【双语】外商投资新政——国发39号文再放红利

发布:2017-11-24 19:26 来源: 中国外汇网 作者:卢奕 程娱

外商投资新政——国发39号文再放红利

New Opportunities for Foreign Investment and the Release of Document 39

/卢奕  程娱

By Lu Yi and Chen Yu

88日,国务院印发了《关于促进外资增长若干措施的通知》(国发〔201739号,下称“39号文”),这是继2017年年初出台的《关于扩大对外开放积极利用外资若干措施的通知》(国发〔20175号,下称“5号文”)之后,国务院为促进外资增长再度发布的又一重磅文件。39号文在5号文的基础上,提出了进一步减少外资准入限制、制定财税支持政策、完善国家级开发区综合投资环境、便利人才出入境和优化营商环境五大方面二十二项具体举措。在放宽外资准入和加大财税支持两方面,39号文都有明确指向,既顺应了市场发展形势的变化,也回应了外商在华投资的热点诉求。当然,部分政策也有待在实施细则方面做进一步的明确。

China has been working to improve market access for foreign investorsand an announcement in August was a major step in this direction. On August 8the State Council unveiled its Notice on Measures for the Promotion of Foreign Investment (State CouncilNo.392017). This policy announcementwidely known as Document 39extended greater market access and offered more financial support to foreign investors. The same document built on a foundation put in place earlier in the year with the Notice on Measures for the Promotion of Opening Up with Active Utility of Foreign Investment (State CouncilNo.52017). Document 39 and Document 5 put forward 22 detailed suggestions on reducing restrictions on foreign capitalformulating tax and support policiesfacilitating immigration formalities for foreign employees and improving the overall investment environment of national level development zones. Document 39 gives clear guidance on the relaxation of foreign capital access in response to market developments and demand from foreign investors already in China. Some of the policies will no doubt require further elaboration.

进一步降低外资准入门槛

A Lower Threshold for Foreign Capital Access

39号文明确指出要进一步扩大市场准入对外开放范围,并提出了12个将进一步对外开放的具体领域,包括专用车和新能源汽车制造、船舶设计、支线和通用飞机维修、国际海上运输、铁路旅客运输、加油站、互联网上网服务营业场所、呼叫中心、演出经纪、银行业、证券业和保险业。

Document 39 clearly states that it is necessary to expand market accessand proposes 12 specific areas that will be further opened to the outside world. These include new energy vehiclesspecial-use vehiclesship designregional and general aircraft maintenanceinternational maritime transportrailway passenger transportgas stationspremises for Internet access businessescall centersagents for entertainersbankingsecurities and insurance.

按照39号文对这些领域的开放要求,20176月刚刚由国家发改委和商务部共同发布的《外商投资产业指导目录(2017年修订)》(下称“2017版《目录》”)可能面临再次修订。从2004年到2015年的十年间,《外商投资产业指导目录》(下称“《目录》”)先后修订了四次,长期保持着三到四年的更新周期。而20176月发布的2017版《目录》与2015年发布的上一版《目录》仅间隔两年。如果2017年年底之前按照39号文的部署再次对2017版《目录》进行修订,将是首度在一年中对《目录》进行两次修订,这种更新速度可谓前所未有。

Document 39 may require another revision of the Foreign Investment Industry Guidance Catalog (often referred to as the 2017 Catalog)which was jointly issued by the National Development and Reform Commission and the Ministry of Commerce in June 2017. During the 2004-2015 periodthe Catalog of Foreign Investment Industries had been revised four times. The 2017 Catalog updated a document released two years previously. If the existing Catalog is updated again this yearthat would be unprecedented.

