我国防止资本弱化避税的法制现状及完善建议

我国有关防止资本弱化的规定散见于各法律法规之中,资本弱化问题并未得到很好的解决。完善我国防止资本弱化法制的建议包括:严格资本金管理制度;选择固定比率法限制利息扣除;调整关联方控制标准限制;统一居民和非居民投资者适用标准;修订双边税收协定;强化防止资本弱化避税的征管措施。     

资本弱化税制:缺陷与完善北大核心CSSCI

税法对于企业支付利息和股息的不同规定使得资本弱化成为跨国企业常用的避税手段。目前资本弱化规制方法—正常交易原则和安全港模式,都无法有效规避企业的资本弱化行为。本文详细分析了资本弱化税制的缺陷及其产生的原因,并在此基础上,提出了优化安全港模式中的度量指标、将税率差作为客观的辨识标准、建立辅助性资本弱化规制措施、增强对资本弱化避税驱动机制和机理的识别等完善我国资本弱化税制的相关政策建议。     

受控外国公司立法比较研究

很多国家针对利用受控外国公司规避股东所在国税收的情况,对受控外国公司进行了立法,以防止本国居民股东逃避税收。具体办法:只要受控外国公司当期发生了利润,不管这一利润是否分配给股东,股东所在国都可以对本国股东的应得利润进行征税。随着我国对外投资的增加,我国也有必要制定这方面的法律,防止我国居民控制的外国公司利用避税港逃避我国税收。     

安全港模式:我国资本弱化税制建立的现实选择

针对跨国纳税人利用费本弱化进行避税，从20世纪80年代起西方许多发达国家建立起了资本弱化税制来规制这种避税行为。目前，西方国家防止资本弱化通行的做法主要采用安全港规则和正常交易规则两种。在经济全球化的条件下，我国的资本弱化避税问题同样是不可避免，因此借鉴西方国家成功做法，建立我国的资本弱化税制是十分必要的。安全港规则模式是我国资本弱化税制建立的现实选择。     

安全港规则及其在我国的适用

针对纳税人利用资本弱化进行避税的问题,从20世纪80年代起,许多发达国家通过建立资本弱化税制来规制这种避税行为。发达国家防止资本弱化避税的通行做法主要是采用安全港规则和正常交易规则两种。在经济全球化的条件下,我国的资本弱化避税问题同样不可避免。因此,借鉴防止资本弱化避税的安全港规则在发达国家的应用实践,对建立我国的资本弱化税制是十分必要的。     

对资本弱化税制的探讨

一、资本弱化及与避税的关系 企业进行经营的资本可以分为两部分：一部分是自有资本，即权益资本；另一部分为借入资本，即债务资本。企业的利润是由这两部分资本共同带来的，但是对于权益资本企业按照投资的比例取得相应的股息，而对于债务资本企业要对债权方支付相应的利息。     

关联方借款利息的所得税处理

近几年来,随着中国经济的不断发展,尤其中国加入WTO后与世界经济的接轨日益加深,许多企业综合采用多种避税手段,以便最大限度地减少税收支出,"资本弱化"即为企业的避税手段之一。为了规范企业关联方借款利息支出的税前扣除,防止企业利用资本弱化避税,削弱国家的税基,我国制定了一系列的法律、规范性文。本文结合国家的各类法律、法规,对关联企业间借款利息的所得税税务处理进行探讨。     

关联方借款利息的所得税处理

近几年来,随着中国经济的不断发展,尤其中国加入WTO后与世界经济的接轨日益加深,许多企业综合采用多种避税手段,以便最大限度地减少税收支出,"资本弱化"即为企业的避税手段之一。为了规范企业关联方借款利息支出的税前扣除,防止企业利用资本弱化避税,削弱国家的税基,我国制定了一系列的法律、规范性文。本文结合国家的各类法律、法规,对关联企业间借款利息的所得税税务处理进行探讨。     

