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ITS Sessions

ITS Sessions

Agenda

TOPIC 1: Interest on net equity – JCP

► Rumores sobre a extinção dos JCP

TOPIC 2: BEPS

► Overview of the BEPS project

► Timeline

► Latest tax developments in the European Union

► Latest tax developments in Brazil

► Practical aspects

► Take home message

26 August 2015 BEPS and EU tax developments

ITS Sessions

Extinção dos JCP – rumores e perspectivas

► Histórico dos Juros sobre Capital Próprio (JCP) ► Lei 4.506/64: Art. 49: “juros sobre o capital social”

► Lei 9.249/95: Extinção da correção monetária (art. 4o) + dedutibilidade da despesa com os JCP: 25% IRPJ

► Lei 9.430/96: dedutibilidade da despesa com os JCP: 9% (ou 15%) de CSLL

► Motivação (Exposição de Motivos do PL 913/95) ► “equiparar a tributação dos diversos tipos de rendimentos do capital”

► “compatibiliza as alíquotas aplicáveis aos rendimentos provenientes de capital de risco àquelas pela qual são tributados os rendimentos do mercado financeiro”

► “provocar um incremento das aplicações produtivas nas empresas brasileiras, capacitando-as a elevar o nível de investimentos, sem endividamento, com evidentes vantagens no que se refere à geração de empregos e ao crescimento sustentado da economia”

ITS Sessions

Extinção dos JCP

► Medida Provisória 675, de 21/5/15 ► Aumento da CSLL para IFs: de 15% para 20%

► Processo Legislativo (resumido): Executivo > Comissão Mista > Plenário Câmara > Plenário Senado > Executivo

► Histórico na Comissão Mista ► Relatora: Sen. Gleisi Hoffman (PT-PR)

► Sen. Walter Pinheiro (PT-BA): revogar a dedutibilidade dos JCP no cálculo do lucro real (“medida de justiça tributária”)

► Parecer de 12/8/15: pela eliminação em etapas até (2016-2017)

► Parecer de 18/8/15: “não temos ambiente propício para avançar em tais temas, principalmente o relativo aos JCP, que, no meu entender, mais do que acabar com o benefício tributário para o capital, corrigiria uma distorção em nosso sistema”

► Complementação de Voto de 25/08/2015: não faz menção à eliminação dos JCP

ITS Sessions

Extinção dos JCP (cont.)

► JCP sob ataque na Câmara dos Deputados ► PL 1.034/99, PL3,865/00, PL 3,442/04, PL 7,274/14: arquivados

► PL 3,091/08: rejeitado

► PL 1,485/15, PL 1,893/15: em análise

► Alterações propostas ► Revogação da dedutibilidade

► Alteração da alíquota de IRRF no pagamento de JCP

► Revogação da dedutibilidade dos JCP e da isenção dos dividendos

ITS Sessions


► Impactos práticos

1. Elimina-se a dedutibilidade, mantêm-se os JCP

► Mantém-se o IRRF no pagamento (15%), elimina-se a dedutibilidade de 34% (40%)

► Estudo da RFB prevê aumento de arrecadação de R$12,59 bi

2. Eliminam-se os JCP

► Eliminam-se o IRRF no pagamento (15%) e a dedutibilidade de 34% (40%)

► Única remuneração possível para o acionista: dividendos

► Estudo da RFB prevê aumento de arrecadação de R$5,84 bi

ITS Sessions


► Conclusões

► Revisão de renúncias fiscais vs. ajustes nas contas públicas

► Impactos derivados do “Action 2” do “BEPS Project”

► Neutralização de efeitos de estruturas híbridas

► Hybrid financial instruments and transfers: classificação fiscal distinta nas jurisdições envolvidas que geram um cenário de “Dedução/Não-inclusão (na base tributável”

ITS Sessions


BEPS


Overview of the BEPS project Action Plan


Timeline BEPS project and EU developments

BEPS and EU tax developments

2013

July 16

Report:

Action Plan

on BEPS

2014

September/October

Output expected on:

Action 3

Action 4

Action 5

Action 6

Action 7

Actions 8-10

Action 11

Action 12

Action 14

October 8

G20 Finance

Ministers

Meeting

July 14

Amendment to

Parent Subsidiary

Directive: linking-

rule introduced

State-Aid

Investigations

March 18

EC presented the

Transparency

Package

January

Amendment to

the GAAR in

the Parent

Subsidiary

Directive

Non-tax initiatives

for corporate

transparency:

New Accounting

Directive and

revised Capital

Requirements

Directives

May

EC amended draft directive

to require CBCR by large

undertakings

31 December

Implemenation

amendment

PSD by all

Member States

February 12

Initial Report on

BEPS

September 16

Output delivered on:

Action 1

Action 2

Action 5

Action 6

Action 8

Action 13

Action 15

2015

June 8

Implementation

package for

CbCR

(Action 13)

