┠  ḟࡣࡌࡵ࡟ ····································································································· iv
ࢱࢫࢡࣇ࢛࣮ࢫጤဨ୍ぴ ················································································ vi➨㸯❶ ᖐᒓ୺⩏࡟ᇶ࡙ࡃᡃࡀᅜእᅜἲேㄢ⛯ไᗘࡢᨵṇࡢㄽⅬᩚ⌮ ····················

1㸯 ࡣࡌࡵ࡟ ·······························································································

1㸰 ᮏ௳ㄢ㢟࡟㛵ࡍࡿၥ㢟タᐃ ·······································································

1㸦㸯㸧ᅜ㝿ⓗ஦ᴗάື࡟క࠺※Ἠᆅ⟶㎄ᶒ࡜஧㔜ㄢ⛯ࡢ᤼㝖ࡢᚲせᛶ ·················

1

㸦㸰㸧OECD ࡛ࡢྲྀ⤌ࡳ ·············································································1㸦㸱㸧ᡃࡀᅜᅜෆἲᨵṇ࡟ࡼࡿᑐᛂࡢᚲせᛶ ··················································

2㸱 ᪂ OECD ࣔࢹࣝ᮲⣙ 7 ᮲࡟࠾ࡅࡿ AOA㸦Authorized OECD Approach㸧ࡢព⩏ ·3㸦㸯㸧᪂ 7 ᮲ㄌ⏕ࡢ⫼ᬒ ·············································································

3

㸦㸰㸧7 ᮲࡟࠾ࡅࡿ AOA ࡟ᇶ࡙ࡃᖐᒓ୺⩏࡜஧㔜ㄢ⛯ㄪᩚࡢ௙⤌ࡳ ···················

4㸦㸱㸧௒ᚋࡢ PE ᴫᛕࡢ᳨ウసᴗ ··································································

5㸲 ᅜෆἲᨵṇࡢ᪉ྥᛶ ················································································

6㸦㸯㸧᮲⣙㸦ᖐᒓ୺⩏㸧࡜⌧⾜⛯ἲ㸦⥲ྜ୺⩏㸧ࡢ࠿࠸㞳࡟క࠺࣓ࣜࢵࢺࡢ෌᳨ウ 6㸦㸰㸧᮲⣙࡟࠾ࡅࡿ AOA ࡢ᥇⏝࡜ࡢࣂࣛࣥࢫୖࠊ஦ᴗᡤᚓ࡟ࡘ࠸࡚ᨵṇࡢవᆅࡢ࠶
ࡿᅜෆἲ㛵㐃᮲㡯 ·············································································

6㸳 ලయⓗᨵṇ㡯┠ ······················································································

7㸦㸯㸧እᅜἲே࣭㠀ᒃఫ⪅ࡢㄢ⛯࣮࣋ࢫࡢ௙⤌ᵓ⠏ ·········································

7㸦㸰㸧ᖐᒓ୺⩏࡟࠾ࡅࡿእᅜ⛒⛯࡜ࡢ஧㔜ㄢ⛯ㄪᩚ ·········································

9㸴 ᮏ◊✲࡟ᇶ࡙ࡃ௒ᚋࡢලయⓗᥦゝࡢ᪉ྥᛶ ·················································· 11➨㸰❶ 2010 ᖺ⛯ㄪཬࡧࢧ࣮ࣂ࣮PE ࢆࡁࡗ࠿ࡅ࡜ࡋࡓ඲ᡤᚓ୺⩏࠿ࡽᖐᒓᡤᚓ୺⩏࡬ࡢ⛣⾜࡟㛵ࡍࡿ⪃ᐹ ·········································································· 12㸯 ᗎㄽ ····································································································· 12㸰 ᖐᒓᡤᚓ୺⩏࡜඲ᡤᚓ୺⩏ ······································································· 12㸦㸯㸧※Ἠᆅᅜㄢ⛯ᶒࡢ㸱ࡘࡢ㛵㛛 ······························································ 12㸦㸰㸧ᖐᒓᡤᚓ୺⩏ ··················································································· 13㸦㸱㸧඲ᡤᚓ୺⩏࡜ force of attraction ··························································· 13㸱 ࢧ࣮ࣂ࣮PE ၥ㢟····················································································· 15㸲 ❧ἲㄽࡢ๓࡟㸸❧ἲᑐᛂࡀ᪥ᮏ࡬ࡢᢞ㈨࿧ࡧ㎸ࡳ࡟ᚲ㡲࠿㸽 ·························· 16㸦㸯㸧ࢧ࣮ࣂ࣮PE ㄆᐃࡢྍྰ······································································ 16㸦㸰㸧❧ἲᑐᛂྰᐃㄽ ················································································ 16㸦㸱㸧඲ᡤᚓ୺⩏㐺⏝ᅇ㑊⟇࡜❧ἲᑐᛂ⫯ᐃㄽ ··············································· 16㸳 ஧᪉ྥࡢ❧ἲᑐᛂ ··················································································· 17i㸦㸯㸧ᜏஂⓗ᪋タࡢᐃ⩏ࡢぢ┤ࡋ ································································· 18㸦㸰㸧ᖐᒓᡤᚓ୺⩏࡬ࡢ⛣⾜ ······································································· 19㸴 ࢔࣓ࣜ࢝࡟࠾ࡅࡿ඲ᡤᚓ୺⩏࠿ࡽᐇ㉁ⓗ㛵㐃୺⩏࡬ࡢ⛣⾜ ····························· 19
㸦㸯㸧1966 ᖺ௨๓㸸඲ᡤᚓ୺⩏ ··································································· 19
㸦㸰㸧1966 ᖺ௨ᚋ㸸ᐇ㉁ⓗ㛵㐃ᡤᚓ୺⩏ ······················································· 21㸵 ඲ᡤᚓ୺⩏࠿ࡽᖐᒓᡤᚓ୺⩏࡬ࡢ⛣⾜ࡢせྰ࡜㛵㐃ࡍࡿၥ㢟 ·························· 22
㸦㸯㸧1966 ᖺᙜ᫬ࡢ࢔࣓ࣜ࢝࡜ඹ㏻ࡍࡿᠱᛕࠊࡑࡋ࡚཯㠃ᩍᖌ࡜ࡋ࡚ࡢ࢔࣓ࣜ࢝ · 22㸦㸰㸧ᜏஂⓗ᪋タᴫᛕཬࡧᜏஂⓗ᪋タ࡞ࡅࢀࡤㄢ⛯࡞ࡋ࣮ࣝࣝ࡬ࡢᙳ㡪 ·············· 23㸦㸱㸧ࡑࡢ௚ ···························································································· 24➨㸱❶ እᅜἲேㄢ⛯࡟ಀࡿᖐᒓ୺⩏ࡢ᥇⏝࡜ලయⓗㄽⅬࠥྛㄽ ·························· 25㸯 ࡣࡌࡵ࡟ ······························································································· 25㸰 OECD ᢎㄆ࢔ࣉ࣮ࣟࢳ ············································································· 25
㸦㸯㸧AOA ࡟ᇶ࡙ࡃ฼ᚓࡢ⟬ᐃㄢ⛬ ····························································· 25㸦㸰㸧ලయ౛࡟ᇶ࡙ࡃ᳨ウ ·········································································· 26㸦㸱㸧௦⌮ே PE ࡬ࡢ฼ᚓࡢᖐᒓ ·································································· 31㸦㸲㸧ㄢ⛯ᡤᚓࡢィ⟬࡜እᅜ⛯㢠᥍㝖 ··························································· 32㸦㸳㸧ᑠᣓ ······························································································· 33㸱 ᖐᒓ୺⩏ࡢᅜෆἲ໬࡟క࠺ලయⓗㄽⅬ ························································ 33㸦㸯㸧ἲே⛯࡟࠾ࡅࡿ⥲ྜㄢ⛯ ···································································· 33
㸦㸰㸧AOA ࡢୗ࡛ࡢ⛒⛯ᅇ㑊 ······································································ 33㸦㸱㸧⣲᱌ ······························································································· 34
㸦㸲㸧AOA/ᖐᒓ୺⩏ᑟධ࡟ಀࡿྛㄽ ····························································· 35㸦㸳㸧ᖐᒓࡍࡿᡤᚓࡢ⠊ᅖ࡟㛵ࡍࡿᇶ‽ ························································ 37㸦㸴㸧஧㔜㸦㠀㸧ㄢ⛯ࡢㄪᩚ ······································································· 42㸦㸵㸧⛣㌿౯᱁⛯ไ࡜ࡢ㐃ᦠ ······································································· 43㸲 ࠾ࢃࡾ࡟ ······························································································· 44➨㸲❶ ↓ᙧ㈨⏘ࢆᕠࡿ⛣㌿౯᱁ㄢ⛯ୖࡢㅖၥ㢟 ··············································· 45㸯 ⫼ᬒ ····································································································· 45㸦㸯㸧௻ᴗࡢᾏእ㐍ฟᙧែ ·········································································· 45㸦㸰㸧⛣㌿౯᱁ၥ㢟ࡢⓎ⏕ ·········································································· 45㸰 ↓ᙧ㈨⏘࡟ಀࡿ⛣㌿౯᱁ࢆᕠࡿ⣮த ··························································· 45㸦㸯㸧↓ᙧ㈨⏘ࡢᾏእ⛣㌿➼ ······································································· 45㸦㸰㸧↓ᙧ㈨⏘ࡢᏑྰཬࡧホ౯ ···································································· 46㸦㸱㸧ࢃࡀᅜ࡛ࡢ≧ἣ ················································································ 46㸱 ↓ᙧ㈨⏘ྲྀᘬ࡟ಀࡿ⛣㌿౯᱁ࡢ୍⯡ⓗᣦ㔪 ·················································· 46
㸦㸯㸧OECD ⛣㌿౯᱁࢞࢖ࢻࣛ࢖ࣥ ······························································ 46㸦㸰㸧ࢃࡀᅜࡢつᐃ ··················································································· 47
㸦㸱㸧௚ᅜࡢ≧ἣ ······················································································ 47ii㸲 ⛣㌿౯᱁ㄢ⛯ୖࡢ↓ᙧ㈨⏘ࡢ⠊ᅖ㸦ᐃ⩏㸧 ·················································· 48
㸦㸯㸧OECD ࢞࢖ࢻࣛ࢖ࣥ ·········································································· 48
㸦㸰㸧ࢃࡀᅜ➼ࡢ≧ἣ ················································································ 48
㸦㸱㸧⌧⾜つᐃୖࡢၥ㢟 ············································································· 49
㸦㸲㸧ᑐᛂ ······························································································· 50㸳 ↓ᙧ㈨⏘࡟ࡼࡿᡤᚓࡢᖐᒓ࡜ᡤᚓࡢ⟬ᐃ᪉ἲ࣭ホ౯ ······································ 50㸦㸯㸧ᡤᚓࡢᖐᒓ ······················································································ 50
㸦㸰㸧ẚ㍑ྍ⬟ᛶ ······················································································ 51㸦㸱㸧⟬ᐃ᪉ἲ ························································································· 52㸦㸲㸧↓ᙧ㈨⏘ࡢホ౯ ················································································ 53㸴 ᐇົⓗ࡞ၥ㢟 ························································································· 55㸦㸯㸧↓ᙧ㈨⏘ࡢ⠊ᅖ ················································································ 55㸦㸰㸧↓ᙧ㈨⏘ࡢホ౯ ················································································ 56
㸦㸱㸧㈝⏝ศᢸዎ⣙㸦CCA㸧 ······································································· 56㸦㸲㸧஧㔜ㄢ⛯ࡢⓎ⏕࡜⣮தゎỴ ································································· 57
㸵 ࠾ࢃࡾ࡟ ······························································································· 57
㸦㸯㸧ࢃࡀᅜ௻ᴗࢆྲྀࡾᕳࡃ⎔ቃࡢᩚഛ ························································ 57㸦㸰㸧ᅜ㝿ⓗ࡟⤫୍ⓗ࡞࣮ࣝࣝ⟇ᐃཬࡧゎ㔘ࡢ᫂☜໬ ······································ 58
㸦㸱㸧ࢢ࣮ࣝࣉ௻ᴗ඲య࡬ࡢᑐᛂ ································································· 58➨㸳❶ ↓ᙧ㈨⏘ࢆࡵࡄࡿᅜ㝿ྲྀᘬ࡟ಀࡿ⛯ົୖࡢྲྀᢅ࠸ࡢ⌧≧࡜ㄢ㢟 ················· 60ࡣࡌࡵ࡟ ····································································································· 60㸯 ᅜ㝿ྲྀᘬ࡟࠾ࡅࡿ↓ᙧ㈨⏘ࢆࡵࡄࡿၥ㢟 ····················································· 60㸦㸯㸧⛯ไㄪᰝ఍ᑓ㛛ᐙጤဨ఍ࡼࡾࡢၥ㢟ᥦ㉳ ··············································· 60㸦㸰㸧↓ᙧ㈨⏘࡟㛵ࡍࡿつᐃࡢ୙ഛ ······························································ 61㸦㸱㸧⛣㌿౯᱁⛯ไ࡟࠾ࡅࡿၥ㢟 ································································· 61㸦㸲㸧እᅜᏊ఍♫ྜ⟬⛯ไ࡟࠾ࡅࡿၥ㢟 ························································ 61㸦㸳㸧᪥ᮏ௻ᴗࡀ㛵ࢃࡿᾏእ࡛ࡢ↓ᙧ㈨⏘ྲྀᘬࢆࡵࡄࡿၥ㢟 ····························· 62㸰 ⌧⾜⛯ไ࡟࠾ࡅࡿ↓ᙧ㈨⏘࡟㛵ࡍࡿつᐃ ····················································· 63㸦㸯㸧↓ᙧ㈨⏘ࡢᐃ⩏࡟㛵ࡍࡿつᐃ ······························································ 63㸦㸰㸧↓ᙧ㈨⏘ࡢホ౯࡟㛵ࡍࡿつᐃ ······························································ 64㸦㸱㸧↓ᙧ㈨⏘࠿ࡽ⏕ࡌࡿ฼┈ࡢᖐᒓ࡟㛵ࡍࡿつᐃ ········································· 64㸱 㺀ᅜෆ※Ἠᡤᚓࠖ࡟࠾ࡅࡿ↓ᙧ㈨⏘ࡢᢅ࠸ ···················································· 67㸲 ᅜ㝿ⓗ஦ᴗ෌⦅࡟࠾ࡅࡿ↓ᙧ㈨⏘ㄢ⛯ࡢၥ㢟 ··············································· 69㸦㸯㸧ࢥ࣮࣏࣮ࣞࢺ࣭࢖ࣥࣂ࣮ࢪࣙࣥᑐ⟇⛯ไ ··············································· 69㸦㸰㸧⌧⾜⛯ไ࡟࠾ࡅࡿ㛵ಀࡍࡿつᐃ ··························································· 70㸦㸱㸧እᅜᏊ఍♫ྜ⟬⛯ไ࡟࠾ࡅࡿ㈨⏘ᛶᡤᚓྜ⟬ㄢ⛯ ··································· 70㸳 ௒ᚋࡢ᳨ウㄢ㢟࡟ࡘ࠸࡚ ·········································································· 72

iii

ࡣࡌࡵ࡟
ᅜቃࢆ㉺࠼࡚ேࠊ≀ࠊ㔠ࡀάⓎ࡟ ᮶ࡍࡿ⤒῭ࡢࢢ࣮ࣟࣂࣝ໬࡟క࠸ࠊ㏆ᖺࠊᅜቃࢆ㉺࠼ࡓྲྀᘬࢆつไࡍࡿ♫఍࢖ࣥࣇࣛ࡟ᑐࡍࡿࢥࣥࣂ࣮ࢪ࢙ࣥࢫࡢἼࡀḟࠎ࡟ᡃࡀᅜࢆく࠸ࡘࡘ࠶ࡿࠋ౛࠼ࡤࠊ఍ィࡢศ㔝࡛ࡣᅜ㝿㈈ົሗ࿌ᇶ‽㸦IFRS㸧࡬ྥࡅࡓྛᅜࡢ༠ㄪ࡛࠶ࡾࠊ
ࢥ࣮࣏࣮ࣞࢺ࢞ࣂࢼࣥࢫࡢศ㔝࡛ࡣ⊂❧ྲྀ⥾ᙺࢆຍ࠼ࡓᰴ୺୰ᚰ୺⩏࡬ࡢせㄳ࡬ࡢᑐᛂ࡛
࠶ࡿࠋ୺ᶒᅜᐙࡢ㈈ᨻࢆᨭ࠼ࡿ࡜࠸࠺౑࿨ࢆᣢࡘࡀࡺ࠼࡟ྛᅜࡢ⊂⮬ᛶࡀᙉࡃ཯ᫎࡉࢀ࡚
ࡁࡓ⛯ไ࢖ࣥࣇࣛࡶࠊࡇࡢἼ࠿ࡽ⮬⏤࡟࡞ࡿࡇ࡜ࡣ࡛ࡁ࡞࠸ࠋ
ᚑ᮶ࠊ௻ᴗᡤᚓࢆㄢ⛯≀௳࡜ࡍࡿἲே⛯ไ࡟ࡘ࠸࡚ࡣࠊྛᅜࡣㄢ⛯୺ᶒ࡟ᇶ࡙ࡁᅜෆྲྀ
ᘬ࣭ᅜ㝿ྲྀᘬࡢ཮᪉ࢆᑐ㇟࡜ࡋ࡚ㄢ⛯せ௳࡜⛯⋡ࢆ⊂⮬࡟ᐃࡵࡓ࠺࠼࡛ࠊ」ᩘᅜ࡟ࡼࡿ஧
㔜ㄢ⛯ࡢᴟᑠ໬ࢆᅗࡿࡓࡵ࡟ࠊู㏵஧ᅜ㛫⛒⛯᮲⣙ࢆ⥾⤖ࡋ࡚ᡤᚓ✀㢮ูࡢㄢ⛯ᶒࡢศ㓄
࡜Ⓨ⏕ࡋࡓ஧㔜ㄢ⛯ࡢゎᾘࢆᅗࡗ࡚ࡁࡓࠋἲே⛯ไࡢᅜ㝿༠ㄪࡣࠊ࠸ࢃࡤ࣑ࢽ࣐ࣜࢫࢺ࢔
ࣉ࣮ࣟࢳࢆ᥇ࡿࡇ࡜ࡀఏ⤫ⓗ࡞ࢥࣥࢭࣥࢧࢫ࡜࡞ࡾࠊࢥࣥࣂ࣮ࢪ࢙ࣥࢫࡢືࡁࡣ௚ࡢ♫఍࢖ࣥࣇࣛ࡟ẚ࡭ᚲࡎࡋࡶάⓎ࡜࠸࠼ࡿࡶࡢ࡛ࡣ࡞࠿ࡗࡓࡢ࡛࠶ࡿࠋࡇࡢ≧ἣࢆ୍㌿ࡉࡏࡓࡢࡣࠊ20 ୡ⣖⤊┙࠿ࡽࡢከᅜ⡠௻ᴗࡢ✚ᴟⓗ࡞ M&A ࡶྵࡵࡓᛴ㏿࡞┤᥋ᢞ㈨ࡢᣑ኱࡛࠶
ࡾࠊ௻ᴗ⤒Ⴀ࡟༨ࡵࡿᅜእᡤᚓࡢ㣕㌍ⓗ࡞ᣑ኱࡛࠶ࡿࠋ
OECD ⛒⛯ጤဨ఍ࢆ୰ᚰ࡜ࡋ࡚ 1990 ᖺ௦௨㝆ࠊᅜ㝿ㄢ⛯࣮ࣝࣝࡢࢥࣥࣂ࣮ࢪ࢙ࣥࢫࡢື
ࡁࡀຍ㏿໬ࡋࡘࡘ࠶ࡿࠋ1995 ᖺࡢ OECD ⛣㌿౯᱁࢞࢖ࢻࣛ࢖ࣥ㸦2010 ᖺᨵᐃ㸧࡜ 2010 ᖺOECD ࣔࢹࣝ᮲⣙ᨵᐃ㸦஦ᴗᡤᚓ᮲㡯ࡢᖐᒓ୺⩏ࡢ᫂☜໬㸧ࡣࡑࡢ௦⾲ⓗ࡞ࡶࡢ࡜࠸࠼ࡼ࠺ࠋ
ᡃࡀᅜࡶࡇࢀࡽࡢࢥࣥࣂ࣮ࢪ࢙ࣥࢫࡢືྥࡶ㋃ࡲ࠼࡞ࡀࡽࠊ㏆ᖺάⓎ࡞ᅜ㝿ㄢ⛯ἲไࡢᨵṇ࡟ྲྀࡾ⤌ࢇ࡛࠸ࡿࠋ
ᮏ◊✲఍ࡣࠊࡇࡢࡼ࠺࡞⫼ᬒࡢࡶ࡜ࠊᡃࡀᅜࡢከᅜ⡠௻ᴗࡢᅜቃࢆ㉺࠼ࡓ࣮࢜࣌ࣞࢩࣙ
ࣥࢆᨭ࠼ࡿ࢖ࣥࣇࣛ࡜ࡋ࡚ᮃࡲࡋ࠸ᅜ㝿⛯ไࡢ࠶ࡾ᪉ࡣ࡝ࡢࡼ࠺࡞ࡶࡢ࠿ࢆ◊✲ࡍࡿࡇ࡜ࢆ౑࿨࡜ࡋ࡚ 2009 ᖺ࡟ࢫࢱ࣮ࢺࡋࡓࠋ㐣ཤ 2 ᖺ㛫ࡣࠊᡃࡀᅜ௻ᴗࡀ⌧ᐇ࡟┤㠃ࡍࡿ⛣㌿౯᱁⛯ไࠊእᅜᏊ఍♫ྜ⟬⛯ไࠊᜏஂⓗ᪋タࡢㄢ⛯ၥ㢟࡟࠿࠿ࢃࡿ஦౛ࢆᛕ㢌࡟⨨࠸࡚ࠊၥ
㢟Ⅼࡢᢳฟ࡜ㄢ⛯⌮ㄽࡢᇶᮏⓗࣜࢧ࣮ࢳࢆᐇ᪋ࡍࡿ࡜࡜ࡶ࡟ࠊࡑࢀࢆ㋃ࡲ࠼㐍ฟඛࡢ࢔ࢪ
࢔ㅖᅜ࡛┤㠃ࡍࡿㄢ⛯⣮த࡬ࡢᑐᛂ⟇ࡢ᳨ウࢆ⾜࠸ࠊ᭷┈࡞ᡂᯝࢆⓎ⾲ࡍࡿࡇ࡜ࡀ࡛ࡁࡓࠋ
ࡑࡇ࡛ࠊ㐣ཤ 2 ᖺࡢᥦゝࡀ཯ᫎࡉࢀࡓ⛣㌿౯᱁⛯ไཬࡧእᅜᏊ఍♫ྜ⟬⛯ไ࡟㛵ࡍࡿ㔜せᨵṇ୪ࡧ࡟እᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධไᗘࡢᑟධ➼ࡀ୍ᕠࡋࡓࢱ࢖࣑ࣥࢢࢆ࡜ࡽ࠼ࠊᙜ
◊✲఍ࡣᮏᖺᗘࠊ✚ࡳṧࡉࢀࡓ 2 ࡘࡢ㔜せࢸ࣮࣐㸦OECD ࣔࢹࣝ᮲⣙᪂ 7 ᮲ࡢᖐᒓ୺⩏࡟ᇶ࡙ࡃᅜෆἲᨵṇၥ㢟࡜ࠊ↓ᙧ㈨⏘ྲྀᘬ࡟㛵ࡍࡿ⛣㌿౯᱁ࢆ୰ᚰ࡜ࡋࡓᅜ㝿ㄢ⛯ၥ㢟࡛࠶ࡾࠊ࠸ࡎࢀࡶᖹᡂ 23 ᖺᗘ⛯ไᨵṇ኱⥘࡛௒ᚋࡢ㔜せㄢ㢟࡜ࡋ࡚≉ᥖࡉࢀࡓࡶࡢ㸧ࢆ㑅ࡧࠊ2 ᖺᚋࡢ⛯ไᨵṇせᮃᥦ᱌ࢆど㔝࡟ධࢀࡓ◊✲࡟ྲྀࡾ⤌ࡴࡇ࡜࡜ࡋࡓࠋᮏ✏ࡣࠊࡑࡢ୰㛫ሗ࿌࡛࠶ࡿࠋ࡞࠾ࠊୖグ 2 ࢸ࣮࣐ࡢ࠺ࡕᖐᒓ୺⩏࡟ྥࡅࡓᨵṇࡢࡓࡵࡢㄽⅬᩚ⌮࡟ࡘ࠸࡚ࡣࠊࢻࣛࣇ
ࢸ࢕ࣥࢢࡢࡓࡵࡢࢧࣈࢢ࣮ࣝࣉࢆタࡅ᳨࡚ウࢆ㛤ጞࡋࡓࠋࡇࢀࡣࠊᡃࡀᅜᅜෆἲࡢ㐺⏝ᑐ

