CONGRES HOOFDKANTOREN EN FISCAAL …...Ireland applies the 12.5% corporation tax rate for trading...
Transcript of CONGRES HOOFDKANTOREN EN FISCAAL …...Ireland applies the 12.5% corporation tax rate for trading...
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CONGRES HOOFDKANTOREN EN FISCAAL VESTIGINGSKLIMAAT
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WELKOM
Prof. mr. J.W. (Jaap) Bellingwout
Dagvoorzitter
Hoogleraar belastingrecht, VUKPMG Meijburg & Co
Hoofdkantoren en fiscaal vestigingsklimaat
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OPENING
Mr. drs. F.H.H. (Frans) Weekers
Staatssecretaris van Financiën
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
Prof. mr. J.W. (Jaap) Bellingwout – voorzitter
Prof. Dr. C. (Christoph) Spengel
Prof. mr. E.C.C.M. (Eric) Kemmeren
Prof. dr. R.M.W.J. (Roel) Beetsma
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
Prof. Dr. C. (Christoph) Spengel
University of MannheimCentre for European Economic Research (ZEW Mannheim)
“Corporate Taxation of Headquarter Services in Europe”
Study on behalf of VU University Amsterdam, kindly supported by the Dutch Ministry of Economic Affairs, Agriculture and Innovation
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
Outline
1 Aim and scope of the study2 Methodology3 Taxation of HQ functions
1 Benchmark case2 Holding companies3 Financing companies4 R&D activities5 IP holdings
4 Summary
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
1 Aim and scope of the study
> Determine effective tax burdens for headquarter services….> ….for the Netherlands as well as Ireland, the United Kingdom and Switzerland
(Canton of Zug)> Focus on the taxation of holding companies, financing and treasury companies,
R&D activity and exploitation of intellectual property> The taxation of a manufacturing affiliate serves as a benchmark> Putting the Dutch tax regime into perspective
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
2 MethodologyThe Devereux/Griffith approach
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Structure of the supposed (benchmark) investment
Industrial Buildings
Intangibles Machinery Financial Assets
Inventories
Corporation
Shareholder
5 Types of Assets
3 Sources of Finance
Dividend
External Lender
Interest
Additional
Dividend
Debt EquityRetained Earnings
Dividends in Future Periods
3 Types of Shareholders
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
2 MethodologyThe Devereux/Griffith approach: Assumptions
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Assumption on … Value
Legal Form CorporationIndustry Manufacturing sector
Assets (weight) Industrial buildings (20%), intangibles (20%), machinery (20%), financial assets (20%), inventories (20%)
Sources of finance (weight) Retained earnings (55%), new equity (10%), debt (35%)
True economic depreciation Declining balance method
Industrial buildings 3.1%
Intangibles 15.35%
Machinery 17.5%
Real interest rate 5%
Pre-tax real rate of return(for calculation of EATR) 20%
Inflation rate 2%
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
3.1 Benchmark caseTax legislation
> Statutory tax rates: NL (25%), IE (12,5%), UK (24%),CH (Zug: 15.11% (incl. 8.5% federal income tax))
> Depreciation:> Buildings: NL (SL 2.5%), IE (SL 4%), UK (-), CH (DB 8%)> Machinery: NL (SL 20%), IE (SL 12.5%), UK (DB 18%), CH (DB 30%)> Intangibles: NL (SL 10%), IE (SL 10%), UK (SL 10%), CH (DB 40%)> Inventories: NL (LIFO), IE (WA), UK (FIFO), CH (LIFO)
> Non-income taxes: NL, IE, UK (real estate taxes),CH (cantonal net worth tax)
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
3.1 Benchmark caseEffective tax burden (in %)
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-20
-15
-10
-5
0
5
10
15
20
25
30
EMTR (equity) EMTR (debt) EATR (equity) EATR (debt)
The Netherlands Ireland United Kingdom Switzerland (Zug)General system
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
3.2 Holding companiesTax legislation for inter-company dividends
> Netherlands and United Kingdom: participation exemption (interest deductibility might be limited)
> Ireland: tax credit (risk of excess credit due to low tax rate of 12.5%)> Switzerland: net participation relief
> General regime: no exemption from net worth tax> Special cantonal regimes (holding company or mixed company regime):
In addition, exemption from net worth tax
> Underlying CIT rate on foreign dividends: 23.2% (EU-average)
