关于我国一般反避税条款的适用难点与立法建议

一般反避税条款,作为应对各种避税行为的兜底条款,其理解与适用问题一直是税务机关谨慎把关的出发点和落脚点。本文结合税务工作实际,在借鉴两大法系有关一般反避税立法的基础上,通过对我国一般反避税条款中有关"避税安排"、"税收利益"、"启动规则"、"税收后果"等概念的分析,提出完善我国一般反避税条款的立法建议。     

企业所得税反避税:意义、措施与任务

反避税是我国企业所得税管理的一项重要任务,它涉及维护国家的税收权益,创造公平竞争的税收环境。从各国的情况看,反避税措施主要包括完善税收法规、针对某种避税形式制定特别反避税条款以及制定一般反避税规则。当前我国反避税主要应不断完善税法并加强反避税的队伍建设。此外,抑制国际避税应是我国今后反避税的重心。     

《企业所得税法》"特别纳税调整"亮点解读

《中华人民共和国企业所得税法》在"特别纳税调整"一章规定了一些新的反避税条款。本文对其中的一些"亮点",如反避税一般性规定、提供关联交易相关资料、受控外国企业、限制资本弱化、纳税调整加收利息等进行了解读,有助于征纳双方更好地掌握税法。     

浅析企业所得税法一般反避税条款及其现实困境——以企业所得税法第47条为视角

新企业所得税法第47条作为一般反避税条款，起到弥补法律漏洞的兜底性条款的作用，在对一般反避税条款进行评析的基础上，我们也注意到该条款在我国现实情况下，其具体实施在立法、执法、司法中的现实困境，这值得我们对其进行反思。     

国家税务总局一般反避税管理办法（试行）

政策背景
　　一般反避税在我国尚属较新的领域，2008年新《企业所得税法》才开始引入一般反避税条款。目前《，企业所得税法》及其实施细则与《特别纳税调整实施办法（试行）（》国税发[2009]2号）等法律法规提供了一般反避税管理的原则性规定，但是至今尚缺乏一套全面、综合的管理办法来规范各地税务机关的操作流程和执行标准。     

我国反避税的现状及其问题研究

避税与反避税是世界各国共同面临的问题,由于涉及到世界各国历史背景、政治经济制度、税收体系、法律制度等诸多方面的差异,无论在理论上还是实践中,各国的认识和实际操作都不一致.我国反避税问题开始与上个世纪八十年代初.三十年来,中国反避税走过了一条艰难曲折的道路.我国政府已经充分认识到反避税行为的必要性与紧迫性,我国虽然采取一系列措施取得了一定的成效,但是反避税工作仍是我国的一个薄弱环节,存在许多亟待解决的问题.本文首先对避税与反避税作了简单介绍,然后通过对反避税历史的发展引出我国目前反避税工作的问题和现状,最后对我国的反避税工作提出了可行性建议.     

论税务中介机构在反避税管理中的地位和作用

税务中介机构在各国反避税管理中具有三重性:税务中介机构是纳税人服从反避税规则的帮助者,是避税计划的提供者和促进者,是反避税立法的参与者和推动者。税务中介机构在反避税管理中的重要性得到国际共识,建立纳税人、税务中介机构和税务机关三位一体的避税管理体系成为发展趋势,各国在税务中介机构信息披露措施方面出现了很多创新性实践。我国应当重视发挥税务中介机构在反避税立法和管理中的积极作用,抑制其消极作用,并且应从明确划分税务中介机构的业务范围、加大专业协会的话语权、制定税务中介机构反避税奖惩制度等几个方面做出努力。     

新《企业所得税法》下的避税与反避税问题研究

本文对新税法中反避税制度的变化,企业避税受到的影响以及可能出现的新避税方式进行了探讨,以期对此能起到一定的借鉴作用     

反避税调查目标的实现过程

税收总收入最大和反避税收益最大不一致,税收总成本收益最大和反避税调查成本收益最大也不一致。反避税调查应以税收总成本收益最大为目标,以总成本收益情况作为考核反避税调查部门工作的指标。     