与此同时,39号文提出的尽快在全国推行自由贸易试验区试行的外商投资负面清单,也意味着已在自贸区试行的外资准入的开放,将有可能很快在全国推广。自贸区作为中国的先行先试试验区,享有更高的开放度。此前,《自由贸易试验区外商投资准入特别管理措施(负面清单)(2017年版)》(下称“《自贸区负面清单》”)已于20176月更新并发布,与上一版相比减少了10个条目、27项措施,涉及航空制造、医药制造、互联网和相关服务、银行服务及保险业务等领域。可以预见,这些已在自贸区先行开放的领域,未来将逐步在全国范围放开。笔者在梳理重点领域的对外开放脉络后认为,未来,我国可能会在汽车、电信及金融等重要领域加大对外开放步伐。

Additionallythe so-called negative list for foreign investmentwhich permits investment in any area not specifically placed off limitsshould be promoted on a national scale as soon as possible. This negative list concept was originally employed on a trial basis in free trade areas. These free trade areas (FTAs) enjoy a higher degree of market opening than other parts of the country. The Special Management Measures in Foreign Capital Access in Free Trade Pilot Areas (Negative List) (2017 Edition) was released in June 2017 as an updated version of existing rules. Compared to the previous versionthe 2017 edition eliminated 10 articles and 27 measures related to aviation manufacturingpharmaceutical manufacturingInternet and related servicesbanking services and insurance. It is likely that these business areas will be gradually liberalized on a national scale. China may also move to open up the automotivetelecommunicationsfinancial and other key sectors in the future.

一是汽车制造业。取消汽车产业外资股比限制,一直以来都是外国在华投资者的强烈呼吁。虽然39号文明确提出了要放宽专用车和新能源汽车的外资准入,但这似乎并不是外国投资者最为关注的问题。2017版《目录》和《自贸区负面清单》中外国投资者在汽车领域的投资限制,仍然延续了外资股比不得超过50%和“2+2”政策(即同一家外商最多只能在国内建立两家乘用车和两家商用车的合资企业)。值得注意的是,2016年,工信部和国家发改委负责人曾先后公开表示,政府正在考虑取消中外合资汽车制造企业外方持股50%的上限,短则在35年内实施,长则在8年内实施。今年4月,由工信部、国家发改委和科技部联合发布的《汽车产业中长期发展规划》也明确提出要“有序放开合资企业股比限制”。可以预见,汽车制造业领域的外资股比限制将会逐步放开。

Let us first look at the auto sector. Foreign investors have long sought to remove the restrictions which require joint ventures and limit foreign shareholdings in auto production. Although Document 39 makes it clear that China should relax foreign capital limits on the production of special-use and new energy vehiclesit does not address the key concern of foreign investors - conventional auto production. The 2017 version of the Catalog and the Free Trade Area Negative List continue the restrictions on foreign investment in automobile production. They maintain the limit of 50% equity in any venture as well as the “2+2” structurewhich restricts foreign automakers to two joint ventures for passenger cars and two joint ventures for commercial vehicles. It is noteworthy that in 2016officials of the Ministry of Industry and Information Technology and the National Development and Reform Commission publicly stated that the government was considering canceling the 50% equity ceiling and that would be accomplished in three to eight years. In April this yearthe Ministry of Industry and Information Technologythe National Development and Reform Commission and the Ministry of Science and Technology issued their Long-term Development Plan for the Automobile Industry and made it clear that authorities should relax the share ratio restrictions on joint ventures in a orderly fashion.

二是电信及互联网服务业。2017版《目录》与上一版目录相比,对电信业的限制性措施没有变化,电信业的外资壁垒仍然存在。虽然39号文已将互联网上网服务营业场所及呼叫中心等列入本次将具体开放的领域,但尚未触及外资呼吁较强烈的包括云计算、互联网接入服务等在内的增值电信服务。值得注意的是,早在2014年,上海自贸区就已试水向外国投资者开放部分增值电信业务的股比限制。上海自贸区内的信息服务业务(仅含应用商店)、存储转发类业务、呼叫中心业务、国内多方通信服务业务、因特网接入服务业务的外资股比可突破50%;在线数据处理与交易处理业务(经营类电子商务)的外资股权比例限制已于2015年取消,并推广至全国执行。20155月的《中共中央 国务院关于构建开放型经济新体制的若干意见》也提出,要在维护国家安全的前提下,对电信等基础设施领域逐步减少外资限制。当前,已在上海自贸区开放的部分增值电信业务或可在不久的将来在全国得到逐步推广。

