俄罗斯资本弱化税制简析  

Analysis of thin capitalization in Russian tax system

作　　者：鲁坤[1] 王占东[1] 

机构地区：[1]中国石油天然气集团公司中俄合作项目部

出　　处：《国际石油经济》2016年第11期45-50,共6页International Petroleum Economics

摘　　要：为规制资本弱化,防止税收流失,各国普遍引进资本弱化税制。俄联邦税法典规定采用固定比例法,以单个关联方为单位,对其提供或担保的长期借款计算允许税前扣除的利息限额,超额利息按照股息计征企业所得税。对于中俄油气合作中的中方油气企业来说,应确定合理的债务资本规模,降低资本成本;合理预计债务资本价值,拓宽融资渠道;合理利用政府间协议,防范制度变更风险。在当前投资环境下,遵守俄罗斯的法律制度,保护自身利益,实现投资收益最大化。In order to regulate the thin capitalization and prevent the loss of tax revenue, many countries generally introduce relevant provisions into tax system. The Russian tax code stipulates that long-term debt provided or guaranteed by different related parties should be considered respectively and the fixed-proportion method shall be used to calculate the allowable amount of longterm debt interest for the purpose of deduction before income tax. The excess interest shall be subject to pay the income tax on the basis of dividends. China＇s oil and gas companies should determine the reasonable debt capital scale, reduce capital cost, reasonably estimate the value of debt capital, broaden the financing channels, rationally utilize intergovernmental agreements against the risk of policy changes of financial and tax laws, and comply with the Russia＇s legal system to protect their own interests and maximize investment returns under the current investment circumstances.

关 键 词：资本弱化税制 俄罗斯 跨国融资 债务资本 权益资本 投资收益 

分 类 号：F815.12[经济管理—财政学]