- TAI CHJNH VA NGAN HANG OUOC TE C
I uy tac von mdng (Rules I of Thm Capitalization) da
* dupc dp dyng tii khd ldu i gidi (dac biet d cac qudc gia phdt triln) nham triet tieu su Igm dyng vay vdn tra hinh vdi myc dich gidm nghia vy thud phai nop cua cdc doanh nghiep c6 vdn ddu tu nudc ngodi. Day Id rapt hinh thiic chuyln thu nhSp mpt cdch hop phdp giira cac thanh vidn trong cung rapt tap doan hoac ngi bp giiia cdc cdng ty con, chi nhdnh trong cdc cdng ty da qudc gia trong dieu kien nudc chii nhd khdng cd quy dinh gidi hgn khau trur chi phi lai vay. Cung vdi cac thu doan chuyen gia, thii dogn vdn radng da anh hudng khdng nhd ddn nghta vy thue phai nop vdi nudc chii nha. Viet Nam la nudc dang phat triln, chu truong md cua ndn kinh te thu hut vdn dau tu nudc ngoai khd thdng thoang. Sd lupmg cdc doanh nghiep c6 vdn dau tu nudc ngoai (FDI) d nudc ta ngdy cdng tang, dong gdp ngay cdng nhieu vdo tang trudng GDP va xuat kim ngaeh xudt khau. Tuy nhidn, theo nhan dinh cua nhidu chuyen gia kinh tl, miic dd ddng gdp nghla vu thud khdng tuong xiing, thara chi, cd nhilu doanh nghiep lien tyc bdo Id (khdng phdi nop thue thu nh^p doanh nghiep (TNDN)) nhung vdn tilp tue md rdng hogt dpng san xuat Nh&i ra thuc trang nay, nam 2015, Bp Tdi chinh da dy thao quy djnh dp dung quy tac vdo mdng khi tinh thud TNDN trinh Uy ban Thudng vy Qudc hpi xem xet. Day Id rapt vdn dd mdi, chua timg cd tiln Id dp dung d Viet Nam ndn cdn nhidu y kien tranh luan. Dd
* Dai hoc Kinh te • DHQG Hi Npi
QGY TAC VON MONG-
PHIimiG PGAP TI& CAN WA KHOYlN NOW
'TSJ'GS., TS, Nguyin Van Hieu * cung cdp thdm thdng tin vd van de ndy, bdi viet nay lam rd khai ni?ra vd quy tSc, thdng 1^ dp dyng quy tac vdn mdng khi xdc dinh thul TNDN phdi nop cua cac nudc trdn the gidi vd mdt sd khuydn nghi cd the xera xet d Viet Nam.
1. Vl sao von mdng lai Id van cle?
Vdn mdng (Thin Capitalisation) la thudt ngu chi trang thdi co cau von cua mgt doanh nghiep, trong dd, vdn chu sd him chi chiira ty trpng nhd, cdn phdn ldn dugc hinh thdnh tir vdn vay. Theo le ty nhidn, lai vdn vay dupc coi la chi phi hgp ly dugc khau tni khi xac dinh thu nhap chiu thud TNDN, trong khi lgi tiic trd cho cd ddng (vdn chu sd huu) khdng dupc coi la chi phi. Hon nira, trong dieu k i ^ binh thudng, nhin chung, chi phi vdn vay thudng thdp hem chi phi vdn chu sd hiiu ndn xu hudng Id doanh nghiep se tan dyng tdi da khd nang vay ng dd tiet kiera chi phi vdn kinh doanh, trdn ca sd do, lam tang gia tri doanh nghiep.
Nam 1958, hai nhd khoa hgc nhan gidi Nobel Franco Modigliani va Merton Miller da dua ra cdng thiic (menh d l n ) : gia tri cua doanh nghiep vay ng = gia tri ciia doanh nghiep khdng vay ng + gid tri la chdn thud. Dilu dd ham y rdng, doanh nghidp cang vay np nhidu thi gid tri eua doanh nghidp cdng ldn, hieu qua tdi chinh cang cao.