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
3.2 Holding companiesEffective tax burden (in %)
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-20
-15
-10
-5
0
5
10
15
20
25
30
EMTR (equity) EMTR (debt) EATR (equity) EATR (debt)
The Netherlands Ireland United Kingdom Switzerland (Zug)General system
Switzerland (Zug)Special tax regime
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
3.3 Financing companiesTax legislation
> Foreign interest income is, in general, subject to the ordinary corporation tax rate
> Ireland applies the 12.5% corporation tax rate for trading income in case the group financing company actively manages the financing activities (interest relating to cash-pools is taxed at 25%)
> Special tax regime for financing and treasury companies only in Switzerland (domiciliary/mixed company regime)
> Assumption: interest is deductible at level of foreign subsidiaries (EU-average tax rate: 23.2%)
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
3.3 Financing companiesEffective tax burden (in %)
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-20
-15
-10
-5
0
5
10
15
20
25
30
EMTR (equity) EMTR (debt) EATR (equity) EATR (debt)
The Netherlands Ireland United Kingdom Switzerland (Zug)General system
Switzerland (Zug)Special tax regime
n/a n/a
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
3.4 R&D activities (self-developed IP)Tax legislation: Incentives for R&D activities
> Immediate deduction of R&D costs > all countries
> R&D tax incentives for qualifying R&D expenditures (input side)> Netherlands: 40% super deduction> Ireland: refundable tax credit of 25% of expenditure exceeding a baseline figure taken
from the years 2003> United Kingdom: 30% super deduction> Switzerland: no incentives
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
3.4 R&D activities (self-developed IP)Tax legislation: Incentives for R&D activities
> Innovation/patent boxes (output side)> Dutch Innovation Box: profits derived from self-developed patents and IP for which an
R&D certificate is obtained is taxed at 5%> British Patent Box (phased in as of 2013): EBIT relating to the use of self-developed
patents is taxed at 10%> License Box applied in the Canton of Nidwalden: Net license income (in line with art.
12(2) OECD model convention) from self-developed and acquired IP is subject to an combined effective income tax rate of 8.8%
> Ireland: no regime
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
3.4 R&D activities (self-developed IP)Effective tax burden (in %)
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-50
-40
-30
-20
-10
0
10
20
30
EMTR (equity) EMTR (debt) EATR (equity) EATR (debt)
The Netherlands Ireland United Kingdom
Switzerland (Zug)General system
Switzerland (Zug)Special tax regime
Switzerland (Nidwalden)
-181.8-96.1-51.2-77.0
IE: n/a
IE: n/a
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
3.5 IP holdings (acquired IP)Tax legislation
> General tax regimes> Statutory tax rates:
> Netherlands: 25%> Ireland: 12.5%> UK: 24%> Switzerland (Zug): 15.11% (incl. 8.5% federal income tax)
> Depreciation of intangibles:> Netherlands: Straight-line 10%> Ireland: Straight-line 10%> UK: Straight-line 10%> Switzerland (Zug): Declining balance 40%
> Swiss Canton of Nidwalden: License Box
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
3.5 IP holdings (acquired IP)Effective tax burden (in %)
Hoofdkantoren en fiscaal vestigingsklimaat
-20-15-10
-505
1015202530
EMTR (equity) EMTR (debt) EATR (equity) EATR (debt)
The Netherlands Ireland United Kingdom
Switzerland (Zug)General system
Switzerland (Zug)Special tax regime
Switzerland (Nidwalden)
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
4 Summary
Hoofdkantoren en fiscaal vestigingsklimaat
Rank #1 = lowest effective tax level
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
4 Summary
Hoofdkantoren en fiscaal vestigingsklimaat
Rank #1 = lowest effective tax level
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
4 Summary
> Special headquarter functions receive considerable tax relief in all four countries.> Of the considered HQ functions, R&D activities are treated most favourably; they
are even subsidised in the Netherlands, Ireland and the UK.> Of the considered HQ functions, holding functions (equity re-financing) and
financing companies (re-financing with debt) face a similar tax burden across countries.
