Luxembourg: 卢森堡证券市场受到欧盟反避税指令(ATAD)1之利息限制规则的影响

Last Updated: 27 June 2019
Article by Atif Kamal

除了利息收入,如 资本收益或不良贷款为收入来源的卢森堡证券化工具,或许已无法有效地利用它们的税收中立性。

2019年1月1日,卢森堡实施欧盟反避税指令,旨在打击 "激进"的税务规划。该指令的其中一个核心举措——利息限制规则,已经导致卢森堡的证券化市场出现波动,主要因为这限制了借款成本和非利息收入公司的税务减免。

简单而言,该规则意味着,通过资本收益、不良贷款等得到主要收入来源的证券化工具(SV),可能无法如一般工具般达到税收中立性的标准。

然而,还是存在着某些例外情况,例如祖父条款、欧盟证券化和独立实体。 联系我们的本地专家,以了解它们是否适用于您,并阅读概述。

利息限制

新规则规定,纳税人借款利息开销的抵扣金额不得超过应税息税折旧摊销前利润(EBITDA)的30%。

只有每年累计利息开销超过300万欧元的纳税人需要遵守EBITDA的限制,但亦有例外。值得注意的是,对证券化工具而言,300万欧元的门槛是以公司水平计算,而非部分公司。

涵盖在欧盟证券化条例2017/2042下的证券化工具,或是所有在2016年7月16日前达成协议的借款合约均可被豁免。

假设您在任何银行或其他财务机构拥有一笔不良债务,在会计法则下,任何源自不良债务的营业额或收入无法被视为利息收入,而是"其他"收入。因此,您可以享有30%的EBITDA或300万欧元的可扣除税费,而其余的款额则不能免税。

自推行ATAD 1的四个月以来,我们看见当地市场税收法案潜在的影响。ATAD 1已对现有业者造成波动,也引起了新晋业者的猜测。推动法律修订,以允许卢森堡的证券化工具享有额外的豁免,惟截至此文章发布时未有新进展。

因此,发起人、投资经理、保荐人和证券化工具董事应检查他们证券化工具的盈亏和收入流,以确定是否有权享有任何豁免。否则,他们应该准备一个"缓冲期",以减少在2020年申报2019年所得税的任何意外。

联系我

TMF卢森堡办事处的专家可以就潜在的ATAD 1豁免为企业提供分析和指引。

若您想要了解更多资讯, 欢迎联系我们

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