【作者】 董晓岩；

【导师】 马国强；

【作者基本信息】 东北财经大学 ， 财政学， 2012， 博士

【摘要】 本文立足于资本输出国的角度,对企业对外直接投资的税收问题进行了系统分析。一方面,对外直接投资征税应当遵循税收横向公平和税收中性原则。对外直接投资形成的国际税收关系,可以用“0、1、2”三个数字来形象地加以描述。所谓“1”,指的是跨国纳税人从事对外直接投资取得的所得应当纳税,并且在同等条件下,其税收负担应当与母国国内投资者或东道国国内投资者的税收负担基本相当,不应当因其从事跨国投资而承受比国内投资者更高或者更低的税收负担。所谓“0”,指的是从事对外直接投资的跨国纳税人可能利用各种国际逃避税形式和途径来减轻应当缴纳的税收,从而达到“低税负”甚至“零税负”的目的。所谓“2”,指的是由于两个或多个国家税收管辖权的交叉重叠,使得从事对外直接投资的跨国纳税人承受双重甚至多重征税的情况。各个主权国家都认同这样一个观点,即为了提高国际资本流动的效率,应当努力避免“0”和“2”,力争逼近和维持“1”。为了推动“2”向“1”转化,应当主要从税收制度入手,包括单边视角的国际重复征税减除制度和双边(多边)视角的国际税收制度协调；为了推动“0”向“1”转化,应当主要从税收管理入手,包括单边视角的国内反避税管理和双边(多边)视角的国际税收征管协作。另一方面,对外直接投资征税也应当遵循税收纵向公平和税收非中性(税收调节)原则。对外直接投资相对于国内投资来说,需要面对东道国陌生的政治、经济、社会环境,承受着更大的风险,资本输出国政府对企业对外直接投资行为给予一定的税收优惠待遇,符合税收纵向公平原则。同时,由于对外直接投资的外部性、信息不对称和高风险性,市场失灵是一种客观存在,因此对税收中性的适度背离、发挥税收调节职能可能更有利于实现国际资本的最优配置。这种对税收中性的背离表现为资本输出国普遍实行的对外直接投资税收激励制度。综上所述,从资本输出国(母国)的角度看,本文将对外直接投资的税收问题归结为两个方面、三个问题：第一个方面是对外直接投资的税收制度,包括国际重复征税的减除制度和对外直接投资的税收激励制度；第二个方面是对外直接投资的税收管理,特别是对外直接投资的反避税管理。立足于这一研究思路,本文共分六章：第一章：导论。主要介绍本文的选题背景和研究意义,对国内外相关研究成果进行综述,界定本文的研究范围、研究方法和研究框架,并指出本文的创新与不足。第二章：税收与对外直接投资的相关性分析。首先,研究了对外直接投资的基本问题。明确界定了对外直接投资的内涵,其与对外间接投资的根本区别在于是否获取了所投资国外企业生产经营的控制权。按照不同的分类标准,对外直接投资可以分为不同的形式。随着“走出去”战略的实施,我国的对外直接投资出现了迅猛发展的态势。影响对外直接投资的因素包括东道国因素和母国因素,其中东道国因素包括FDI的政策框架、经济决定因素和商业便利三大类,母国因素包括母国的经济发展水平和母国政府政策两大类。税收因素是影响对外直接投资的重要因素之一,其在对外直接投资影响因素中的重要性在不断提高。其次,研究了对外直接投资的税收问题。企业对外直接投资受东道国收入来源地税收管辖权管辖,在东道国承担有限纳税义务,同时受母国居民税收管辖权管辖,在母国承担无限纳税义务。企业对外直接投资形成的国际税收关系包括四个方面：一是国家与纳税人之间的税收征纳关系；二是纳税人之间的税收分配关系；三是国家之间的税收分配关系；四是国家之间的税收协调关系。对外直接投资的税收原则包括税收公平原则和税收效率原则,其中税收公平原则包括纳税人之间的税收公平和国家之间的税收公平,而税收效率原则包括税收中性原则和税收非中性(税收调节)原则。从税收公平和税收效率原则出发,将对外直接投资的税收问题界定为三个,即对外直接投资中的国际重复征税及其减除问题、对外直接投资中的税收激励问题和对外直接投资中的国际避税及其防范问题,其中前两个问题主要属于税收制度范畴,而后一个问题主要属于税收管理范畴。最后,对税收与对外直接投资的相关性进行了理论和经验分析,研究了影响对外直接投资决策的税收因素,建立了对外直接投资外国来源所得综合有效税率(tfsi)的理论分析框架,认为外国来源所得综合有效税率不仅取决于东道国的法定税率和有效税率,而且受母国税收管辖权类型和减除国际重复征税的方法、母国法定税率及其与东道国法定税率、有效税率的相对高低、母国是否实行税收饶让和延期纳税等因素的影响。分析了税收影响对外直接投资有两种不同的渠道：第一种渠道是首先影响国内投资的税后净收益率r(1-t),企业将其与对外直接投资的税后净收益率r*(1-tfsi)进行比较并进行投资决策,从而影响对外直接投资。母国的有效税率t通过这种渠道发挥作用。第二种渠道是首先影响对外直接投资外国来源所得的综合有效税率tfsi,进而影响对外直接投资的税后净收益率r*(1-tfsi),企业将其与国内投资的税后净收益率r(1-t)进行比较并进行投资决策,从而影响对外直接投资。母国法定税率u、东道国法定税率u*和东道国有效税率t*通过这种渠道发挥作用。在此基础上,分析了不同情况下母国法定税率u、母国有效税率t、东道国法定税率u*、东道国有效税率t*与对外直接投资的相关性,并利用十个国家(地区)2000-2009年对我国直接投资的数据对这一理论进行了实证检验。第三章：对外直接投资中的国际重复征税及其减除问题分析。首先从理论上论证了国际重复征税的产生机理,认为国际重复征税产生的前提是跨国纳税人和跨国课税对象的出现,产生的原因则是各国行使的税收管辖权的交叉性。对于同种类型的税收管辖权交叉重叠造成的国际重复征税,应当对不同国家税收管辖权的判定标准进行国际协调；对于不同类型税收管辖权交叉重叠造成的国际重复征税,通常应当限制母国的居民税收管辖权,采用一定的国际重复征税减除方法。比较了免税法、抵免法、扣除法以及抵免法下分国限额法与综合限额法对于减除国际重复征税的不同效果,分析了资本输出中性、资本输入中性、国家中性等不同税收中性条件下国际重复征税减除方法的经济效应。根据资本输出中性原则,居住国应当选择抵免法；根据资本输入中性原则,居住国应当选择免税法。在全球福利最大化的政策目标下,居住国应当选择抵免法；在本国福利最大化的政策目标下,居住国应当选择扣除法。第四章：对外直接投资的税收激励问题分析。对外直接投资存在市场失灵,具有外部性、信息不对称和高风险性,需要政府干预,提供财政支持、金融支持、投资保险和信息服务。从理论上研究了税收激励对外直接投资的作用机制,税收会影响投资的边际收益和资本成本,是政府干预对外直接投资的重要手段之一。母国鼓励本国企业对外直接投资的税收激励工具包括税率式、税基式、税额式和时间式四种类型,其作用机制有两种途径：第一种是通过母国本身的税收制度直接发挥激励作用,即母国对于本国企业对外直接投资取得的外国来源所得直接给予税收优惠待遇；第二种是母国税收制度通过东道国税收制度发挥激励作用,即母国对于本国企业对外直接投资取得的外国来源所得实行的课税方法,虽然没有直接给予对外直接投资的企业以税收优惠待遇,但是这种课税方法能够使东道国吸引外资的税收激励政策真正惠及母国开展对外直接投资的企业,从而减轻企业对外直接投资的总体税收负担,提高企业对外直接投资的积极性。从理论上分析了对外直接投资的税收激励效应,并以税收饶让为例,对税收饶让条款对1989-2000年日本对外直接投资的影响进行了实证分析,结论认为：税收饶让对来自抵免法国家的投资者的对外直接投资区位选择具有重要影响。第五章：完善对外直接投资的税收制度。对我国现行的对外直接投资税收制度进行了系统梳理,分析了现行制度存在的问题,在总结其他国家对外直接投资税收制度国际经验的基础上,提出了完善我国对外直接投资税收制度的基本原则和具体路径。总体原则是：在对外直接投资税收制度方面,应当改变过去片面强调收入来源地税收管辖权、忽视居民税收管辖权的情况,重视行使居民税收管辖权,体现收入来源地税收管辖权与居民税收管辖权的并行与兼顾。同时,应站在有效行使居民税收管辖权的角度,对原主要出于行使来源地税收管辖权需要而形成的国际税收基本概念和制度进行重新检视和设计完善。具体原则包括四个方面：在体现税收中性的同时,给予适当的税收激励；在给予税收优惠的同时,维护国家的税收权益；在强调制度优化的同时,考虑管理的适应性；在借鉴国际经验的同时,适应我国的实际情况。我国对外直接投资税收制度的完善路径包括两个方面：一方面要完善我国的国际重复征税减除制度。从短期来看,应当完善以抵免法为主的国际重复征税减除制度；从中长期来看,应当建立抵免法与免税法并行的国际重复征税减除制度体系。另一方面要优化我国的对外直接投资税收激励制度,建立体现国家政策导向的、多种形式并存的对外直接投资税收激励制度体系。第六章：加强对外直接投资的税收管理。与国际重复征税致使跨国纳税人税收负担畸重相反,对外直接投资中的国际避税致使跨国纳税人税收负担畸轻,两者均违背了税收公平和税收中性原则。本章在研究对外直接投资离岸避税问题的基础上,提出了对外直接投资税收管理的基本框架：从单边视角看,应当加强对外直接投资的国内税收管理,一方面从管理制度、保障措施、外部环境三个层面入手,加强对外直接投资的日常税收管理；另一方面要通过完善我国的受控外国企业特别征税规则和转让定价的税收管理法规,加强对外直接投资的反避税管理。从双边(多边)视角看,应当加强国际税收征管合作,一方面通过加强国际税收情报交换,缓解对外直接投资税收管理中的征纳双方信息不对称问题；另一方面通过建立国际税款征收协助制度,缓解纳税人的国际性与税收管理的国家性之间的矛盾以及由此引发的有限税收管辖权下征管手段不完备的问题。更多还原

