IMPACTUL FISCAL AL PRINCIPALELOR METODE DE FINANTARE QUALITY

IMPACTUL FISCAL AL PRINCIPALELOR METODE DE FINANTARE QUALITY TAX ADVICE, GLOBALLY Adrian Deaconu – Senior Tax Manager 16 iunie 2016 www. taxhouse. ro

SUMAR Quality tax advice, globally I. Capital social vs. II. Imprumut bancar vs. III. Imprumut nebancar (intra-grup/asociat) IV. Dividende si alte distributii/cheltuieli in beneficiul asociatilor 1

I. CAPITAL SOCIAL Quality tax advice, globally Mjorarea capitalului social Remunerare sub forma distribuirilor de profituri (dividende) Reducerea ulterioara a capitalului social/ lichidare 2

II. IMPRUMUT BANCAR Quality tax advice, globally Deductibilitatea costurilor finantarii Cheltuieli efectuate in scopul desfasurarii activitatii economice Obtinere de venituri impozabile vs. neimpozabile (e. g. capital de lucru / achizitie actiun): Alocare directa Cheltuieli comune alocate in baza unor chei corespunzatoare de repartizare sau in functie de ponderea veniturilor neimpozabile in total venituri Fara limitari specifice de deductibilitate Impozit cu retinere la sursa (finantare de la nerezidenti) Impozitare la sursa a dobanzilor platite creditorului (i. e. cota 16% standard, poate fi redusa prin aplicarea CEDI) In general !clauze de tipul “net de taxe” – debitorul poate suporta un cost nedeductibil de cca. 19% Alte aspecte Procedura de obtinere: birocratie, durata, grad de indatorare, garantii/ colateral, risc valutar 3

III. IMPRUMUT NEBANCAR (INTRA-GRUP/ASOCIAT) Quality tax advice, globally Deductibilitatea costurilor finantarii Aceleasi conditii mentionate anterior, precum si limitari suplimentare: 1) Nivelul ratei dobanzii: 1. 75% pentru RON, 4% pentru valuta (anterior: 6%) – permanent nedeductibile 2) Grad de indatorare (3: 1) – pentru dobanzi si pierderi din diferente de curs valutar Prelungirea duratei imprumutului (termen scurt -> imprumut peste 1 an) Dobanzi capitalizate in costul de achizitie/ productie al activelor cu ciclu lung de fabricatie 4

III. IMPRUMUT NEBANCAR (INTRA-GRUP/ASOCIAT) – CONT’D Quality tax advice, globally Impozit cu retinere la sursa (finantare de la nerezidenti) – similar imprumut bancar Preturi de transfer – dobanda la nivelul pietei si intocmirea dosarului preturilor de transfer functii indeplinite/ riscuri asumate (garantii, comision administrare, indatorare, riscul de schimb valutar) ! Risc de reclasificare – schema de distribuire a profiturilor - intentie de rambursare? Alte aspecte ! Necesitatea autorizarii (i. e. cod CAEN) – creditare cu titlu professional vs. caracter izolat (volum operatiuni, ponderea in volumul activitatii, frecventa, structuri dedicate) 5

IV. DIVIDENDE SI ALTE DISTRIBUTII/ CHELTUIELI IN BENEFICIUL ASOCIATILOR Quality tax advice, globally ! Definitie dividend - o distribuire in bani sau in natura, efectuata de o persoana juridica unui participant, drept consecinta a detinerii unor titluri de participare la acea persoana juridica, exceptand urmatoarele: a) o distribuire de titluri de participare noi (s-a eliminat conditia ce impunea nemodificarea procentului de detinere a titlurilor de participare ale oricarui participant la persoana juridica) sau majorarea valorii nominale a titlurilor de participare existente, ca urmare a unei operatiuni de majorare a capitalului social, potrivit legii b) o distribuire efectuata in legatura cu dobandirea/rascumpararea titlurilor de participare proprii de catre persoana juridica (s-a eliminat conditia ce impunea sa nu se modifice procentul de detinere a titlurilor de participare ale oricarui participant la persoana juridica) 6

IV. DIVIDENDE SI ALTE DISTRIBUTII/ CHELTUIELI IN BENEFICIUL ASOCIATILOR (CONT’D) Quality tax advice, globally c) o distribuire in bani sau in natura, efectuata in legatura cu lichidarea unei persoane juridice 7