> The Netherlands are particularly attractive for R&D activities and not attractive for IP holdings (due to the high statutory tax rate).
> The Netherlands improve in the country ranking if HQ activities are re-financed with debt.
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
Prof. mr. E.C.C.M. (Eric) Kemmeren
Hoogleraar internationale fiscale economie Tilburg UniversityErnst & Young
“Observations on Corporate Taxation of HeadquarterServices in Europe”
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Model for European headquarter (functions) with only 100% EU-based subsidiaries
> Model ≠ reality> Model is supportive for understanding a part of reality > Investment decisions: all facts and circumstances to be taken into
account
Tax is only one indicator in decision-making process of where to invest
> Not covered: e.g., quality level and efficiency of employees, infrastructure (airports, roads, etc.), political stability, quality of life
> If other indicators are more or less equivalent, tax becomes important
PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
Hoofdkantoren en fiscaal vestigingsklimaat
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Within tax, corporate tax is only one indicator> Not covered: e.g., wage taxes, social contributions, consumption taxes
Within corporate tax, only tax rules on holding and management services, group financing and treasury, self-developed IP (R&D), and acquired IP covered
> Not covered: e.g., third country relationships (DTCs (inbound and outbound), no NL WHT on outbound interest and royalties), ruling practice (ATR/APA), enhanced co-operation, permanent establishments, interest deduction limitations (partly), tax planning techniques (e.g., hybrid financial instruments), loss compensation
Tax incentives are restricted by EU law and WTO law> E.g. fundamental freedoms, State aid rules, Code of Conduct,
disparities, Foreign Sales Corporations, etc.
PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
Hoofdkantoren en fiscaal vestigingsklimaat
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Decision-making process on where to allocate headquarter is more complex than any model can coverSound tax competition should focus on EU versus rest of the world instead of competition between EU Member States
> A EURO can only be spent once: should it be spend on attracting headquarters/all identified headquarter functions?
> Focus on creating (relatively high quality) jobs: improving well-being> Intensification of tax incentives for R&D activities> Less focus on group financing and treasury, acquired IP> Other tax policy considerations: e.g., common EU system of origin-
based taxation of EU outbound dividends and interest, CCCTB, EU coordination of DTCs between EU MS and DTCs with third countries
PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
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PANEL 1 ONDERZOEK BELASTINGDRUK HOOFDKANTOREN
Prof. dr. R.M.W.J. (Roel) Beetsma
MN Chair in Pension EconomicsVice-Dean of FEB, University of Amsterdam, Netspar, CEPR,
CESIfo and TI
“Comments on Corporate Taxation of HeadquarterServices in Europe”
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PANEL 1 THE MACROECONOMIC PERSPECTIVE
For equity financing, Netherlands never is most attractive due to relatively high headline tax rate and rather broad tax base.
This, at the same time, makes debt financing relatively attractive> Question is whether this is attractive as high debt is a source of
macroeconomic instability
Given the need tot extract a given amount of tax revenues, important considerations are
> Which base is most elastic and carries largest risk of reducing activity(how distortionary?) or having activity shift abroad?
> “Dynamic” consequences: effects on R&D and future growth?
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PANEL 1 EMPIRICAL EVIDENCE – ARNOLD ET AL (EJ, 2011)
Using annual panel regressions for 21 OECD countries over the period 1971 to 2004 in an error-correction setup
Long-run effects of various revenue neutral tax shifts
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PANEL 1 EMPIRICAL EVIDENCE – ARNOLD ET AL (EJ, 2011)
> Tekst> Tekst
> Tekst
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PANEL 1 NUMERICAL ANALYSIS TRABANT –UHLIG (2012)
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PANEL 1 THE MACROECONOMIC PERSPECTIVE
Besides negative effects of higher corporate taxes on “real” activity, higher corporate also reduce “profits on paper” (nominal shifting) through transfer pricing.
See Bartelsman and Beetsma (Journal of Public Economics, 2003) for OECD, also discussed in The Economist onNovember 12-18, 2005.
Back-of-envelope calculation for manufacturing industryshows that 65% of extra revenue is lost purely due to nominalshifting.