Turning to telecommunications and Internet servicesthe 2017 version of the Catalog provided almost no changes from the past. Barriers to foreign capital in the telecommunications industry remain in place. Document 39 has listed Internet service corporate premises and call centers as areas for more market accessbut it did not touch cloud computingInternet access services or other value-added services where there is considerable interest from foreign concerns. It is noteworthy thatas early as in 2014the Shanghai Free Trade Area tried to open up equity ratio restrictions on value-added telecom services for foreign investors. The ratio for information service corporationsstorage and forwardingcall centersdomestic multi-party communication services and Internet access services in the Shanghai Free Trade Area can exceed 50%. The share ratio restrictions of online data processing and transactions (including e-commerce operations) were removed in 2015and that has since been promoted on a national scale. In May 2005Some Suggestions from the Communist Party Central Authorities and the State Council on the Construction of an Open Economy also proposed a gradual reduction of restrictions on foreign investment in telecommunications and other infrastructure areas as long as national security requirements are met. At presentsome aspects of value-added telecom services that have been opened up in the Shanghai Free Trade Area may gradually be applied nationally in the future.

三是金融业。对于金融业的投资限制,无论是2017版《目录》还是《自贸区负面清单》都持谨慎放开态度。2017版《目录》与上一版目录相比,对金融业的限制性措施没有变化,只是将原来存在于行业监管文件中的要求进一步纳入负面清单中;而39号文将银行、证券和保险业明确纳入了12个本次将具体开放的领域,但尚未具体明确哪些有关所有权和经营范围方面的限制将被取消。从20176月央行行长周小川在“2017陆家嘴论坛”上关于“金融服务业还要进一步扩大开放”的表态,到2017年年初国务院发布的5号文中关于“重点放宽银行类金融机构、证券公司、证券投资基金管理公司、期货公司、保险机构、保险中介机构外资准入限制”的明确指向,都为金融服务领域的对外开放释放了积极信号。可以看到,金融领域外资准入限制的放宽已被正式列入工作日程。

Lastlywe should examine the financial sector where we can see a cautious liberalization.  The 2017 Catalog has not eliminated the key restrictions on the financial sector. Document 39 clearly states that bankingsecurities and insurance are included in the 12 areas that will be liberalizedbut there is no indication of which restrictions on ownership and business areas will be removed. In June 2017Zhou Xiaochuanthe governor of the central banktold the Lujiazui Foruma major business conferencethat financial services would be gradually liberalized. The State Council's Document No. 5 also said it was necessary to relax curbs on foreign capital in banking and financesecuritiessecurities investment fund managementfutures tradinginsuranceand insurance intermediaries. Both are positive signals on the future opening up of the financial service sector.

制定财税支持政策

Formulating Tax and Fiscal Support Policies

为鼓励境外投资者持续扩大在华投资,39号文提出,关于境外投资者从中国境内居民企业分配的利润直接投资于鼓励类投资的项目,凡符合规定条件的,实行递延纳税政策,暂不征收预提所得税。

In order to encourage foreign investmentDocument 39 states that foreign investors using profits from enterprises in China to invest in encouraged business areas may be entitled to deferred tax treatmentallowing them to avoid the payment of withholding tax.

早在2008年之前,外国投资者从其投资于中国境内的企业分得的股息所得,一般可免于缴纳中国的预提所得税。但200811日起,新企业所得税法取消了该优惠。自此,除非可享受相应税收协定待遇,外国投资者从中国境内分得的股息所得,一般需向中国税务机关缴纳10%的预提所得税。即使相关税后利润直接用于中国境内再投资,外国投资者的股息再投资仍需承担与利润分配相对应的预提所得税税负。

Prior to 2008dividends distributed to foreign investors from their investments in China's domestic enterprises were generally exempt from withholding tax. But as of January 12008the corporate income tax law ended this treatment. Since thenunless it can enjoy the corresponding tax treaty treatmentdividend income of foreign investors in China generally requires a 10% withholding tax. Even if after-tax profits were used for reinvestment in Chinaforeign investors were still subject to withholding tax.

