移轉訂價與公司利潤移轉之研究─臺灣地區之實證分析

Abstract

跨國公司會藉由租稅規劃移轉在各國所獲取的利潤。其中，制定內部交易移轉訂價策略，是其移轉各國利潤之重要租稅規劃工具。因此，近來很多國家制定移轉訂價相關規範法令，並加強移轉訂價的查核。 為與世界接軌，以及減少稽徵機關與跨國公司間的衝突，我國亦於2004 年12 月28 日參照OECD的指導方針及各國稅法，訂定「營利事業所得稅不合常規移轉訂價查核準則」。 本文主要研究，對臺灣跨國公司而言，內部交易之移轉訂價，是否為重要的租稅規劃工具。利用一個考慮跨國公司內部交易移轉訂價的簡化理論模型，推論若內部交易價格是依據稅率來制定，當銷售國當地的法定稅率提高，則銷售國對購買國的內部銷售會減少；而當購買國當地的法定稅率提高，則銷售國對購買國的內部銷售會增加。再以此推論結果，作為實證分析之依據。 實證分析部分，以2004至2006年間臺灣上市及上櫃公司為研究對象，資料來源為臺灣經濟新報文化事業股份有限公司 (TEJ) 資料庫。實證結果顯示，隨著子公司當地稅率提高，則子公司內部銷售規模會減少，而母公司內部銷售規模會增加。因此可推論，內部交易之移轉訂價確實為公司移轉利潤的主要管道。

Multinational companies have enhanced tax planning opportunities by means of crossborder profit shifting. In particular, it is supposed that transfer pricing of intrafirm trade constitutes an important channel for companies to shift profits between countries. Consequently, a number of countries have recently tightened transfer pricing legislation and have been increasingly engaging in transfer pricing audit and investigation. In order to follow the international trend and reduce conflict between tax administration and multinational corporations, Taiwan has established the regulation, Regulations Governing of Assessment of Profit-Seeking Enterprise Income Tax on Non-Arm’s-Length Transfer Pricing, on December 28, 2004. This regulation was established in accordance with the OECD guidelines on transfer pricing and the regulation of every country. This paper investigates whether transfer pricing of intrafirm sales within multinational companies represents an important channel of company tax planning in Taiwan. A simple theoretical model, considering transfer pricing of intrafirm sales of a multinational company, is set up to obtain empirical implications. The theoretical analysis suggests that if transfer prices are tax driven, intrafirm sales will decrease with an increasing statutory tax rate at the supplying affiliate’s location and increase with an increasing statutory tax rate at the receiving affiliate’s location. The empirical analysis uses data of the listed companies of Taiwan Stock Exchange and Gre Tai Securities Market from 2004 to 2006. Firm-level data are taken from the Taiwan Economic Journal (TEJ) database. The empirical results show that the size of intrafirm sales from the controlled affiliate will decrease with an increasing tax rate of the affiliate’s location. The empirical results also show that the size of intrafirm sales from the parent company will increase with an increasing tax rate of the affiliate’s location. Thus, it can be confirmed that profit shifting by means of transfer pricing of intrafirm sales works effectively.