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Does withholding tax on interest limit international profit-shifting by FDI?

100%
Białek-Jaworska A., Klapkiv L.
Equilibrium. Quarterly Journal of Economics and Economic Policy
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2021
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vol. 16
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issue 1
11-44
EN
Research background: Poland is a significant recipient of intercompany loans as a part of foreign direct investment (FDI) debt instruments reported in the Balance of Payments. Most of them come from the developed West European countries ? Netherlands, Luxembourg, France, Germany, and Belgium. Igan et al. (2020) confirm debt-based FDI inflows to emerging markets had a higher impact on the industries? growth in the pre-crisis period 1998?2007 than after (till 2010). Purpose of the article: We aim to identify withholding tax (WHT) impact on intercorporate loans inflow to Poland and analyse the relationship between trade credit and intercompany loans to assess the importance of the profit-shifting role of FDI after 2010. Methods: To reflect the impact of withholding tax and trade credit on inter-company loans (inward debt-based FDI) in 2011?2017 to Poland, we use Arellano-Bond and random effects panel model estimators. The estimated specification is derived from the knowledge-capital model and includes two types of capital: human and physical. Findings & value added: We show that WHT on interests reduces profit-shifting by multinational companies? intercompany lending to Poland. But intercompany loans are positively related to foreign trade credit. Unlike in the case of total FDI inward to Poland (Cieślik, 2019), we identified that vertically integrated multinational enterprises are more likely to provide loans to Polish firms. This study is the first to confirm that withholding tax of interests reduces international profit-shifting by FDI and to provide evidence on the relation-ship between foreign trade credit and intercompany loans provided by multi-national companies.
2
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Propozycje zmian w otoczeniu regulacyjnym Banku Gospodarstwa Krajowego w zakresie ponoszenia obciążeń publicznoprawnych

75%
Skuza S.
Zeszyty Naukowe PWSZ w Płocku. Nauki Ekonomiczne
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2015
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vol. 2(22)
205-213
EN
The Bank Gospodarstwa Krajowego is the example of specific financial institution in the Polish financial system. The Bank is the state-owned bank within the meaning of the Banking Law Act with the simultaneous solutions lex specialis as defined in the Banking Law Act. The purpose of this article is to point out the specific requirements in the field of the functioning of the Bank Gospodarstwa Krajowego, mainly in the context of ensuring financial stability. In the article the author takes on trying to prove the thesis that the statutory aim of the Bank Gospodarstwa Krajowego and statutory security mechanisms of stability are sufficient grounds to change some acts for incurring public burden by the Bank Gospodarstwa Krajowego and its investors.
3
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Tax withholding by the remitter based on the example of the lump-sum corporate income tax (WHT) – selected issues

63%
Kucia-Guściora B., Piszel R.
Review of European and Comparative Law
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2022
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vol. 50
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issue 3
85-108
PL
This article deals with the role and responsibility of the remitter in corporate income tax with respect to the socalled “withholding tax” (WHT) levied on income earned by non-residents. The authors focused their considerations on establishing the relationship between the statutorily defined standard obligations of the remitter and the implemented activities of this entity in relation to WHT. The subject is important due to international aspects of taxation of cross-border income not only on the basis of Polish corporate income tax regulations, but also with double taxation treaties and exemptions in withholding tax implemented from EU directives in mind. The answer to the research questions posed included tax, fiscal and penal, as well as international and EU aspects. The research thesis is that the obligation to collect tax under the WHT constitutes for the remitter “sui generis” right to perform this collection, and does not have the character of an absolute obligation constituting its subjectivity as a remitter. The analysis of the legislation, case law and literature, through the application of the legal-dogmatic method, has shown that the failure of the tax remitter to collect the tax is not a barrier to the filing a tax refund or overpayment claim by the tax remitter, and in fact constitutes an active legitimacy. The findings of the article are of practical significance for non-residents from the EU and third countries (from outside the EU) obtaining so-called passive income in Poland.
4
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„Look through approach” w kontekście nowego mechanizmu poboru podatku u źródła