为此,许多外国投资者选择在华设立投资性公司作为其中国利润的汇集和再投资平台,以避免在中国境内再投资时可能会发生的10%的预提所得税。然而,设立投资性公司时对其外国投资者所必需的经济实力的要求(如外国投资者资产总额不低于4亿美元、投资性公司注册资本不低于3000万美元等),使大多数中小型跨国企业望而却步。此后,商务部曾发布规定,允许境外投资者以其持有的中国境内企业的股权作为出资,新设外商投资企业或对现存内外资企业进行增资。此举曾使部分无法满足投资性公司设立条件的中小型跨国企业,可以通过股权出资的方式重组其在华的投资架构。本次新规的出台,对有意进一步在华投资的跨国企业来说,无疑是又一利好。这些跨国企业,未来可适用于传统的包括中国香港、新加坡在内的境外投资平台,以实现对其中国利润的汇集和再投资,而无需提前负担相应的预提所得税。

In order to avoid the 10% withholding taxmany foreign investors chose to set up an investment company in China as a platform for the collection and reinvestment of profits. Howeverthere are some requirements for establishing an investment companyand these can be difficult to meet. These include having total assets of not less than US$400 million and registered capital of at least $30 million for the the investment company alone. This has discouraged many smaller multinational companies. Since thenthe Ministry of Commerce has issued a provision allowing foreign investors to invest in Chinese enterprises or increase their investment in existing foreign-funded enterprises. This has allowed some smaller multinational companies that cannot meet the conditions for the establishment of investment companies to reorganize their investment structure in China through equity investment. The introduction of the new regulations is undoubtedly conducive to multinational companies that are interested in making further investments in China. These multinational companies can make use of traditional overseas investment platformsincluding those in Hong Kong and Singaporeto collect and reinvest their profits without paying withholding tax.

该优惠政策的出台,不仅显示了中国政府进一步吸引外资的力度和决心,也迎合了自2016年下半年以来监管机构对跨境资金流动监管的升级。该政策旨在通过税收优惠的方式使外资利润更多地留存并投资于中国市场。

The introduction of these preferential policies shows the Chinese government’s determination to attract more foreign investment. It also meets the requirements of revised cross-border capital flow regulations which seek to encourage foreign investors to keep profits in China.

为促进利用外资与对外投资相结合,39号文提出,对我国居民企业(包括跨国公司地区总部)分回国内符合条件的境外所得,研究出台相关税收支持政策。

In order to promote the use of foreign funds and foreign investmentDocument 39 introduces relevant tax support policies regarding Chinese resident enterprises (including regional headquarters of multinational companies) so that they return overseas income to China.

我国企业所得税法采用的是属人加属地的双重管辖权,居民企业应就其来源于境内外的全部所得缴纳企业所得税。为避免重复征税,现行企业所得税法采用的是分国不分项的限额抵免制度,其中对股息允许间接抵免。

China’s corporate income tax law employs a dual jurisdiction approach that recognizes the residence of the individual company as well as territorial jurisdiction. Resident enterprises should submit corporate income tax based on total domestic income. In order to avoid double taxationthe current corporate income tax employs limits or exemptions according to nationality rather than specific items of taxation.

我国企业所得税法采用的是属人加属地的双重管辖权,居民企业应就其来源于境内外的全部所得缴纳企业所得税。为避免重复征税,现行企业所得税法采用的是分国不分项的限额抵免制度,其中对股息允许间接抵免。

Howeverjudging from current trends in global taxationmore and more countries (especially developed countries) have begun to adopt tax-free treatment in order to avoid double taxation on the foreign income of resident companies. Tax exemption of foreign income is generally focused on dividends and capital gains from overseas while tax credits are generally applied on interest and royalties. The main reason for such tax exemption lies in the simple calculation method and low tax compliance costs. This is aimed at reducing or eliminating the tax burden of the taxpayer when repatriating overseas income and it can enhance the regulation of domestic enterprises by encouraging the return of investments and profits from overseas.

