1、中文 3200 字， 2350 单词， 12900 英文字符 出处： William F.Yancey,1998.“A Framework for International Tax Planning for Manager ”.Auditing&Taxation.July,pp.252-272. 本科毕业论文（设计） 外 文 翻 译 原文： A Framework for International Tax Planning for Managers Creating a balance between minimizing all of the applicable taxes subje
2、ct to additional constraints requires a tax planning framework which recognizes the coordination of legal methods to minimize taxes. Leitch and Barrett (1992) assert that a multinational firm exists to exploit a variety of advantages which occur due to differentials in ownership, location, and inter
3、nationalization factors across country boundaries. These same sorts of advantages can be considered related to tax minimization. The multinational manager in the hypothetical firm of Global Co. must consider tax planning strategies subject to differences in: (1) jurisdiction； (2) time periods； (3) e
4、ntities； (4) contractual forms； and (5) activities. Jurisdiction In a regulatory sense, taxation exists to accomplish a variety of societal objectives. Consequently, these objectives are manifested in differing tax rates and schemes among nations. Some nations offer a tax holiday to corporate entiti
5、es to stimulate local investment and employment, while others offer no incentives. Similarly, allowable exclusions and deductions used in determining taxable income may differ among countries. Global Co. must consider all of these elements when selecting countries for operations. The multinational f
6、irm is in a position to exploit these differences to legally avoid taxes and minimize the overall tax burden. Complications arise when managers make tax policy decisions in isolation from the overall business needs of the firm. The optimal strategy includes international tax policy in conjunction wi
7、th business strategy. If Global Co. selects countries for operating activities solely for tax considerations, then the firm may fail to derive the maximum benefit from a multinational strategy which seeks to exploit a variety of advantages. Time Periods Since the multinational firm often produces go
8、ods or services in a variety of places over different economic cycles, there are choices available which allow the firm to defer payment of tax or recognition of taxable income. The objective of this sort of planning is to allow income to be taxed at the lowest possible rate. For example, Global Co.
9、 might vary production schedules at locations in different countries to take advantage of differing tax rates. The cross-jurisdictional differences in effective tax rates for a multinational enterprise may change over time. During low points in a business cycle, an entity in one country may have net
10、 operating losses which result in a net income tax rate of zero. If that entity is unable to immediately apply the net operating losses, then the parent firms strategy might be to shift income into that country to take advantage of the net operating losses. The parent could shift income by raising t
11、he transfer prices paid on products from that country, or by reducing the royalty payments that the subsidiary .pays to other entities. Accelerating recognition of taxable income could also be advantageous if a firm expects favorable tax incentives will be expiring in the next year. During high poin
12、ts in a business cycle, the multinational enterprise could attempt to defer recognizing income in high-tax countries. For example, installment sales contracts could be written to defer income recognition to future periods. The sales contract could be revised to lower the price on initial purchases,
13、and increase the price on future maintenance and upgrades. They could accelerate expense recognition by performing more currently deductible maintenance than constructing facilities that must be depreciated over long time periods. Choice of Entity The multinational may select a variety of organizati
14、onal forms with which to conduct transactions with distributed units in other countries. This choice has legal as well as tax implications for the combined entity. If foreign units are organized as subsidiaries, the parent may be allowed to defer recognition of income from the subsidiary until divid
15、ends are distributed to the parent. Organizing units as branches will result in the inclusion of all branch income in the worldwide income of the parent. In some countries, the parent may elect to form partnerships where any income or loss will flow directly through to the partners without taxing th
16、e foreign entity. A hybrid entity also may be formed which results in one jurisdiction taxing the unit as a partnership and another as a corporation. These choices will affect Global Co. in characterizing the income received in the venture as active, passive, or triggering capital gains. Each result
17、 yields differing tax effects. In any event, the choice of entity from a tax planning perspective must be balanced with the needs of the firm overall. Tax regulations are rather fluid, and the multinational must be prepared to face changing situations over time. More importantly, it may be difficult
18、 to change the organizational form of a foreign unit once established. Global Co. would need to evaluate the business purpose for a particular choice of entity in conjunction with the related tax effects to determine the optimal arrangement. Particular legal considerations may be so acute that Globa
19、l Co. would elect to form a type of entity even if it resulted in less tax benefit. Contractual Forms Various contractual forms for the structure and workings of the entity can affect the tax situation of the multinational. One of the fundamental choices for Global Co. is how to finance the foreign
20、entity. Sekely and Collins (1988) show that the capital structure choice of a firm is influenced by the country location. Financing through debt or equity will have different tax effects related to the deductibility of interest expense and lack of deductibility for equity contributions. Similarly, i
21、nterest income would be recognized as income to the recipient, whereequity received is generally not taxed as income. Convertible or hybrid securities may be considered as debt or equity for the multinational, depending upon the circumstances. Operational choices, such as whether to hire personnel as contractual employees or independent contractors, will also have different tax effects for Global Co. A similar situation exists with respect to owning or leasing various assets. Tax differentials among countries may exist requiring the multinational to balance these
