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Planificación Fiscal Internacional
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Planificación Fiscal Internacional

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  • 1. Estructuras de Planificación Fiscal Internacional Antonio Pina Gil
  • 2. Clasificación de entidades Sociedad Estado de los miembros = sociedad Estado de residencia = sociedad ERAR/transparente Estado de los miembros = ERAR/transparente Estado de residencia = ERAR/transparente Sucursal/EP Estado de los miembros = sucursal Estado de residencia = sucursal Disregarded Entity Estado de los miembros = sucursal (o Forward Hybrid) Estado de residencia = sociedad Reverse hybrid Estado de los miembros = sociedad Estado de residencia = ERAR/transparente Hybrid (o Forward Hybrid) Estado de los miembros = transparente Estado de residencia = sociedad
  • 3. Foundational structures Foundational structure I EU Holding, Finance & IP Company Foundational structure II EU Holding Company / Financing & IP Company/Branch Foundational structure III Tax Favoured Holding, Finance & IP Co. / EU SubHolding Parent EU HoldCo Affiliates Loans/ Licences Parent EU HoldCo Affiliates Loan/ Licences Financing & IP Branch Parent EU Sub HoldCo Afiliates Loans/ Licences Tax Favoured HoldCo Loan/ Licences
  • 4. Holding luxemburguesas Luxembourg Low-Tax Branch Strcuture Luxembourg Two-tiered Back-to-Back Strcuture Parent Luxembourg S.a.r.l. Affiliates Loan/ Licences Financing & IP Branch Parent Luxembourg S.a.r.l. Afiliates Loans/ Licences Tax Favoured HoldCo Loan/ Licences
  • 5. Sale of subsidiary to leveraged new holding company Parent New Holding Company Subsidiary Subsidiary Loan Tax Grouping or Merger Country A Country B
  • 6. Special purpose finance company Parent Subsidiary Finance Company Equity Country A Low Tax Jurisdiction Country A Country B Loans Loans Banks drawdown Surplus Cash
  • 7. Use of hybrid financing structure Parent Subsidiary Finance Company 1 Equity Country A Country B Country A Country D Loans Country B Country C Finance Company 2 Equity Hybrid Instrument
  • 8. Spot sale of preference shares Repo Finance (I) Parent US Subsidiary US HoldCo Country A USA Country A USA Ordinary shares Preference shares Preference shares Pay spot price for preference shares At start
  • 9. Sale back of preference shares Repo Finance (II) Parent US Subsidiary US HoldCo Country A USA Country A USA Ordinary shares Preference shares Preference shares Pay price to buy back preference shares At maturity
  • 10. Deferred share subscription finance (I) Parent SPV US HoldCo Country A USA Country A USA Equity $1000 Pay purchase price $80m for sale of SPV (assumed NPV of $100m on maturity) At start Sale of SPV Commitment to Future capital injections $100m
  • 11. Deferred share subscription finance (II) Parent SPV US HoldCo Country A USA / Australia Country A USA / Australia At maturity Make future capital injections $100m Benefit on increase of value
  • 12. Deferred purchase consideration finance (I) Parent Subsidiary Country A Country B Country A Country B At start Asset Asset Sale of asset FMV = 100 Price = 120, payable after 5 years
  • 13. Deferred purchase consideration finance (II) Parent Subsidiary Country A Country B Country A Country B At maturity Asset Pay purchase price 120
  • 14. Subscription for future issuance of shares of a fixed value (I) Parent Subsidiary Country A Country B Country A Country B At start Payment 80
  • 15. Subscription for future issuance of shares of a fixed value (II) Parent Subsidiary Country A Country B Country A Country B At maturity Issue of share Fair value = 100
  • 16. Classic Hybrid – Model I Parent Subsidiary Country A Country B Country A Country B Consolidated tax group in Country B Loans Banks Tax ambit of Country A Interests “double dip”!! Hybrid
  • 17. Classic Hybrid – Model II Parent Subsidiary Country A Country B Country A Country B Consolidated tax group in Country B Loans Banks Tax ambit of Country A Interests “double dip”!! i/co loan Hybrid
  • 18. Classic Hybrid – Model III Parent Finance Company Country A Country B Country A Country B Consolidated tax group in Country B Loans Banks Tax ambit of Country A Interests “double dip”!! i/co loan Subsidiary i/co loans Equity Hybrid
  • 19. Indirect Classic Hybrid Parent Operating Subsidiary Country A Country B Country A Country B Consolidated tax group in Country C Loans Banks Equity Country B Country C Country B Country C i/co loan Operating Subsidiary Tax ambit of Country B Hybrid
  • 20. Classic Hybrid Model for Synthetic Low-Tax Finance Company Parent Finance Company Country A Country B Country A Country D Loans Banks Equity Subsidiary i/co loans i/co loan Country B Country C Hybrid
  • 21. Classic Hybrid Model for US MNEs US Parent Finance Company USA Country A USA Country A i/co loans Country A Country B Country A Country C USA Country A USA Country A Equity Low-Tax Finance Co Operating Subsidiary
  • 22. Reverse Hybrid – Model I Parent Country A Country B Country A Country B Equity Loans Hybrid Banks
  • 23. Reverse Hybrid – Model II Parent Country A Country C Country A Country D Equity Loans Finance entity Subsidiary i/co loans Banks
  • 24. Reverse Hybrid Model for US MNEs US Parent Country A Country B Country A Country B USA Country A USA Country A Hybrid HoldCo Hybrid OpCo Equity i/co loan
  • 25. Dual Resident Company Model Parent Country A Country B Country A Country B Dual Resident Holdco Subsidiary Loans Banks Loans Banks Consolidated tax group in Country B Consolidated tax group in Country A
  • 26. Branch of Foreign Company as dominant entity in tax consolidation – Model I Parent Country A Country B Country A Country B Subsidiary Loans Banks Consolidated tax group in Country B Branch
  • 27. Branch of Foreign Company as dominant entity in tax consolidation – Model II Parent Country A Country B Country A Country B Subsidiary Loans Banks Consolidated tax group in Country B Branch Finance Company i/co loan Consolidated tax group in Country A
  • 28. Antonio Pina Gil E-mail: [email_address] Linked-in: http://es.linkedin.com/in/antoniopina/es Facebook: http://www.facebook.com/apinagil Twitter: http://twitter.com/apinagil Blogger: http://spanishtaxes.blogspot.com

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