Tuy nhien, trdn thyc te, do tdn
tgi cdc chi phi Udn quan den viec suy gidm kha nang tai chinh va chi phi pha san nen khdng phai doanh nghiap cii vay dupc cang nhieu cdng tdt. Mdi doanh nghiep CO mgt CO cau von toi uu md tai didm do, gia tri la chdn thud bidn diing bang chi phi pha san vd chi phi suy giam tdi chinh bien. Vupt qua didm ndy, chi phi phat sinh se ldn hon lpi ich Id chan thue nen gid tri cong ty se gidm.
Se khdng co gi de ndi neu nhu cac doanh nghiep ty quyet dinh miic von vay toi uu dd phyc vy cho viec kinh doanh trong dieu kien thi trudng vd dugc hudng quyen khdu trir chi phi lai vay phai tra. Van de chi phdt sinh ndu nhu vide vay von la trd hinh (thyc chdt la v6n chu sd hiru) hogc vdi raiic lai suat cao hon binh thudng cho nhiing khodn von vay mang tinh chat ndi bd giiia cdng ty ra? vdi cdng ty con, giiia cac cdng ty con vdi nhau hoac vdi cdc chi nhdnh trong cung mdt cdng ty hoac ciing rapt tap dodn d cac nudc khac nhau d l tan dyng uu the khac bi^t che dp thue, tren CO sd dd, Idra giam tdi da nghia vy thud tdng thl phai nop tren phuang didn toan cdu. Phan thiet hai thdng thudng ganh chiu bdi nudc nhan dau tu vi thu nhap da dupc chuydn ra ngodi dudi dang lai phdi trd cho cac khodn vdn vay. 0 rapt goc dp nhdt dinh, hanh vi nay cung gidng nhu hanh vi chuyln gia hay xdy ra ddi vdi cdc doanh nghidp cd von
Chuyen muc nay do Ngan hang ThiJdng mai cd phan Quan doi tai trd
TAPCHINGANHANG I S012 I THANGe'201G I
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I T A I C H I N H VA NGAN HANG QUdC TE -
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VI du 1: Tiiue TNDN trong tfieu kijn blnh tliLiang (co cjiu von 50/50)
NirOvX CSngtyA V
Cho v ^ (50)
Trim? (50) +iai 10% (5)
Niric Y CSng^B
iHii
• • Vi du 2: Cong ty thay ddi cau true vfin. vayNiricX CSngtyA
Cho v ^ (90)
Ti4n7(90) + lIilOW(9)
90, chil sd hau 10
Amfcr CongtyB Tytfvon 90/10
ddu tu nudc ngodi. Ca chl chuydn thu nhdp thdng qua lai vay phdi trd cho cdc ddi tugng cd quan h§ dugc thl hien thdng qua cac vi du sau day:(Vidyl-2)
Trong vi dy 2 ndi trdn, thay vi cdu tnic vdn binh thudng 50/50, cdng ty rae d nudc X chi cap vdn chu sd hiiu 10%, phdn 90% cdn lgi cdp dudi dgng vdn vay. Vi vay, lai phdi trd cho vdn vay tang tii 5 thdnh 9. Vi lpi nhudn tnrdc thue va lai vay khdng ddi ndn khi lai vay tang, thu nh^p chiu thue se gidm (tii 15 thanh 11), do do, thud thu nhdp thu dugc ciia nudc Y giara tii 4,5 xudng cdn 3,3.
Tdt nhien, hi?u dug cudi cung ciia bien phdp chuyen thu nhap ndy cdn tuy thudc vdo chinh sdeh khau trii tgi ngudn ciia phdn thu nh|p chuyen ra nudc ngodi cua nudc tilp nhdn ddu tir. Trong 2 vi dy tren, neu chinh sdch thue khau trii thu nhdp chuyen ra nudc ngoai la 10% thi d vi du 1, tdng sd thue thu dupc ddi vdi nudc Y se Id 4,95 (= 4,5 + 4,5x10%) va la 4,2 (= 3,3 + 9x10%). Do vgy, tdng sd thud thu dugc cua vi dy 2 vdn thdp hon sd ihue thu dupc ciia vi dy 1 la
@ TAPCHiNGANHANG I 5012 I THANG6/2016
0,75.
Tmdng hop hai nudc X vd Y cd ky hi?p dinh ddnh thue triing va do do, CO thl khdng thuc hien viec khdu trir tai ngudn phdn thu nhdp chuyen ra nudc ngoai hogc khdng thyc hien rapt phan thi ket qua van giu nguyen. Ngudn thu tiiue ddi vdi nudc nhan ddu tu nhin chung se hi suy gidm neu cdng ty thyc hien chinh sdch vdn mong dd trdnh thue.
