<p>Il giudizio civile di Cassazione di Ricci Albergotti Gian Franco</p>
Il Nuovo Diritto delle SocietàISSN 2039-6880
G. Giappichelli Editore

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Acquisizione di asset: un settore dimenticato dal sistema legale indonesiano (di Anirut Somboon)


pagamenti dei dividendi e degli interessi agli azionisti e agli istituti di credito seguono un diverso regime fiscale. In genere, il pagamento degli interessi è trattato come una spesa deducibile nelle dichiarazioni fiscali. Per approfittare di questo vantaggio, le società multinazionali tendono a costituire una controllata in un paese d’origine con un indebitamento eccessivo al fine di trasformare i profitti generati dalla controllata in forma di interessi da riceversi in una giurisdizione con regime fiscale più favorevole. Questo fenomeno è chiamato “thin capitalization” ed intuibilmente non è favorevole per il sistema fiscale del paese d’origine. Molti sistemi legali, in specie nelle economie più avanzate, hanno regolamento il fenomeno della “thin capitalization” al fine di proteggere il proprio sistema fiscale. La norma di base determina in quale misura il pagamento degli interessi per il debito societario della società controllata sia una spesa deducibile a fini fiscali. Diverse soluzioni legislative hanno portato a significative conseguenze, spesso oggetto di dibattito accademico. Tuttavia, il Regno di Thailandia, in quanto economia ancora emergente, non ha uno specifico regime fiscale che regoli il fenomeno della “thin capitalization”. Alcuni ritengono che la mera analogia con esistenti provvedimenti fiscali non sia in grado di contrastare in maniera efficace il meccanismo della “thin capitalization”. D’altra parte, altri sostengono che l’introduzione di una specifica disciplina sul punto potrebbe pregiudicare il flusso di investimenti diretti esteri verso la Thailandia, un timore comune a molte nazioni emergenti. Il presente articolo si sofferma sulle norme fiscali che potrebbero essere applicate al fenomeno della “thin capitlization” e sulle scappatoie dall’attuale regime fiscale thailandese – probabilmente comuni a molte giurisdizioni che non hanno ancora regolamentato questo aspetto – e sapientemente sfruttate dal molte multinazionali. L’articolo differenzia altresì tra capitalizzazione e finanziamento a debito e offre uno sguardo d’insieme sulla “thin capitalization”, oltre ad alcuni commenti in argomento.

Problem Schemes in Implementing Thin Capitalization Rules in Thailand

The payments of dividends and interest to shareholders and lender inherently have different tax exposure. In a worldwide tax system, interest paid is typically treated as a deductible expense in the tax computation. To exploit such advantage, multinational enterprises would set up a company in a source country with excessive debt in order to shift profits derived therefrom in form of interest to be received in a low tax rate jurisdiction. This arrangement is called thin capitalization and has been abrasive to the source country tax base for a long time. Many countries, especially developed ones, implemented ‘thin capitalization’ rules to protect their own tax bases and fit to their economic contexts. The rule generally determines to what extent the interest payment for corporate debt would be a deductible expense for tax purposes. Various implementation approaches have posed distinguishable consequences, also problem schemes, for discussion. However, Thailand, as a developing country, has no specific tax rule to properly govern thin capitalization. Some scholars point out that analogy with the existent provisions under tax law shows somewhat insufficient to deal with this kind of tax avoidance. Conversely, others are anxious that implementing such rules might cause the decrement of inducement to invest in Thailand, as any of developing countries may concern likewise. This article mainly focuses on tax matters regarding thin capitalization and the unfilled loopholes of existent tax laws in Thailand – probably similar to those in other countries where thin capitalization rules have not been enacted – used by a number of multinational enterprises, including potential problems of implementing the rules. It will also differentiate equity and debt financing and provide background of thin capitalization together with taxation implication thereon, in addition to occasionally proposing comments.

Sommario: 1. Background of thin capitalization and taxation implication. –2. Problems of the application of existent provisions on thin capitalization in Thailand. – 3. Thin capitalization rules and problems of implementation. – 3.1. Arm’s Length Approach. – 3.2. Ratio Approach. – 3.3. Dividend Deduction or Zero Rate Approach. – 3.4. Reclassification as Dividends Approach. – 3.5. Earning Stripping Rule. – 4. Conclusion. 1. Background of thin capitalization and taxation implication Financial resource for business formation basically is categorized into two fundamental types: debt financing and equity financing.  Equity financing typically means a method of financing in which a company issues and buy shares of its stock to investors and, in return, receives funds from the investment. The investors will become its shareholders who obtain ownership interests in the company. On the other hand, debt financing means borrowing money for the company’s operation and the existing shareholders do not lose their proportion of ownership rights and interests. Debt financing normally requires the borrower or the debtor to adhere to strict conditions or covenants in addition to the obligation to pay debt, principal and interest, at specified dates and the failure thereto would lead to horrible consequences. In most countries, the interest payable by the debtor can be treated as a deductible expense in the corporate income tax computation. In other words, the effective interest cost is less than the stated interest in tax perspectives. An excessive level of debt, however, could decrease its creditworthiness. Further, the choosing of corporate financing, between equity and debt, may differently affect to the rights and duties of a company and its shareholders as follows: (1) The ownership, in case of equity financing, any shareholders are entitled to participate and vote at the General Meeting of the company for carrying on and propelling the company’s business, as part of the company owners. On the contrary, the lender or creditor, in case of debt financing, does not have rights to control the company but a mere right to claim for debt payment. (2) For distribution of profits rather than the increment of share value, in equity financing, every shareholder is entitled to obtain their ownership interests in the form of dividends payable once the company incurred net profits and dividends are declared by a resolution passed in a general meeting or paid, from time to time, by the discretion of directors.  On the other side, the lender is entitled to, and the borrower is liable to, the repayment of principal amount including interest at the fix due as agreed by the parties. (3) On consequences of financial failure, the liability of the shareholders is limited to the amount, if any, unpaid on the shares respectively held by them.  Should the company incur [continua..]

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