【Abstract】 Based on the capital exporting country’s point of view, this thesis makes a comprehensive and systematic analysis on the taxation of FDI. On the one hand, taxation on FDI must comply with the principle of horizontal equity and tax neutrality. We can use the number "0,1,2" to illustrate vividly the international tax relationship of FDI. Number "1" refers that foreign source income of FDI should be taxed, and under the same conditions it should be taxed equally with the income of investors of the home country or the host country. Number "0" refers that transnational taxpayers of FDI may make use of various international tax avoidance ways to reduce their tax burden. Number "2" refers that transnational taxpayers of FDI bear double or multiple taxation due to the overlap of two or more counrties’tax jurisdiction. Most countries approve the viewpoint that situation of the number "0" and "2" should be avoided and "1" should be maintained in order to improve the efficiency of international capital flow. In order to push forward "2" to "1", we should perfect tax system including the alleviating system of international double taxation and the coordination of international tax system. In order to push forward "0" to "1", we should strengthen tax administration including anti-tax avoidance system and international tax administration cooperation. On the other hand, taxation on FDI should also abide by the principle of vertical equity and tax regulation. Compared with domestic investment, FDI faces with unfamiliar political, economic and social circumstances of the host country, and thus bears more risks. It accords with the principle of vertical equity for the capital exporting country to give tax preferences to FDI. At the same time, owing to the market failure such as externalities, information asymmetry, and high risk of FDI, deviating from tax neutrality and playing tax regulation functions is probably more conducive to optimal allocation of international capital. This deviation from tax neutrality expresses as the universally practiced tax incentive system on FDI of capital exporting countries. In conclusion, from the capital exporting country’s point of view, this thesis comes down to two aspects on FDI taxation. One aspect is the tax system of FDI, which includes the alleviating system of international double taxation and the tax incentive system on FDI. The other aspect is the tax administration of FDI, especially the anti-tax avoidance system. This thesis is divided into six chapters:Chapter one is the introduction. This chapter introduces the background and significance of the research, reviews the literature at home and abroad, defines the research scope, method and framework, and lists the innovation and shortage of this thesis.Chapter two is an analysis of the correlation of tax and FDI. The thesis clearly defines the connotation of FDI, and the fundamental difference between FDI and foreign portfolio investment(FPI) is that FDI acquires the control of the production and operation of foreign enterprises. According to different classification standard, FDI can be divided into different forms. With the implementation of the "going out" strategy, China’s FDI experiences a rapid development.Influence factors of FDI include host-country factors and home-country factors. The former includes policy framework, economic factors and commercial convenience of the host country, and the latter includes economic development level and policy framework of the home country. As an important factor of FDI, tax plays a more and more important role in FDI decision-making. The international tax relationship of FDI is consisting of four aspects:the levy and payment relationship between country and taxpayer, the distribution relationship between taxpayers, the distribution relationship between countries, and the coordination relationship between