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PANEL 1 THE MACROECONOMIC PERSPECTIVE
As macroeconomists we are further interested in:
> Direct effects on employment and GDP of headquarters.
> Indirect effects due to attraction of additional activity.
> Spillovers onto domestic companies and research institutions.
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PANEL 2 VESTIGINGSKLIMAAT: PLUSSEN EN MINNEN
Mr. E.A. (Edwin) Visser – voorzitter
Prof. mr. F.A. (Frank) Engelen
Mr. B. (Bas) van der Goorbergh
Mr. N.A.T. (Niels) Smetsers
Prof. dr. H. (Henk) Vording
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PANEL 2 VESTIGINGSKLIMAAT: PLUSSEN EN MINNEN
Prof. mr. F.A. (Frank) Engelen
Hoogleraar internationaal belastingrecht, Universiteit LeidenPwC
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 2 VESTIGINGSKLIMAAT: PLUSSEN EN MINNEN
Traditionele hoofdkantoorfuncties> Holdingfuncties> Finance & Treasury> IA, IR, Control/Accounting, Tax, Legal, etc
Strategische hoofdkantoorfuncties> Marketing & Branding> Operations/SCM Immateriële activa> R&D Overwinst> Sourcing & Procurement
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 2 VESTIGINGSKLIMAAT: PLUSSEN EN MINNEN
Traditionele hoofdkantoorfuncties> Holdingfuncties> Finance & Treasury> IA, IR, Control/Accounting, Tax, Legal, etc
Strategische hoofdkantoorfuncties> Marketing & Branding> Operations/SCM> R&D> Sourcing & Procurement
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 2 VESTIGINGSKLIMAAT: PLUSSEN EN MINNEN
Stellingen
Innovatiebox uitbreiden tot voordelen uit alle immateriëleactiva (merkenrechten, patenten, know-how, etc)
Inhoudingsvrijstelling dividendbelasting uitbreiden tot alledividenden betaald aan inwoners van verdragslanden
Financiering: tarief innovatiebox verhogen tot 10% en grondslagverbreding vpb (aanscherpen en vereenvoudigenrenteaftrekbeperkingen)
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 2 VESTIGINGSKLIMAAT: PLUSSEN EN MINNEN
Mr. B. (Bas) van der Goorbergh
EMEA Head of Tax, Hewlett-Packard
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 2 VESTIGINGSKLIMAAT: PLUSSEN EN MINNEN
Treasury en Group Finance
Stellingen
Nederland moet lef en doortastendheid tonen bij invoering van eenstimulerend regime voor financieringsinkomsten. Concurreren in plaatsvan coördinatie.
Heroverweeg invoering van vermogensaftrek voor groepsfinancieringsactiviteiten in combinatie met relevantie substance.
Verruim deelnemingsvrijstelling voor passieve concernfinancieringsmaatschappijen conform voorstellen in Verenigd Koninkrijk.
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 2 VESTIGINGSKLIMAAT: PLUSSEN EN MINNEN
Mr. N.A.T. (Niels) Smetsers
Aanspreekpunt potentiële buitenlandse investeerders, Belastingdienst
Hoofdkantoren en fiscaal vestigingsklimaat
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Uitvoeringsbeleid
Formele kaders > Kaders Belastingdienst Wet, Beleid, Jurisprudentie en
Internationale afspraken.> Kaders Beleid 1:3 lid 4 AWB & 5 juli 2011 Nr. BLKB2011/1087M
“Hoofdkantorenbesluit” 21 augustus 2004 IFZ2004/680M > Aandeelhoudersactiviteiten > Concerndiensten at cost> Concerndiensten met mark up> HQ als Residual Profit Taker
PANEL 2 VESTIGINGSKLIMAAT: PLUSSEN EN MINNEN
Hoofdkantoren en fiscaal vestigingsklimaat
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Positieve basishouding Belastingdienst > Understanding the Business> Horizontaal toezicht> Zekerheid vooraf APA/ATR> Aanspreekpunt voor Potentiële Buitenlandse Investeerders (APBI)> Aanspreekpunten Innovatiebox
PANEL 2 VESTIGINGSKLIMAAT: PLUSSEN EN MINNEN
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 2 VESTIGINGSKLIMAAT: PLUSSEN EN MINNEN
Hoofdkantoren en fiscaal vestigingsklimaat
Stellingen
Nederland dient een bestendige beleidslijn te blijven voeren om vertrouwen te behouden/krijgen van investeerders
Nederland dient een langjarige fiscale visie te ontwikkelen
Nederland dient een restwinstbox of een degressief tarief in tevoeren voor o.a. hoofdkantoren?
