Israeli Tax Issues relating to Industrial Investment in China
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1 INTERNATIONAL TAX Israeli Tax Issues relating to Industrial Irit Frogel, Director May 1, 2006 TAX
2 Israeli Tax Considerations relating to an investment in China Israeli Tax Considerations relating to an industrial investment in China: Direct Investment versus Indirect Investment Profit Repatriation Israeli CFC considerations Finance issues 2
3 Direct investment versus Indirect investment As there are no withholding taxes on dividends paid from a Chinese corporation to its shareholder, investment through an intermediary company will generally not reduce the overall tax burden. The advantage of imposing an intermediary company may be in case of reduced tax rate in China and the intention to reinvest the profits outside of Israel without triggering Israeli taxation on dividends. However, this possibility is almost abolished due to CFC tax legislation in Israel. In order to benefit from an underlying tax credit only one intermediary should be imposed. 3
4 Profit Repatriation - Dividends No withholding tax in China. In Israel: A tax rate of 25% on the dividends OR In certain circumstances: Corporate tax rate (31% in 2006) on the dividends + an underlying tax credit for taxes paid in China. 4
5 Profit Repatriation Income Dividends Tax in China 0% 15% 33% Dividend Income Tax in Israel 25% 16% - Total tax rate 25% 31% 33% 5
6 CFC considerations in respect of a direct investment: Relevant in case: the income in China is taxed at reduced rates (less than 20%) and most of the income of the Chinese company is considered passive income. 6
7 CFC considerations in a non direct investment: In case an intermediary company is imposed between an Israeli company and a Chinese company, CFC issues may arise. Dividend income distributed to an intermediary company is considered Passive income. In case income in China is taxable at a reduced tax rate (less than 20%), dividend distribution from a Chinese company to the intermediary company may trigger CFC tax implications in Israel. 7
8 Finance issues: Shareholders Loans versus equity: 1. Repatriation of funds 2. Withholding tax on interest 3. Thin cap rules 4. Currency exchange differences 5. Taxation of interest income 8
9 Presenter s contact details Irit Frogel KPMG Somekh Chaikin ifrogel@kpmg.com Somekh Chaikin, the Israeli member firm of KPMG International, a Swiss cooperative. All rights reserved. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation KPMG Somekh Chaikin the Israel member firm of KPMG International, a Swiss cooperative. All rights reserved. Printed in Israel. 9
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