February 6

Guidance on Harmful Tax

Practices (Action 5), CbC

Reporting (Action 13) and

Multilateral Instrument

(Action 15)

B

E

P

S

E

U

June 17

CCCTB

relaunched

July 20

TAXE Report

published

Focus of our discussion today

► Action 2: Hybrid mismatch arrangements

► Action 3: Strengthen CFC Rules

► Action 5: Counter harmful tax practices

► Action 6: Prevent treaty abuse

► Action 12: Disclosure of (aggressive) tax planning

► Action 13: Transfer pricing documentation and

country-by-country reporting


EU and Brazil latest tax developments


Overview of EU latest tax developments (1/4)

1. State Aid and tax ruling practice

► State Aid investigations:

► Were tax rulings used to provide selective advantages to a specific company or group of companies?

► If more favorable treatment is granted to a company as compared to the treatment other taxpayers this is against EU state aid rules.

► EU investigations on Starbucks, Apple, Fiat.

► Tax ruling practice

► Tax rulings as such are not problematic: they are comfort letters by tax authorities giving a specific company clarity on how its corporate tax will be calculated or on the use of special tax provisions.

► Tax ruling agreements should remain in place in countries where the practice is consolidated. But extra requirements/ limitations needed:

► Period of duration of the agreement will be limited;

► Higher level of substance required;

► More detailed analysis and documentation required.



2. Transfer pricing documentation and country-by-country reporting (CBCR)

► 2013: changes in the Accounting Directive and Capital Requirements Directives to increase

transparency

► May 2015: amendment of the draft directive on shareholder rights to require CBCR by “large undertakings and public-interest entities”.

► As part of the 2015 Transparency Package: options for public disclosure of certain taxpayer information.

► Poland, Spain and the UK took steps towards implementing documentation standards in line with the OECD’s recommendations on TP Documentation and CBCR.

► France, Germany, Ireland are expected to introduce CBCR.

► July 2018: EU Commission is due to examine and report back by on the possibility of introducing an obligation requiring large undertakings to produce, on an annual basis, a country-by-country report.



3. Transparency Package

► Key element :

► proposal to introduce quarterly, automatic exchange of information between Member States of their cross-border tax rulings.

► It would apply to tax rulings issued after the proposal is adopted and also for tax rulings granted in the past 10 years.

4. Amendment to the Parent Subsidiary Directive (PSD)

► The PSD:

► Abolished withholding taxes on payments of dividends between associated companies in the EU;

► Prevents double taxation of parent companies on the profits of their subsidiaries.

► Amendments to be implemented by Member States by 31 December 2015:

► Inclusion of a “linking rule” that seeks to prevent corporate groups from using hybrid loan arrangements to benefit from double non-taxation under the PSD.

► Inclusion of a General Anti Abuse Rule (GAAR).



5. Common (Consolidated) Corporate Tax base (CCCTB)

► CCCTB re-launched on 17 June 2015. The EU Commission will present a new CCCTB proposal in 2016:

► First step: guarantee of a common corporate tax base

► Mandatory at least for multinational companies

► Inclusion of anti-avoidance measures (i.e. on PEs and improved CFC rules)

► Second step: consolidation

► Further remove the mismatches and loopholes between national tax systems;

► Allow offset of losses in one Member State against profits in another.

► Possibility file a single CIT return for all EU activities.


CCCTB

Single set of rules for tax

base determination

Apportionment of CCCTB among MS

Consolidation within CCCTB

group

Overview of Brazil’s BEPS Relevant latest tax developments ► Mandatory disclosure rules: Provisional Measure 685/2015

► Large Companies based in the State of São Paulo are obliged to publish their financial statements regardless of their corporate form

► Disclosure of financial transactions – FATCA Agreement


Hybrid instruments OECD BEPS & European Union


What is a hybrid instrument? ►An instrument that exploits a difference in the tax

treatment under the laws of two or more tax jurisdictions to produce a mismatch in tax outcomes where that mismatch has the effect of lowering the aggregate tax burden of the parties to the arrangement.

►Mismatch could be a payment resulting in: ► A deduction but no inclusion (‘D/NI’) ► Double deduction (‘DD’)

OECD BEPS response (Action 2) ►Recommended provisions that provide symmetry of

deduction/ taxation through: ► Denial of deduction or ► Taxation of income.

►Applicable to hybrid arrangements involving related parties and members of same controlled group.

EU response

► Changes to the Parent Subsidiary Directive.

► Inclusion of a ‘linking rule’ to prevent double non-taxation under the PSD.

►Mandatory implementation before January 1, 2016

Company A (Country A)

Hybrid instrument

Company B (Country B)

Non-assessable (0)

Remuneration

Deductible (-)

Thank you

Willem van Beekhoff

Contact: [email protected]

Felipe Aquino

Contact: [email protected]

mailto:[email protected]

mailto:[email protected]

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