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1 1) 해외투자관련조세제도및실무적쟁점 *.,,.,,,. ( ),., , 50%.. :,,, Indirect Foreign Tax Credit, : , : , : *,.

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16 168 租稅法 ). ( ) (holding company), ( Indirect Share Transfer ). 실무적쟁점과시사점.. 지분간접양도관련과세문제 (Indirect Share Transfer)... Vodafone Case 30). 29) (SI) (FI). 30) Vodafone International Holdings B.V. v. Union of India & Anr. [S.L.P. (C) No of 2010, dated 20 January 2012].

17 : 169 Vodafone Case , Vodafone Vodafone Int l Holdings, B.V (Hutchison) (Essar) Hutchison Telecom Int l Ltd.(British Virgin Islands ) Hutchison Essar Limited 67%., Vodafone Int l Holdings, B.V. Hutchison Essar Limited CGP Investment Ltd(Cayman Islands ). CGP Investment Ltd(Cayman Islands ) Cayman Islands Cayman Islands., Cayman Islands Hutchison Essar Limited, Hutchison Essar Limited Vodafone Vodafone. Vodafone, Vodafone (General Anti-Avoidance Rules) 1962, ) 31) Department of Revenue, Ministry of Finance, Government of India, Circular No. 3/2012, dated

18 170 租稅法 )., (Green-field) (GAAR),. 33). (State Administration of Taxation) (Guoshuihan) [2009] 698 ( 698 ) 35). 698, ( ) 12.5%., (i), (ii), (iii) 32) -GAAR-delay-to-2016.html. 33) KOTRA,, Global Market Report , p18. 34) ( ). 35) SAT, Notice on Strengthening the Management of Enterprise Income Tax Collection of Proceeds from Equity Transfers by Non-Resident Enterprises Guoshuihan [2009] No. 698), December 10, 2009.

19 : Jiangdu Case 36). 37) Jiangdu Case, C 2007 (B ), B Jiangsu Province Joint Venture( A ) 49% C P D B (A 49% ),. Jiangdu B, A,, B B C A 49% D, C. ( ),. 38) 36) Circular 698 has been put into practice in China, China Tax Bog, July 13, ) 698. Chongqing Case Xinjang Case. Holding Company (Yuzhong District State Taxation Bureau of Chongqing City, Nov. 27, 2008, available at gov/jcsx/, SAT, Notice on Correctly Dealing with Treaty Abuse Case Regarding the Xinjang Anti-Treaty-Shopping Case, Guoshuihan [2008] No. 1076, Dec. 30, 2008). 38) UN Model Tax Convention, Gains from the alienation of shares other than those mentioned in paragraph 4 representing a participation of 25 percent in a company which is a resident of a Contracting State may be taxed in that Contracting State, ( 13 5 ) UN Model Tax Convention representing

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24 176 租稅法 6 1 ) ) %. 45) %. 46) %, 47) %. 48) , 100%, 49) 50%. 50) 44) ( 5033, , ) ) ( 6762, , ) ) ( 20619, , ) 94 8, ( 20620, , ) ) ( 21302, , ) 94 8, ( 21307, , ) ) ( 22577, , ) ). 50) ( 11133, , ) 104 6( ).

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27 : 179 OECD,, 55) (arm s length price rules)..,. 2005, 56). 57) (i), (ii), (iii). 58), (i) ( ), (ii) 55) OECD TP Guideline An intra-group service would usually exist where the higher credit rating were due to a guarantee by another group member. 56) 4. 3,,,,,. 57), )

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30 182 租稅法 6 1 참고문헌 [ ], 2012 (FDI), Vol ,,, KOTRA,, Global Market Report ,,, ,, 15 2.,,, [ ] Dongmei Qiu, China s Capital Gains Taxation of Nonresidents and the Legitimate Use of Tax Treaties, Tax Notes International Vol. 60 Number 8, Song Yan, Cai He, and Xu Yunxiang, The First Case Xuzhou Tax Authority Refused the Abuse of Tax Treaty, China Tax n News, Feb 24, Vodafone International Holdings B.V. v. Union of India & Anr. [S.L.P. (C) No of 2010, dated 20 January 2012] Department of Revenue, Ministry of Finance, Government of India, Circular No. 3/2012, dated SAT, Notice on Strengthening the Management of Enterprise Income Tax Collection of Proceeds from Equity Transfers by Non-Resident Enterprises Guoshuihan [2009] No. 698), December 10, SAT, Notice on Correctly Dealing with Treaty Abuse Case Regarding

31 : 183 the Xinjang Anti-Treaty-Shopping Case, Guoshuihan [2008] No. 1076, Dec. 30, 2008 UN Model Tax Convention (2011) OECD, Revised Proposals Concerning The Meaning of Beneficial Owner in the Article 10,11 and 12 of the OECD Model Tax Convention,

32 184 租稅法 6 1 Abstract Overview of Taxation of Outbound Investment Sang Su Ku This study is related to the taxation systems which Korean companies should take into consideration at the time of overseas investment, major decisions to be encountered in the course of overseas investment, and the recent issues in question in working practices. The major taxation systems related to the overseas investment are tax treaty for the adjustment of double taxation and foreign tax credit system. In order to prevent tax avoidance, transfer pricing rules, thin capitalization rules and anti-treaty shopping rules are being operated. With respect to the major decisions to be made for overseas investment, the following matters should be decided Whether to do business as a branch or to establish a subsidiary; Whether to invest its own capital or provide loan; Whether to directly invest in the invested corporation or to indirectly invest in the invested corporation through a holding company; and How to recover the return on investment, i.e., through the distribution of dividend or through the transfer of shares. From the point of working practices regarding the overseas investment, the indirect investment through a holding company and the indirect transfer of shares are also frequently used in investing overseas. However, Indian and Chinese tax authorities intend to exercise the right of taxation on the indirect transfer of shares. In India, taxation on the indirect transfer of shares was postponed but the Chinese tax authorities have been exercising the right of taxation on the indirect transfer of shares since 2010.

33 : 185 With regard to the working practices related to the taxation acts of Korea, although the indirect foreign tax credit system is being operated, if a Korean corporation indirectly invests through a holding company incorporated in a state or area which does not have the corporate tax law system, it cannot enjoy the benefit of the indirect foreign tax credit system. Furthermore, in case of even the tax paid in the state where the overseas sub-subsidiary is located, only 50% of the tax paid may be subject to the application of the indirect foreign tax Credit in Korea. Although the issue in calculating the normal price of the fees for overseas payment guarantee was improved to a certain degree due to the amendment to the Enforcement Decree of the Adjustment of International Taxes Act, it is necessary to watch more whether the conflicts with the tax payers will be practically reduced. Key words: overseas investment, indirect transfer of shares, Indirect Foreign Tax Credit, fees for overseas payment guarantee

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