Vi ly do ndy, da tOc lau, nhieu nudc ban hdnh quy tac nham hgn che phdn lai suat vay np dupc khdu toi khi tinh thul TNDN. Quy tdc ndy dugc gpi tdt la quy tdc von mdng.
2. Quy tdc v£in mdng trong xdc tfinh thue TNDN
Nhin tu gdc dp chinh sach, ndu khdng hgn che dupc quy rad lai sudt phdi trd ciia cdc doanh nghiep CO vdn dau tu nudc ngoai vdi cdng ty me hogc cdc dli tdc cd lien quan trong cung tap dodn, ngudn thu ciia ngdn sdch se gidm va didu quan trpng hon nira Id radi trudng canh tranh giua cdc doanh n g h i ^ trong nudc vd doanh n g h i ^ cd
vdn dau tu nude ngoai se khong binh ddng. Trong vi dy rainh hgad tren, quan he vay mugn giira cdng ty A vd cdng ty B thudng khdng phdi Id quan h? thi trudng nen miic lai sudt phai trd ciing khdng han la raiic lai suat thi trudng (cd thd cao han); vd ddng thdi, cdu tnic von cung khdng phdi Id cdu tnic vdn Mi uu (vi thd, ndn gpi Id vdn mdng)....
Nhirng dieu ki?n ndy khdng the c^,;
dupc doi vdi rapt doanh nghidp npi dia hoat dpng trong dieu kiea binh thudng. Td chiic cho vay nhii cdc ngan hdng thuang mgi, cdng ty tdi chinh... it khi ddng y cap tin dyng cho rapt doanh nghiep co cdu true vdn qua mdng vi miic dd rdi ro tdi chinh qud ldn. Do vay, vide an thue thdng qua cau true vdn mdng it khi xdy ra ddi vdi cac doanh nghidp trong nudc, dgc biet Id cdc cdng ty dgi chiing. Do vay, ddi tupng dilu chinh chu ydu cua quy tdc vdn mdng se la cdc doanh nghiep FDI cd quan he vay mugn vdi doi tdc c6 Udn quan d nudc ngodi (cdng ty me hoac cdng ty khde trong cung tap doan).
Cd 2 cdch tilp can ca ban de giai quydt van dd.
a) Cdch tiip cqn thur nkdt: gi^
hgn quy mo n f vay
Vdi phuong phdp ndy, ca quan thud thudng dgt ra rapt gidi han ng vay nhdt dinh md neu ng vay vugt qud raiic ndy thi phdn lai ciia sd ng vay vupt han raiic se khdng dugc , khdu trtt khi tinh thul TNDN.
Cac nudc khde nhau cd cdc each thiic khde nhau trong vipc gidi l^tn ng vay. Tuy nhidn, cd thl quy vl 2 cdch ca bdn:
Thu nhdt, nguydn ly thi trudng (arra's length); quy md ng v&y theo nguydn ly thi trudng la so ng vay rad radt td chiie tin dyng dgc lap chdp nhan cho vay dieo cdc dieu kien binh thudng cua thj trudng (kl cd lai sudt vd cdc dilu kien cho vay). Vdi cdch tilp cdn nay, v l ca bdn, mdi doanh nghidp hodc nhom doanh nghiap cung
i
TAI CHfNH VA NGAN HANG QUtiC TEC
ngdnh nghe dac dilm kinh doanh se cd mpt miic vay ng hgp ly khde nhau can cii vao nang luc tai chinh, ddc didm kinh doanh, nang luc qudn tri... (theo md hmh 6C) md cdc to chiic tin dyng hay dp dyng dd phdn quylt hgn miic cho vay. Day Id phuang phdp khoa hpc ve mat ly thuydt, song chdc chdn khdng de dp dung.