countries. Tax principle of FDI includes equity and efficiency. The equity principle includes equity between taxpayers and equity between countries. The efficiency principle includes tax neutrality and tax regulation. Proceed from this analysis, we can come down to three problems on FDI taxation:the problem of international double taxation and its alleviation, the problem of tax incentive and the problem of international tax avoidance and anti-avoidance. The first two problems are about tax system, and the last problem falls into the category of tax administration. The thesis deeply analyses tax factors on FDI decision-making and establishes the framework of the overall effective tax rate on foreign source income (tfsi) of FDI. tfsi is not only determined by the statutory/effective tax rate of the host country, but also depends on the type of tax jurisdiction and the double taxation alleviation method of the home country, the relationship between the statutory tax rate of the home country and the statutory/effective tax rate of the host country, and whether the home country adopt the practice of tax sparing credit and tax deferral. Tax affects FDI in two different ways. The first is that tax affects the after-tax net margin of domestic investment, and investors make decision by comparing it with the after-tax net margin of FDI. The effective tax rate of the home country play a role in this way. The second is that tax affects tfsi and thus affects the after-tax net margin of FDI, and investors make decision by comparing it with the after-tax net margin of domestic investment. The statutory tax rate of the home country and the statutory/effective tax rate of the host country play a role in this way. The thesis analyses the correlation of FDI with the statutory/effective tax rate of the home country and the statutory/effective tax rate of the host country, and makes an empirical test using the data of ten countries’investment in China of2000-2009.Chapter three is an analysis of international double taxation and its alleviation of FDI. The thesis analyses the mechanism of international double taxation. The premise of international double taxation is the emergement of transnational taxpayers and objects of taxation, and the reason is the overlap of tax jurisdictions of various countries. With regard to the international double taxation caused by the overlap of the same kinds of tax jurisdiction, international coordination is necessary. With regard to the international double taxation caused by the overlap of different kinds of tax jurisdiction, the resident tax jurisdiction is usually restricted and the home country adopts certain methods to alleviate double taxation.In the thesis, we make a comparative analysis on the different alleviation effects among tax exemption method, tax credit method and deduction method, and investigate the economic effects of various alleviation methods under the principle of capital export neutrality, capital import neutrality and national neutrality. On the basis of the principle of capital export neutrality, the home country should adopt tax credit method. On the basis of the principle of capital import neutrality, the home country should adopt tax exemption method. Under the goal of global welfare maximum, the home country should adopt tax credit method. Under the goal of national welfare maximum, the home country should adopt deduction method.Chapter four is an analysis of tax incentive on FDI. There exists market failure on FDI, including externalities, information asymmetry and high risk, which needs government intervention to provide financial support, investment insurance and information service. Tax incentive is one of the most important devices for the government to intervene FDI, with the mechanism that tax affects marginal benefit and marginal cost of investment. The home countries usually use four types of tax incentive tools to encourage FDI:tax rate, tax base, tax amount and