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PANEL 2 VESTIGINGSKLIMAAT: PLUSSEN EN MINNEN
Prof. dr. H. (Henk) Vording
Hoogleraar algemeen belastingrecht, Universiteit Leiden
“HQ-functies: wat doet renteaftrek?”
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 2 VESTIGINGSKLIMAAT: PLUSSEN EN MINNEN
Rapport ZEW / VU:> NL geeft ondernemingen met substance een forse
subsidie op internationaal investeren (Bosal-gat)> Ook: prikkel om laagrenderende holdingactiviteit met VV
te financieren
> NB rapport laat prikkels zien, niet feitelijk gedrag
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 2 VESTIGINGSKLIMAAT: PLUSSEN EN MINNEN
> “essential for effective policy formation to better understand the degree of HQ mobility...”
> HQ mobility responds to (a) CFC rules and (b) residual (home state) taxes
> J. Voget, HQ Relocations and International Taxation (2010)
> “MNEs are eager to shift profits out of high-tax subsidiaries towards low-tax parents but (..) reluctant to shift profits in the opposite direction”
> M. Dischinger & N. Riedel, The Role of HQs in MNE Profit Shifting Strategies (2010)
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 2 VESTIGINGSKLIMAAT: PLUSSEN EN MINNEN
Toekomst renteaftrek in VpbStellingen
> “brede” oplossingen (defiscalisering, vermogensaftrek) werken politiek kennelijk niet
> als we toch blijven doormodderen, zijn er redelijke economische argumenten voor aftrek Bosalrente
> maar zijn er geen handiger manieren om de meest relevante HQ-activiteiten rechtstreeks te faciliteren?
Hoofdkantoren en fiscaal vestigingsklimaat
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CONGRES HOOFDKANTOREN EN FISCAAL VESTIGINGSKLIMAAT
P A U Z E
Hoofdkantoren en fiscaal vestigingsklimaat
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CONGRES HOOFDKANTOREN EN FISCAAL VESTIGINGSKLIMAAT
I N T E R M E Z Z OMr. F. (Fred) van Horzen
KPMG Meijburg & Co
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 3 HOOFDKANTOREN EN INNOVATIE
Drs. P.J. (Jos) Beerepoot – voorzitter
Dr. R. (Rob) van Lambalgen
Dr. ir. R. (Rob) Hartman
Mr. A. (Annemiek) Kale
Ir. R. (Robert) Schaart
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 3 HOOFDKANTOREN EN INNOVATIE
Dr. R. (Rob) van Lambalgen
Directeur VentureLab Twente, Universiteit Twente
“Bevordert een goede innovatie-infrastructuur vestiging van hoofdkantoren?”
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 3 HOOFDKANTOREN EN INNOVATIE –NEDERLAND KENNISLAND?
Waar zit die kennis dan? (universiteiten, bedrijven)En wat doen we er mee? (valorisatie, economische groei en werkgelegenheid)
> Geen relatie vestiging hoofdkantoor en R&D in Nederland> Tendens: buitenlandse bedrijven halen R&D weg uit Nederland?
> Ericsson, MSD, …> Nederlandse bedrijven hebben relatief lage R&D investering in
Nederland zelf> … maar veel hoger dan buitenlandse bedrijven
> Door effectief gebruik van kennisnetwerk met universiteiten en toeleveranciers> ASML, OCE, …
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 3 HOOFDKANTOREN EN INNOVATIE –STERKE KENNISINFRASTRUCTUUR IS SLEUTEL
Clusteren van technologie …… of sluiten van waardeketens?
> Van idee naar product naar produceren naar vermarkten naar groei> Sterke kennisinfrastructuur bevordert innovatie
KernvraagBeschikt Nederland over de juiste kennisinfrastructuur om aantrekkelijk te zijn voor de vestiging van buitenlandse bedrijven?