Thie hai, nguyen ly ty Id: quy rad np tdi da dupe dupe xdc dinh bdng rapt ty le an dinh so vdi rapt dai lugng ndo dd (chdng hgn ty le vdn vay/vdn chii sd hiiu). Ty Id ndy dugc xdc dinh dya trdn nhtmg thdng sd chung cd tinh chdt dai dien cho mpt logi hinh doanh nghiep, mgt ngdnh nghe kinh doanh... ma khdng nhdt thilt phdi chinh xde theo nguydn ly thi trudng. Theo nguydn ly nay, ldi sudt tuong iing vdi khodn vay vupt trdn ty Id an todn se khdng dupe khdu tni khi tinh thul TNDN. Vi dy 3, se minh hga tnrdng hop ndy: (Vi dy 3)
O vi dy trdn, lai vay dupc khdu trii Id phan lai vay tuong iing vdi sd ng bang 2 lan vdn chu sd hiru tire Id 20 X 10% = 2, sd lai vay cdn lgi (7) se khdng dugc tinh khdu trir khi xdc dinh ihul TNDN. Do vay, thu nhdp chiu thud se tang thdnh 18 va thue se la 5,4 (thay vi 3,3 nhu trong vi du 2). Sd lai vay khdng dugc khau tru khi ehuyen ve edng ty rae van ehiu thue chuyen thu nhgp ra nudc ngodi dudi dang lai vay hodc dudi dang ed tiic vdn gdp (ddi vdi mdt sd nudc).
Phuang phdp ndy ro rdng Id dd thuc hidn nhung khdng hoan todn
phu hgp vdi mpi doanh nghiep va ndu khdng hpp ly cd the anh hudng din khd nang thu hiit vdn vd didu kien cgnh tranh ciia cdc doanh nghiep FDI.
So sdnh hai cdch thiic xdc dinh gidi han tdi da cua ng vay noi tren ed the thdy, nguyen ly thi trudng tdn trgng sy khach quan kinh t l vi radi doanh nghiap cd rapt dac diem kinh doanh, miic dp nii ro vd ndng luc tdi chinh khac nhau, nhd dd, cd the loai bd dugc vdn dl bat cdn xiing thdng tin. Hon nua, neu thyc hi^n theo nguyen ly thi trudng, cac nudc ed thd van dung dugc cdc hiep dinh qudc td ve trdnh ddnh thud triing vd cdc nguydn tdc chdng chuyen gid da dupc xac lap theo thdng Id qudc te. Nhd do, c6 thd dd di den thong nhdt vd dl dat dugc su ddng thudn cua cac doanh nghiep cd vdn ddu tu nudc ngodi, nudc dau tu va nudc nhan dau tu.
Tuy nhien, nhupc dilm ciia nd Id ddi hdi lugng nhdn lyc cd kinh nghiera va trinh dp am hieu cdc dieu kidn cho vay va di vay, ndm ro dac diem cua doanh nghiep ciing nhu quan he giiia cdc thanh vien trong mgt tap doan. Ddy Id cdng vide hodn todn khdng de ndu ddi tuong la cdc thdnh vidn cua cdc tap dodn da qudc gia ldn. Mgt nhupc dilm khde Id, nlu chinh quydn vd ngudi thuc thi khdng cdng tam, khdch quan cd the dan den hien tupng xin cho - tgo ra sy bat cdng va tiln Id xdu trong cdng tdc hdnh thu. Do vdy, ddi vdi eac nudc dang phat trien, trinh dp quan ly vd tap quan thuc thi phdp luat cdn han
Vi du 3: ty le nd vay/v6n chu sd hdu dUdc quy djnh la 2/1 Cho vay (90]
che, gidi phap tdi uu co le la thuc hien theo cdch thii 2.
b) Cdch tiep cgn thd' hai: quy dinh ^ le lai vay dwffc khdu trie
Thay vi quy dinh ty 1? np vay ti-en tdng von hogc tren vdn chii sd hiiu, rapt phucmg phap tiep can khde dd gidi han sd lai vay dupc khdu trii Id quy dinh ty lp Idi vay dugc khau tru tinh tren tong thu nhdp trudc thul vd Iai vay (EBIT) hoac thu nhdp trudc thud, Iai vay, khdu hao vd chi phi phdn bd (EBITDA). Phuong phap ndy cdn gpi Id phuong phdp hoc tach thu nhap. Vi dy 4 se rainh hga phuang phdp nay: (Vi du 4)
Trong vi dy tren, lai vay phdi trd cho cdng ty A la 9, nhung lai vay dupc khau trir khi tinh thu nhdp chiu thud chi Id 6 do ty le lai vay dupc khau tru quy dinh tdi da bdng 30% cua thu nhdp trudc thud vd ldi vay. Do do, thu nhdp chiu thul se la 20 - 6 - 14 vd thul TNDN phdi nop se la 4,2 (thay vi 3,3 nhu trong vi dy 2).