目前,我国现行的境外所得抵免制度计算过程复杂,纳税人在实际操作时很难准确掌握,可能会造成境外税收不能充分抵免,加大纳税人海外投资的税负。此外,企业所得税法规定,境外所得抵免层数限于三层外国企业,如果居民纳税人在海外搭建的投资架构超过三层,三层以外的企业税收则不能纳入境外所得抵免的范围,从而形成实际上的双重征税。

At presentChina's current overseas credit system is complicatedand it is difficult for taxpayers to accurately grasp the main tax principles as they apply to their specific operating circumstances. This can lead to inadequate credit for foreign tax and in turn increase the overseas investment tax burden for these taxpayers. In additionthe corporate income tax law stipulates that such credits on foreign income are limited to third-tier foreign enterprises. If resident taxpayers have more than three tiers of offshore investmentscorporate tax for those operations exceeding the three-tier tax limit cannot be included in the credit system. This means such overseas income could be subject to double taxation.

39号文出台之机,建议政策制定者可考虑在我国境外所得抵免制度中引入免税法,减轻境外投资的税收负担和遵从成本,鼓励海外利润流入国内。与此同时,境内外的资本高效率流动也有利于吸引外国投资者在我国设立地区总部。

With the introduction of Document 39it is suggested that policy makers should consider introducing tax exemptions in the credit system for foreign income of companies in China. That would reduce the tax burden and compliance costs related to overseas investment and encourage overseas profits to flow back to China. At the same timethe efficient flow of capital at home and abroad is also conducive to attracting foreign investors to set up regional headquarters in China.

服务外包技术先进型服务企业所得税优惠政策全国推广

Corporate Income Tax Preferential Policies on a National Scale

为发挥外资对优化服务贸易结构的积极作用,39号文提出,将服务外包示范城市符合条件的技术先进型服务企业所得税优惠政策推广到全国。

In order to play a positive role in foreign investment in optimizing the services trade structureDocument 39 proposes that preferential income tax policies regarding advanced technology services in the demonstration cities will be promoted on a national scale.

目前,全国服务外包示范城市试点地区(31个)基本涵盖东部沿海大部分中心城市和中西部部分中心城市。设立在上述地区经认定的技术先进型服务企业,可享受15%的企业所得税优惠税率,并可在不超过工资薪金总额的8%以内据实扣除其职工教育经费支出。39号文件对该政策的扩围,旨在发挥外资对优化服务贸易结构的积极作用,引导外资更多投向高技术、高附加值服务业。

At presentthe 31 pilot areas for service outsourcing basically cover most of the eastern coastal cities and some central cities. Those enterprises that are identified as advanced technology service companies in the above areas can enjoy a 15% preferential tax on corporate income and a deduction for staff education and training expenses not in excess of 8% of total wages. Document 39 expands the scope of the policyand aims to help optimize the structure of the services trade in order to promote foreign investment in high-tech and high value-added services.

技术先进型服务企业所得税优惠,相较高新技术企业税收优惠政策而言,虽然同样适用15%的优惠税率,但由于不要求对核心技术相关知识产权拥有所有权,所以对跨国企业而言有着特别的吸引力。对在华的外资跨国企业来说,许多都已通过设立研发中心、共享中心等方式在中国投资建立了研发设计、金融、物流采购及内部管理等中国或亚太乃至全球中心。本次技术先进型服务企业所得税优惠政策扩围后,外国投资者可考虑在高学历人才集聚且基础设施完善的北上广深及东部沿海重点城市继续保留或增设高端研发中心、技术中心,而将部分技术含量较低的共享中心、服务中心,向成本较低的中西部等二、三线城市转移。

Service companies using advanced technologies can benefit from a preferential tax rate of 15% -- the same rate applied to high-tech companies. The guiding principle is that it is not necessary to own the intellectual property rights associated with a core technologyand this is highly appealing to multinational enterprises. Many multinationals have set up research and development centerssharing centers and the like in China for designfinancelogistics procurement and internal management purposes for operations in Chinathe Asia-Pacific region or on a global basis. With the extension of these preferential tax policiesforeign investors may maintain or add high-end research and development and technical centers in BeijingShanghaiGuangzhouShenzhen and other key coastal cities where the infrastructure is better and it is easier to find skilled personnel with higher educational levels. Sharing centers and service centers with lower technical requirements might be located in central parts of the country or in second- or third-tier cities where costs are lower.