资本弱化的国际比较及借鉴

资本弱化(Thin Capitalization)是指企业的资本结构中负债资本大于权益资本的资本结构安排现象。它是企业以降低加权资本成本实现企业价值最大化而进行的有效筹资手段，其关键在于负债的利息支出可以在企业所得税前扣除．而股息的分配则不得在企业所得税前扣除。     

跨国投资所得征税规则的比较与借鉴

投资所得是指纳税人从事各种间接的或被动性的投资活动而取得的各种收益,包括股息、利息和特许权使用费等,这类收益所得具有支付人相对固定,而收益人比较零散的特点,所以各国对投资所得征税一般分两种情况分别处理:对于本国居民法人和居民个人以及非居民法人通过设在境内的常设机构获得的各种投资所得,一般规定并入年度营业利润或个人所得中,征收公司所得税或个人所得税;对于非居民和未在境内设立常设机构的外国法人从境内取得的投资所得,一般采取源泉控制的方式征税,征收预提(所得)税.     

Almanac of anticipations: The age of affluence—of anticipation—of anxiety—of automation—of discontinuity—of longing—of overkill—of space exploration

With this survey of developments in the futures field since 1945, I.F. Clarke completes his present series for Futures. He makes two major points: that forecasting techniques have become essential tools in the management of change; and that nuclear weapons and ecological problems have added a moral dimension to the study of the future. In the next issue of Futures he will start a new series on the range of future-thinking in the USA, from the expectations of the first settlers to the Star Wars programme.     

基金公司经营融资融券业务的问题审视

融资融券业务正式运营已经开展,为证券市场带来了革命性的改革,作为证券市场的一大主体,基金公司面对融资融券也迎来了新的发展方向和挑战,本文从融资融券业务的运行机制入手,分析了基金公司融资融券的新契机,并对其即将面临的问题进行审视和剖析,进而提出策略建议.     

对基层人民银行科技工作的几点建议

银监会分设后,人民银行将专司货币政策、金融稳定、金融服务三大职能。作为人民银行的分支机构,基层人民银行的工作重心也将从金融监管调整到这三大职能上来。人民银行的科技部门,就要积极运用科技手段,为人民银行履行新的职能发挥“服务、支持、促进、发展”的作用。一、围绕三大职能搭建五大平台经过“六五打基础、七五作准备、八五大发展”几个阶段后,人民银行相继实现了核算电算化、清算网络化和办公信息化。特别是近一两年来,陆续开通了大额支付系统、信贷登记咨询系统、会计四集中系统、金融信息服务网站等系统,人民银行信息化水平又…     

社会主义所有制形式的改革、完善与共产党执政能力的提高

在中国,所有制形式的调整、改革与完善,先进生产力的发展,党的执政能力建设,是社会主义建设过程中密切结合在一起的三个不同层面的发展关系.应在相互促进和共同提高中促进社会的和谐发展,保证社会主义现代化建设战略目标的顺利实现.     

Summary of Results of Survey of Seminar Attendees

Abstract

The Society of Actuaries undertook a three-phase research project on mortality improvement in the three NAFTA countries: Canada, Mexico, and the U.S. Phase 1 consisted of a literature review of papers on projecting mortality levels in the future and a study of the trend in mortality improvement during this century. Phase 2 consisted of a discussion of different facets of modeling mortality rates at a seminar attended by 79 experts (actuaries, demographers, economists, and medical researchers) representing different countries. The last session of the seminar consisted of the completion of a survey by the attendees to obtain input for Phase 3, which would analyze the impact of mortality improvement on the social security system of each country. This paper summarizes the results of the survey.

The survey results illustrate the difficulty in forecasting mortality levels, because the effects of many factors that could have significant impact on mortality rates are unknown. This suggests the need for dynamic forecasting, which allows for the possibility of random shocks. A majority of the survey respondents believe that stochastic forecasting models, despite their complexity, have significant potential to add value. Respondents also believe that both historical data and cause-specific mortality forecasts are useful as input and also in validating forecasts of the aggregate levels of mortality. The challenge is to develop more sophisticated forecasting models to produce results that are relatively easy to interpret and to communicate these results to the desired audiences, including the public and policymakers.