我国合伙企业反避税法律制度的完善

我国合伙企业税收制度在反避税方面存在很多漏洞,合伙人往往通过合伙协议对合伙企业的利润亏损作特殊分配以及与合伙企业不按独立原则进行关联交易,规避纳税义务从而导致国家税款严重流失。本文从保护国家税收利益角度出发,针对我国合伙企业税收法律制度的主要内容和实践中常见的避税形式,借鉴我国所得税领域其他立法的科学规定,以及美国、加拿大合伙企业所得税法反避税的先进立法经验,对我国合伙企业的一般反避税原则和特殊反避税措施提出完善建议。     

海外内幕交易主体的规则和司法判例研究及借鉴

文章分析了美国《证券交易法》规则10b5—2的合理性和缺陷，同时参照美国、台湾和日本的证券立法实践，对我国《证券法》中有关内幕交易主体的规定存在的缺陷提出了修改和完善的建议。我国《证券法》应将家庭成员、发行人和外部信息制造者纳入内幕交易的主体范围，这对于正确理解和完善内幕交易的法律规则将起到积极作用。     

When time is not on our side: The costs of regulatory forbearance in the closure of insolvent banks

In this paper, we empirically estimate the costs of delay in the FDIC's closures of 433 commercial banks between 2007 and 2014 based upon a counterfactual closure regime. We find that the costs of delay could have been as high as $18.5 billion, or 37% of the FDIC's estimated costs of closure of $49.8 billion. We think that these findings call for a more aggressive stance by bank regulators with respect to the provisions for loan losses and write-downs of banks’ non-performing assets. More aggressive (and earlier) provisions and write-downs, or adoption of a capital ratio that penalizes nonperforming loans, would allow the concept of “prompt corrective action” (PCA) to play the role that it was meant to play in reducing FDIC losses from insolvent banks.     

Shareholder wealth effects of M&A withdrawals

This paper provides evidence on the wealth effect in the event of the withdrawal of a merger or acquisition, and the impact of termination fee provisions on acquirer withdrawal returns. I report a significant negative correlation between acquirer withdrawal returns and announcement returns, consistent with the theory of managerial learning in M&As. Target firms reap net gains in deal withdrawals, showing evidence of a permanent revaluation of targets even if the deals fail. I also find that acquirer termination fee provisions are positively associated with acquirer withdrawal returns, suggesting that such provisions may play a disciplinary role in the withdrawal decision-making and protect acquirer shareholders’ interests in deal withdrawals. Furthermore, my results also show that target termination fee provisions are negatively associated with acquirer withdrawal returns, which supports the efficiency hypothesis.

     

Top management incentives and financial flexibility: The case of make‐whole call provisions

Consistent with the premise that make‐whole call provisions enhance value‐creating financial flexibility, we find that higher sensitivity of managerial wealth to stock price (delta) increases the likelihood that corporate bonds contain make‐whole provisions. Building on the results of related research, post‐issue financial performance of make‐whole callable bond issuers increases in delta. In line with prior findings that demonstrate financial flexibility can be costly to bondholders, we find that managerial equity incentives impact the incremental effect of make‐whole provisions on the pricing of corporate debt securities. Consistent with the flexibility explanation, we also find that the market response as measured by abnormal trading volume to the issuance of make‐whole callable debt varies in equity incentives. Overall, our results suggest that managerial incentives play a role in the choice, pricing, and market response to make‐whole options in corporate debt securities.     

Antitakeover provisions and CEO monetary benefits: Revisiting the E-index

We analyze and group antitakeover provisions as they relate to CEO’s monetary benefits. We specifically focus on the determinants of the six E-index provisions that were proposed by Bebchuk et al. (2009) to conversely affect firm value. The six provisions are split into two indices: those that provide managers with a monetary benefit if a takeover was successful (MB provisions) and those that do not (TP provisions). Results indicate that CEOs with a role duality use their power to influence the adoption of MB provisions and resist the adoption of TP provisions. Moreover, in the presence of CEO duality, the relationship between MB provisions and firm value worsens. On the other hand, the relationship between TP provisions and firm value is unaffected by the presence of CEO duality. This suggests that CEOs having a role duality do not feel the need to work in the shareholders’ best interest when entrenched with MB provisions. Our findings suggest that studying all the provisions of the E-index as a whole can be misleading in some cases.     

