaonthsorvnarstoovrcothipactothisassivartdownturn.ThisisrasonnoughorustodvotthisissuontrnationalTaxws,whichisalsodistributdat
thConrncothntrnationalFiscalssociation(F)ino,tothspcifcctsothconoic
andfnancialcrisisontax-rlatdattrsinvariouscountris.Thauthorsothisissupriarildalwiththqustionohowthisactscopanisinthrspctivcountris.
nthingiscrtain,atlastineurop:Furthrtaxcutscannotbxpctdasgovrnntshav
invstdconsidrablaountsinboostingthconoandarnowshortoon.ncrasdpublic
spndingtostiulatanconoicrcovryandconsolidationrquirntsornationalbudgtshardly
alloworarductioninpublicrvnus.nthcoursothpasttwoars,thrhasbnsodvlopntineuroprgardingcopan
taxationandproprty/walthtaxsinparticular.TheuropanCoissionhasjustpublishdaeurostatrportonthistopicwhichstatsthatthgovrnntsothecountrishavapplidfscalasurs
soastoallviatthipactothconoiccrisisandtoprvntaninvstntbaclog.cntl39.3prcntothgrossdosticproductwntdirctltotrasur.Forthfrsttiinourars,taxrvnuassharoGDPdclindrothprviousar’slvlin2008,thoughonlb0.4prcnt.ongeuropancountris,DnartopsthlistwithtaxrvnuassharoGDPoovr48prcnt.Thlowstsharisrcorddinoaniawithonl28prcnt.Thavragtaxburdninth27ecountrishasraindhighcopardtoothrcountrisaroundthworld.nrasonorthisisthcoprhnsivsocialsstsinplacthroughouteurop.TaxparsinthearchargdaboutathirdorintaxsthanthircountrpartsinthSorJapan.owvr,anupwardtndnccanbobsrvdintharaoxcistaxs.navrag,VTinthehasrisnro19.2to20.2prcntinthlasttnars.tthsati,incoroxcistaxs
hasdclind,in2008by0.7prcnt.Thisisthostsignifcantdclinvrrcorddoranindividual
arandthusaclarindicatorothsvritothcrisis.
ThisissuontrnationalTaxwstllsouaboutcopanis’ostprssingconcrnsduringth
transitionoutothcrisisintrsorfnancing,nsuringtaxlosss,bnfttingrotaxincntivs,
andothrtaxattrs.nindividualcass,walsovnturaloointothuturandwhichdvlopnts
prtainingtotaxpolicitighthavinstororcopanis.Thsandothrtopicscanboundonthollowingpags.wouldlitothanthauthors–roussiaandScandinavia,Francandtal,ndiaandChina,Portugal,rainandthS–whohavxaindthtax-rlatdaspctsothcrisisorthisissu.enjothrad! yourssincrl,WinridFignaBoardmbr,WTSGSturbratungsgsllschat
Pfac
August 2010
August 2010
eDITorIAl
 
3 |
InTernATIonAl TAX news
August 2010
ChInA
In order to alleviate the impact of the economic crisis and get the capital market recovered as soon as possible, China expanded
the nancing channels for small and medium-sized enterprises by launch of Growth Enterprise Market and encouragement of
consolidated bonds issuance. Simultaneously, the Chinese government also provides the scal support by stressing the tax incentivesfor institutions which provide credit guarantees on small and medium-sized enterprises (“the institutions”), and by further reducing
the tax burden on small and low prot enterprises.
Cia ac ppt t ma admdim-id tpi
GrowTh enTerPrIse MArkeT
ChinalaunchdthGrowthentrprismartin2009withthaito
acclratthdvlopntoautonoous-innovationntrprissandgrowingntrpriss.nJun2009,ShnzhnStocexchangannouncdulsoring
StocsonthGrowthentrprismartollowdbytwnty-ightstocs
binglistdonctobr30th,2009.
ThcoparisonothrquirntsorstocissuancinthmainBoard
martandthGrowthentrprismartislistdinthchartblow.
ConsolIDATeD BonDs oF sMAll AnD MeDIuM-sIzeD
enTerPrIses
nmarch28th,2009,thministryondustryandnorationTch-
nologissudthCircularGongXinTingQiyan[2009]o.170to
urthrncouragthconsolidatdbondsosallanddiu-sizd
ntrpriss.
Consolidatdbondsrrtothindobondwhosissurisconsti-
tutdosvralsallanddiu-sizdntrpriss.Thntrpriss
candtrinthirissuancscalsparatlbuttathoroacobindbondwithasanatothinvstors.
Frothfnancialanagntprspctiv,thcostoconsolidatd
bondsislowrthanthatostocs,sincthbondintrstscanb
dductdborntrprisincotax(“eT”)whichhasthadvan-
tagotaxshild.
TAX InCenTIves For CreDIT GuArAnTee InsTITuTIons
For sMAll AnD MeDIuM-sIzeD enTerPrIses
Exemption o Business Taxes 
CircularGongXinLianBuQiy[2009]o.114whichisjointl
publishdbthministrondustrandnorationTchnolog
andthStatdinistrationoTaxationhasoncorphasizd
thbusinsstaxxptionorthinstitutionswhichhasbn
carridoutsinc2006.
Pre-Tax Deduction o Reserves 
 ccordingtoCircularCaiShui[2009]o.62,thinstitutionsar
allowdtodductguarantdindnityrsrvatnoorthan1%
othar-ndguarantliabilitbalancandunaturdliabilit
rsrvatnoorthan50%othguarantrvnuothcurrnt
arboreT.
ThabovpolicisarrstatdandnhancdbthCircularGuo
Fa[2009]o.36onSvralpinionsoFurthrcclratingDvl-
opntoSallandmdiu-Sizdentrprisspublishdbth
StatCouncilonSptbr19th,2009.
Further Preerential Tax Rate or Small and Low Proft Enterprise 
 ccordingtoCaiShui[2009]o.133,roJanuar1,2010,to
Dcbr31,2010,asallandlow-proitntrpriswithannualtaxablincolssthanmB30,000candducthaloitstaxa-
blincooreTwhichladstoanctivtaxrato10%.Thror,ollowingth20%prrntialratrgulatdbth
nweTLawctivin2008,thntrpriscannjoythurthr
halorotheT.
ConTACT Person
Mark GaoWTS Consulting (Shanghai) Ltd.
nit602,Towr1,GranCntrShanghai,o.88kuanoad,PudongShanghai,201203PCChinaopag:www.wts.deail:ar.gao@worldtaxsrvic.cnTlphon:+86(0)2128986690
Growth Enterprise Market Main Board
CuulativtProftTurnovr
Growthat
oTurnovrTotalCapitalmB10illionorthlast2arsmB50illionorthlast1arovr30%orthlast2arsmB30illionatrissuancmB30illionorthlast3arsmB300illionorthlast3arsnorquirntmB30illionborissuanc

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->