The survey results suggest that the aggregate effect of lifestyle changes, medical advances, diseases, catastrophe, and physical environmental changes is an increase in life span. However, there is much uncertainty about the future. Respondents expect that beyond the year 2020 the mean annual rate of reduction in mortality for males age 65 and over will average about 0.58% for Canada, 0.76% for Mexico, and 0.67% for the U.S. The results for the female age 65 and over population are 0.64%, 0.83%, and 0.70%, respectively. The age 65 and over population is expected to see larger percentage reductions in mortality than the 0–14 and 15–64 populations. The reductions in male and female mortality will be ultimately the same, and the mortality levels in the three countries will ultimately converge, although differences may persist for decades.     

The Usefulness of Measures of Consistency of Discretionary Components of Accruals in the Detection of Earnings Management

Abstract:  Prior research has shown the prevalence of measurement error in models used to estimate aggregate discretionary accruals. In these models, the incremental information content of the various components of accruals is ignored. Limited prior research and data gathered from firms under Securities and Exchange Commission (SEC) litigation indicate that managers use either one or more than one component of accruals simultaneously, in a consistent way to manipulate bottom-line earnings in a given direction. I propose two measures that capture the consistency between the discretionary components of accruals and test their significance in earnings management (EM) detection in firms that have artificially added accrual manipulation and firms that were targeted by the SEC for accrual manipulation. There is evidence that this information is incrementally useful in detecting EM. This finding paves the way for improvements in the discretionary accruals measure by including consistency information from the components of aggregate accruals.     

Properties of time-series estimates of degree of leverage measures

Empirical studies suggest that time-series regression estimates of the degrees of operating and financial leverage have a tendency to produce measures less than one. According to ex ante theory, these measures should be greater than one for firms operating above the breakeven point. There have also been suggestions that the biases in these estimates may be attributable to an underlying increase in unit sales. This work presents evidence that these counter-intuitive measures are produced by changes in the firm's operating parameters (unit price, variable cost, fixed cost and interest payments). It further suggests that attempts to control for the underlying change in unit sales substantially increase the volatility of predicted estimates.     

浅议金融机构的举证责任

金融纠纷案件是当事人以存单或进账单、对账单、存款合同、保险单、票据、证券等凭证为主要证据向人民法院提出诉讼的案件,对于不同种类金融纠纷的当事人的举证责任,我国现行的金融法律、法规及司法解释有不同的规定。由于金融机构的特殊法律地位,发生金融纠纷时存在有关当事人将最后偿付风险转移给金融机构承担的主观故意,在客观上会使金融机构难以提供相应的证据来对抗不法债权人的诉讼请求,而导致金融机构败诉。为此,对金融诉讼案件中金融机构的举证责任加以研究具有重要的实践意义。     

Separation of Unit of Account from Medium of Exchange

The separation of a unit of account (UoA) from a medium of exchange (MoE) in the commodity–money system is investigated by considering explicitly a seller's choice of UoA in terms of either an MoE or a unit of metal weight. If the likelihood of debasement of an MoE and its rate are high enough, the price is posted in terms of a unit of metal weight rather than an MoE. Interestingly, this MoE–UoA separated equilibrium yields the flexible nominal price, whereas an MoE–UoA integrated equilibrium yields the sticky one. This implies the nominal price rigidity in the fiat‐money system where MoE and UoA are integrated.     

银行软件项目外包管理分析

一、引言随着国民经济的不断发展,银行业务与外部企业的联系越来越密切。银行正逐步成为现代经济活动的中心,作为数据处理核心的银行业务应用也越来越大型化、越来越复杂化,因此许多银行也把软件项目逐步由原来的自主开发转变为与公司合作的方式,或直接外包开发的方式,银行本身的技术人员也逐步由开发转向项目管理。二、项目外包的分类银行项目的外包有以下几种情况:①部分子系统外包,有时由于银行的软件项目太大,单靠银行自身的开发力量基本无法在预定的时间内完成项目,只好把相对独立的部分外包;②直接购买软件公司的成熟产品,有些金融软…