Do Loan Loss Provisions Affect the Credit Fluctuations in China’s Banking System?

ABSTRACT

The global financial crisis of 2008 sparked new ideas on pro-cyclical transmission in the financial system. The accounting treatment method of loan loss provisions differs between the accounting standards that banks use and the supervisory rules of banks. This fundamental difference has attracted wide attention from academics and regulators. This article studies whether bank loan loss provisions affect credit fluctuation in China’s banking system. We divide loan loss provisions into discretionary and non-discretionary loan loss provisions. We find that non-discretionary loan loss provisions result in greater credit fluctuation, whereas discretionary loan loss provisions have no significant impact on credit fluctuation. Further evidence shows that the relation between non-discretionary loan loss provisions and credit fluctuations does not vary among different types of banks. Overall, our study shows that non-discretionary loan loss provisions can increase credit fluctuation and therefore strengthen banks’ pro-cyclical behavior.     

资产减值计提动机的实证研究

基于A股上市公司在2006年以及2007年所披露资产减值的计提以及其它相关数据进行的实证研究结果表明:行业类别的实质性经济因素与资产减值率存在一定的负向关系;实施新会计准则的2007年与2006年相比较,高管变动、迎合预期以及洗澡动机、收益平滑动机与资产减值计提具有了显著关系;资产减值计提具有正向关系的报告动机被明显地观察到了,成为解释资产减值计提的关键因素,相反,负向的关系并不显著.     

The Impact of SFAS No. 114 on the Linear Information Dynamic for Commercial Banks

Increase (decrease) in loan loss provisions would decrease (increases) bank earnings, but increase (decreases) regulatory capital. Previous studies have separately documented earnings and capital management behavior via loan loss provisions by commercial banks. However, it is difficult to isolate a bank's demand for increasing earnings from its demand for regulatory capital because earnings is a source of capital. Based on the objective bank function, this study investigates the impact of SFAS No. 114 on the information content of loan loss provisions in relation to both earnings quality and capital adequacy in a linear information dynamic framework. Test results show that the association between market value with loan loss provisions became significantly stronger for commercial banks in the post- than in the pre-adoption period. As a result, SFAS No. 114 is also found to positively affect the association of market value with both bank earnings and regulatory capital through the clean surplus relation because of the higher value relevance of loan loss provisions. The findings thus provide empirical evidence that SFAS No. 114 has significantly complemented banking regulations in enhancing (reducing) the (dispersion from the) accounting measurement construct of loan loss provisions.     

On the theory of financial contracting: The personal loan market

Assuming rational expectations, the differing incentives of borrowers and lenders in competitive loan markets determine the typically complex nature of personal loan contracts. Given this framework, contractual provisions such as collateralization, escrow accounts, and other restrictive covenants are efficient mechanisms to control the incentive conflict: credit rationing (market failure) arguments are not necessary to explain the inclusion of these contractual provisions. Within a competitive lending market the benefits from these provisions ultimately accrue to the borrower by lowering the total cost of borrowing.     

The Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence from Denmark

Abstract

I analyse the influence of IFRS on the Danish accounting regulation based on the EU Accounting Directive. In Denmark, the EU Accounting Directive is brought into force through the Danish Financial Statements Act. The analysis shows that the provisions in the Act are aligned with the IFRS to a great extent. It also shows that the Danish legislators extensively refer to IFRS and that they consider the IFRS to be the source to use for completing the national rules. I additionally show that the enforcers of the Danish Financial Statements Act look to the IFRS for guidance when they interpret the provisions, and that many important stakeholders have a positive attitude towards the use of IFRS for non-listed companies. The conclusion is that IFRS standards play a decisive role and have strong legitimacy in Denmark.