Stelling
Nederland moet meer maatregelen ontwikkelen die leiden tot een aantrekkelijker innovatieklimaat voor buitenlandse bedrijven
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 3 HOOFDKANTOREN EN INNOVATIE
Dr. ir. R. (Rob) Hartman
Director Strategic Technology Program, ASML
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 3 HOOFDKANTOREN EN INNOVATIE –NEDERLAND GOEDE INNOVATIEBODEM
ASML, printmachines voor de chipindustrie> 2011 - omzet € 5.7 miljard, € 1.5 miljard winst, 220 machines > 8000 werknemers> Waarvan 4500 in Nederland, 62 nationaliteiten> 82% wereldmarkt> 27 jaar oud, historisch belangrijk gestimuleerd door de Nederlandse
overheid> € 650 miljoen R&D> 80% van de produkten zijn laatste 2 jaar ontwikkeld
> 48% van het R&D budget wordt in het netwerk besteed bijkennisinstellingen en toeleveranciers, in hoofdzaak in Nederland
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 3 HOOFDKANTOREN EN INNOVATIE –VOORBEELD: AAE B.V.
> Fijnmechanica> Voor ASML “flowhoedjes” voor
immersie machines> Houdt de waterbubble onder
de lens> ~100 k€ / machine
> In de tijd dat immersielithografie ontwikkelt, werdwekelijks een nieuw sample voortgebracht
> ASML heeft door snellereontwikkeling de Japanseconcurrenten achter zichgelaten
> Sneller en beterHoofdkantoren en fiscaal vestigingsklimaat
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PANEL 3 HOOFDKANTOREN EN INNOVATIE
Nederland is “the place to be” om snel Innovaties op hoog technisch niveau te ontwikkelen
> Kennis op zeer hoog niveau beschikbaar> Nederlandse cultuur lokt snelle verbeteringen uit> Overheidsbeleid zeer gericht op Innovatiebevordering> Makkelijke en open samenwerking: de opdrachtbon komt later wel
Stelling
Hoofdkantoren zijn leuk, maar R&D centra zijn beterSuperieur kennis- en toeleveringsnetwerk “wortelt” de bedrijven in Nederland
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 3 HOOFDKANTOREN EN INNOVATIE
Mr. A. (Annemiek) Kale
Tax director, Danone
“Vergelijking internationale fiscale maatregelen ter bevordering van innovatie”
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 3 HOOFDKANTOREN EN INNOVATIE
Nederland> Patentbox/Innovatiebox> WBSO> RDA
Frankrijk> Credit d’impôt recherche (CIR)
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 3 HOOFDKANTOREN EN INNOVATIE
China> 10% High Tech regime
Singapore> Development and Expansion Incentive (DEI)> International Headquarters Award (IHQ)> Research Incentive Scheme for Companies (RISC)
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 3 FENSHINE FASHION AND ACCESSOIRES MARKET, SHANGHAI
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 3 HOOFDKANTOREN EN INNOVATIE
Wat wil het bedrijf?
Cash is cash?
