5 | Nordic Tax Journal 北欧税务杂志

院校资讯君

Nordic Tax Journal
Volume 2022 Issue 1
北欧税务杂志 2022年第1期
本期目录
1.
Who generated the loopholes? A case study of corporate tax advisors’ regulatory capture over anti-tax avoidance legislation in Finland
谁制造了漏洞：一项关于芬兰企业税务顾问对反避税立法监管俘获的案例研究
2.
The rhetorical handling and construction of uncertainty in tax litigation concerning valuation of financial instruments
修辞结构理论对税务诉讼中金融工具估值不确定性的解释
3.
How tax policies create unexpected results when interest rates are low: A case study of finnish housing company debt and private investor return
低利率如何使税收政策产生意想不到的结果：一项关于芬兰房地产公司债务与私人投资者回报关系的案例分析
4.
The freedom of cross-border funding in multinational groups and European Union law
欧盟法律下跨国集团的跨境筹资自由
部分文章摘要
01
Who generated the loopholes? A case study of corporate tax advisors’ regulatory capture over anti-tax avoidance legislation in Finland
Abstract: Recently welfare economists and international political economy scholars have increasingly discussed how the corporations seek profits by corroding policies that tackle tax avoidance and undermine public interest. This article contributes to these discussions on so-called regulatory captures in the global wealth chains by providing a comprehensive case study on anti-tax avoidance legislative processes in Finland. The author analyzes the statements that various stakeholders provided during several phases of enacting the interest deduction limitation rule that targets so-called thin capitalization arrangements. Because of this specific research material, the author is able to undertake a nuanced analysis in describing how and whose statements made the difference from the draft version of legislation to the final wording of the law. The evidence suggests corporate interest groups and tax advisory firms influenced the content of the rule as no-table tax base eroding loopholes have been included in the Finnish anti-tax avoidance rule. The author also assesses remedies of regulatory captures.

摘要：近期，福利经济学家和国际政治经济学者越来越多地讨论企业如何通过侵蚀应对避税及损害公共利益的政策来谋取利润。本文通过对芬兰反避税立法过程进行综合案例研究，有助于讨论全球财富链中的监管俘获问题。本文分析了各利益相关方在制定利息扣除限制规则的几个阶段中所提供的声明，描述从立法草案到法律最终措辞之间的差异如何产生，以及是哪一主体的声明造成这一差异。研究表明，企业利益集团和税务咨询公司影响了该规则的内容，因为芬兰的反避税规则中包含了侵蚀税基的漏洞。此外，本文还对监管俘获的补救措施进行了评估。
02
How tax policies create unexpected results when interest rates are low: A case study of Finnish housing company debt and private investor return
Abstract：Finnish limited liability housing companies (LL-HCs) are increasing their debt ratios quickly. In this paper, I argue that current tax rules encourage this behaviour owing to strong shareholder tax incentives for a higher debt ratio. Although tax rules are designed to be neutral, Finnish tax rules related to selling assets are profitable for LLHC shareowners in cases where debt rates are high owing to taxable profits being based not on actual acquisition costs but on presumed acquisition costs derived from the selling price. Both tax deductibility of LLHC financial charges and the presumed acquisition cost rule are from a time when interests and inflation were higher than they currently are. Both of these were used to counter the ad-verse effects of inflation and interest for asset owners and LLHC shareholders. Currently, when inflation and interest rates are close to zero, these rules have created an incentive for a behaviour that increases risks for the whole economy and reduces tax income.

摘要：芬兰有限责任住房公司（LL-HCs）的负债率正在迅速上升，本文认为，现行税收制度促进了这种现象，因为提高负债率对股东的税收激励更强。虽然税收制度的设计遵循中性原则，但在负债率较高的情况下，芬兰与出售资产相关的税收制度能为LLHC的股东带来利润，因为应税利润非基于实际成本，而基于从售价中推定的成本。针对LLHC财务费用的减税规则和推定成本规则均制定于利息和通胀率高于当前水平时期。这两项规则都被用来抵消通胀和利息对资产所有者和LLHC股东的不利影响。目前，在通胀率和利率接近于零的情况下，该等规则增加了经济风险并减少了税收收入。
03
The freedom of cross-border funding in multinational groups and European Union law
Abstract: Member states often try to restrict cross-border debt financing in multinational groups. The pending Swedish case, Lexel AB, C-484/19, is a prime example. The Swedish tax law operates with a vague legal concept of tax abuse that is completely inappropriate to identify tax-abusive financing and disadvantages only foreign groups. This paper analyzes the Swedish rules on interest limitation in affiliated groups (C-484/19), which refers to substantial tax benefits, against the background of the European Union law and the finance theory. In this regard, a breach of European Union law can be found. This also applies to the current Swedish tax law. Moreover, the interest limitation rules are analyzed from the background of the principles of finance theory, particularly the interest coverage ratio (ICR). In this context, a comparative analysis is carried out between the Swedish rules and the Anti-Tax Avoidance Directive (ATAD) provision (Art. 4). Adequate regulations on the limitation of interest should cope with the problem of profit shifting, also preserve the freedom of financing, particularly in multinational groups, and should not contain any difference in treatment between domestic and foreign groups.

摘要：欧盟成员国经常试图限制跨国集团的跨境债务融资，悬而未决的瑞典案件（Lexel AB, C-484/19）即为典例。瑞典税法对滥用税收的法律规定模糊不清，完全无法用于识别滥用税收的融资行为，且只对外国公司不利。本文以欧盟法律和金融理论为背景，分析了瑞典关于关联集团利息限制的规则（C-484/19），该规则涉及实质性税收优惠。此外，从金融学原理，特别是利息覆盖率（ICR）的角度对利息限制规则进行分析。在此背景下，对瑞典的国内规则和《反避税指令》（ATAD）第4条的规定进行比较分析。研究表明，关于利息限制的适当规定应当能够处理利润转移问题，也能维护融资自由，特别是跨国集团的融资自由，并且不应存在国内和国外公司之间的税收待遇差异。
整理 | 娄佳璐
排版、审核 | 寇韵楳、薛榆淞



北京大学税法研究中心
Peking University
Center for Tax Law


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