Trong ihuc td, ndu chi phi lai vay thyc td tra cho ddi tdc nudc ngodi chua ddn 30% EBIT thi chi phi ldi vay dupc tni se la ehi phi lai vay thyc phai tra. Gidi han 30% chi Id gidi han cao nhat dp dyng trong trudng hpp chi phi lai vay thyc t l ldn han gidi han nay.
Ve mat ky thugt, phuang phdp boc tdch thu nhap khd ro rdng va CO hidu ling tuang ty nhu phuang phap ty Id np vay. Dilm khac bidt ciia phucmg phdp ndy Id gdn phdn chi phi lai vay dupc khau trir vdi TNDN cd dugc, do vay, gidn tiep thuc day doanh nghiep su dung ca cdu vdn tdi uu dd dat dugc kdt qud tdi chinh tdi uu. Vi dy, nlu doanh nghidp CO thu nhdp cao lai vay dupe khdu trii ciing cao vd nguge lai, neu thu nhap ciia doanh nghiep thap thi phdn ldi vay dugc tiir ciing thap bdt ludn raiic lai vay thyc t l cd the cao han. Bidn phdp ndy dugc eoi la tdt cho ed vide dam bdo ngudn thu ngdn sach viia tdt
TAPCHiNGANHANG|S012|THANG6/2016 @
[ ^^ TAI CHINH VA NGAN HANG QUOC TE
Ntrdc X CdngtyA
Vi du 4: So lai vay difOc khau trfl dfldc quy dinh bang 30% EBIT Cho vay (90)
Nu&cY
Tra np (90) + lal 10% (9) Cdng ty B TilivSn 90/10
- lifi n h u j n m r f l t thu? vi IS vay; 20 - Kh^u trir i3i vay: G {= 20 x 30%) - Thu n h | p chju ttiu^: 14
cho cd doanh nghidp nhin tir gdc dp ke hogch hoa tai chinh.
Vdn dd dat ra la xac dinh cac thdng sd trong cdng thiic ty Id gidi hgn lai vay thl ndo. Thdng thudng, lai vay (hi sd) dupc xac dinh gdm todn bd cdc chi phi tdi chinh phdi trd lien quan den vdn huy ddng bdt kd vd mat ludt phdp, nd ed dupe gpi Id lai vay hay khdng. Cdc chi phi tdi chinh ndy gdra ed cdc khoan chiet khau, chi phi phdi tra mua quydn chpn, chi phi thud tai chinh, cdc khodn phdi trd lidn quan din nghidp vy hodn ddi lai suat...
Cdn mdu sd (EBIT hoae EBITDA) dugc xdc dinh theo cdc chudn muc kd todn dp dung.
3. Mpt so van tfe can nghien cuiu va khuyen nghj
Quy tdc vdn mdng da dugc dp dung tii khd lau d cac nudc phdt tridn: Thuy ST (1962), Canada (1972), Phap (1979) vd rapt loat cac nudc phdt trien khac nhu Anh, My, Uc ... vdo nhiing ndm 80 cua the ky trudc. Den nay, da cd trdn 40 nude tren the gidi dp dyng vd xu hudng bat dau ehuyen sang cdc nudc dang phdt trien'. Mac dii vdy, thdng Id dp dung cua cdc nudc vdn cdn nhiing didm khac biet vd rapt vdi khia canh van cdn gdy tranh cai.
Thu nhdt, quy tdc vdn mong cd dp dyng doi vdi cdc doanh nghiep npi dia hay chi dp dyng vdi doanh nghiep FDI. Ddy Id vdn d l kha nhgy cdm bdi nhidu doanh nghiep trong nudc ciing co thd vdn dyng chinh vdn mdng de Idra lpi cho cdc doanh nghidp thdnh vien vd tap dodn CO quan he trong nhirng dieu
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kidn nhat dinh.
