国外油气资产项目收购过程中的财税问题研究
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摘要
本文以并购国外持有油气资产的公司为假设前提,深入探讨影响收购价格的主要的影响因素与收购价格的确定、如何在税务负担与补偿间权衡的税务筹划,从纷繁零乱的实践中找到基本的应对原则,从而为中国企业“走出去”获取海外油气资源提供有益的启示。
本文共分四章。第一章阐述论文选题的意义;第二章主要对收购海外油气资产公司的基本依据—石油合同进行简要介绍;第三章围绕油气资产价值与价格的确定这些财务问题展开论述。第四章围绕收购过程中的重要税务问题:主权国与注册国的税款抵扣、预扣税的考虑、主权国纳税影响因素、石油特别收益金、R系数在税务上的考虑、税务补偿进行阐述。最后结合石油行业特色,指出良好的财税尽职调查、收购合同的条款、税务筹划框架为保证项目收购以及其后运营成功奠定坚实的基础和保障。
本文的基本观点是长期看,油气相关的并购数量和规模将日益扩大,油气资产的并购因其行业特点和一般涉及多个国家的交易框架,其并购过程中石油合同条款的条件和限制以及税务框架同样是决定价值的重要因素,由此前期的尽职调查与税务筹划对于收购中资产价值的确定和今后的运营非常关键。
This paper takes mergering and acquiring companies which hold oversea petroleum and gas property as an assumption, discusses the main factors which influencing the purchasing price, the determination of the purchasing price, and the tax planning regarding the trade-off between the tax burden and the compensation, finding the fundamental dealing principle from the numerous and complicated practice; therefore, provides the beneficial insights for Chinese enterprises " going out" to gain the oversea petroleum and gas resources.
The dissertation includes three parts with five chapters. PartⅠ(ChapterⅠ) introduces background and purposes of this research. PartⅡincludes ChapterⅡ,Ⅲ, andⅣ.
ChapterⅡbriefly introduces the petroleum contract which is the fundamental basis of acquiring the oversea petroleum company. The third chapter discusses the financial issues like the valuation and price determination of the petroleum and gas property. The fourth chapter focusing on the important tax issues in the acquisition, elaborates the tax deductions between the Sovereign State and the State of registration, the consideration of the with-holding tax, the tax impact factors of the Sovereign State, Special oil gain levy, the consideration of the R factor in taxation, and the tax compensation.
In PartⅢ, the fifth chapter combines characteristics of the petroleum industry, states that the well financial and taxation investigation, the acquisition contract terms, and the tax planning framework are the foundation and guarantee of the acquisition and the successful operation thereafter.
The basic view of this paper is that, in the long term, the quantity and scale of the petroleum acquisition will expand gradually. Because of the characteristics of the petroleum industry and the transactions framework which involves many countries in general, the conditions and constraints of the petroleum contract terms and the tax framework are important factors of the valuation; therefore, the due diligence, and the tax planning during the prior period are very important for the acquisition and the successful operation thereafter.
本文共分四章。第一章阐述论文选题的意义;第二章主要对收购海外油气资产公司的基本依据—石油合同进行简要介绍;第三章围绕油气资产价值与价格的确定这些财务问题展开论述。第四章围绕收购过程中的重要税务问题:主权国与注册国的税款抵扣、预扣税的考虑、主权国纳税影响因素、石油特别收益金、R系数在税务上的考虑、税务补偿进行阐述。最后结合石油行业特色,指出良好的财税尽职调查、收购合同的条款、税务筹划框架为保证项目收购以及其后运营成功奠定坚实的基础和保障。
本文的基本观点是长期看,油气相关的并购数量和规模将日益扩大,油气资产的并购因其行业特点和一般涉及多个国家的交易框架,其并购过程中石油合同条款的条件和限制以及税务框架同样是决定价值的重要因素,由此前期的尽职调查与税务筹划对于收购中资产价值的确定和今后的运营非常关键。
This paper takes mergering and acquiring companies which hold oversea petroleum and gas property as an assumption, discusses the main factors which influencing the purchasing price, the determination of the purchasing price, and the tax planning regarding the trade-off between the tax burden and the compensation, finding the fundamental dealing principle from the numerous and complicated practice; therefore, provides the beneficial insights for Chinese enterprises " going out" to gain the oversea petroleum and gas resources.
The dissertation includes three parts with five chapters. PartⅠ(ChapterⅠ) introduces background and purposes of this research. PartⅡincludes ChapterⅡ,Ⅲ, andⅣ.
ChapterⅡbriefly introduces the petroleum contract which is the fundamental basis of acquiring the oversea petroleum company. The third chapter discusses the financial issues like the valuation and price determination of the petroleum and gas property. The fourth chapter focusing on the important tax issues in the acquisition, elaborates the tax deductions between the Sovereign State and the State of registration, the consideration of the with-holding tax, the tax impact factors of the Sovereign State, Special oil gain levy, the consideration of the R factor in taxation, and the tax compensation.