iv㇟ࡣእᅜἲே࡛࠶ࡾࠊ௻ᴗጤဨ࠿ࡽࡢ㇏ᐩ࡞࢖ࣥࣉࢵࢺࡀᮃࡳ࡟ࡃ࠸࡜࠸࠺⌮⏤࡟ࡼࡿࡶࡢ࡛࠶ࡗࡓࠋࡓࡔࡋࠊࢫࢸ࣮ࢡ࣮࣍ࣝࢲ࣮࡛࠶ࡿእ㈨⣔௻ᴗࡢᑓ㛛ᐙࡢཧຍࢆồࡵࠊࣄ࢔ࣜࣥࢢࡸពぢ஺᥮ࢆ⾜ࡗ࡚࠸ࡿࠋࡇࡢࢸ࣮࣐࡟㛵ࡋ࡚ࡣ◊✲⪅ጤဨ㸦ὸጔࠊ୍㧗ࠊ㟷ᒣࡢྛጤဨ㸧ࡀ୰㛫ሗ࿌ࡢᇳ➹ࢆᢸᙜࡋࡓࠋ
ࡲࡓࠊ↓ᙧ㈨⏘࡟㛵ࡍࡿࢸ࣮࣐ࡣࠊ⌧ᅾ OECD ⛒⛯ጤဨ఍࡛⛣㌿౯᱁࢞࢖ࢻࣛ࢖ࣥᨵᐃ
࡟ྥࡅ᳨࡚ウࡀ㐍ࢇ࡛࠸ࡿࡓࡵࠊࡑࢀࡽࡢࣇ࢛࣮ࣟ࢔ࢵࣉ࡜ OECD ࢻࣛࣇࢺᩥ᭩࡟ᑐࡍࡿ
ࢥ࣓ࣥࢺᥦฟࢆ୰ᚰㄢ㢟࡜ࡋ࡚◊✲఍࡛ྲྀࡾ⤌ࢇࡔࠋ↓ᙧ㈨⏘ࡢᐃ⩏ࠊホ౯᪉ἲ࡞࡝࡟ࡘ
࠸࡚ࠊᮏ㑥௻ᴗࡀ┤㠃ࡍࡿㅖㄢ㢟ࢆ OECD ⛒⛯ጤဨ఍࡛ࡢ㆟ㄽ཯ᫎࡉࡏࡿࡇ࡜ࡀ㔜せ࡜⪃࠼ࠊ௻ᴗጤဨ࠿ࡽࡢከᵝ࡞ࢥ࣓ࣥࢺࢆ㋃ࡲ࠼࡚ᐇົᐙጤဨ㸦㜿㒊ࠊᒸ⏣୧ጤဨ㸧ࡀ୰㛫ሗ࿌ࢆྲྀࡾࡲ࡜ࡵࡓࠋ
࡞࠾ࠊ➨ 1 ࡢࢸ࣮࣐࡟ࡘ࠸࡚ࡣࠊ௒ᖺᗘࡣ᮶ᖺᗘࡢලయⓗ࡞ᨵṇᥦゝࡢࡓࡵࡢᇶ♏⌮ㄽࢆᩚ⌮ࡍࡿࡓࡵ࡟ࠊ࡛ࡁࡿࡔࡅᖜᗈ࠸ࣜࢧ࣮ࢳࢆ⾜࠺᪉ྥ࡛ࢻࣛࣇࢺࡀ⾜ࢃࢀ࡚࠸ࡿࠋࡑ
ࡢ⤖ᯝࠊྛጤဨࡢྲྀࡾࡲ࡜ࡵࡢ୰࠿ࡽࡣࠊᨻ⟇ㄽ࡜ࡋ࡚࠸ࡃࡘ࠿ࡢᨵṇ᪉ྥࡢ࢜ࣉࢩࣙࣥ
ࡀ♧၀ࡉࢀ࡚࠸ࡿࡀࠊࡇࢀࡽ࡟ࡘ࠸࡚ࡣ 2 ᖺ┠࡟௻ᴗጤဨࢆ஺࠼࡚ࡢ᳨ド࡟ࡼࡾࠊ୍ࡘࡢ
᪉ྥᛶ࡟㞟⣙ࡍࡿணᐃ࡛࠶ࡿࠋࡲࡓࠊࡇࡢࢸ࣮࣐ࡣࠊ⌧ᅾ㐍⾜୰ࡢ᪥⡿᮲⣙ᨵᐃࢆྵࡵࡓ
⛒⛯᮲⣙஺΅࡜ࡶ῝ࡃ㛵㐃ࡍࡿࡶࡢ࡛࠶ࡿࡓࡵࠊᙜ◊✲఍ࡣࠊලయⓗ࡞࢜ࣉࢩࣙࣥࡢ⤠ࡾ㎸ࡳࡢᡂᯝ࡟ࡘ࠸࡚ࠊ㸦᮶ᖺᗘᨵṇせᮃࢆᚅࡓࡎ࡟㸧௒ᚋᚲせ࡟ᛂࡌ࡚᮲⣙஺΅ᙜᒁ࡟ࡶࢱ
࢖࣒࣮ࣜ࡟࢖ࣥࣉࢵࢺ࡛ࡁࢀࡤ࡜⪃࠼࡚࠸ࡿࠋ
ࡲࡓࠊ➨ 2 ࡢࢸ࣮࣐࡟ࡘ࠸࡚ࡣࠊ᪤࡟୍㒊ࡢሗ࿌᭩ࡢෆᐜ࡟ࡘࡁ OECD ࣅࢪࢿࢫ࢔ࢻࣂ
࢖ࢨ࣮ࣜጤဨ఍ࢆ㏻ࡋ࡚ OECD ⛒⛯ጤဨ఍࡟࢖ࣥࣉࢵࢺ῭ࡳ࡛࠶ࡿࠋOECD ࡛ࡢ᳨ウ᪥⛬ࡀண᝿ࡼࡾ㛗ࡧࡃྍ⬟ᛶࡶ࠶ࡿࡀࠊ࢞࢖ࢻࣛ࢖ࣥࡢࢻࣛࣇࢺ࡟ᑐࡋ࡚ᮏ㑥௻ᴗࡢලయⓗࢣ࣮ࢫࡢゎỴ࡟ᙺ❧ࡘࢥ࣓ࣥࢺࢆ཯ᫎࡉࡏࡿ࡜࠸࠺᪉ྥᛶࢆሀᣢࡋ࡚࠸ࡃࡇ࡜࡜࡞ࢁ࠺ࠋ

21 ୡ⣖ᨻ⟇◊✲ᡤ◊✲୺ᖿ㟷ᒣ ៞஧
ͤᮏሗ࿌᭩ࡣ 21 ୡ⣖ᨻ⟇◊✲ᡤࡢ◊✲ᡂᯝ࡛࠶ࡾ⤒ᅋ㐃ࡢぢゎࢆ♧ࡍࡶࡢ࡛ࡣ࡞࠸ࠋ

v

ࢱࢫࢡࣇ࢛࣮ࢫጤဨ୍ぴ◊✲୺ᖿ㟷 ᒣ ៞ ஧⟃Ἴ኱Ꮫ኱Ꮫ㝔ࣅࢪࢿࢫ⛉Ꮫ◊✲⛉ᩍᤵጤဨ㸦㡰୙ྠ㸧ὸ ጔ ❶ ዴ❧ᩍ኱ᏛἲᏛ㒊෸ᩍᤵⳭ ⵦ 㟼 ኵ࢟ࣖࣀࣥ ᰴ ࢢ࣮ࣟࣂࣝ㈈ົ⤒⌮⤫ᣓࢭࣥࢱ࣮⛯ົᢸᙜ㒊㛗▼ ᶫ ୕⳻㟁ᶵ ᰴ ⤒⌮㒊⛯ົ఍ィㄢᑓ௵ಟ୍ 㧗 㱟 ྖ㛵すᏛ㝔኱ᏛἲᏛ㒊ᩍᤵᒸ ⏣ ⮳ ᗣ⛯⌮ኈἲேࣉࣛ࢖ࢫ࢛࣮࢘ࢱ࣮ࣁ࢘ࢫࢡ࣮ࣃ࣮ࢫ㢳ၥྜ 㛫 ⠜ ྐ᪂᪥ᮏ〇㚩 ᰴ ㈈ົ㒊㒊㛗௦⌮ᑠ⃝⏣ ᑑ

Ṋ⏣⸆ရᕤᴗ ᰴ ⤒⌮㒊㸦⛯ົ㸧୺ᖍ㒊ဨ㛵 㝯୍㑻

୕஭≀⏘ ᰴ ࢭࢢ࣓ࣥࢺ⤒⌮㒊ᶵᲔ⤒⌮ᐊ㛗㧗 ᔱ ೺ ୍KPMG ⛯⌮ኈἲேࣃ࣮ࢺࢼ࣮㧘 ᶫ ᥹ ⾜⛯⌮ኈἲேࣉࣛ࢖ࢫ࢛࣮࢘ࢱ࣮ࣁ࢘ࢫࢡ࣮ࣃ࣮ࢫࣃ࣮ࢺࢼ࣮ෆ ⸨ ᮏ⏣ᢏ◊ᕤᴗ ᰴ ⤒⌮㒊⛯ົᐊ⛯ົࣈࣟࢵࢡ࣮ࣜࢲ࣮

ᵐ 

ᾈ

♸ ἞

ࢺࣚࢱ⮬ື㌴ ᰴ ⤒⌮㒊ᅜ㝿⛯ົ࣭ᰴᘧᢸᙜ୺ᰝᏳ Ṋ ᖿ 㞝ᰴ ୕⳻ᮾி UFJ 㖟⾜௻⏬㒊୺ィᐊḟ㛗㜿 㒊 Ὀ ஂ♫ ᪥ᮏ⤒῭ᅋయ㐃ྜ఍⤒῭ᇶ┙ᮏ㒊㛗ෆ ᯘ ᑦ ஂ21 ୡ⣖ᨻ⟇◊✲ᡤ◊✲ဨ

㸦2012 ᖺ 3 ᭶᫬Ⅼ㸧vi➨㸯❶ ᖐᒓ୺⩏࡟ᇶ࡙ࡃᡃࡀᅜእᅜἲேㄢ⛯ไᗘࡢᨵṇࡢㄽⅬᩚ⌮㟷ᒣ ៞஧㸯 ࡣࡌࡵ࡟
ᮏࢸ࣮࣐࡟㛵ࡋ࡚ࡣࠊᨻᗓ⛯ไㄪᰝ఍ࡢ 23 ᖺᗘ⛯ไᨵṇ኱⥘࡟࠾࠸࡚ࠊ㏆ᖺࡢ⤒῭ྲྀᘬࡸ௻ᴗάືࡢࢢ࣮ࣟࣂࣝ໬࡟ᑐᛂࡋࡓᅜ㝿ㄢ⛯ࡢㄢ㢟࡟㛵ࡍࡿ⛯ไㄪᰝ఍ᑓ㛛ᐙጤဨ఍࡟࠾ࡅࡿࠕᅜ㝿ㄢ⛯࡟㛵ࡍࡿㄽⅬᩚ⌮ࠖࡢྲྀࡾࡲ࡜ࡵ࡛ᑐᛂࢆせࡍࡿ㔜せ࡞ㄢ㢟࡜ࡢ఩⨨࡙ࡅࡀ⾜ࢃࢀࡓ1ࠋࡍ࡞ࢃࡕࠊᡃࡀᅜࡢ㠀ᒃఫ⪅ཬࡧእᅜἲே࡟ᑐࡍࡿㄢ⛯ཎ๎࡟ࡘ࠸࡚ࠊࠗ௒⯡ࡢ OECD ࣔࢹࣝ⛒⛯᮲⣙ࡢᨵᐃࢆ㋃ࡲ࠼ࠊ௒ᚋࠊᅜෆἲࢆ࠸ࢃࡺࡿࠕ⥲ྜ୺⩏ࠖ࠿ࡽࠕᖐᒓ୺⩏ࠖ࡟ぢ┤ࡍ࡜࡜ࡶ࡟ࠊࡇࢀ࡟ᛂࡌࡓ㐺ษ࡞ㄢ⛯ࢆ☜ಖࡍࡿࡓࡵ࡟ᚲ
せ࡞ἲᩚഛࢆ᳨ウࡍࡿᚲせᛶ࠘ࡀ࠶ࡿ࡜ࡉࢀࡓࡢ࡛࠶ࡿࠋࡇࢀࢆཷࡅ 21 ୡ⣖ᨻ⟇◊✲ᡤࡣࠊᮏᖺᗘࡢᅜ㝿ㄢ⛯◊✲ࡢ୺せࢸ࣮࣐ࡢ୍ࡘ࡜ࡋ࡚ᡃࡀᅜእᅜἲேㄢ⛯ไᗘࡢᨵṇ࡟ྥࡅࡓ◊✲࡜ᥦゝࢆྲྀࡾୖࡆࡿࡇ࡜࡜ࡋࠊእᅜ⛯ไࡢࣜࢧ࣮ࢳࢆ㋃ࡲ࠼ࡓពぢ㞟⣙ࢆ⾜࠺ࡇ࡜࡜ࡋࡓࠋ࡞࠾ࠊᮏࣉࣟࢪ࢙ࢡࢺࡣ࢝ࣂ࣮ࡍࡿ㡿ᇦࡶᗈࡃࠊࡲࡓᥦゝࡢࡓࡵ࡟ࡣ⏘ᴗ⏺ࡢពぢ㞟⣙ࢆ⾜࠺ᚲせᛶࡀ࠶ࡿࡇ࡜࠿ࡽࠊ2 ᖺ࠿ࡅ᳨࡚ウࡍࡿࡇ࡜࡜ࡋࠊึᖺᗘࡣᇶ
♏ⓗ࡞እᅜไᗘࡢㄪᰝ࡜ᥦゝ㡯┠ࡢ☜ᐃ࠾ࡼࡧࡑࡢෆᐜࡢ᪉ྥᛶࡢ᳨ウ࡟㈝ࡸࡉࢀࡓࠋ
ᮏ✏ࡣࠊࡑࡢᡂᯝࢆྲྀࡾࡲ࡜ࡵࡓ୰㛫ሗ࿌࡛࠶ࡿࠋ࡞࠾ࠊࢸ࣮࣐ࡢලయⓗ᳨ウࡣࠊᑡேᩘࡢᏛ⪅࣭ᐇົᐙ࠿ࡽ࡞ࡿࢧࣈࢢ࣮ࣝࣉࢆタࡅ࡚⾜ࢃࢀ࡚࠸ࡿࡀࠊࡑࡇ࡟ࡣࠊᚑ᮶ࡢᙜ
◊✲఍࣓ࣥࣂ࣮࡛࠶ࡿᮏ㑥௻ᴗࡢᅜ㝿ㄢ⛯ᑓ㛛ᐙࡢ࡯࠿࡟ࠊࢸ࣮࣐ࡢᛶ᱁ୖ฼ᐖ㛵ಀࡢ࠶ࡿእ㈨⣔௻ᴗࡢᑓ㛛ᐙ࡟ࡶཧຍࡋ࡚࠸ࡓࡔࡁ㈗㔜࡞࢖ࣥࣉࢵࢺࢆ㡬࠸࡚࠸ࡿࠋ㸰 ᮏ௳ㄢ㢟࡟㛵ࡍࡿၥ㢟タᐃ㸦㸯㸧ᅜ㝿ⓗ஦ᴗάື࡟క࠺※Ἠᆅ⟶㎄ᶒ࡜஧㔜ㄢ⛯ࡢ᤼㝖ࡢᚲせᛶ⤒῭ࡢࢢ࣮ࣟࣂࣝ໬ࡀ㐍ᒎࡍࡿ୰࡛ࠊᅜ㝿ᢞ㈨ࡢቑ㐍ࢆᨭ࠼ࡿᇶᮏⓗ࢖ࣥࣇࣛ࡜ࡋ
࡚ࡢᅜ㝿ㄢ⛯࣮ࣝࣝࡢ㔜せᛶࡀᙉࡃㄆ㆑ࡉࢀࡿࡼ࠺࡟࡞ࡗ࡚࠸ࡿࠋࡑࡢ㝿࡟ᅜ㝿ㄢ⛯࣮ࣝࣝ࡟ᮇᚅࡉࢀࡿᙺ๭ࡣࠊᅜ㝿ᢞ㈨άື࡟ᚑ஦ࡍࡿಶே࣭ἲேࡢᒃఫᆅᅜ࡟࠾ࡅࡿ
᭱⤊ⓗ࡞ㄢ⛯ᶒࢆ๓ᥦ࡟ࡋࡘࡘࠊձ⤒῭άືࡢᣐⅬ࡟࠾࠸࡚✌ᚓࡉࢀࡿㄢ⛯ᑐ㇟ᡤᚓࢆ㢮ᆺู࡟ᐃ⩏ࡋࡓ࠺࠼࡛ࠊࡑࢀ࡟ᑐࡍࡿ※Ἠᆅᅜㄢ⛯ᶒࡢែᵝࢆ᫂ࡽ࠿࡟ࡍࡿࡇ࡜
࡜ࠊղ※Ἠᆅᅜ࣭ᒃఫᆅᅜࡢ཮᪉ࡢㄢ⛯ᶒ⾜౑࡟ࡼࡾⓎ⏕ࡍࡿ஧㔜ㄢ⛯ࢆᒃఫᆅᅜࡀ㈐௵ࢆࡶࡗ࡚᤼㝖ࡍࡿࠊ࡜࠸࠺ 2 Ⅼ࡛࠶ࡿࠋ㸦㸰㸧OECD ࡛ࡢྲྀ⤌ࡳㄢ⛯ᶒࡢ㓄ศ࡜஧㔜ㄢ⛯ࡢ᤼㝖࡜࠸࠺౑࿨ࡣࠊᅜෆἲ࡜⛒⛯᮲⣙ࡢ༠ാ࡟ࡼࡾᇶᮏ
ⓗ࡟ࡣ㐩ᡂࡉࢀ࡚ࡁࡓࡀࠊከᅜ⡠௻ᴗࡢ஦ᴗάື࡟ࡼࡿᡤᚓ࡟㛵ࡋ࡚ࡣࠊᅜ㝿ⓗࢥࣥ1 ᖹᡂ 22 ᖺ 11 ᭶ 9 ᪥ࠊ⛯ไㄪᰝ఍ᑓ㛛ᐙጤဨ఍ࠕᅜ㝿ㄢ⛯࡟㛵ࡍࡿㄽⅬᩚ⌮ࠖP.11-12ࠋ
ෆ㛶ᗓ Web site㸦www.cao.go.jp/zei-cho/etc/2010/㸧