但值得注意的是,首先,跨国企业在适用该政策时,需要特别关注其对于离岸服务外包收入不低于总收入35%的要求,因而所设立的共享服务中心不仅需覆盖中国大陆地区,同时还应至少辐射亚太地区乃至全球范围。同时,在向中西部等二、三线城市转移的过程中,还应注意职工总数50%以上应具备大专以上学历的要求。

It is noteworthy that in the application of policies towards multinational companiesspecial attention should be paid to the fact that offshore service outsourcing revenue should not be less than 35% of total revenue. That means a service sharing center would need to cover mainland China and should also have a reach that covers the Asia-Pacific region or even be global. At the same timeas operations shift to the second- and third-tier cities of central Chinacorporate executives should note the requirement that more than 50% of all workers should have a college education.

其次,跨国公司还需特别关注技术先进型服务企业所得税优惠与其集团内部转让定价政策之间的平衡。一般来说,跨国企业倾向于认为境内研发或技术中心在总部或其他集团内企业的委托下进行的研发或技术活动,仅应获得常规利润回报。但事实上,被认定的技术先进型服务企业必须具有采用先进技术提供相关服务的能力或者具备较强的研发能力,税务机关可能会要求其获得较之一般的服务外包企业更高的利润回报,尤其是如果该企业还同时申请享受了研发加计扣除的税收优惠。

Multinational companies need to pay special attention to the balance between preferential corporate income tax incentives and intra-group transfer pricing policies. In generalmultinationals tend to believe that research and development or technical activities undertaken by domestic research and development/technical centers on behalf of corporate headquarters or other group member companies should report a normal profit return. But in factsuch service enterprises must have the ability to employ advanced technology or have strong research and development capabilities. Tax authorities may therefore require them to obtain a higher profit return than average in the outsourcing business segmentespecially if the company also applies for research and development tax deductions.

从国际市场来看,服务外包领域竞争日趋激烈,许多国家都将承接发达经济体的国际服务外包业务确立为战略重点。印度和爱尔兰一直在服务外包领域保持着竞争优势地位,马来西亚、墨西哥、越南及菲律宾等国的承接能力也正在快速提升。15%技术先进型服务企业的所得税优惠,以及“营改增”后外包服务的出口免税但不退税的政策升级为可退还所有进项税的零税率政策。此举有利于吸引跨国企业投资中国服务外包产业,同时也提升了中国国内内资服务外包企业的国际竞争力。但由于人力成本增加等其他非税因素,目前,中国服务外包产业的国际竞争优势并不明显。未来,中国政府是否会进一步出台服务外包领域的其他激励措施,如高端人才鼓励、财政资金支持等,仍需拭目以待。

From the international marketcompetition is becoming increasingly intense in the field of service outsourcing. Many countries are making international service outsourcing from advanced economies their strategic focus. India and Ireland have competitive advantages in this field while MalaysiaMexicoVietnam and the Philippines are also becoming increasingly competitive. There is more that could be done. These include the shift from business tax to a value-added tax where there is a prospect of reimbursement of all input taxotherwise known as a zero taxation policy. This will help attract multinational enterprises to invest in China's service outsourcing sector and enhance the international competitiveness of China's outsourcing enterprises. Howeverdue to the increase in labor costs and other non-tax factorsChina's competitive advantages are not all that obvious. In the futureit remains to be seen whether the Chinese government will introduce other incentivessuch as in encouraging the creation of high-end talent pools or offer greater financial support.

作者卢奕系毕马威中国税务服务主管合伙人,作者程娱系毕马威中国税务知识管理中心高级经理

Lu Yi is partner of the China Tax Services Management Department at KPMG

Cheng Yu is senior manager of the China Tax Knowledge Management Center at KPMG.

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