Stelling
De Nederlandse staat zou meer de boer op moetenmet haar regelingen
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 3 HOOFDKANTOREN EN INNOVATIE
Ir. R.M. (Robert) Schaart
Advisor NL Innovatie, Agentschap NL
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 3 HOOFDKANTOREN EN INNOVATIE – R&D IN HET NEDERLANDSE BEDRIJFSLEVEN
Hoofdkantoren en fiscaal vestigingsklimaat
2003
578
36
2009
67
726
2007
309
61
R&D-loonkostenR&D-exploitatiekostenR&D-investeringen
Bron: CBS, ICT “Kennis en Economie 2011”Bedrijven > 10 werknemers
R&D-uitgaven NL
2007: € 5,5 mld2009: € 4,9 mld
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PANEL 3 HOOFDKANTOREN EN INNOVATIE –INSTRUMENTARIUM STIMULERING INNOVATIE
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 3 HOOFDKANTOREN EN INNOVATIE – VERDELING WBSO-GELD NAAR BEDRIJFSGROOTTE
Hoofdkantoren en fiscaal vestigingsklimaat
Aantal medewerkers
2011 (budget: EUR 870 mln)
26%
26%9%
10%
6%
4%
19%
2008 (budget: EUR 427 mln)
20%
5%
6%
11%
9%
25%
24%1-910-4950-99100-249250-499500-9991000 of meer
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PANEL 3 HOOFDKANTOREN EN INNOVATIE – TRENDS IN (TOP)SECTOREN
Hoofdkantoren en fiscaal vestigingsklimaat
High tech
Energie
ChemieLife sciences
Logistiek
Creatieve Industrie
WaterAgroFood
Tuinbouw
0
5.000
10.000
15.000
20.000
25.000
0 1.000 2.000 3.000 4.000 5.000Aantal S&O-ondernemers
Aa
nta
l S
&O
-arb
eid
sja
ren
20112010
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PANEL 3 HOOFDKANTOREN EN INNOVATIE
Hoofdkantoren en fiscaal vestigingsklimaat
StellingBij de keuze van de vestigingsplaats kijken innovatieve bedrijven wel naar generieke fiscale faciliteiten voor innovatie maar niet naar innovatiesubsidies
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PANEL 4 JURIDISCH VESTIGINGSKLIMAAT
Prof. mr. F.P.G. (Frank) Pötgens – voorzitter
Mr. S.H.M.A. (Sven) Dumoulin
Mr. G. (Guus) Warringa
Prof. mr. G.M.T.J. (Geert) Raaijmakers
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 4 JURIDISCH VESTIGINGSKLIMAAT –ONDERNEMINGSRECHT
Mr. S.H.M.A. (Sven) Dumoulin
General Counsel, Akzo Nobel NV
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 4 JURIDISCH VESTIGINGSKLIMAAT –ONDERNEMINGSRECHT
Stellingen
Het gaat om een sterk vestigingsklimaat en dat vergt een gezamenlijk optreden en ‘mee-denken’
Het vestigingsklimaat wordt versterkt door herziening van het NV-recht> Consistentie (aansluiting BV en NV, consistent ie en eenvoudiger begrippenkader)> Kwaliteit (versterking wetgevingsproces)> Flexibilisering (ruimte bieden voor maatwerk)> Corporate governance code (non-interventie)> Concernrecht (procesrecht)
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 4 JURIDISCH VESTIGINGSKLIMAAT
Mr. G. (Guus) Warringa
Board Member, Chief Counsel APG Asset Management
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 4 JURIDISCH VESTIGINGSKLIMAAT
A markets point of view
> Does domicile matter?> Within EU> Differences EU, US, Canada etc.> Emerging countries
> Bottom line: is there “Rule of Law”?
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 4 JURIDISCH VESTIGINGSKLIMAAT
> Does domicile matter? differences within EU
> Are legal differences of key importance? No
> Are fiscal differences of key importance? Yes
It all depends on the business case, not so muchon legal issues on a stand alone basis
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 4 JURIDISCH VESTIGINGSKLIMAAT
Regulatory concerns do matter more
> Dutch opportunity:
Regulatory rulings (as in fiscal rulings)
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 4 JURIDISCH VESTIGINGSKLIMAAT –FINANCIËLE INSTELLINGEN
Prof. mr. G.M.T.J. (Geert) Raaijmakers
Hoogleraar ondernemings- en effectenrecht VUNautaDutilh
“Vestigingsklimaat voor financiële instellingen”
Hoofdkantoren en fiscaal vestigingsklimaat
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PANEL 4 JURIDISCH VESTIGINGSKLIMAAT –FINANCIËLE INSTELLINGEN
Stellingen
De kracht van regelgeving en toezicht moet niet worden overschat
Ook in het recht moet er een balans zijn tussen discipline en groei
Ongecoördineerde regelgeving schaadt het vestigingsklimaat
Hoofdkantoren en fiscaal vestigingsklimaat
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AFSLUITING
Drs. S. (Sjoerd) van Keulen
Voorzitter Holland Financial CentreVice-voorzitter regieorgaan internationale acquisitie en
vestigingsklimaat
Hoofdkantoren en fiscaal vestigingsklimaat