1ࢭࣥࢧࢫ࡜ࡉࢀ࡚ࡁࡓ࠸ࢃࡺࡿ PE ࡬ࡢᖐᒓ୺⩏㸦ࣔࢹࣝ᮲⣙ 7 ᮲㸧࡟㛵ࡍࡿ㛵ಀᅜ㛫ࡢゎ㔘ࡢ୙⤫୍࡟ࡼࡾࠊᮇᚅࡉࢀࡓㄢ⛯ᶒࡢ᫂☜࡞㓄ศ࡜஧㔜ㄢ⛯ࡢ᤼㝖࡜࠸࠺┠ⓗࡀ༑ศ࡟㐩ᡂ࡛ࡁ࡚࠸࡞࠸≧ἣࡀ⥅⥆ࡋ࡚࠸ࡓࠋ༶ࡕࠊእᅜἲேࡢ PE ᖐᒓᡤᚓࢆࠊἲ
ே඲యࡀ᭱⤊ⓗ࡟ᐇ⌧ࡋࡓᡤᚓࡢᯟෆ࡛࡜ࡽ࠼࡚ࡑࡢ୍㒊ศ㓄࡜࡜ࡽ࠼ࡿ❧ሙ㸦㛵㐃஦ᴗ࢔ࣉ࣮ࣟࢳ㸧࡜ࠊἲே඲యࡢᐇ⌧฼┈ࢆ㝈ᗘ࡜ࡏࡎࠊᮏᗑ࣭ᨭᗑࡢྛࣘࢽࢵࢺࡀ
⊂❧௻ᴗ࡛࠶ࡿ࡜ࡋࡓሙྜ࡟ࡑࢀࡒࢀ࡟ᖐᒓࡍࡿᡤᚓ࠶ࡿ࠸ࡣᦆኻࢆᖐᒓࡉࡏࡿ࡭ࡁ
࡜ࡍࡿ❧ሙ㸦ᶵ⬟ⓗศ㞳௻ᴗ࢔ࣉ࣮ࣟࢳ㸧ࡀࠊᑐ❧ࡋ࡚࠸ࡓࡢ࡛࠶ࡿࠋ
ࡇࡢၥ㢟࡟㛵ࡋࠊOECD ⛒⛯ጤဨ఍ࡣ 10 ᖺ௨ୖ࡟ࢃࡓࡿ᳨ウࢆ㋃ࡲ࠼࡚ࠊ᫖ᖺ 7 ᭶OECD ࣔࢹࣝ᮲⣙ 7 ᮲ࢆࠊᶵ⬟ⓗศ㞳௻ᴗ࢔ࣉ࣮ࣟࢳ࡟ᇶ࡙ࡃࡇ࡜ࢆ᫂☜࡟ࡋࠊPE ࡬ࡢᖐᒓᡤᚓ⟬ᐃ࡟ࡘ࠸࡚ࡣࠊ㛵㐃఍♫㛫࡟㐺⏝ࡉࢀࡿ⊂❧௻ᴗཎ๎㸦ࣔࢹࣝ᮲⣙ 9 ᮲㸧࡟ࡼࡿ࡜ࡍࡿ᮲ᩥᨵṇࢆ⾜࠺࡜࡜ࡶ࡟ࠊලయⓗ࡞㐺⏝࣭ゎ㔘ᇶ‽ࢆヲ⣽࡞ࢥ࣓ࣥࢱ࣮ࣜ
ཬࡧྠ᫬࡟᥇ᢥࡉࢀࡓࠕPE ࡬ࡢᖐᒓ฼ᚓ࣏࣮ࣞࢺࠖ࡟ࡼࡾබ⾲ࡋࡓ2ࠋࡇࡢ⤖ᯝࠊOECDࣔࢹࣝࡀᚑ᮶ᢎㄆࡋ࡚ࡁࡓㅖཎ๎ࠊ༶ࡕࠊෆ㒊ྲྀᘬࡣㄢ⛯ୖ࡞࠸ࡶࡢ࡜ࡍࡿ๓ᥦ࡛ࡢ⤒㈝㓄㈿ࡸ័⾜࡟ࡼࡿ฼ᚓ㓄ศࢆㄆࡵࡿ᮲㡯ࠊࡉࡽ࡟ࡣ༢⣧㉎ධ㠀ㄢ⛯ཎ๎ࢆᐃࡵࡿ
᮲㡯࡞࡝ࡣ⊂❧௻ᴗཎ๎࡟㐺ྜࡋ࡞࠸࡜ࡋ࡚ᗫṆࡉࢀࡓࠋ㸦㸱㸧ᡃࡀᅜᅜෆἲᨵṇ࡟ࡼࡿᑐᛂࡢᚲせᛶ࡜ࡇࢁ࡛ࠊᡃࡀᅜࡢ⌧⾜ᅜෆἲࡣࠊ㠀ᒃఫ⪅࣭እᅜே࡟ࡘ࠸࡚ࡣࠊᅜෆ※Ἠᡤᚓ࡟ᑐࡋ࡚ࡢࡳ⣡⛯⩏ົࢆ㈇࠺ࡇ࡜ࢆ๓ᥦ࡜ࡋࠊࡉࡽ࡟ලయⓗ࡞ㄢ⛯ᶆ‽࡜ࡉࢀࡿᅜෆ※Ἠᡤᚓࡢ⠊ᅖ࡟ࡘ࠸࡚ࡣࠊࢃࡀᅜ࡛ࡢᜏஂⓗ᪋タ㸦PE㸧ࡢᏑྰཬࡧᏑᅾࡍࡿሙྜࡢࡑ
ࡢែᵝ࡟ࡼࡾ༊ศࡍࡿ᪉ἲࢆ࡜ࡗ࡚࠸ࡿࠋࡑࡢ㝿ࠊ࡜ࡾࢃࡅᨭᗑ࣭ᕤሙ➼ࡢ≀⌮ⓗ PE
㸦1 ྕ PE㸧ࢆ᭷ࡍࡿሙྜ࡟ࡣࠊ஦ᴗᡤᚓࢆྵࡵࡓ࠶ࡽࡺࡿᅜෆ※Ἠᡤᚓ࡟ࡘࡁ PE ࡬ࡢᖐᒓࡢ᭷↓ࢆၥࢃࡎᡤᚓ⛯࣭ἲே⛯ࡢ⥲ྜㄢ⛯ࡢᑐ㇟࡟ྵࡵࡿ࡜ࡍࡿ࠸ࢃࡺࡿ୍⯡ⓗ྾ᘬຊ㸦force of attraction㸧ࢆㄆࡵࡓࠕ⥲ྜ୺⩏ࠖࢆ㛗ᖺ᥇⏝ࡋ࡚ࡁ࡚࠸ࡿ3ࠋࡇࡢ⥲ྜ୺⩏ࡣࠊᡃࡀᅜࡀ⛒⛯᮲⣙ୖྜពࡋ࡚ࡁࡓ PE ࡬ᖐᒓࡍࡿࡶࡢࡔࡅࢆ⥲ྜㄢ⛯ࡢᑐ㇟࡜ࡍࡿࠕᖐᒓ୺⩏ࠖ4࡜ࡣ┦ᐜࢀ࡞࠸ࡶࡢ࡛࠶ࡿࠋ᮲⣙⥾⤖ᅜ࡜ࡢ㛫࡛ࡣᖐᒓ୺⩏ࡀඃඛ㐺⏝ࡉࢀࡿࡢ࡛ࠊ᮲⣙⥙ࡢᣑ኱࡟క࠸ᖐᒓ୺⩏ࡢ㐺⏝ࢆཷࡅࡿእᅜἲே➼ࡣᣑ኱ࡋ࡚
࠾ࡾࠊୖグࡢ஧ඖయไࡢ⥔ᣢࡢᚲせᛶ࡟ࡘ࠸࡚ࡢ␲ᛕࡣቑ኱ࡋ࡚࠸ࡿ≧ἣ࡟࠶ࡗࡓࠋ
ࡉࡽ࡟ࠊ⌧⾜ᅜෆἲ࡛ࡣࠊୖグ⥲ྜ୺⩏ࡢ࡯࠿࡟ࡶࠊOECD ᪂ 7 ᮲ࡀᗫṆࡋࡓෆ㒊ྲྀᘬࡢ୙ㄆ㆑ࡸ༢⣧㉎ධ㠀ㄢ⛯ࡢཎ๎࡞࡝ࡀつᐃࡉࢀ࡚࠸ࡿࠋ
ࡑࡇ࡛௒ᅇࡢࠊPE ᖐᒓ୺⩏ࡢෆᐜࢆ⊂❧௻ᴗཎ๎ࡢࡶ࡜࡛᫂☜໬ࡋࡓ OECD ࣔࢹࣝ᮲⣙ 7 ᮲ࡢᨵᐃࡣࠊ௒ᚋࡢᡃࡀᅜࢆྵࡵࡓ OECD ຍ┕ᅜࡢ᮲⣙⥾⤖࣭ᨵᐃ஺΅ࡢࣔࢹ

2

 OECD ࣔࢹࣝ᮲⣙㸦2010㸧7 ᮲ 2 㡯ཬࡧྠ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 16-17ࠋ ᡤἲ 164 ᮲ձ1 ྕࠊἲἲ 141 ᮲ձ1 ྕࠋ
4
 PE ࡟ᖐᒓࡍࡿྛ✀ᡤᚓࡢࡳࡀᡤᚓ⛯࣭ἲே⛯ࡢ⥲ྜㄢ⛯ࡢᑐ㇟࡜࡞ࡿ࡜ࡍࡿཎ๎࡛࠶ࡾࠊ౛࠼ࡤࠊ᪥
⡿᮲⣙ 7 ᮲ձ࣭շࠊ10 ᮲շࠊ11 ᮲նࠊ12 ᮲ճࠊ21 ᮲ղࠋ
32ࣝ࡜࡞ࡿࡓࡵࠊࡑࡢࡼ࠺࡞ᨵゞࡀ㐍ࡵࡤ㐍ࡴ࡯࡝5ࠊୖグᅜෆἲ࡜ࡢ㛫ࡢ஧ඖయไࡢᣢ
ࡘࡦࡎࡳࡣ኱ࡁࡃ࡞ࡿ࡜⪃࠼ࡽࢀࡿࠋ⛯ไㄪᰝ఍ᑓ㛛ᐙጤဨ఍ࡢ⛯ไᨵṇ࡟ྥࡅࡓ๓
グᥦゝࡣࠊࡲࡉ࡟ࡇࡢၥ㢟ព㆑ࢆ཯ᫎࡋࡓࡶࡢ࡛࠶ࡾࠊ௒ࡇࡑᅜෆἲࢆ⥲ྜ୺⩏࠿ࡽᖐᒓ୺⩏࡟ᨵᐃࡍ࡭ࡁዎᶵ࡜୺ᙇࡋ࡚࠸ࡿࠋ
ᮏ❶࡟࠾࠸࡚ࡣࠊࡲࡎࠊ஦ᴗᡤᚓࡢᖐᒓ୺⩏ࢆ᫂☜໬ࡋࡓ௒ᅇࡢ OECD ࣔࢹࣝ᮲⣙ᨵᐃࢆᴫほࡋࡓୖ࡛ࠊࡑࢀࢆ㋃ࡲ࠼ࡓᅜෆἲᨵṇࡢᇶᮏⓗ᪉ྥᛶࢆ㆟ㄽࡍࡿࡇ࡜࡜ࡋ
ࡓ࠸ࠋᨵṇࡢ᪉ྥᛶ࡟ࡘ࠸࡚ࡣࠊᅜෆ※Ἠᡤᚓࢆᐃࡵࡿࢯ࣮ࢫ࣮ࣝࣝࢆ୰ᚰ࡜ࡋࡓ㠀ᒃఫ⪅࣭እᅜἲேࡢㄢ⛯࣮࣋ࢫࡢつᐃࡢ௙᪉࡜ᖐᒓ୺⩏ࢆ᥇⏝ࡋࡓሙྜࡢ஧㔜ㄢ⛯ㄪᩚࡢ࠶ࡾ᪉ࢆ୰ᚰ࡟ࠊணഛⓗ࡞⪃ᐹࢆ⾜࠺ࡇ࡜࡜ࡍࡿࠋ㸱 ᪂ OECD ࣔࢹࣝ᮲⣙ 7 ᮲࡟࠾ࡅࡿ AOA㸦Authorized OECD Approach㸧ࡢព⩏㸦㸯㸧᪂ 7 ᮲ㄌ⏕ࡢ⫼ᬒከᅜ⡠௻ᴗࡀ࠿࠿ࢃࡿୡ⏺㈠᫆ࡢࢩ࢙࢔ࡀ᪤࡟඲㈠᫆㔞ࡢ 3 ศࡢ 2 ࢆ༨ࡵࠊࡑࡢ࠺
ࡕࢢ࣮ࣝࣉ௻ᴗ㛫ྲྀᘬࡀ⣙༙ศ࡟㐩ࡍࡿ࡜ࡶ࠸ࢃࢀࡿ≧ἣࡢୗ࡛ࠊ஦ᴗᡤᚓࡢㄢ⛯ࡣ※Ἠᆅᅜ࡟࡜ࡗ࡚ࡶᒃఫᆅᅜ࡟࡜ࡗ࡚ࡶ⛯཰ࡢ☜ಖୖᴟࡵ࡚㔜せ࡞ࡶࡢ࡜࡞ࡗ࡚࠸
ࡿࠋࡋ࠿ࡋࠊPE ࡬ࡢᖐᒓ୺⩏ࡢ㐺⏝ࢆࡵࡄࡗ࡚ࡣࠊᚑ᮶ࡢࣔࢹࣝ᮲⣙ 7 ᮲ࡢᩥゝ࠿ࡽࠕ㛵㐃஦ᴗ࢔ࣉ࣮ࣟࢳࠖࢆ᥇ࡿゎ㔘࡜ 9 ᮲ࡢ⛣㌿౯᱁⛯ไࡢ⊂❧௻ᴗཎ๎࡟ᘬࡁᐤࡏࡓ
ࠕᶵ⬟ⓗศ㞳௻ᴗ࢔ࣉ࣮ࣟࢳࠖࢆ᥇ࡿᅜࡀేᏑࡋࠊㄢ⛯ࡢᏳᐃࡦ࠸࡚ࡣ஧㔜ㄢ⛯ࡢゎᾘ࡜࠸࠺᮲⣙ࡢ┠ⓗࢆ኱ࡁࡃ㜼ᐖࡋ࡚࠸ࡿ࡜ᣦ᦬ࡉࢀ࡚ࡁࡓࠋ㛵㐃஦ᴗ࢔ࣉ࣮ࣟࢳࡣࠊ
஦ᴗ༢఩࡛ࡢ⥲฼ᚓࡢྛࣘࢽࢵࢺ࡬ࡢ㓄ศࢆ㔜どࡍࡿࡶࡢ࡛ࠊ฼ᚓࡢࣇ࢛࣮࣑ࣗࣛ࡟
ࡼࡿ័⾜ⓗ㓄ศࢆㄆࡵࡓࡾࠊෆ㒊ྲྀᘬࢆㄆࡵ࡞࠸㈝⏝㓄ศ࣮ࣝࣝࢆチᐜࡍࡿࣔࢹࣝ᮲
⣙ᪧ 7 ᮲ࡢᚋ⥆᮲㡯࡜ᩚྜᛶࡀ࠶ࡿゎ㔘࡜ࡋ୍࡚ᐃࡢᨭᣢࢆཷࡅ࡚࠸ࡓࠋ୍᪉ࠊࡇࡢ
࢔ࣉ࣮ࣟࢳࡣࠊPE ᖐᒓ࡟㝿ࡋ࡚ࡢ⊂❧௻ᴗཎ๎ࡢ㐺⏝⠊ᅖࡀ 9 ᮲࡯࡝ཝᐦ࡛ࡣ࡞ࡃࠊ
ࡑࡢ⤖ᯝࠊᨭᗑ࣭Ꮚ఍♫ࡢ௻ᴗᙧែ㑅ᢥ࡟ᑐࡋᚲせ࡞୰❧ⓗᑐᛂࢆḞࡃ୙ྜ⌮࡞஧ඖయไࢆࡶࡓࡽࡍ࡜ࡶᢈุࡉࢀ࡚ࡁࡓࠋ
௒ᅇࡢ 7 ᮲ᨵṇࡣࡇࢀ࡟⟅࠼ࡿࡶࡢ࡛࠶ࡿࡀࠊ⚾ぢ࡛ࡣࠊࡇࡢࡼ࠺࡞ᨵṇࢆಁ㐍ࡍ
ࡿ 3 ࡘࡢᇶᮏ᮲௳ࡀࠊ㏆ᖺࢢ࣮ࣟࣂࣝࣅࢪࢿࢫࡢ㐍ᒎࡢ୰࡛඘㊊ࡉࢀ࡚ࡁࡓࡇ࡜ࡀࠊ኱ࡁ࡞せᅉ࡜⪃࠼ࡿࠋ
1 ␒┠ࡣࠊᖐᒓࡉࡏࡿ࡭ࡁ PE ᴫᛕ࡟ࡘ࠸࡚ࡢ୙᩿ࡢぢ┤ࡋࡢ⥅⥆࡛࠶ࡿࠋPE ࡣ※Ἠᆅ࡟࠾࠸࡚஦ᴗࡀ⏕ࡳฟࡍᡤᚓࢆ⣧ᡤᚓ࣮࣋ࢫ࡛ㄢ⛯ࡍࡿࡓࡵࡢ㜈್࡛࠶ࡿࠋࢢ࣮ࣟ
ࣂࣝࣅࢪࢿࢫࡣࠊIT ໬࣭ࢯࣇࢺ໬࡟క࠸※Ἠᆅ࡛ࡢ஦ᴗ࣮࢜࣌ࣞࢩࣙࣥ࡟࠾࠸࡚ఏ⤫ⓗ࡞≀⌮ⓗ᪋タ࡟㢗ࡿᗘྜ࠸ࢆῶᑡࡉࡏ࡚࠾ࡾࠊࡑࡢࡼ࠺࡞࠸ࢃࡤ PE ᙧែࡢከᵝ໬⌧㇟࡟ᚑ᮶ࡢ PE ᴫᛕࢆ࡝ࡢࡼ࠺࡟ゎ㔘࣭㐺⏝ࡍ࡭ࡁ࠿࡟ࡘࡁࠊ⣡⛯⪅࣭ㄢ⛯ᙜᒁࡢ཮᪉
࠿ࡽ㔜኱࡞㛵ᚰࡀᐤࡏࡽࢀ࡚ࡁࡓࠋOECD ࡛ࡣࠊ㏆ᖺࠊ⾨ᫍࣅࢪࢿࢫࡸ㟁Ꮚၟྲྀᘬ࡛ࡢ
PE ㄆᐃ୪ࡧ࡟ࢧ࣮ࣅࢫ PE ࡟㛵ࡍࡿྜពࡢ≉๎࡞࡝ࠊ୍ᐃࡢࢱ࢖࣒࣮ࣜ࡞ࢥ࣓ࣥࢱ࣮ࣜ
5 ᮏᖺ㈈ົ┬ࡣࠊ๓ᅇ 2003 ᖺ࡟ᨵᐃࡋࡓ᪥⡿᮲⣙ࡢᨵᐃ஺΅ࢆጞࡵࡓ࡜Ⓨ⾲ࡋ࡚࠸ࡿࠋ