IV. DIVIDENDE SI ALTE DISTRIBUTII/ CHELTUIELI IN BENEFICIUL ASOCIATILOR (CONT’D) Quality tax advice, globally d) o distribuire in bani sau in natura, efectuata cu ocazia reducerii capitalului social, potrivit legii (s-a eliminat conditia ce impunea ca reducerea capitalului sa se efectueze din capitalul social efectiv constituit) 8

IV. DIVIDENDE SI ALTE DISTRIBUTII/ CHELTUIELI IN BENEFICIUL ASOCIATILOR (CONT’D) Quality tax advice, globally e) o distribuire de prime de emisiune, proportional cu partea ce ii revine fiecarui participant f) o distribuire de titluri de participare in legatura cu operatiuni de reorganizare, prevazute la art. 32 si 33. Incepand cu 1 ianuarie 2016 s-a eliminat asimilarea urmatoarelor elemente cu veniturile din dividende si acestea s-au transformat in venituri din alte surse (la nivelul persoanelor fizice): suma platita de o persoana juridica pentru bunurile sau serviciile achizitionate de la un participant la persoana juridica peste pretul pietei pentru astfel de bunuri si/sau servicii, daca suma respectiva nu a facut obiectul impunerii la primitor cu impozitul pe venit sau pe profit suma platita de o persoana juridica pentru bunurile sau serviciile furnizate in favoarea unui participant la persoana juridica, daca plata este facuta de catre persoana juridica in folosul personal al acestuia 9

Quality tax advice, globally Q&A 10

CONTACT Adrian. Deaconu@taxhouse. ro Taxhouse SRL 79 -81 Popa Savu Street Monolit Building, 1 st floor District 1, 011432, Bucharest, Romania Tel: +40 21 316 06 45 / 46 / 47 Fax: +40 21 316 06 48 www. taxhouse. ro www. taxand. com CONFIDENTIAL

ABOUT TAXHOUSE is a high-end independent tax advisory firm offering a comprehensive and integrated range of tax ABOUT TAXHOUSE consultancy and compliance services. Founded in the context of domestic and international need for independence and specialisation, given the stringent TAXHOUSE is requirements a high-end independent tax advisory offering a comprehensive and integrated of tax consultancy and compliance objectivity placed on traditional auditfirms by various regulators around the globe, range TAXHOUSE services. assembled a team of highly qualified and reputable tax partners drawn from the executive ranks of global firms as well as a team of carefully selected professionals, having excellent technical background on domestic and Founded in the context of domestic and strong international need for independence and specialisation, given the stringent objectivity requirements international tax related matters and local market awareness. placed on traditional audit firms by various regulators around the globe, TAXHOUSE assembled a team of highly qualified and reputable tax partners drawn from the executive ranks of global firms as provides well as to a its team of carefully selected professionals, As the Romanian member firm of TAXAND, TAXHOUSE clients direct access to the local team of having excellent technical background international tax related matters andwith strong local market global awareness. expertson asdomestic well as toand a worldwide network of tax specialists, whom it shares knowledge and tax innovations on cross-border transactions and tax planning solutions, so it can deliver rapid and accurate advice on As the Romanian transactions. member firm of TAXAND, TAXHOUSE provides to its clients direct access to the local team of experts as well as to a international worldwide network of tax specialists, with whom it shares global knowledge and tax innovations on cross-border transactions and tax planning solutions, so it can deliver rapid and accurate advice on international transactions. Tax. House is a Limited Liability Company registered in Romania, member of Taxand, providing taxation advisory services. © Copyright Taxhouse 2008. Office: 21 Popa Tatu Street, ground floor, District 1, Bucharest, Romania; Telephone: +40 21 316 04 93 / +40 21 316 04 71; Fax: +40 21 312 15 29; © Copyright 2016. E-mail: Taxhouse office@taxhouse. ro Office: 79 -81 Popa Savu Street , Monolit Building, 1 st floor, District 1, 011432, Bucharest, Romania ; Telephone: +40 21 316 06 45 ; Fax: +40 21 316 06 48 Web: www. taxhouse. ro ; www. taxand. com CONFIDENTIAL www. taxhouse. ro