Thie hai, quy tdc vdn mdng chi dp dyng ddi vdi khodn vay raang tinh chdt npi bd giua cdc thdnh vidn cd c[uan he hay dp dun^ ddi vdi cd phdn vdn vay cua cac ddi tdc khde (trong vd ngodi nudc) khdng cd quan he ddc biet? Neu dp dung cho cd mgi khodn vay ciia rapi ddi tdc cd ve thieu logic thuyet phyc, nhung neu khdng dp dung, cd the khdng hda giai dupc cac hinh thiic cho vay gidn tiep thdng qua ddi tdc thli 3 hogc thdng qua ca che bao lanh khodn vay cua cdng ty rae hoac tap dodn md rdt cd the do lgi Id nhiing giao dich khdng mang tinh chdt thi trudng.
Thli- ba, ngoai quan he vay mupn, raiic lai suat vay ciing la vdn de nhgy cam. Nguyen ly chung Id miic lai suat phdi la lai sudt thi tiudng. Tuy nhien, trong nhirng bdi eanh nhdt dinh, xac dinh raiic Iai suat theo nguyen tac thi trudng ciing khdng hodn todn dd ddng va lieu cdc nguyen tdc dp dyng cd ddng nhdt vdi cdc nguyen tdc chdng chuyen gid da dupc tiiilt lap giira cdc gudc gia hay khdng. Ddy ciing Id vdn dd cdn nhidu tranh cai vd khdng phai liic ndo ciing tira dupe tieng noi ddng thuan tii cdc nha ldm ludt.
Thu tu, vdi cdc nudc dang phat tridn, co nen dp dyng quy tde vdn mong hay khdng va dp dun^ vdo thai diera ndo ciing Id vdn dd gay tranh cdi. Trong cdc qudc gia Dong Nam A trong khdi ASEAN, hidn nay mdi chi cd rdt it nudc dp dyng ngogi trir Indonesia ban hdnh vdo ndm 1985, Malaysia cd y dinh ban hdnh vdo nam 2012 sau
dd lai hoan Ihuc hien. Trung Qudc'- dp dung chinh sach nay vao nam 2008 nhimg dudi dang ngam djnh.
Mpt trong nhung ly do la viec ban hdnh quy tac von mong cd the bi coi la mpt nhan to can trd sy thu hiit vdn dau tu nudc ngodi.
Tom lai, quy tie von mong iii mpt bien phdp han che thu phap Idch luat dc chuyen thu nhap ra nudc ngoai ciia cac doanli nghiep FDI mdl each hop phap nham giara bdt nghia vu thue phai nop doi vai nudc nhan ddu tu. Quy tac nay da duoc ap dung pho bien d cac nucrc phat tnen va chu yeu dieu chinh quan he vay mupn mang tinh chat n0i bp giua cac thanh vien trong mpt tap doan hoac cac cong ty da qudc gia. 0 cac nudc dang phat trien, su dp dung quy tac nay con kha han che. Tuy nhien, khong vi the ma Vict Nam khong nen dat van de ap dung. Trong khi cac bien phap chong chuyen gid doi vdi cac doanh nghiep c6 von dau tu nuoc ngoai a Vict Nam cdn chua thyc su hieu qua, co the quy tac von mdng lai la giai phap tdt cho viec hgn che cac bien phap true lgi tir cdc chinh sach mi dai trong viec gpi von dau tu nudc ngoai. Do vgy, quy tac vdn mdng can dugc nghien ciru thuc thi ket hop vol nhieu cai each phii hgp khac trong chinh sach ciing nhu cong tac hanh thu, dac biet trong dieu kien Viet Nam cdng ngay cang hpi nhap sau vdo nen kmh te the gidi va khu vuc trong nhung nam tdi ddy.B
' d Viet Nam, tuy chi/a ban hanh mot van bdn chinh thUc, song theo bao can cua IMF, ti) n8m 2012, doanh ngbiep :6 von dau ti( nJdc ngoai phai dam bao ty le von vay/von ctiii sci hOu khong dijoc vilOt qua 7/3
TAI LIEU THAM KHAO:
1 Brealey, Myers and Marcus (2007), Fundamental of Corporate Finance, Fifth Edition, Mcgraw-Hill Internationa] Edition
2 Tax & Development (OECD 2012), Thin Capitalisation Legislation - A background paper for country tax administrations (Pilot version), OECD Tax Base- Internet
3 Jennifeeven Blouin, Harry Huizinga, Luc Laeven, and Gaefan Nicodeme (201^1), Thn Capitalization Rules and Ivlultmafional Firm Capital Structure IMF Working Paper
4, InternationI Tax Guides http//www deloitte.com tax