3ᩚഛࢆ㐍ࡵ࡚ࡁࡓࡀ6ࠊࡉࡽ࡟⌧ᅾࠊPE ᮲㡯 5 ᮲ࡢࢥ࣓ࣥࢱ࣮ࣜࡢ඲㠃ぢ┤ࡋࢆసᴗ୰
࡛࠶ࡿ7ࠋ
2 ␒┠ࡣࠊ㧗ᗘ࡞↓ᙧ㈨⏘ࡢࢢ࣮ࣝࣉෆ฼⏝ࡸࢩࢼࢪ࣮ࡢᏑᅾࡀ⊂❧௻ᴗཎ๎࡟ᑐࡋ
✺ࡁ௜ࡅ࡚ࡁ࡚࠸ࡿㅖၥ㢟࡟ᑐฎࡍࡿ㐣⛬࡛ࠊ9 ᮲ࡢ⊂❧௻ᴗཎ๎ࡢ⌮ㄽཬࡧ㐺⏝࢞࢖ࢲࣥࢫࡀࠊ୙༑ศ࡛ࡣ࠶ࡿࡀ୍ᐃࡢ๓㐍ࢆ㐩ᡂࡋ࡚ࡁ࡚࠸ࡿ࡜ࡳࡽࢀ࡚࠸ࡿࡇ࡜࡛࠶
ࡿ8ࠋぶᏊ఍♫㛫ࡢ฼ᚓ㓄ศ࡟ಀࡿ⊂❧௻ᴗཎ๎ࡢไᗘタィ࡜ᇳ⾜࡟㛵ࡍࡿࣁ࣮ࣔࢽ
ࢮ࣮ࢩࣙࣥࡀ㐍ᒎࡋࢢ࣮ࣟࣂࣝ࡞ಙ௵ࢆཷࡅ࡚࠸ࡿ࡜࠸࠺≧ἣࡣࠊྠ➼ࡢ⊂❧௻ᴗཎ๎ࢆ฼ᚓ㓄ศつᐃ࡜ࡋ࡚ෆᅾࡉࡏ࡚࠸ࡿᮏ࣭ᨭᗑ㛫ㄢ⛯࣮ࣝࣝࡢ᫂☜໬࡜ᬑཬ࡟࡜ࡗ
࡚୙ྍḞ࡞⎔ቃ࡜࠸࠼ࡼ࠺ࠋ7 ᮲ࡀࠊ༢⣧㉎ධ㠀ㄢ⛯ࡢཎ๎ࡸ័⾜࡟ࡼࡿ㓄ศ࡜࠸ࡗࡓ
㠀⊂❧௻ᴗཎ๎ⓗ࡞ྲྀᢅ࠸࠿ࡽ᧔㏥ࡍࡿࡁࡗ࠿ࡅࢆ୚࠼ࡿࡇ࡜࡜࡞ࡗࡓ࡜ホ౯ࡉࢀࡿ9ࠋ
3 ␒┠ࡣࠊ฼ᚓ㓄ศᇶ‽࡜ࡋ࡚ࡢ⊂❧௻ᴗཎ๎ࢆᨭ࠼ࡿ࢖ࣥࣇࣛ࡜ࡋ࡚㔜どࡉࢀ࡚ࡁࡓศ㞳఍ィ୺⩏࡟ࡘ࠸࡚ࠊࢥ࣮࣏࣮ࣞࢺ࢞ࣂࢼࣥࢫࡢほⅬ࠿ࡽࡢไᗘⓗ࡞ᯟ⤌ࡳࡢ㐍ᒎ୪ࡧ࡟⛯ົୖࡢࢻ࣓࢟ࣗࣥࢸ࣮ࢩ࣮ࣙࣥࣝࣝࡢไᐃ࣭ᐇ᪋ࡀ㐍ࢇࡔࡇ࡜࡛࠶ࡿࠋ
ࡇࢀࡽ 3 ᮲௳ࡢ඘㊊ࡣࠊᮏᖺ 7 ᭶ࡢ OECD ⌮஦఍࡟࠾ࡅࡿ᪂⛣㌿౯᱁࢞࢖ࢻࣛ࢖ࣥ
᥇ᢥ࡜ྠ᫬࡟ࠊࣔࢹࣝ᮲⣙᪂ 7 ᮲ࡀ᥇ᢥࡉࢀࡓ⫼ᬒ࡜ࡶ࠸࠼ࡼ࠺ࠋ
㸦㸰㸧7 ᮲࡟࠾ࡅࡿ AOA ࡟ᇶ࡙ࡃᖐᒓ୺⩏࡜஧㔜ㄢ⛯ㄪᩚࡢ௙⤌ࡳ
᪂ 7 ᮲ࡣࠊᖐᒓ୺⩏ࡢෆᐜࢆつᐃࡍࡿ➨ 2 㡯࡟࠾࠸࡚ࠊḟࡢࡼ࠺࡟つᐃࡋ࡚࠸ࡿࠋ
ࠕᮏ᮲ཬࡧ 23 ᮲ A ࡞࠸ࡋ 23 ᮲㹀ࡢ┠ⓗୖࠊ➨ 1 ᮲࡟つᐃࡍࡿྛ⥾⣙ᅜ࡟࠾ࡅࡿ
PE ࡟ᖐᒓࡍࡿ฼ᚓ࡜ࡣࠊ≉࡟ᙜヱ௻ᴗࡢ௚ࡢᵓᡂ㒊ศ࡜ࡢྲྀᘬ࡟㛵ࡋࠊྠ୍ཪࡣ㢮ఝࡢ≧ἣୗ࡟࠾࠸࡚ࠊྠ୍ཪࡣ㢮ఝࡢάື࡟ᚑ஦ࡍࡿศ㞳ࡉࢀ⊂❧ࡋࡓ௻ᴗ࡞ࡽࡤ
✌ᚓࡋࡓ࡛࠶ࢁ࠺฼ᚓ࡜ࡍࡿࠋࡑࡢ㝿࡟ࡣࠊᙜヱ PE ཬࡧ PE ௨እࡢ஦ᴗᵓᡂ㒊ศࡢࡑࢀࡒࢀࢆ㏻ࡌ࡚௻ᴗࡀᯝࡓࡋࡓᶵ⬟ࠊ౑⏝ࡋࡓ㈨⏘ཬࡧᘬࡁཷࡅࡓࣜࢫࢡࢆ᩵㓃ࡍࡿࠖࡇࡇ࡛ࡣࠊᖐᒓ୺⩏ࢆ㐺⏝ࡋ࡚※Ἠᆅ࡟㓄ศࡉࢀࡿ฼ᚓࢆࠊPE ࢆ⊂❧௻ᴗ࡜ᨃไࡋ

6 㟁Ꮚၟྲྀᘬ࡟ࡘࡁ 5 ᮲ࢥ࣓ࣥࢱ࣮ࣜࡢࣃࣛ 42.1-42.10ࠊࢧ࣮ࣅࢫ PE 㛵㐃࡟ࡘࡁྠ 42.11-42.48ࠊ⾨ᫍࣅ
ࢪࢿࢫ࡟ࡘࡁྠ 5.5ࠊ࣮࣑ࣟࣥࢢࢧ࣮ࣅࢫ࡟ࡘࡁྠ 9.1ࠋ7
 OECD Discussion Draft: Interpretation and application of Art.5, (2011.10.12)ࠋ࡞࠾ࠊᙜࢻࣛࣇࢺࡣ 5 ᮲ࡢ᮲ᩥ⮬యࡢኚ᭦ࡣࡩࡃࢇ࡛࠾ࡽࡎࠊከᒱ࡟Ώࡿࢥ࣓ࣥࢱ࣮ࣜࡢᨵṇࢆෆᐜ࡜ࡋ࡚࠸ࡿࠋ2012.2 ࡲ࡛ࣃࣈࣜࢵ
ࢡࢥ࣓ࣥࢺࢆཷࡅࠊࡑࡢᚋࣔࢹࣝ᮲⣙ࡢ࢔ࢵࣉࢹ࣮ࢺ࡟ྵࡵࡽࢀࡿぢ㎸ࡳࠋ
8 OECD ⛣㌿౯᱁࢞࢖ࢻࣛ࢖ࣥ㸦2010㸧࡟࠾ࡅࡿ฼┈ἲࡢᐇ㉁ⓗ᱁ୖࡆࡸࠊ฼┈ἲ࡟㛵ࡍࡿ࢞࢖ࢲࣥࢫ
ࡢ⢭⦓໬ࠊࡉࡽ࡟ࡣᅜቃࢆ㉺࠼ࡿ஦ᴗ෌⦅࡬ࡢ㐺⏝࢞࢖ࢲࣥࢫ࡞࡝ࠋ
9 ࡋ࠿ࡋࠊබᖹ࡟ୡ⏺ࢆぢΏࡏࡤࠊᚲࡎࡋࡶ⊂❧௻ᴗཎ๎ࡀᏳᐃ໬ࡢ᪉ྥ࡟ྥ࠿ࡗ࡚࠸ࡿ࡜ࡣホ౯࡛ࡁ࡞࠸ࠋᮏᖺ 3 ᭶࡟Ḣᕞጤဨ఍ࡀᥦ᱌ࡋࡓࠊEU ࡢࠕඹ㏻⤫ྜἲே⛯ㄢ⛯࣮࣋ࢫ㸦CCCTB㸧ᣦ௧᱌࡛ࠖࡣࠊ
୍ᐃ௨ୖࡢᨭ㓄㛵ಀࡢୗ࡟࠶ࡿἲேࢢ࣮ࣝࣉ࡟ࡘ࠸࡚ࠊᵓᡂᅜ㛫࡛ྜពࡉࢀࡓඹ㏻ἲே⛯ㄢ⛯࣮࣋ࢫィ⟬᪉ᘧ࡟ࡼࡾᇦෆ㛵㐃ἲேࡢ㐃⤖ᡤᚓィ⟬ࢆ⾜ࡗࡓ࠶࡜ࠊࡑࢀࢆᐃᘧ㓄ศࣇ࢓ࢡࢱ࣮㸦ປാࠊ㈨⏘ࠊ㈍኎ࡢ 3 ࡘࢆྠ୍ࡢ࢙࢘࢖ࢺ࡛⪃៖㸧࡛ྛᵓᡂᅜ࡟㓄ศࡍࡿ࡜࠸࠺᪉ἲ㸦⣡⛯⪅ࡢ㑅ᢥไ㸧ࡀᥦ᱌ࡉࢀ࡚
࠾ࡾࠊࡇࡢ᪉ᘧࡢୗ࡛ࡣࠊᇦෆ࡛ࡢ⊂❧௻ᴗཎ๎࡟༶ࡋࡓ⛣㌿౯᱁⛯ไࡣ୙せ࡟࡞ࡿ࡜ࡋ࡚࠸ࡿࠋ࡞࠾ࠊ
⡿ᅜ࡟࠾࠸࡚ࡶࠊ㐃㑥࣮࣋ࢫ࡛ࡢᐃᘧ㓄ศ࡬ࡢ⛣⾜ࡀᖖ࡟ၥ㢟ᥦ㉳ࡉࢀࡿ≧ἣ࡟࠶ࡿࠋ

4࡚⋓ᚓࡉࢀࡿ฼ᚓ࡜ࡍࡿ᪨ᐉゝࡍࡿ࡜࡜ࡶ࡟ࠊࡑࡢࡓࡵ࡟ࡣࠊ➨୍ẁ㝵࡜ࡋ࡚ PE ࢆᶵ⬟࣭㈨⏘࣭ࣜࢫࢡࡢ 3 せ⣲ࡢศᯒ࡟ࡼࡾูಶ࠿ࡘ⊂❧ࡋࡓ௻ᴗ࡜ㄆ㆑ࡍࡿࡇ࡜ࠊ➨ 2ẁ㝵࡜ࡋ࡚ᙜヱ PE ࡟ࡘ࠸࡚⛣㌿౯᱁࢞࢖ࢻࣛ࢖ࣥࡢᣦ㔪ࢆ㢮᥎㐺⏝ࡋ࡚ࠊᖐᒓᡤᚓࢆ
⟬ฟࡍࡿࡇ࡜ࡀ࠺ࡓࢃࢀ࡚࠸ࡿࠋࡑࡢࡓࡵࠊ࠸ࢃࡺࡿ᭷ᙧ࣭↓ᙧࡢ㈨⏘ཬࡧࢧ࣮ࣅࢫ
࡟ࡘ࠸࡚ෆ㒊ྲྀᘬࡢㄆᐃࡀᚲせ࡜࡞ࡾࠊేࡏ࡚↓ൾ㈨ᮏࡢ PE ࡬ࡢ㓄㈿ࡶᚲせ࡜ࡉࢀࡿࠋ
ࡇࢀࡽࢆᨭ࠼ࡿᇶ┙࡜ࡋ࡚ࠊ୍ᐃࡢ PE ࡢ࣮࢜࣌ࣞࢩࣙࣥ࡟㛵ࡍࡿࢻ࣓࢟ࣗࣥࢸ࣮ࢩࣙ
࣮ࣥࣝࣝࡀ᫂ࡽ࠿࡟ࡉࢀ࡚࠸ࡿࠋᮏᨵṇ࡟ࡼࡾࠊAOA ࡜ᩚྜᛶࢆࡶࡓ࡞࠸ᪧ 7 ᮲ 3 㡯
㸦㈍኎⟶⌮㈝ࡢ PE 㓄㈿㸧ࠊ4 㡯㸦័⾜࡟ࡼࡿ฼ᚓ㓄ศ㸧ࠊ5 㡯㸦༢⣧㉎ධ㠀ㄢ⛯ࡢཎ๎㸧ࠊ
6 㡯㸦ẖᖺྠ୍᪉ἲ㸧ࡣᗫṆࡉࢀ࡚࠸ࡿࠋ
ḟ࡟ࠊᒃఫᆅᅜ࡟࠾ࡅࡿ஧㔜ㄢ⛯ㄪᩚࡢ࠶ࡾ᪉࡟㛵ࡋ࡚ࡣࠊ➨ 3 㡯࡟࠾࠸࡚ࠊḟࡢࡼ࠺࡟つᐃࡋ࡚࠸ࡿࠋ
ࠕ➨ 2 㡯࡟ᚑࡗ୍࡚᪉ࡢ⥾⣙ᅜࡢ௻ᴗࡢ PE ࡟ᖐᒓࡍࡿ฼ᚓࡀㄪᩚࡉࢀࠊࡍ࡛࡟௚
᪉ࡢ⥾⣙ᅜ࡛ㄢ⛯῭ࡳࡢ฼ᚓ࡟ᑐࡋㄢ⛯ࡀ⾜ࢃࢀࡓሙྜ࡟ࡣࠊᙜヱ௚᪉ࡢ⥾⣙ᅜࡣࠊᙜヱ฼ᚓ࡟ᑐࡍࡿ஧㔜ㄢ⛯ࢆ᤼㝖ࡍࡿࡓࡵᚲせ࡞⠊ᅖෆ࡛ࠊ᪤࡟ㄢ⛯῭ࡳࡢ⛯㢠࡟ࡘ࠸࡚㐺ษ࡞ㄪᩚࢆ⾜ࢃ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋࡑࡢࡼ࠺࡞ㄪᩚࢆỴᐃࡍࡿࡓࡵ⥾⣙ᅜࡢᶒ㝈࠶ࡿᙜᒁࡣᚲせ࡟ᛂࡌ࡚┦஫࡟༠㆟ࡏࡡࡤ࡞ࡽ࡞࠸ࠋࠖ
ࡇࡢⅬ࡟ࡘ࠸࡚ࡣࠊ≉࡟↓ൾ㈨ᮏࡢ㓄㈿᪉ἲ࡟ࡘ࠸࡚ࠊOECD ࢥ࣓ࣥࢱ࣮ࣜཬࡧࣞ
࣏࣮ࢺࡀ༢୍ࡢ᪉ᘧ࡟㞟⣙࡛ࡁ࡞࠿ࡗࡓࡇ࡜ࡶ࠶ࡗ࡚ࠊ஧㔜ㄢ⛯ࡢⓎ⏕ࡀ༴᝹ࡉࢀࡑ
ࢀ࡟ᑐࡍࡿ≉ูᥐ⨨ࡢᚲせᛶࡀ㆟ㄽࡉࢀࡓࡀࠊ⤖ㄽⓗ࡟ࡣ 3 㡯࡟࠾࠸࡚ᒃఫᆅᅜ࡟࠾
ࡅࡿᑐᛂⓗㄪᩚ⩏ົࢆ᫂グࡍࡿ࡜࡜ࡶ࡟ࠊゎ㔘ࡢ㐪࠸࡟ࡼࡿ⣮த࡟ࡣ┦஫༠㆟࡛ᑐᛂࡍࡿ࡜ࡢ୍⯡ཎ๎ࡀつᐃࡉࢀࡓࠋ
㸦㸱㸧௒ᚋࡢ PE ᴫᛕࡢ᳨ウసᴗOECD ࡛ࡣࠊ7 ᮲ࡢᨵᐃࡢࡢࡕࠊ5 ᮲ࡢ PE ᐃ⩏࡟ࡘ࠸࡚ࡶྲྀᘬࡢ⌧≧ࢆ཯ᫎࡍ࡭ࡃ
඲㠃ⓗ࡞᳨ウసᴗࢆ㛤ጞࡋ࡚࠸ࡿࠋPE ㄆᐃ࡟ࡘ࠸࡚ࡣࠊ㟁Ꮚၟྲྀᘬ࡞࡝࡟ࡘ࠸࡚ࡢ㏆
ᖺࡢ᳨ウ࡟ຍ࠼࡚ࠊ᭦࡟ከᵝ໬ࡍࡿேⓗᙺົᥦ౪ࡢᙧែࡸࠊࢧࣈࢥࣥࢺࣛࢡࢱ࣮ࡢྲྀ
ᢅ࠸ࠊࢥ࣑ࢵࢩࣙࢿ࢔ዎ⣙࡞࡝ከࡃࡢㄢ㢟ࡀṧᏑࡋ࡚࠾ࡾࠊ7 ᮲ࡢ AOA ࡢྜពࡀᚓࡽ
ࢀ࡚ࡶࠊ᪂つࡢ PE ㄆᐃၥ㢟ࡀゎỴࡉࢀ࡞ࡃ࡚ࡣࠊ5 ᮲࣭7 ᮲ࡢ㐃ᦠ࡟ࡼࡾ⣡⛯⩏ົࡢ☜ᐃࡍࡿ⣡⛯⪅࡟࡜ࡗ࡚ண