tax time. These tools work in two different ways. The first way works through the home country’s own tax system, that is, the home country directly gives preferential tax treatment to foreign source income of FDI. The second way works through the host country’s tax system, that is, the home country doesn’t directly give preferential tax treatment to FDI, but the tax treatment of the home country makes the host country’s tax incentive policy to attract foreign investment benefiting FDI. In these two ways, the overall tax burden of FDI is reduced and thus the motivation of FDI is improved. Finally, tax incentive effect of FDI is analysed theoretically, and an empirical analysis is made on the influence of tax sparing credit on1989-2000Japanese FDI. The conclusion is that tax sparing credit has an important influence on the FDI location choice of investors from tax credit countries.Chapter five is about the improvement of the tax system on FDI. The thesis describes systematically China’s current tax system on FDI, analyses the problems, and puts forward some basic principles and specific paths to perfect China’s tax system on FDI on the basis of learning from international experience. The general principle is that we should change the past one-sided emphasis on source of income tax jurisdiction and pay attention to exercise resident tax jurisdiction. At the same time, aiming at effectively exercising resident tax jurisdiction, we should review and perfect the past basic definition and system of international taxation which is aiming at mainly exercising source of income tax jurisdiction. The specific principle includes four aspects:reflecting tax neutrality, at the same time giving appropriate tax incentive; giving tax preference at the same time safeguarding national tax rights; emphasizing system optimization at the same time considering the adaptability of administration; learning from international experience at the same time adapting to the actual condition of our country. The path to perfect China’s tax system on FDI includes two aspects. On the one hand, we should perfect our alleviation system of international double taxation. In the short term, we should improve the tax credit method; in the long run, we should establish the alleviation system including tax credit method and tax exemption method. On the other hand, we should optimize our tax incentive system on FDI and establish a system reflecting national policy guidance and consisting of a variety of policy tools.Chapter six is about the strengthening of tax administration of FDI. On the contrary with international double taxation which aggravates tax burden of FDI, international tax avoidance reduces unduly tax burden of FDI. Both of them violate the principle of tax equity and tax neutrality. On the basis of investigating the problem of international tax avoidance, this chapter puts forward the basic framework of tax administration of FDI. From the unilateral perspective, domestic tax administration of FDI should be strengthened. On the one hand, daily routine tax administration of FDI should be strengthened from administration system, supporting measures and external environment. On the other hand, anti-tax avoidance of FDI should be strengthened from perfecting the special tax rules for controlled foreign companies and tax administration regulations for transfer pricing. From the multilateral perspective, international tax administration cooperation should be strengthened. On the one hand, by exchanging tax information we should relieve the information asymmetry problem between tax collectors and taxpayers in the tax administration of FDI. On the other hand, by establishing the international tax assistance system we should resolve the contradiction of the internationalism of taxpayers and the nationalism of the tax administration, and solve the problem of the imperfection of tax administration means on condition of the restricted tax jurisdiction.更多还原