In PartⅢ, the fifth chapter combines characteristics of the petroleum industry, states that the well financial and taxation investigation, the acquisition contract terms, and the tax planning framework are the foundation and guarantee of the acquisition and the successful operation thereafter.
The basic view of this paper is that, in the long term, the quantity and scale of the petroleum acquisition will expand gradually. Because of the characteristics of the petroleum industry and the transactions framework which involves many countries in general, the conditions and constraints of the petroleum contract terms and the tax framework are important factors of the valuation; therefore, the due diligence, and the tax planning during the prior period are very important for the acquisition and the successful operation thereafter.
引文
[1]邱晓宇.中国企业海外并购案例溢价水平研究和财务分析[M].2006.
[2]吴夏莉.中国企业跨国并购研究[M].2006.
[3]熊启滨.中国石油工业海外投资问题研究[D].2005
[4]宋寒菁.我国企业并购的所得税问题研究[M].2005.
[5]邓远军.课税对公司并购影响的经济分析[J].扬州大学税务学院院报:2008年6月第13卷第2期.
[6]薄启亮.跨国大并购后的大整合[J].经济管理:2008年第11期.
[7]钟民.跨国石油并购是政治经济学[J].中国石油企业:2007年第6期.
[8]方美君.企业并购税收制度的完善建议研究[J].企业论坛:2006年11月下半月.
[9]叶青.企业股权并购中会计方法选择对纳税的影响[J].会计之友:2005年第5期A.
[10]雷婕.企业合并会计与税收处理问题探讨[J].会计之友:2008年第6期中.
[11]刘为.企业应税并购重组与免税并购重组的税收筹划比较[J].经济论坛:2006年第16期.
[12]李永芹.世界热潮下的我国石油和化工行业并购重组分析[J].中国石油与化工经济分析:2007年2月.
[13]李国洪.探秘石油石化之大并购[J].化工技术经济:2006年6月.
[14]李学稳.我国跨国并购中的补贴政策所受影响与应对法律措施[J].现代财经:2006年第10期.
[15]刁艳华.中海油、中石油跨国并购成败分析[J].经销商俱乐部:2006年2月第1期.
[16]International GAAP 2008-5.1.2 of Chapter 39 extractive industries:P2838.
[17]Dennis R.Jennings,Josoph B.Feiten,Horace R.Brock,Petroleum Accounting: principles,procedures and issues 5 edition author,Accounting principles for oil and Gas producing companies:P77.
[18]PWC,Oil and gas in Indonesia investment and taxation guide:P50-P54.
[19]The management of international oil operations:P138.
[20]ACCA Textbook paper 11 Tax Planning:Overseas aspect of corporation taxation Double taxation relief:P441
[21]Dennis R.Jennings,Josoph B.Feiten,Horace R.Brock,Petroleum Accounting:principles,procedures and issues 5~(th) edition.
[22]ACCA Textbook paper 11 Tax Planning-Trading loss:P270.
[2]吴夏莉.中国企业跨国并购研究[M].2006.
[3]熊启滨.中国石油工业海外投资问题研究[D].2005
[4]宋寒菁.我国企业并购的所得税问题研究[M].2005.
[5]邓远军.课税对公司并购影响的经济分析[J].扬州大学税务学院院报:2008年6月第13卷第2期.
[6]薄启亮.跨国大并购后的大整合[J].经济管理:2008年第11期.
[7]钟民.跨国石油并购是政治经济学[J].中国石油企业:2007年第6期.
[8]方美君.企业并购税收制度的完善建议研究[J].企业论坛:2006年11月下半月.
[9]叶青.企业股权并购中会计方法选择对纳税的影响[J].会计之友:2005年第5期A.
[10]雷婕.企业合并会计与税收处理问题探讨[J].会计之友:2008年第6期中.
[11]刘为.企业应税并购重组与免税并购重组的税收筹划比较[J].经济论坛:2006年第16期.
[12]李永芹.世界热潮下的我国石油和化工行业并购重组分析[J].中国石油与化工经济分析:2007年2月.
[13]李国洪.探秘石油石化之大并购[J].化工技术经济:2006年6月.
[14]李学稳.我国跨国并购中的补贴政策所受影响与应对法律措施[J].现代财经:2006年第10期.
[15]刁艳华.中海油、中石油跨国并购成败分析[J].经销商俱乐部:2006年2月第1期.
[16]International GAAP 2008-5.1.2 of Chapter 39 extractive industries:P2838.
[17]Dennis R.Jennings,Josoph B.Feiten,Horace R.Brock,Petroleum Accounting: principles,procedures and issues 5 edition author,Accounting principles for oil and Gas producing companies:P77.
[18]PWC,Oil and gas in Indonesia investment and taxation guide:P50-P54.
[19]The management of international oil operations:P138.
[20]ACCA Textbook paper 11 Tax Planning:Overseas aspect of corporation taxation Double taxation relief:P441
[21]Dennis R.Jennings,Josoph B.Feiten,Horace R.Brock,Petroleum Accounting:principles,procedures and issues 5~(th) edition.
[22]ACCA Textbook paper 11 Tax Planning-Trading loss:P270.
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