ྍ⬟ᛶࡣᨵၿࡉࢀ࡞࠸ሙྜࡶ࠶ࡿ10ࠋࡲࡓࠊ⌧⾜ 5 ᮲ࡣࠊࡓ࡜࠼ࡤᪧ 7 ᮲ࡢ༢⣧㉎ධ㠀ㄢ⛯ཎ๎࡜ㄪ࿴ࡍࡿᙧ࡛ࠊ௙ධࡢࡳࢆᢸᙜࡍࡿ᪋タࡣ PEࢆᵓᡂࡋ࡞࠸࡜ࡋ࡚࠸ࡿࡀࠊ7 ᮲ᨵᐃᚋࡶࡑࡢࡲࡲ࡛ࡼ࠸ࡢ࠿࡝࠺࠿࡞࡝ࠊ9 ᮲࡜ࡢ㐺⏝ࣂࣛࣥࢫࡢほⅬ࠿ࡽ᳨ウࡍ࡭ࡁⅬࡀᣦ᦬ࡉࢀ࠺ࡿ11ࠋࡑࡢព࿡࡛ࠊ5 ᮲࡜ 7 ᮲ࡢ᳨ウ10

 ࢃࡀᅜ࡟࠾ࡅࡿ᭱㏆ࡢྲྀᘬࢆ཯ᫎࡋࡓ PE ㄆᐃ࡟㛵ࡍࡿ⛯ົᙜᒁࡢᅇ⟅࡟ࡘ࠸࡚ࡣࠊᮾドࡢྲྀᘬᡤෆ
ࢧ࣮ࣂࢆ฼⏝ࡍࡿࢥࣟࢣ࣮ࢩࣙࣥࢧ࣮ࣅࢫ࡟ᑐࡍࡿࡶࡢࡀ࠶ࡿࠋH.23.6.16 ᮾドබ㛤᝟ሗࠋ
11 ๓ᥖὀ 7 ࡟ࡼࢀࡤࠊ≀ရ࣭ၟရࡢ㉎ධࢆࡍࡿࡓࡵࡔࡅࡢ୍ᐃࡢሙᡤࡣ PE ࢆᵓᡂࡋ࡞࠸࡜ࡢᚑ᮶ཎ๎ࡢ
ᨵṇࡣᥦ᱌ࡉࢀ࡚࠸࡞࠸ࠋ

5ࡢࢱ࢖࣒ࣛࢢࡢᏑᅾࡣࠊ㠀ຠ⋡࡞⛒⛯ィ⏬ࡢㄏᅉ࡜࡞ࡿྍ⬟ᛶࡶ࠶ࡿࡢ࡛ࡣ࡜ᠱᛕࡉ
ࢀࡿࡢ࡛ࠊPE ࡢᐃ⩏ࡢ᫂☜໬ࡢࣉࣟࢪ࢙ࢡࢺ࡟ࡘ࠸࡚ࡶ᪩ᛴ࡟⤖ㄽࢆฟࡍ࡭ࡁࡶࡢ࡜
⪃࠼ࡽࢀࡿࠋ࡞࠾ࠊᙜ◊✲఍ࡣࡇࡢウ㆟ᩥ᭩࡟ࡘ࠸࡚ࡶࠊᮏ㑥ἲேࡢ⤒㦂ࢆ㋃ࡲ࠼ࠊ
㐺᫬㐺ษ࡞࢖ࣥࣉࢵࢺࢆ⾜ࡗ࡚࠸ࡃࡇ࡜࡜ࡋ࡚࠸ࡿࠋ㸲 ᅜෆἲᨵṇࡢ᪉ྥᛶ㸦㸯㸧᮲⣙㸦ᖐᒓ୺⩏㸧࡜⌧⾜⛯ἲ㸦⥲ྜ୺⩏㸧ࡢ࠿࠸㞳࡟క࠺࣓ࣜࢵࢺࡢ෌᳨ウ᮲⣙࡜⌧⾜⛯ἲ࡛ PE ࢆᇶ‽࡜ࡋࡓㄢ⛯࣮ࣝࣝ࡟࠿࠸㞳ࡀ࠶ࡿࡇ࡜࡟ࡘ࠸࡚ࡣࠊࢱࢵ
ࢡࢫ࣊࢖ࣈࣥࢆ฼⏝ࡋࡓᡃࡀᅜㄢ⛯࣮࣋ࢫࡢᾐ㣗ࡀከᵝ࡟ほᐹࡉࢀࡿ≧ἣࡢୗ࡛ࡣࠊ
ࡴࡋࢁᮃࡲࡋ࠸࡜ࡍࡿᏛㄝ12ࡶ⤂௓ࡉࢀ࡚࠸ࡿࡢ࡛ࠊࡑࡢⅬࢆࡲࡎ᳨ドࡋࡓ࠸ࠋࡑࡢࡼ࠺࡞⌧⾜ᅜෆἲ⥔ᣢㄝࡣࠊPE ࡟ᗈ⠊࡞྾ᘬຊࢆㄆࡵࡿ⌧⾜ᅜෆἲࡢୗ࡛ࡣࠊ
ࡓ࡜࠼ࡤࠊࢱࢵࢡࢫ࣊࢖ࣈࣥ࡟ᮏᣐࢆ⨨ࡁ࡞ࡀࡽᡃࡀᅜ PE ࢆ㏻ࡌ࡚࡯࡜ࢇ࡝ࡢྲྀᘬࢆ
㐙⾜ࡍࡿ⣡⛯⪅࡟ࡘ࠸࡚ࠊᅜෆ※Ἠᡤᚓ࡟ࡘ࠸࡚ࠊPE ࡬ࡢᖐᒓࡢ❧ドࢆ࠸ࡕ࠸ࡕࡍࡿᚲせࡶ࡞ࡃ୍ᣓࡋ࡚ἲேㄢ⛯ࡢᑐ㇟࡜࡛ࡁࡿࡇ࡜࡛ࠊᐇ㉁ⓗ࡟ᡃࡀᅜࡢㄢ⛯࣮࣋ࢫ౵㣗࡟᭷ຠ࡟ᑐᛂ࡛ࡁࡿ࡜࠸࠺ࡇ࡜ࢆ᰿ᣐ࡜ࡋ࡚࠸ࡿࡼ࠺࡛࠶ࡿࠋࡋ࠿ࡋࠊࡑࡢࡼ࠺࡞
ࢱࢵࢡࢫ࣊࢖ࣈࣥࢆ฼⏝ࡋࡓ⛒⛯ᅇ㑊࡟ᑐࡋ࡚ࡣࠊᇶᮏⓗ࡟ࡣእᅜᏊ఍♫ྜ⟬⛯ไ࡛ᑐᛂࡍࡿࡢࡀᅜ㝿ⓗ࡞ࢫࢱࣥࢲ࣮ࢻ࡛࠶ࡾࠊእᅜἲேㄢ⛯࡟㛵ࡍࡿἲே⛯ἲࡢᮏ๎࡛
ᑐᛂࡍ࡭ࡁ࡛ࡣ࡞࠸࡜⪃࠼ࡽࢀࡿࠋࡲࡓࠊࢱࢵࢡࢫ࣊࢖ࣈࣥࢆ฼⏝ࡋࡓ῝้࡞⛒⛯ᅇ㑊ࡢࣜࢫࢡ࡟ᑐࡋ࡚ࡣࠊྜ⟬⛯ไ࡜ྜࢃࡏ࡚ࠊ⌧ᅾࡶ OECD ࡛⥅⥆ⓗ࡟ྲྀ⤌ࡲࢀᐇຠࢆୖࡆࡘࡘ࠶ࡿࢱࢵࢡࢫ࣊࢖ࣈࣥࢆࡶᑐ㇟࡜ࡋࡓ᝟ሗ஺᥮༠ᐃࡢᣑ඘࡜ᙜヱᅜ࡟ᑐࡍࡿ⛯ไ㏱᫂໬ࡢಁ㐍࡟ྥࡅࡓྲྀ⤌㸦ࣔࢽࢱࣜࣥࢢ➼࡟ࡼࡿ㸧࡛ᑐᛂࡍ࡭ࡁ࡜⪃࠼ࡿࠋ࡞࠾ࠊ⌧⾜ἲ⥔ᣢㄝࡢୖグ௨እࡢ⌮⏤௜ࡅ࡜ࡋ࡚ࡣࠊᅜෆἲ࡟࠾ࡅࡿ⥲ྜ୺⩏ࡢㄢ⛯ࡢ㈇ᢸࡣ᮲⣙ࢆ⥾⤖ࡋ࡚ᖐᒓ୺⩏ࡢ㐺⏝ୗ࡟ධࢀࡤ㍍ῶ࡛ࡁࡿ࡜࠸࠺ࠊ⛒⛯᮲⣙⥾⤖࡟ྥࡅࡓ࢖ࣥࢭࣥࢸ࢕ࣈㄽࡶ࠶ࢁ࠺ࡀࠊࡇࢀࡣඛ㐍ᅜ㛫࡛ࡣᅜ㝿ⓗ࡟ཷࡅධࢀࡽࢀ
ࡿ࣏ࣜࢩ࣮࡜ࡣ⪃࠼࡟ࡃ࠸ࠋ
㸦㸰㸧᮲⣙࡟࠾ࡅࡿ AOA ࡢ᥇⏝࡜ࡢࣂࣛࣥࢫୖࠊ஦ᴗᡤᚓ࡟ࡘ࠸࡚ᨵṇࡢవᆅࡢ࠶ࡿᅜෆ
ἲ㛵㐃᮲㡯ᡃࡀᅜࡀ⥾⤖ࡍࡿ᮲⣙࡟࠾ࡅࡿᖐᒓ୺⩏ࡢ఩⨨௜ࡅ࡟ࡘ࠸࡚ࡣࠊ௒ᚋ AOA ཎ๎ࡀ㈏ᚭࡉࢀ࡚࠸ࡃ࡛࠶ࢁ࠺࡜࠸࠺ࡇ࡜ࢆ๓ᥦ࡜ࡍࡿ࡜ࠊᑗ᮶ⓗ࡟ࡣᙜヱ AOA ཎ๎࡜ᩚྜⓗ࡞ෆᐜ࡟ᅜෆἲࢆᨵṇࡍࡿࡇ࡜ࡀࠊ๓㏙ࡋࡓ஧ඖయไࡢ▩┪࠿ࡽ⬺༷ࡍࡿ࢝ࢠ࡟࡞ࡿ
࡜⪃࠼ࡽࢀࡿࠋࡑࡢ㝿ࠊ⌧⾜ᅜෆἲୖࠊ᳨ウᑐ㇟࡜┠ࡉࢀࡿೃ⿵㡯┠ࡣ௨ୗࡢ 3 Ⅼࢆ୰ᚰ࡜ࡍࡿࡇ࡜࡟࡞ࡿ࡛࠶ࢁ࠺ࠋ 㸯㸧⥲ྜ୺⩏ࢆ᥇ࡿㄢ⛯つᐃ⮬య㸦ᡤἲ 164 ᮲ࠊἲἲ 141 ᮲㸧ࡢᨵṇ 㸰㸧஦ᴗ࡟㛵ࡍࡿᡤᚓࡢࢯ࣮ࢫ࣮ࣝࣝࡢᖐᒓ୺⩏࡟ἢࡗࡓᨵṇ12 ㉥ᯇ᫭ࠕᅜ㝿⛒⛯ཎ๎࡜᪥ᮏࡢᅜ㝿⛒⛯ἲࠖ
㸦H13 ⛯ົ◊✲఍㸧P.273-274ࠋ

6౛㸸ෆ㒊ྲྀᘬࡢㄆ㆑࣭ࡑࢀ࡟క࠺ᦆ┈ࡢㄆ㆑ࠊ༢⣧㉎ධ㠀ㄢ⛯ࡢཎ๎ࡢᗫṆ  ᅜෆ࣭ᅜእᡤᚓ࡟㓄㈿ࡍࡿ㈝⏝ࡢ࣮ࣝࣝ➼ 㸱㸧ᖐᒓ୺⩏ࡢ᥇⏝࡟క࠺஧㔜ㄢ⛯ㄪᩚᥐ⨨ࡢᩚ⌮ ࡇࢀࡽࡢ࠺ࡕࠊ㸯㸧࡟ࡘ࠸࡚ࡣࠊ౛࠼ࡤእᅜἲே࡟㛵ࡋ࡚ࡣࠊἲே⛯ἲ 4 ᮲ 3 㡯ࠊ
141 ᮲ 1 㡯ࡢᨵṇ࡟୺࡜ࡋ࡚࠿࠿ࢃࡿၥ㢟࡛࠶ࡾࠊἲᚊࡢᵓ㐀ⓗ࡞ᨵṇ࡟ࡘ࡞ࡀࡾ࠺ࡿ
ࡀࠊ㸰㸧࡟ࡘ࠸࡚ࡣࠊ౛࠼ࡤእᅜἲே࡟ࡘ࠸࡚ࡣࠊἲே⛯ἲ᪋⾜௧ 176 ᮲ࢆ୰ᚰ࡜ࡋ
ࡓࢯ࣮ࢫ࣮ࣝࣝࡢಶูⓗᨵṇ࡛ᑐᛂࡍࡿࡇ࡜࡟࡞ࡿ࡜⪃࠼ࡽࢀࠊ㸱㸧ࡣ᭦࡟ࡑࢀ࡟㐃ືࡍࡿၥ㢟࡛࠶ࡿࠋ௨ୗ࡟࠾࠸࡚ࠊಶࠎࡢᯟ⤌ࡳࡢ᳨ウࢆ⾜࠺ࡇ࡜࡜ࡍࡿࠋ㸳 ලయⓗᨵṇ㡯┠㸦㸯㸧እᅜἲே࣭㠀ᒃఫ⪅ࡢㄢ⛯࣮࣋ࢫࡢ௙⤌ᵓ⠏࢔ PE ᖐᒓࢆ๓ᥦ࡜ࡋࡓ⣧ᡤᚓㄢ⛯ࡢ㈏ᚭ
㸦࢔㸧ᒃఫ⪅࣭ෆᅜἲே࡜ࡢᖹ➼ྲྀࡾᢅ࠸ෆᅜἲே୪ࡳࡢ⣧ᡤᚓㄢ⛯ࢆ⾜࠺ࡓࡵ࡟ࡣࠊ஦ᴗࢆ⾜࠺ PE ࡟ᅜෆ※Ἠᡤᚓࡀᖐ
ᒓࡋ࡚࠸ࡿᚲせࡀ࠶ࡿ࡜ࡢ AOA ཎ๎ࡢ⪃࠼᪉ࡣࠊᅜෆἲᨵṇ࡟ᙜࡓࡗ࡚ࡲࡎ☜ㄆࡋ࡚࠾ࡃ࡭ࡁ᪉ྥᛶ࡛࠶ࢁ࠺ࠋࡇࡢⅬࡣ 9 ᮲ࡢᏊ఍♫ᙧែ࡛ࡢ஦ᴗ࡟ᑐࡍࡿㄢ⛯࡜ࡢᩚྜᛶࡢほⅬ࠿ࡽࡢせㄳ࡛ࡶ࠶ࡿࠋ※Ἠᆅ࡛ࢢ࣮ࣝࣉᏊ఍♫ࡀู㏵ࣅࢪࢿࢫ
ࢆ⾜ࡗ࡚࠸ࡿ≧ἣୗ࡛ࡣࠊぶ఍♫ࡀ┤㎄ࡋ࡚※Ἠᆅ࡛⾜࠺஦ᴗ࡟ㄢ⛯ࡍࡿࡓࡵ࡟
ࡣࠊᏊ఍♫ࡀぶ఍♫஦ᴗࡢ PE ࡜ࡋ࡚ᶵ⬟ࡋ࡚࠸ࡿሙྜ࡟㝈ࡽࢀࡿࡢ࡛࠶ࡾࠊ※Ἠᆅࡢ࣮࢜࣌ࣞࢩࣙࣥࡀᨭᗑᙧែࡢሙྜ࡟ࠊࡑࢀ࡬ࡢᖐᒓࡢ᭷↓ࢆၥࢃࡎ↓᮲௳࡛ᮏᗑ┤㎄஦ᴗࡢᡤᚓࢆㄢ⛯ᑐ㇟࡟ྲྀࡾ㎸ࡴ࡜࠸࠺⌧⾜ἲே⛯ἲ 141 ᮲ 1 㡯ࡣ AOA
ཎ๎࡟᫂ࡽ࠿࡟཯ࡍࡿࡇ࡜࡟࡞ࡿ࡜⪃࠼ࡽࢀࡿࠋ࡞࠾ࠊ⥲ྜ୺⩏ࢆࢧ࣏࣮ࢺࡍࡿ
⌮ᒅ௜ࡅࡢ୍㒊࡜ࡋ࡚୺ᙇࡉࢀ࠺ࡿࠊPE ࢆ᭷ࡋ࡚ᅜෆ࡛஦ᴗࢆ⾜࠺௨ୖᅜෆἲே
୪ࡳࡢㄢ⛯࣮࣋ࢫ㸦඲ୡ⏺ᡤᚓࢆᑐ㇟㸧࡜ࡍ࡭ࡁ࡜ࡢᖹ➼୺⩏࡟ࡘ࠸࡚ࡣࠊOECD
࡟ࡼࡿ AOA ཎ๎ࡢ᥇⏝ࡸࠊ⡿ᅜ࡟࠾ࡅࡿ PE ྾ᘬຊࢆ๐ῶࡋ࡚࠸ࡗࡓ㐣ཤࡢ⛯ไᨵṇ⤒⦋㸦⌧ᅾ࡛ࡣᴟࡵ࡚㝈ᐃⓗ࡞྾ᘬຊࡋ࠿ㄆࡵࡽࢀ࡚࠸࡞࠸㸧࡟㚷ࡳࢀࡤࠊࡶࡣࡸ୺ᙇࡢᇶ┙ࢆኻࡗ࡚࠸ࡿ࡜⪃࠼ࡽࢀࡿ13ࠋ
㸦࢖㸧AOA ࡟༶ࡋࡓࢯ࣮ࢫ࣮ࣝࣝࡢᨵṇPE ࡟ᖐᒓࡍࡿᡤᚓࢆỴᐃࡍࡿሙྜ࡟ࡣࠊ༢⣧㉎ධ㠀ㄢ⛯ࡢཎ๎࡞࡝ࡢࡼ࠺࡟ṇ☜࡞ᶵ⬟࣭㈨⏘࣭ࣜࢫࢡศᯒ࠿ࡽ஋㞳ࡋࡓ⌧⾜ࡢࢯ࣮ࢫ࣮ࣝࣝࡀ㐺ษ࡛࡞࠸ࡇ࡜
ࡣ᫂ࡽ࠿࡛࠶ࡾࠊᨵṇࢆචࢀ࡞࠸ࠋἲ௧ 176 ᮲ 1㹼4 㡯ࡢㅖつᐃࡣࡇࡢほⅬ࠿ࡽࡶᢤᮏⓗᨵṇࡀవ൤࡞ࡃࡉࢀࡿࡀࠊᖐᒓ୺⩏ࡢ࢚ࢵࢭࣥࢫࡣ 176 ᮲ 1 㡯 7 ྕ࡟グࡉࢀࡓཎ๎࡛࠶ࡾࠊࡇࢀ࡟㞟⣙ࡍࡿᨻ௧ᨵṇࡶ⪃࠼ࡽࢀࡼ࠺14ࠋ13 㺀㠀ᒃఫ⪅ࠊእᅜἲேཬࡧእᅜ⛯㢠᥍㝖࡟㛵ࡍࡿᨵṇ⛯ἲࡢゎㄝࠖᅜ⛯ᗇ P.7ࠋ ࡇࡢᩥ᭩࡛ࡣࠊᙜ᫬ࡢ୺⛯ᒁ᳜ᯇᏲ⏨⮫᫬⛯ἲᩚഛᐊ㛗ࡢゎㄝ࡜ࡋ࡚ࠊ⥲ྜ୺⩏ࡢ᥇⏝࡟ࡣࠊᙜ᫬ࡢ
⡿ᅜ࡛ࡢ྾ᘬຊࢆㄆࡵࡿᅜෆἲࡢᙳ㡪ࢆཷࡅ࡚࠸ࡿ࡜ゎㄝࡋ࡚࠸ࡿࠋ
14 ణࡋࠊࡑࡢሙྜ࡟ࡣἲⓗᏳᐃᛶࡢほⅬ࠿ࡽࠊᑡ࡞ࡃ࡜ࡶἲ௧ゎ㔘㏻㐩࡛ࠊྲྀᘬูࡢ࢞࢖ࢲࣥࢫࡢᥦ♧7