63%
Boniecka M.
Przegląd Ustawodawstwa Gospodarczego
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2020
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issue 3
21-27
EN
The article's subject is "look through approach" conception, proposed by the Ministry of Finance in published draft of Explanatory Notes to the new withholding tax regulations. This concept might be applied in the context of ne beneficial owner definition. "Look through approach" concept is based on the possibility of benefiting from preferential principles of withholding tax in case of an intermediary, which transferred payment to the beneficial owner. However, the concept itself was not mentioned directly in the amendment to the CIT Act, but it was only proposed in the draft of Explanatory Notes. The article presents the most important issues connected with new definition of beneficial owner and the lack of adequate explanations regarding the application of "look through approach" concept, that entrepreneurs might meet.
PL
Przedmiotem artykułu jest koncepcja „look through approach” zaproponowana przez Ministerstwo Finansów w opublikowanym „Projekcie objaśnień podatkowych do nowych zasad poboru podatku u źródła z 19.06.2019 r.”, która może znaleźć zastosowanie w ramach wprowadzonej nowej definicji rzeczywistego właściciela. Koncepcja ta, polegająca na możliwości skorzystania z preferencyjnych zasad opodatkowania podatkiem u źródła wobec podmiotu, który otrzymał daną płatność od pośrednika, nie została jednak bezpośrednio przewidziana w nowelizacji ustawy, a jedynie wspomina o niej projekt objaśnień. Stąd status normatywny tego rozwiązania pozostaje niejasny. W artykule podjęto próbę zidentyfikowania najważniejszych problemów, jakie wiążą się z wprowadzeniem nowej definicji rzeczywistego właściciela oraz brakiem odpowiednich wyjaśnień dotyczących zastosowania koncepcji „look through approach”, które mogą spotkać przedsiębiorców, chcących ze wskazanej koncepcji skorzystać.
5
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Holding company location: a Polish tax perspective

63%
Jamroży M., Janiszewska M., Łożykowski A.
Ruch Prawniczy, Ekonomiczny i Socjologiczny
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2023
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vol. 85
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issue 1
239-260
PL
Celem artykułu jest przedstawienie wielkości i struktury płatności pasywnych, takich jak dywidendy, odsetki, opłaty licencyjne oraz należności za usługi niematerialne, dokonywanych przez spółki holdingowe mające siedzibę w Polsce. W artykule sformułowano hipotezę, że jurysdykcje podatkowe oferujące rozbudowane zachęty prawno-podatkowe dla struktur holdingowych, w szczególności dotyczące podatkowego traktowania dywidend i innych płatności opodatkowanych u źródła, są preferowanym miejscem lokalizacji holdingów. Przegląd literatury oraz analiza źródeł prawa poprzedzają analizę empiryczną. Z przeprowadzonej analizy empirycznej wynika, że płatności pasywne, w tym dywidendy, odsetki, opłaty licencyjne czy za usługi niematerialne, które stanowią dominujący typ płatności do spółek holdingowych, kierowane są z Polski przede wszystkim do krajów o „przyjaznych” rozwiązaniach podatkowych i regulacyjnych dla holdingów, w tym w szczególności do tzw. wewnątrzunijnych rajów podatkowych, czyli Luksemburga, Cypru, Niderlandów, Malty i Irlandii. Realna wymiana handlowa z tymi krajami nie jest ani znacząca, ani współmierna do skali płatności pasywnych.
EN
This paper aims to present the size and structure of passive income payments, such as dividends, interest, royalty payments, and fees for intangible services, made by companies domiciled in Poland belonging to a multinational enterprises (MNE) group. The authors formulate a hypothesis that tax jurisdictions offering extensive legal and tax incentives for holding structures, in particular concerning the tax treatment of dividends and other withholding tax payments, are the preferred location of holding companies. A review of the literature and legal sources precedes empirical research. The empirical analysis shows that passive income flows, including dividends, interest, royalties, and fees for intangible services, which constitute the dominant type of payments to holding companies, are directed from Poland primarily to countries with tax and regulatory solutions that are friendly to holding companies, including in particular the so-called intra-EU tax havens, namely Luxembourg, Cyprus, the Netherlands, Malta and Ireland. Real trade with these countries is neither significant nor proportional to the scale of passive income.
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