㸦࢘㸧PE ࡬ࡢ㈨ᮏ㓄㈿࡜ෆ㒊ྲྀᘬࡢㄆᐃࠊࡉࡽ࡟ࡣ⊂❧௻ᴗ㛫౯᱁⟬ᐃ᪉ἲ࡟㛵ࡍࡿἲ௧ࡢᩚഛ
AOA ࡢୗ࡛ࡣࠊἲே඲యࡢ㈨ᮏࢆᘬࡁཷࡅࡓᶵ⬟࡜ࣜࢫࢡ࡟ᛂࡌ࡚ PE ࡟㓄ᕸࡍࡿᚲせࡀ࠶ࡿࠋࡑࡢሙྜ࡟ࡣࠊ㐣ᑡ㈨ᮏ⛯ไࡢᨭᗑ࡬ࡢ㐺⏝࡟ࡘ࠸࡚ࡶࠊᏊ఍
♫࡜ᨭᗑࡢྲྀᢅ࠸ࡢࣂࣛࣥࢫୖ᳨ウࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸࡛࠶ࢁ࠺15ࠋࡲࡓ⊂❧௻ᴗཎ๎࡟ᇶ࡙ࡁෆ㒊ྲྀᘬࢆㄆᐃࡍࡿୖ࡛ࡢ㈨⏘ࡢࠕ⤒῭ⓗᡤ᭷ᶒࠖࡢᡤᅾ࣮ࣝࣝࡸࠊ
ࡑࡢᚋࡢ⊂❧௻ᴗ㛫౯᱁ࡢ⟬ᐃ࣮ࣝࣝࡶᚲせ࡜࡞ࢁ࠺ࡀࠊᚋ⪅࡟ࡘ࠸࡚ࡣࠊᇶᮏⓗ࡟⛣㌿౯᱁ࡢἲไࢆὶ⏝࡛ࡁࡿ࡜ᛮࢃࢀࡿࠋ
㸦࢚㸧ᅜእ࡬ࡢᢞ⼥㈨࠿ࡽ PE ࡟Ⓨ⏕ࡍࡿᡤᚓ࡟ࡘ࠸࡚ࡢྲྀᢅ࠸
ἲே⛯ἲ᪋⾜௧ 176 ᮲ 5 㡯࡛ࡣࠊPE ࡟ࡼࡿᾏእᢞ⼥㈨࡟క࠺ᡤᚓ࡛ᙜヱ PE ࡟
࠾࠸࡚⾜ࢃࢀࡿ஦ᴗ࡟ᖐࡏࡽࢀࡿࡶࡢࡣࠊᅜෆ࡟࠾࠸࡚⾜࠺஦ᴗ࠿ࡽ⏕ࡌࡿࡶࡢ࡜ࡳ࡞ࡍ࡜ࡢつᐃࡀ࠶ࡿࠋࡇࡢ᮲㡯ࡢゎ㔘ࢆࡵࡄࡗ࡚ࡣࠊࡶ࡜ࡶ࡜ᅜෆἲࡢ஦ᴗ
ᡤᚓࡢࢯ࣮ࢫ࣮ࣝࣝࡀᖐᒓ୺⩏ࢆෆໟࡋ࡚࠸ࡓࡶࡢ࡛࠶ࡗ࡚ࠊᮏ㡯ࡣࡑࢀࢆ☜ㄆࡋࡓࡶࡢ࡟㐣ࡂ࡞࠸࡜ࡍࡿ᭷ຊㄝࡀᒎ㛤ࡉࢀ࡚࠸ࡿ16ࠋㄢ⛯ᙜᒁ࠿ࡽࡣࡇࡢⅬ࡟ࡘࡁࠊᅜෆἲࡢ௚ࡢࢯ࣮ࢫ࣮ࣝࢫ࡛ᅜእᡤᚓ࡜ࡉࢀࡿࡶࡢ࡛࠶ࢀࡤࠊᖐᒓ୺⩏ࢆ᰿ᣐ࡟ᙜヱᡤᚓࢆ஦ᴗᡤᚓ࡜ࡋ࡚ PE ࡟ᖐᒓࡉࡏࡿࡇ࡜࡟ࡣᾘᴟⓗ࡜ࡳࡽࢀࡿពぢ⾲᫂ࡀ⾜ࢃࢀࡓࡇ࡜ࡀ࠶ࡗࡓ17ࠋ176 ᮲ 5 㡯ࡀ๰タⓗつᐃ࠿☜ㄆⓗつᐃ࠿࡟ࡘ࠸࡚ࡢ
බᐃゎ㔘ࡣᚲࡎࡋࡶ᫂ࡽ࠿࡟ࡉࢀ࡚࠸࡞࠸ࠋ
ࡋ࠿ࡋࠊࡇࡢၥ㢟ࡣࠊ௒ᅇࡢ AOA ཎ๎࡟ἢࡗࡓᅜෆἲᨵṇࢆ᳨ウࡍࡿ࡟ᙜࡓࡗ
࡚ࡣ㑊ࡅ࡚㏻ࢀ࡞࠸࡜ࡇࢁ࡛࠶ࡾࠊ஦ᴗᡤᚓ࡜ࡋ࡚ࡢᖐᒓ୺⩏࡟ࡼࡿࢯ࣮ࢫ࣮ࣝ
ࣝࡢ᫂☜໬࡟ࡼࡾᑐᛂࡍ࡭ࡁࡶࡢ࡜⪃࠼ࡿࠋ࡞࠾ࠊࡑࡢሙྜ࡟ࡣ୍⩏ⓗ࡟ᅜෆ※Ἠᡤᚓ࡜つᐃࡉࢀࡿࡢ࡛ࠊ※Ἠᆅ࡛ㄢ⛯ࡉࢀ࡚࠸ࡿሙྜࡢ஧㔜ㄢ⛯᤼㝖ᥐ⨨ࡢᩚഛࡀᚲせ࡜ࡉࢀࡼ࠺ࠋ࢖ ྾ᘬຊ࢔ࣉ࣮ࣟࢳࡢ᧔ᗫ
྾ᘬຊ࢔ࣉ࣮ࣟࢳࡢᣢࡘၥ㢟ⅬࡣࠊPE ࢆ᭷ࡍࡿእᅜἲே࡟ࡘ࠸࡚ࠊᒃఫ⪅୪ࡳㄢ⛯ࢆồࡵࠊ஦ᴗᡤᚓࡢࡳ࡞ࡽࡎ PE ࡟ᖐᒓࡋ࡞࠸ᢞ㈨ᡤᚓࢆྵࡴᗈ⠊࡞ᡤᚓࢆ⣧ᡤᚓㄢ⛯ࡢ㡿ᇦ࡟ᘬࡁ㎸ࡴⅬ࡟࠶ࡿࠋ㝈ᐃࡉࢀࡓ྾ᘬຊࢆᢎㄆࡍࡿ࢔ࣉ࣮ࣟࢳࡣࠊ㏵ୖᅜ࣭ඛ㐍ᅜ㛫ࡢ᮲⣙ࣔࢹ࡛ࣝ࠶ࡿᅜ㐃ࣔࢹࣝ᮲⣙࡛ࡣチᐜࡉࢀ࡚࠸ࡿࡀ18ࠊOECD ࣔࢹࣝࡣࠊࡇࢀࢆ᤼㝖ࡋ࡚࠸ࡿࠋᡃࡀᅜࡢᣑ኱ࡋࡓࢿࢵࢺ࣮࣡ࢡࡢୗ࡛ࡢ⌧⾜᮲⣙ࡀࡍ࡭࡚ OECD ࣔࢹࣝ࡟ࡼࡿᖐᒓ୺⩏ࢆ᥇ࡿࡇ࡜࡟࡞ࡗࡓ⌧ᅾࠊ⛒⛯ᅇ㑊㜵ṆࡢほⅬ࠿ࡽࡢࡳࡇࢀࢆᅜෆἲୖṧࡍព⩏ࡣࠊ๓㏙ࡋࡓ࡜࠾ࡾ࡞࠸࡜⪃࠼ࡽࢀࡿࠋࡀᚲせ࡜࡞ࢁ࠺ࠋ
 ㈨ᮏ㓄㈿࡟క࠸ࠊᨭᗑᡤᅾᆅᅜࡢ㈨ᮏࢆㄢ⛯ᶆ‽࡜ࡍࡿ⛒⛯㈇ᢸࡀ᪂ࡓ࡟Ⓨ⏕ࡍࡿࣜࢫࢡ࡟ࡘ࠸࡚ࡶ
ู㏵᳨ウࡍࡿᚲせࡀ࠶ࡿࠋ16 Ỉ㔝ᛅᜏࠕᅜ㝿ㄢ⛯ࡢไᗘ࡜⌮ㄽࠖ
㸦2000 ᭷ᩫ㛶㸧P.42ࠋ
17 ⚟ᒣ༤㝯ࠕእᅜἲேཬࡧ㠀ᒃఫ⪅ࡢㄢ⛯ࠖ㸦⛯⤒㏻ಙ 1963.5㸧P.108ࠋ
18
 ᅜ㐃ࣔࢹࣝ᮲⣙ 7 ᮲ 1 㡯㸦㹠㸧㸦㹡㸧ࡣࠊPE ࢆ㏻ࡌ࡚㈍኎ࡍࡿ≀ရ࣭஦ᴗάື࡜ྠ୍ཪࡣ㢮ఝࡢ≀ရ࣭஦ᴗάືࡢ㈍኎࠿ࡽ⏕ࡌࡿࡶࡢࢆ PE ࡟྾ᘬࡉࡏ࡚࠸ࡿࠋ
158ṧࡾࡢㄢ㢟࡜ࡋ࡚ࡣࠊ⡿ᅜࡢࡼ࠺࡟஦ᴗᡤᚓ࡟㝈ࡗ࡚ไ㝈ⓗ࡞྾ᘬຊཎ๎ࢆṧᏑࡉࡏࡿవᆅࡀ࠶ࡿ࠿࡝࠺࠿ࡢၥ㢟࡛࠶ࡿ19ࠋᡃࡀᅜ࡟࠾ࡅࡿከᅜ⡠௻ᴗࡢᐇែ࠿ࡽぢࡿ࡜ࠊᅜ㐃ࣔࢹࣝࡀᠱᛕࡍࡿࡼ࠺࡞20PE ࡟ࡘ࠸࡚஦ᴗᡤᚓࡢᖐᒓཎ๎㐺⏝ࡢ₯⬺ࡢྍ⬟ᛶࡣ኱ࡁ࠸࡜ࡣ⪃࠼ࡽࢀ࡞࠸ࠋᚑࡗ࡚ࠊከᅜ⡠௻ᴗࡢࢻ࣓࢟ࣗࣥࢸ࣮ࢩࣙࣥ࡟
ᇶ࡙ࡃᶵ⬟࣭㈨⏘࣭ࣜࢫࢡศᯒ࡟ࡼࡿ AOA ࡢᐇ᪋ྍ⬟ᛶࢆ๓ᥦ࡜ࡍࢀࡤࠊ⛒⛯ᅇ㑊ࡀᠱᛕࡉࢀࡿ≉ᐃࡢࢣ࣮ࢫ࡟ࡘ࠸࡚ࡣࠊᚲせ࡟ᛂࡌ≉ูᥐ⨨㸦≉ᐃࡢྲྀᘬ࡟ࡘ࠸࡚
ࡢᅜෆἲୖࡢಶูᑐᛂࡸ≉ᐃࡢᅜ࡜ࡢ᮲⣙࡛ࡢᑐᛂ㸧࡛ᑐᛂࡍ࡭ࡁࡶࡢ࡛࠶ࡾࠊ୍
⯡໬ࡣ୙㐺ᙜ࡜⪃࠼ࡽࢀࡿࠋ
㸦㸰㸧ᖐᒓ୺⩏࡟࠾ࡅࡿእᅜ⛒⛯࡜ࡢ஧㔜ㄢ⛯ㄪᩚᖐᒓ୺⩏࡟ᇶ࡙ࡃ PE ㄢ⛯ࢆ㈏ᚭࡋࡓሙྜ࡟ࡣࠊ⌧⾜ἲไࡢୗ࡛ࡣண

ࡋᚓ࡞࠿ࡗࡓ

஧㔜ㄢ⛯ᩆ῭ၥ㢟࡬ࡢᑐᛂࡀồࡵࡽࢀࡿࠋࡇࡢⅬࡣᡃࡀᅜࡀᒃఫᆅᅜ࡜ࡋ࡚஧㔜ㄢ⛯ㄪᩚ⩏ົࢆ㈇࠺ሙྜ࡟୺࡜ࡋ࡚ၥ㢟࡜࡞ࡿࡀࠊ௚᪉ࠊPE ࡜ࡋ࡚ᖐᒓ୺⩏࡟ᇶ࡙ࡃㄢ⛯ࢆ⾜ࡗࡓሙྜ࡟ࠊ௚ᅜ࡛ㄢ⛯ࡉࢀࡿྍ⬟ᛶࡢ࠶ࡿᡤᚓ࡟ࡘ࠸࡚እ⛯᥍㝖ࢆ౪୚ࡍࡿᚲ
せࡀ࠶ࡿ࠿࡝࠺࠿ࡢ᳨ドࡶᚲせ࡜࡞ࢁ࠺ࠋ࡞࠾ࠊࢯ࣮ࢫ࣮ࣝࣝࢆ AOA ࡟ᑐᛂࡍࡿࡼ࠺
࡟ᨵᐃࡋࡓሙྜ࡟ࡣࠊෆ㒊ྲྀᘬࡢㄆᐃ࡜㈝⏝㓄㈿ࡢቃ⏺࡟㛵ࡍࡿ࢞࢖ࢲࣥࢫࡶᚲせ࡜ࡉࢀࡿࠋࡑࡢᩚ⌮ᚋ࡟ṧࡿᅜෆᡤᚓ࡜ᅜእᡤᚓ㛫ࡢ㈝⏝㓄ศ࡟ࡘ࠸࡚ࡣࠊእᅜ⛯㢠᥍㝖ࡢィ⟬࡜ࡶ㛵㐃ࡍࡿࡢ࡛ࠊ୧⪅㛫ࡢᩚྜᛶࢆ௒ᅇࡢᨵṇࡢᶵ఍࡟ᅗࡿࡇ࡜ࡶ㔜せ࡛࠶ࡿ࡜⪃࠼ࡿࠋ
஧㔜ㄢ⛯ㄪᩚ᪉ᘧࢆ⥙⨶ⓗ࡟タィࡋࡑࡢ㐺ྰࢆ᳨ドࡍࡿࡇ࡜ࡣࠊⴭ⪅ࡢ⬟ຊࢆ㉺࠼࡚࠸ࡿࡀࠊ௨ୗࠊᛮ࠸ࡘࡃࡲࡲ୺せ࡞ㄽⅬ࡟ࢥ࣓ࣥࢺࡍࡿࠋࡓࡔࠊ࡝ࡢࡼ࠺࡞ほⅬ࡛ྲྀࡾ⤌ࡴ࡟ࡏࡼࠊᑡ࡞ࡃ࡜ࡶඹ㏻ࡋ࡚ゝ࠼ࡿࡇ࡜ࡣࠊຠ⋡ᛶࡀ㧗ࡃ࠿ࡘ⣡⛯⪅ࡸㄢ⛯ᙜᒁ࡟࡜ࡗ࡚㐣኱࡞ࢥࣥࣉࣛ࢖࢔ࣥࢫࢥࢫࢺࢆせࡍࡿࡶࡢ࡛ࡣ࡞࠸࡜࠸࠺せ௳࡛࠶ࢁ࠺ࠋ࢔ ἲே࡜ࡋ࡚ࡢᮍᐇ⌧ࡢᡤᚓ࡟ᑐࡍࡿ஧㔜ㄢ⛯ㄪᩚࡇࢀࡣࠊᡃࡀᅜࡀᮏᗑᡤᅾᆅᅜࡢሙྜ࡟ࠊ౛࠼ࡤᾏእ PE ࡜ࡢ㛫ࡢᲴ༺㈨⏘ࡢෆ㒊ྲྀᘬ㸦ᾏእ࡛௙ධࢀ࡚ᅜෆ㈍኎㸧ࢆ┦ᡭᅜࡀㄆᐃࡋ࡚ᖐᒓ୺⩏࡟ࡼࡾᾏእ PE ࡟ㄢࡉࢀࡓἲே⛯㢠ࢆࠊࢢ࣮ࣝࣉ඲య࡜ࡋ࡚ࡣ➨ 3 ⪅࡬ࡢ᭱⤊㈍኎➼࡟ࡼࡿᡤᚓᐇ⌧ࡀ࡞࠸ሙྜ࡟ࠊ࡝ࡢࡼ࠺࡟஧㔜ㄢ⛯ࡢゎᾘࢆᅗࡿ࠿࡜࠸࠺ၥ㢟࡛࠶ࡿࠋ஧㔜ㄢ⛯ࡢゎᾘ
19

 IRCi864㸦c㸧㸦3㸧⡿ᅜ㠀஦ᴗᡤᚓ㸦FDAP㸧࡛ࡶ࢟ࣕࣆࢱࣝࢤ࢖࡛ࣥࡶ࡞࠸ᡤᚓࡣࠊ⡿ᅜ஦ᴗ࡜ࡢ㛵㐃ࡢ᭷↓࡟࠿࠿ࢃࡽࡎ⡿ᅜ஦ᴗᐇ㉁㛵㐃ᡤᚓ㸦ECI㸧࡜ࡳ࡞ࡉࢀ࡚࠾ࡾࠊࡇࡢつ๎ࡀࠕṧᏑࡍࡿ྾ᘬຊࠖ
࣮ࣝࣝ࡜࿧ࡤࢀ࡚࠸ࡿࠋ
20 ᅜ㐃ࣔࢹࣝ㉳ⲡ⪅࡟ࡼࡿ₯⬺ࡢᠱᛕ࡟ࡘ࠸࡚ࡣࠊྠࣔࢹࣝ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 7 ࢆཧ↷ࠋྠࢥ࣓ࣥࢱ࣮࡛ࣜࡣࠊ7 ᮲ࡀ PE ࡀ⾜࠺ࡶࡢ࡜ྠ୍ཪࡣ㢮ఝࡢၟရ㈍኎➼ࡢ஦ᴗάື࡟ࡘ࠸࡚ࡣࠊᮏᗑࡢ┤㎄ྲྀ
ᘬ࡛࠶ࡗ࡚ࡶ PE ᡤᅾᆅᅜ࡟ㄢ⛯ᶒࢆㄆࡵࡿࡇ࡜࡜ࡋࡓ⫼ᬒ࡜ࡋ࡚ࠊ྾ᘬຊཎ๎ࡀᇳ⾜ୖࡢၥ㢟㸦administrative problems㸧ࢆᅇ㑊ࡍࡿࡇ࡜ࡀ࡛ࡁࡿ࠿ࡽ࡜ࡍࡿ㏵ୖᅜጤဨࡢពぢࢆ཯ᫎࡋࡓ࠿ࡽ࡛࠶ࡿ࡜
ゎㄝࡋ࡚࠸ࡿࠋ ᇳ⾜ୖࡢၥ㢟࡟ࡣࠊPE ⮬㌟ࡢྲྀᘬ࡜ᮏᗑ┤㎄ྲྀᘬࡢ༊ศࡀ㏵ୖᅜ࡟࡜ࡗ࡚ࡣᅔ㞴࡜࠸࠺஦᝟ࡢእ࡟ࠊ
ከᅜ⡠௻ᴗ࡟ࡼࡿᮏᗑ┤㎄ྲྀᘬࢆ௬⿦ࡍࡿ᜛ពⓗ࡞⛒⛯ᅇ㑊࡬ࡢᠱᛕࡶྵࡲࢀ࡚࠸ࡿࠋ

9᪉ἲࡣࠊ᮲⣙ࡢไ⣙ࡢ୰࡛ᅜෆἲ࡟௵ࡉࢀ࡚࠸ࡿࡢ࡛ࠊእ⛯᥍㝖ࡢࢱ࢖࣑ࣥࢢࡢၥ
㢟࡜ࡋ᳨࡚ウࡍࡿ࡞࡝ᑐᛂࡀồࡵࡽࢀࡿ㡿ᇦ࡛࠶ࢁ࠺ࠋ࢖ ᙺົᥦ౪ྲྀᘬ࡞࡝࡟࠾ࡅࡿᖐᒓ୺⩏ࢆ཯ᫎࡋࡓࢯ࣮ࢫ࣮ࣝࣝࡢୗ࡛ࡢ஧㔜ㄢ⛯ᡃࡀᅜࡀ PE ᡤᅾᆅᅜ࡛࠶ࡿሙྜ࡟ࠊPE ࡢ⫋ဨࡢ▷ᮇฟᙇ࡟㉳ᅉࡍࡿᅜእ࡛Ⓨ⏕ࡍࡿᡤᚓ㸦ᨵṇἲࡢୗ࡛ࡣࠊ⌧⾜ἲ௧ 176 ᮲ 5 㡯࡜ྠᵝ࡟ᅜෆ※Ἠᡤᚓ࡜᫂グࡍࡿ᪉ἲࡀ⪃࠼ࡽࢀࡿ㸧࡟ࡘ࠸࡚ࡢ஧㔜ㄢ⛯ၥ㢟ࡀḟ࡟᳨ウࡍ࡭ࡁㄢ㢟࡜࡞ࡿࠋ஦ᴗά
ື࡟ࡘࡁ AOA ࡟ᇶ࡙ࡃᖐᒓ୺⩏ࢆ᥇ࡿᅜ࡟࠾࠸࡚ᅜእᡤᚓࡀⓎ⏕ࡋࡓሙྜ࡟ࡣࠊ┦ᡭᅜ࡟࠾࠸࡚ࡶᅜෆἲࡢࢯ࣮ࢫ࣮ࣝࣝࡀ AOA ࡟ᇶ࡙ࡁᩚഛࡉࢀ࡚࠸ࡿ㝈ࡾࡣࠊᡃࡀ
ᅜ PE ࡟ᖐᒓࡍࡿᡤᚓ࡜ࡋ࡚ࡢඃඛㄢ⛯ᶒࡀㄆࡵࡽࢀࡿࡣࡎ࡛࠶ࡿࠋᚑࡗ࡚ࠊAOA
ࡢᬑཬࡋࡓᚋ࡟࠾࠸࡚ࡣ஧㔜ㄢ⛯ࡢ㉳ࡇࡿྍ⬟ᛶࡣᑠࡉࡃ࡞ࡿ࡜⪃࠼ࡽࢀࡿࡀࠊ௒
ᚋ⤒㐣ⓗ࡟ࡣࠊձᙜ஦ᅜ࡟࠾ࡅࡿ AOA ࡟༶ࡋࡓࢯ࣮ࢫ࣮ࣝࣝᨵᐃ࡟ࢱ࢖࣒ࣛࢢࡀ࠶
ࡿሙྜࠊղAOA ࣮ࣝࣝࢆ᥇⏝ࡋ࡞࠸➨ 3 ᅜࡀ✌ᚓᆅ࡜࡞ࡿሙྜࠊճAOA ࡟ᇶ࡙ࡃᖐ
ᒓ୺⩏࡟ࡘ࠸࡚␗࡞ࡿゎ㔘ࡀṧࡿሙྜࠊմAOA ࡢ᥇⏝ࡶゎ㔘ࡶྠᵝ࡛࠶ࡿࡀࠊPE ㄆᐃ࡟ᕪ␗ࡀ࠶ࡿ㸦౛࠼ࡤࢧ࣮ࣅࢫ PE ࡢㄆᐃ㸧ሙྜ࡞࡝ࠊ஧㔜ㄢ⛯ࡢࣜࢫࢡࡣṧᏑࡋࡼ࠺ࠋࡑࢀࡽࡢሙྜ࡟ࡣࠊ᭱⤊ⓗ࡟ࡣ஧㔜ㄢ⛯ゎᾘࡢࡓࡵࡢ┦஫༠㆟࡟㢗ࡿ࡯࠿ࡣ࡞࠸
࡜⪃࠼ࡽࢀࡿࠋ࢘ ᅜෆᨭᗑ࡟ᖐᒓࡍࡿᅜእ࡟࠶ࡿ⪅࡟ᑐࡍࡿ㈚௜㔠฼Ꮚ➼ࡢᢞ⼥㈨άື࡟క࠺ᡤᚓ
࡟࠿࠿ࡿ஧㔜ㄢ⛯⌧⾜ἲே⛯ἲ᪋⾜௧ 177 ᮲ 5 㡯࡛ࡣࠊእᅜἲே⛯ࡀㄢࡉࢀࡓሙྜ࡟ࡣᅜෆ※Ἠᡤᚓ࡜ࡣࡋ࡞࠸᪨ࡢつᐃࡀ࠶ࡿࠋࡇࡢつᐃࡣࠊ⌧⾜ἲࡀእᅜἲே࡟ࡘ࠸࡚እᅜ⛯㢠᥍㝖ࢆㄆࡵ࡞࠸ࡇ࡜࡜ࡋ࡚࠸ࡿࡇ࡜࡜㛵㐃ࡋ࡚࠸ࡿ㸦ࡇࡢⅬࡣእ⛯᥍㝖ࡢ㐺⏝ୖࡣᰂ㌾࡟ᅜෆ࣭ᅜእ※Ἠᡤᚓࡢෆᐜࢆ⤌ࡳ᭰࠼ࡿㅖつᐃࡢᏑᅾ࡜ࡶᖹ௎ࡀ࠶ࡗ࡚࠸ࡿ㸧࡜⪃࠼ࡽࢀࡿࠋࡋ࠿ࡋࠊࡑࢀࡣࢯ࣮ࢫ࣮ࣝࣝࡑࡢࡶࡢࢆ᧯సࡍࡿࡶࡢ࡛࠶ࡾࠊ᪤㏙
ࡋࡓ࡜࠾ࡾ AOA ཎ๎࡜ᩚྜࡋ࡞࠸ࠋࡑࡇ࡛ࢯ࣮ࢫ࣮ࣝࣝࡢᨵṇࡀᚲせ࡜ࡉࢀࡿࡀࠊ
ࡇࡢሙྜ࡟Ⓨ⏕ࡍࡿ஧㔜ㄢ⛯ࢆࠊ⌧⾜᪉ᘧ࡜㢮ఝᛶࢆᣢࡘච㝖᪉ᘧ࡛ゎᾘࡍࡿࡢ࠿ࠊ
ᡈ࠸ࡣࠊ᪂ࡓ࡟እᅜἲே࡟ᑐࡍࡿእᅜ⛯㢠᥍㝖ไᗘࢆタࡅࡿ࠿ࡣࠊᨻ⟇ุ᩿ࡢၥ㢟࡜࠸࠼ࡿࠋࡓࡔࡋࠊእᅜᏊ఍♫㓄ᙜ㠀ㄢ⛯࡞࡝ᅜእᡤᚓච㝖ࡢᑐ㇟ࡀᣑ኱ࡋࡘࡘ࠶
ࡿ⌧⾜ἲไୗ࡛ࡣࠊච㝖᪉ᘧࢆ㑅ᢥࡍࡿ࢜ࣉࢩࣙࣥࡶ⪃࠼ࡽࢀࡿ21ࠋ࡜ࡇࢁ࡛ࠊࡇࡢࡼ࠺࡞ᨵṇࢆ⾜ࡗࡓ࡜ࡋ࡚ࡶࠊᮏ㑥ἲேࡢᾏእᨭᗑࡢ஦ᴗᡤᚓ࡟
ࡘ࠸࡚ࠊⱥᅜࡢ 2011 ᖺᨵṇࡢࡼ࠺࡟㑅ᢥⓗච㝖᪉ᘧࢆ┤ࡕ࡟᥇⏝ࡍ࡭ࡁ࡜ࡢ㆟ㄽ࡟┤⤖ࡍࡿࢃࡅ࡛ࡣ࡞࠸ࠋࡋ࠿ࡋࠊOECD ࣔࢹࣝ᮲⣙ࡢ↓ᕪู᮲㡯ࡣࠊᮏ㑥ἲேࡢእᅜ
PE ࡀ㈇ᢸࡍࡿእᅜ⛯࡜እᅜἲேࡢᅜෆ PE ࡢᅜእᢞ⼥㈨άືࡀ㈇ᢸࡍࡿእᅜ⛯࡜ࡢࠊ
21

 ቑ஭Ⰻၨ࣭ᐑᓮ⿱Ꮚࠕᅜ㝿⛒⛯ἲ 2 ∧ࠖ㸦2011 ᮾி኱Ꮫฟ∧఍㸧P.103 ቑ஭ᩍᤵࡣࠊእᅜ⛯㢠᥍㝖᪉ᘧࢆ⸀ࡵ࡚࠾ࡽࢀࡿࠋ☜࠿࡟ࠊᢞ⼥㈨࠿ࡽࡢᡤᚓࢆ㛵㐃⪅㓄ᙜࡢࡼ࠺࡟ච㝖࡟ᣢࡗ࡚࠸ࡃ࠿ࠊ࣏࣮ࢺࣇ࢛
ࣜ࢜ᡤᚓ࡟㏆࠸࡜ࡳ࡚እ⛯᥍㝖࡟ᣢࡗ࡚࠸ࡃ࠿ࡣ஧㔜ㄢ⛯ㄪᩚไᗘ඲యࡢࣂࣛࣥࢫࡢ୰᳨࡛ウࡍ࡭ࡁ࠿ࡶࡋࢀ࡞࠸ࠋ

10እᅜ⛯㢠᥍㝖ࡢ㐺⏝ୖࡢᕪูࢆ⚗ࡌ࡚࠸ࡿ22ࠋࡋࡓࡀࡗ࡚ࠊࢺࣛ࢖࢔ࣥࢠ࣮ࣗࣛࢣ࣮
ࢫ࡟ࡘ࠸࡚ࠊච㝖᪉ᘧࢆ᥇⏝ࡋ࡚஧㔜㸦୕㔜㸧ㄢ⛯ࢆ㜼Ṇࡍࡿᐇົⓗ࡞ゎỴࡣࠊᑗ᮶ⓗ࡟ࡣ⛒⛯᮲⣙ࡢ᢬ゐࡢほⅬ࠿ࡽࡣࢩ࣓ࣥࢺ࣮ࣜ࡞ゎỴ⟇࡟ࡍࡿᚲせࡀ࠶ࢁ࠺ࠋ
ࡑࡢព࿡࡛ࡣࠊᾏእᨭᗑࡢ✌ᚓᡤᚓ࡟ᑐࡍࡿ୍⯡ⓗ࡞ච㝖᪉ᘧࡶࠊᑡ࡞ࡃ࡜ࡶ⌮ㄽୖࡣࠊ௒ᚋࡢᨻ⟇㑅ᢥ⫥࡜ࡋ࡚⪃៖ࡍ࡭ࡁࡶࡢ࡜⪃࠼ࡿ23ࠋ㸴 ᮏ◊✲࡟ᇶ࡙ࡃ௒ᚋࡢලయⓗᥦゝࡢ᪉ྥᛶᮏ୰㛫ሗ࿌࡛ࡣࠊ㟷ᒣࠊὸጔࠊ୍㧗ࡢ 3 ྡ࡟ࡼࡾࠊ1 ᖺᚋ࡟᭱⤊ⓗ࡞⛯ไᨵṇ㡯┠ࡢᩚ⌮ࢆࡍࡿୖ࡛ࡢணഛⓗ࡞᳨ウࢆ⾜ࡗࡓࠋᚑࡗ࡚ࠊᮏሗ࿌᭩࡛ࡢㄽⅬᩚ⌮ࡣᚲࡎࡋࡶ≉ᐃࡢᨻ⟇ᥦゝ࡟⤠ࡾ㎸ࢇࡔࡶࡢ࡜ࡣᮍࡔ࡞ࡗ࡚࠸࡞࠸ࠋ
ࡓࡔࡋࠊ◊✲఍࡛ࡢ㆟ㄽ࡟㝿ࡋ࡚௻ᴗഃࡢጤဨ࠿ࡽࡣࠊᮏ㑥௻ᴗࡢᾏእ࡛ࡢ PE ㄆᐃ࡟ᇶ࡙ࡃㄢ⛯ࣜࢫࢡ࡟ࡘࡁࠊ⧞ࡾ㏉ࡋ῝้࡞ᠱᛕࡀᥦ㉳ࡉࢀ࡚࠸ࡿࠋࡍ࡞ࢃࡕࠊOECD ຍ┕ᅜ࡟࠾࠸࡚ࡣࠊAOA ࡟ᇶ࡙ࡃ㈨ᮏ㓄㈿࡟క࠺ෆ㒊ྲྀᘬࡢㄆᐃ➼ࡢᙳ㡪ࡀ࡝ࡢࡼ࠺࡟ලయ
໬ࡍࡿࡢ࠿࡜࠸࠺ᠱᛕ࡛࠶ࡾࠊ௚᪉࢔ࢪ࢔ᕷሙ࡛ࡢ㠀 OECD ຍ┕ᅜ࡟࠾࠸࡚ࡣࠊAOA ࡟ᑐࡋ࡚ OECD ࡜୍⥺ࢆᘬࡁᅜ㐃ࣔࢹࣝ➼ࢆ⌮ㄽⓗࡼࡾ࡝ࡇࢁ࡜ࡍࡿࡇ࡜ࢆ෌☜ㄆࡋ࡚࠸ࡿ᪂⯆ᅜࢆ୰ᚰ࡜ࡋࡓ PE ㄢ⛯ᙉ໬㸦※Ἠᆅᅜㄢ⛯ᶒࡢᣑᙇ㸧࡬ࡢᠱᛕ࡛࠶ࡿࠋ
ࡑࡢࡼ࠺࡞≧ἣࢆ๓ᥦ࡟ࡍࡿ࡜ࠊᖐᒓ୺⩏࡬ྥࡅࡓᅜෆἲᨵṇࡢ᳨ウࡣࠊձOECD ࣔࢹࣝ᮲⣙ࡢ AOA ཎ๎࡟ేࡏࡓᨵṇࡀᮏ㑥࡛࡝ࡢࡼ࠺࡞⛯཰ຠᯝࢆࡶࡓࡽࡍࡢ࠿࡜࠸࠺ᮏ᮶
ࡢ⛯ไᨵṇࡢどⅬࡔࡅ࡛ࡣ࡞ࡃࠊղ㠀 OECD ㅖᅜ࠿ࡽࡢ PE ㄢ⛯ᨷໃ➼࡟ᑐࡋ࡚ຠᯝⓗ࡞ࡅࢇไຠᯝࢆཬࡰࡍࡓࡵ࡟ࡣࠊᡃࡀᅜ࡜ࡋ࡚ᅜෆἲไ࡜᮲⣙ࢆ࡝ࡢࡼ࠺࡟ᵓᡂࡍࡿࡇ࡜
ࡀᮃࡲࡋ࠸ࡢ࠿࡜࠸࠺ࠊᐇ㊶ⓗ࡞どⅬࡶᚲせ࡜ࡉࢀࡿ࡜⪃࠼ࡿࠋᮏࣉࣟࢪ࢙ࢡࢺࡢ 2 ᖺ┠࡟࠾࠸࡚ࡣࠊᨵṇᅜෆἲࡢᇳ⾜ࡸ௒ᚋࡢ᮲⣙஺΅ࠊ᭦࡟ࡣࡑ
ࡢୗ࡛Ⓨ⏕ࡍࡿ࡜᝿ᐃࡉࢀࡿಶูㄢ⛯஦᱌ࡢ⣮தゎỴࡢሙ㠃ࡶ᝿ᐃࡋࡓ࠺࠼࡛ࠊලయⓗ࡞ไᗘタィࢆ⾜࠺ࡇ࡜࡜ࡋࡓ࠸ࠋᚑࡗ࡚ࠊ௻ᴗഃጤဨ࠿ࡽࡢ᭦࡞ࡿ࢖ࣥࣉࢵࢺࡀຍࢃࡿ
ணᐃ࡛࠶ࡿࠋ

22
23

 OECD ࣔࢹࣝ᮲⣙ 24 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 67ࠋ ణࡋࠊࡶࡋච㝖᪉ᘧ࡛ࢩ࣓ࣥࢺࣜࢵࢡ࡞ྲྀᢅ࠸ࢆࡍࡿሙྜ࡟ࡣࠊⱥᅜࡢ 2011 ᖺᨵṇࡀᑐᛂࡋࡓࡼ࠺࡟ࠊ
CFC ⛯ไࡢᾏእᨭᗑ࡬ࡢ㐺⏝ࡀᚲ㡲࡜⪃࠼ࡿࠋ11➨㸰❶ 2010 ᖺ⛯ㄪཬࡧࢧ࣮ࣂ࣮PE ࢆࡁࡗ࠿ࡅ࡜ࡋࡓ඲ᡤᚓ୺⩏࠿ࡽᖐᒓᡤ
ᚓ୺⩏࡬ࡢ⛣⾜࡟㛵ࡍࡿ⪃ᐹὸጔ ❶ዴ㸯 ᗎㄽ1ᮏ✏ࡣࠊ᪥ᮏࡢᅜ㝿⛒⛯ᨻ⟇ࡢ᰿ᖿࡢ୍ࡘ࡛࠶ࡿ඲ᡤᚓ୺⩏㸦⥲ྜ୺⩏࡜࿧ࡪࡇ࡜ࡶ

࠶ࡿ㸧࡟ࡘ࠸࡚ࠊOECD ࣔࢹࣝ⛒⛯᮲⣙࡟ೌ࠸ᖐᒓᡤᚓ୺⩏㸦ᖐᒓ୺⩏࡜࿧ࡪࡇ࡜ࡶ࠶ࡿ㸧࡟⛣⾜ࡍ࡭ࡁ࠿࡟㛵ࡍࡿ⥲ㄽⓗ⪃ᐹࢆࠊ࢔࣓ࣜ࢝ἲ࡜ẚ㍑ࡋࡘࡘヨࡳࡿࡶࡢ࡛࠶ࡿࠋ඲
ᡤᚓ୺⩏࠿ࡽᖐᒓᡤᚓ୺⩏࡬⛣⾜ࡍ࡭ࡁ࠿࡜࠸࠺㆟ㄽࡣ᪂ࡋ࠸ࡶࡢ࡛ࡣ࡞࠸ࡀࠊ௒ᩒ࠼
࡚ࡇࡢၥ㢟ࢆྲྀࡾୖࡆࡿዎᶵࡣ୺࡟஧ࡘ࠶ࡿࠋ
➨୍ࡣࠊ2010 ᖺ㸦ᖹᡂ 22 ᖺ㸧ࡢ⛯ไㄪᰝ఍ᑓ㛛ᐙጤဨ఍ࡢ㆟ㄽࡢ୰࡛ࠊ඲ᡤᚓ୺⩏࠿ࡽᖐᒓᡤᚓ୺⩏࡬ࡢ⛣⾜࡟ࡘ࠸࡚ゝཬࡀ࠶ࡗࡓࡇ࡜࡛࠶ࡿ2ࠋ➨஧ࡣࠊ⛒⛯᮲⣙㠀⥾⤖ᅜ࠿ࡽࡢᢞ㈨࡟㛵ࡋࠊ᪥ᮏ࡛ࢧ࣮ࣂ࣮PE ࡀㄆᐃࡉࢀࡿ࠿ࡶࡋࢀ࡞࠸ࠊ࡜࠸࠺ලయⓗ࡞ၥ㢟ࡀ⏕ࡌ࡚࠸ࡿࡇ࡜࡛࠶ࡿࠋ
ᮏ✏ࡢᵓᡂࡣḟࡢ㏻ࡾࠋ㸰࡜ࡋ࡚ࠊ᪥ᮏࡢᡤᚓ⛯ἲ 164 ᮲㸦ἲே⛯ἲ 141 ᮲ࡶྠ᪨㸧ࡀ᥇⏝ࡍࡿ඲ᡤᚓ୺⩏࡟ࡘ࠸࡚ࠊ⡆༢࡟ᩚ⌮ࡍࡿࠋ㸱࡜ࡋ࡚ࠊࢧ࣮ࣂ࣮PE ၥ㢟࡟ゐࢀࡿࠋ㸲࡜ࡋ࡚ࠊࢧ࣮ࣂ࣮PE ၥ㢟࡟ᑐฎࡍࡿࡓࡵࡢࠊ❧ἲㄽ௨እࡢ᪉ἲࢆ⪃࠼ࡿࠋ㸳࡜ࡋ࡚ࠊ஧᪉ྥࡢ❧ἲㄽࢆ⪃࠼ࡿࠋPE ࡢᐃ⩏࡟ᡭࢆࡘࡅࡿ࠿ࠊ඲ᡤᚓ୺⩏࡟ᡭࢆࡘࡅࡿ࠿࡜࠸࠺
஧ࡘࡢ᪉ྥ࡛࠶ࡿࠋ㸴࡜ࡋ࡚ࠊ࢔࣓ࣜ࢝ࡀ඲ᡤᚓ୺⩏࠿ࡽᐇ㉁ⓗ㛵㐃୺⩏࡟⛣⾜ࡋࡓ᫬࡜ࠊ௒ࡢ᪥ᮏࡢၥ㢟࡜ࢆẚ㍑ࡍࡿࠋ㸵࡜ࡋ࡚ࠊ඲ᡤᚓ୺⩏࠿ࡽᖐᒓᡤᚓ୺⩏࡟⛣⾜ࡍࡿ࡜ࡋࡓሙྜ࡟ண᝿ࡉࢀࡿၥ㢟࡟ࡘ࠸࡚⪃ᐹࡍࡿࠋ࡞࠾ࠊࡇࡇ࡛ண᝿ࡉࢀࡿၥ㢟ࡢ࠺ࡕࠊྛㄽ࡜ࡋ࡚㈝⏝ࡢ㓄㈿࡟ࡘ࠸࡚ࡣࠊ୍㧗㱟ྖㄽᩥ㸦28 㡫௨ୗཧ↷㸧ࡀ⪃ᐹࡍࡿࠋ㸰 ᖐᒓᡤᚓ୺⩏࡜඲ᡤᚓ୺⩏㸦㸯㸧※Ἠᆅᅜㄢ⛯ᶒࡢ 3 ࡘࡢ㛵㛛Ṥ࡝ࡢᅜࡀᒃఫ⪅ࡢᡤᚓ࡟ࡘ࠸࡚ࡣ↓ไ㝈࡟⣡⛯⩏ົࢆㄢࡍ㸦ణࡋἲேᡤᚓㄢ⛯ࡢᩥ⬦࡛ࡣᅜእᡤᚓච⛯ࡢὶࢀࡶᙉࡲࡾࡘࡘ࠶ࡿ㸧୍᪉ࠊ㠀ᒃఫ⪅࡟ㄢ⛯ࡍࡿ㝿࡟ࡣ୺
࡟ 3 ࡘࡢ㛵㛛㸦※Ἠ࣭㜈್࣭⠊ᅖ㸧ࡀ࠶ࡿࠋᅜෆ࡟※Ἠࢆ᭷ࡍࡿᡤᚓ࡛࠶ࡿ࠿࡜࠸࠺

1 ᮏ✏ࡢㄢ㢟࡟ࡘ࠸࡚ࠊࢺࣛࢫࢺ 60 ࡟࠾ࡅࡿ◊✲఍㸦୰㔛ᐇᗙ㛗㸧ࠊཬࡧ⛯ົ኱Ꮫᰯ࡟࠾ࡅࡿ◊✲఍࡛
ࡶࠊᵝࠎ࡞♧၀ࢆ㡬࠸ࡓࠋឤㅰ⏦ࡋୖࡆࡿࠋࡑࢀ࡛ࡶ࡞࠾ṧࡿᮏ✏ࡢㄗࡾࡢ㈐ࡣὸጔ࡟ᖐࡍࡿࠋ᭦࡟ࠊ
ᮏ✏ࡢⲡ✏ࢆ᭩࠸ࡓᚋࠊ◊✲఍࡟ࡘ࠸࡚ࡶᗄࡘ࠿㈗㔜࡞ࡈᣦ᦬ࢆ㈷ࡗࡓࡢ࡛ࠊࡑࢀ࡟ࡘ࠸࡚ࡶ㐺ᐅゐࢀ࡚࠸ࡁࡓ࠸ࠋ࡞࠾ࠊ࠶࠸࡟ࡃᮏ✏ࡣ࢖ࣥࣂ࢘ࣥࢻ࡟ࡘ࠸࡚ࡢㄢ⛯ࡢ࠶ࡾ᪉ࢆㄽࡌ࡚࠸ࡿࡓࡵࠊ࢔࢘ࢺࣂ
࢘ࣥࢻࡢᢅ࠸ࡀㄢ㢟࡜࡞ࡿከࡃࡢ᪥ᮏ௻ᴗ࡟࡜ࡗ࡚㛵ᚰࡢⓗ࡜ࡣ࡞ࡾ࡟ࡃ࠸ࠋࡉࡣࡉࡾ࡞ࡀࡽࠊᮏ◊✲఍࡟࡚እ㈨⣔࡜᥋Ⅼࡢ࠶ࡿ᪉ࡢ࠾ヰࢆఛ࠺ᶵ఍ࡶ࠶ࡗࡓࡢ࡛ࠊ
࠙᪥ᮏࡢᅜෆἲࢆᩥᏐ㏻ࡾ࡟ゎ㔘㐺⏝ࡋ࡚࠸ࡃ࡜ࡇࢇ࡞ᜍࢀࡀ࠶ࡿࠊࡔ࠿ࡽ‫ࡓࡗ࠸࡜ۑۑ‬ᨵṇࢆ⪃࠼ࡿࡇ࡜࡟ࡣ࡜࠸࠺ព࿡ࡀ࠶ࡿࠚ࡜࠸ࡗࡓ
ㄽⅬᩚ⌮ࢆᮏ✏࡛ࡸࡗ࡚࠸ࡁࡓ࠸ࠋ
2 ᖹ ᡂ 22 ᖺ 11 ᭶ 9 ᪥ ⛯ ไ ㄪ ᰝ ఍ ᑓ 㛛 ᐙ ጤ ဨ ఍ ࠕ ᅜ 㝿 ㄢ ⛯ ࡟ 㛵 ࡍ ࡿ ㄽ Ⅼ ᩚ ⌮ ࠖ 11 㡫 ཧ ↷ ࠋ
http://www.cao.go.jp/zei-cho/gijiroku/zeicho/2010/__icsFiles/afieldfile/2010/11/24/22zen8kai10.pdf
http://www.cao.go.jp/zei-cho/etc/2010/__icsFiles/afieldfile/2010/11/18/221109houkoku.pdf

12

※Ἠࡢၥ㢟ࠊᜏஂⓗ᪋タ㸦PE㸧➼ࡢ୍ᐃ್ࢆ㉸࠼࡚࠸ࡿ࠿࡜࠸࠺㜈್ࡢၥ㢟㸦PE ࡢせ௳࡟↷ࡽࡏࡤࠊᜏஂᛶ➼ࡢ✚ᴟせ௳ࡀㄆࡵࡽࢀࡿ࠿࡜࠿ࠊ‽ഛⓗ࣭⿵ຓⓗάື➼ࡢᾘᴟせ௳࡟ᙜࡓࡽ࡞࠸࠿࡜࠿࠸ࡗࡓၥ㢟3㸧ࠊࡑࡋ࡚※Ἠ࣭㜈್ࡢၥ㢟ࢆࢡࣜ࢔ࡋ࡚࠸ࡿሙ
ྜ࡛࠶ࡗ࡚ࡶࠊᡤᚓࡢ࠺ࡕ࡝ࡇࡲ࡛ࡀㄢ⛯ᑐ㇟࡜࡞ࡿ࠿࡜࠸࠺ᡤᚓࡢ⠊ᅖࡢၥ㢟㸦ᖐᒓᡤᚓ࠿඲ᡤᚓ࠿ࡢၥ㢟㸧ࡀ࠶ࡿࠋ㸦㸰㸧ᖐᒓᡤᚓ୺⩏ࢻ࢖ࢶἲࢆ⠊࡜ࡍࡿ OECD ࣔࢹࣝ⛒⛯᮲⣙ࡢୗ࡛ࡣࠊᴫࡡᖐᒓᡤᚓ୺⩏ࡢ⪃࠼᪉ࡀ᥇ࡽࢀ࡚࠾ࡾࠊࡇࡇ࡛ࡣ๓㏙ࡢ 3 ࡘࡢ㛵㛛ࡀ୍Ẽ࡟Ỵࡏࡽࢀࡿࠋ㠀ᒃఫ⪅ࡀᅜෆ࡟ᜏ
ஂⓗ᪋タࢆ᭷ࡍࡿ࡜࠸࠺㜈್ࢆ㉸࠼࡚࠸ࡿሙྜ࡟ࠊᙜヱᜏஂⓗ᪋タ࡟ᖐᒓࡍࡿᡤᚓࡀ
ᅜෆ※Ἠᡤᚓ࡜ࡋ࡚ᢅࢃࢀࠊࡑࡋ࡚ࡑࡢ⠊ᅖࡢᡤᚓࡀ※Ἠᆅᅜ࡛ࡢㄢ⛯ᑐ㇟࡜࡞ࡿࠋ
OECD ࣔࢹࣝ⛒⛯᮲⣙ࢆぢࡿ࡜ࠊ㓄ᙜ࣭฼Ꮚ➼ࡢ㈨ᮏᡤᚓࡣูㄽ࡜ࡋ࡚ࠊ஦ᴗ฼ᚓ࡟ࡘ
࠸࡚ࡣᡤᚓ※ἨࡢỴᐃᇶ‽ࡀ↓࠸ࡇ࡜ࡀศ࠿ࡿࠋࡇࢀࡣࡘࡲࡾࠊ※Ἠ࣮ࣝࣝ㸦ࢯ࣮ࢫ࣮ࣝࣝ㸧ࢆ⛒⛯᮲⣙ࡢ୰࡟つᐃࡋ࡚※Ἠᆅᅜࡢㄢ⛯ᶒࢆ⦡ࡿ࡜࠸࠺Ⓨ᝿ࡀ࡞ࡃࠊ※Ἠᆅᅜࡢㄢ⛯ᶒࢆ⦡ࡿࡶࡢࡀᜏஂⓗ᪋タࡢ᭷↓ࡑࡋ࡚ࡑࡇ࡬ࡢᖐᒓ࡟㞟⣙ࡉࢀ࡚࠸ࡿࡇ
࡜ࢆ♧ࡍࠋ㸦㸱㸧඲ᡤᚓ୺⩏࡜ force of attraction
1966 ᖺ௨๓ࡢ࢔࣓ࣜ࢝ἲࢆ⠊࡜ࡋ⌧ᅾࡢ᪥ᮏࡀ᥇⏝ࡋ࡚࠸ࡿ඲ᡤᚓ୺⩏ࡢୗ࡛ࡣࠊ
㜈್ࡇࡑ OECD ࣔࢹࣝࢆ⠊࡜ࡋ࡚ᜏஂⓗ᪋タᴫᛕࢆ᥇⏝ࡋ࡚࠸ࡿࡶࡢࡢ4ࠊᡤᚓ※Ἠࡢุᐃ࡜ᜏஂⓗ᪋タࡢ᭷↓ཬࡧࡑࡇ࡬ࡢᖐᒓࡢุᐃࡀࠊูࠎ࡟࡞ࡉࢀࡿ࡜࠸࠺ᵓ㐀ࡀ࠶ࡿࠋ஧ྕ PE5࣭୕ྕ PE㸦௦⌮ே PE㸧6࡟㛵ࡋ࡚ࡣᴫࡡᖐᒓᡤᚓ୺⩏࡟㏆࠸ㄢ⛯⤖ᯝ7࡜࡞ࡿࡀࠊ୍ྕ PE8࡟ࡘ࠸࡚ࡣㄢ⛯ᡤᚓࡢ⠊ᅖࡀᜏஂⓗ᪋タ࡟ᖐᒓࡍࡿᡤᚓ࡟㝈ᐃࡉࢀࡎࠊᅜෆ࡟※Ἠࡢ࠶ࡿᡤᚓࡀ඲࡚ᜏஂⓗ᪋タࡢୗ࡛ㄢ⛯࡟᭹ࡍ9ࠋ3

 ᜏஂⓗ᪋タᴫᛕࢆ㠀ᒃఫ⪅ㄢ⛯ࡢせ௳࡜ࡋ࡞࠸࢔࣓ࣜ࢝ἲ࡛ࡣࠊ࢔࣓࡛ࣜ࢝ࠕtrade or businessࠖࢆႠࢇ࡛࠸ࡿ࠿ࠊࡀ㜈್࡜࡞ࡿࠋ䭕 4 ཧ↷ࠋ
4 ᑬࡶࠊ࢔࣓ࣜ࢝ἲࡀ᥇⏝ࡋ࡚࠸ࡿ㜈್ࡢࠕtrade or businessࠖᴫᛕ࡟ࡋ࡚ࡶࠊᅛᐃ஦ᴗᡤ㸦office or otherfixed place of business㸧ࡢᏑྰࡀỴࡵᡭ࡜࡞ࡿࡇ࡜ࡀከࡃࠊᜏஂⓗ᪋タᴫᛕ࡜኱ࡁࡃ␗࡞ࡗ࡚࠸ࡿࢃࡅ࡛ࡣ࡞࠸ࠋ5
 ᡤᚓ⛯ἲ 164 ᮲ 1 㡯 2 ྕ㸸ᘓタ➼ࠋOECD ࣔࢹࣝ⛒⛯᮲⣙ 5 ᮲ 3 㡯࡟㢮ఝࠋ
6
 ᡤᚓ⛯ἲ 164 ᮲ 1 㡯 3 ྕ㸸௦⌮ேࠋOECD ࣔࢹࣝ⛒⛯᮲⣙ 5 ᮲ 5 㡯࡟㢮ఝࠋ
7
 ᴫࡡ㹼㏆࠸ࠊ࡛࠶ࡗ࡚ࠊ᏶඲࡟ᖐᒓᡤᚓ୺⩏࡜୍⮴ࡍࡿࢃࡅ࡛ࡣ࡞࠸ࡀࠊᮏ✏࡛ࡇࡇ࡟῝ධࡾࡍࡿព
⩏ࡣᑠࡉ࠸ࡢ࡛๭ឡࡍࡿࠋ
8 ᡤᚓ⛯ἲ 164 ᮲ 1 㡯 1 ྕ㸸ᨭᗑ➼ࠋOECD ࣔࢹࣝ⛒⛯᮲⣙ 5 ᮲ 1 㡯࡟㢮ఝࠋ
9 ඲ᡤᚓ୺⩏࡟ࡘ࠸࡚ࡣࠊ2012 IFA Boston Congress ࡢ Subject 1: Enterprise services ࡜ࡋ࡚㸦୺࡟࢖ࣥࣂ࢘
ࣥࢻࡢ㸧ࢧ࣮ࣅࢫྲྀᘬ࡟㛵ࡍࡿㄢ⛯ၥ㢟ࢆ Japan branch report ࡜ࡋ࡚ὸጔࡀ᭩ࡃணᐃ࡛࠶ࡿࡢ࡛ࠊࡑࡕࡽ
ࡶཧ↷࠸ࡓࡔࡁࡓ࠸ࠋ௨ୗࡢ⾲ࢆ♧ࡍணᐃ࡛࠶ࡿࠋ

13ᡈࡿᜏஂⓗ᪋タ࡟ᖐᒓࡋ࡞࠸᪥ᮏᅜෆ※Ἠᡤᚓ㸦౛࠼ࡤ㠀ᒃఫ⪅௻ᴗᮏᗑࡢ┤ྲྀᘬ࡟ࡼࡿᅜෆ※Ἠᡤᚓ㸧ࡣࠊᙜヱᡤᚓࢆ✌ᚓࡍࡿ㠀ᒃఫ⪅ࡀ᪥ᮏᅜෆ࡟ᜏஂⓗ᪋タࢆ᭷ࡋ࡞࠸ሙྜ࡟ࡣ᪥ᮏ࡛ㄢ⛯ࡉࢀ࡞࠸㸦㓄ᙜ࣭฼Ꮚ➼࡟ಀࡿ※Ἠᚩ཰ㄢ⛯ࡣูㄽ㸧ࠋ௚᪉ࠊᙜヱ㠀ᒃఫ⪅ࡀ᪥ᮏᅜෆ࡟ᜏஂⓗ᪋タࢆ᭷ࡍࡿሙྜ࡟ࡣࠊᙜヱᜏஂⓗ᪋タ࡟྾ᘬࡉࢀ
࡚᪥ᮏ࡛ㄢ⛯ᑐ㇟࡟ྵࡵࡽࢀࡿࠋࡇࡢែᵝࢆࠕforce of attractionࠖ㸦྾ᘬຊ㸧࡜࿧ࡪࡇ࡜
ࡶ࠶ࡿࠋᙜヱᡤᚓ࡜㛵㐃ࡋ࡞࠸஦㇟࡟ࡼࡗ࡚ㄢ⛯ࡉࢀࡓࡾࡉࢀ࡞࠿ࡗࡓࡾࡍࡿࡢࡣ࠾
࠿ࡋ࠸࡜࠸࠺ᢈุࡶ࠶ࡾ࠼࡞࠸࡛ࡣ࡞࠸ࡀࠊ⌧⾜ἲ࡟ᩚྜⓗ࡞ㄝ᫂࡜ࡋ࡚ࡣࠊᮏ᮶ᅜ
ෆ※Ἠᡤᚓࡣᐇయⓗ࡟඲࡚ㄢ⛯࡟᭹ࡍ࡭ࡁ࡛࠶ࡿ࡜ࡇࢁᜏஂⓗ᪋タࡀ࡞࠸ሙྜ࡟ᡭ⥆ⓗ⪃៖࠿ࡽㄢ⛯ࢆ᥍࠼࡚࠸ࡿࡔࡅ࡞ࡢ࡛ࠊࡑ࠺ࡋࡓᡭ⥆ⓗ⪃៖ࢆࡋ࡞ࡃ࡚ࡼ࠸ሙ㠃࡛ࡣཎ๎࡟ᡠࡗ࡚ㄢ⛯ࡋ࡚࠸ࡿࡢ࡛࠶ࡿࠊ࡜࠸ࡗࡓㄝ᫂࡟࡞ࢁ࠺10ࠋ᪥ᮏࡢᅜෆἲ࡟ࡘ࠸࡚ࠊ୍ᛂࡢㄝ᫂ࡣ❧ࡘࡶࡢࡢࠊOECD ࣔࢹࣝࡣᖐᒓᡤᚓ୺⩏ࢆ๓ᥦ࡜ࡋࠊ࠿ࡘ᪥ᮏࡶ⛒⛯᮲⣙ࡀ㐺⏝ࡉࢀࡿሙ㠃࡛ࡣᖐᒓᡤᚓ୺⩏࡟ἢࡗࡓ㐠⏝࡜࡞ࡿࡢ࡛ࠊ᪥ᮏࡢᅜෆἲࡶ OECD ࣔࢹࣝ࡟ೌࡗ࡚ᖐᒓᡤᚓ୺⩏࡟䬘࠼ࡿ࡭ࡁ࡛࠶ࡿ࡜࠸࠺
㆟ㄽࡣࠊ௒࡟ጞࡲࡗࡓࡶࡢ࡛ࡣ࡞࠸ࠋࡋ࠿ࡋࠊᏛ⪅ࣞ࣋ࣝࡢ㆟ㄽ࡜ࡋ࡚ࡣᏑᅾࡋ࡚࠸
࡚ࡶࠊᐇົࣞ࣋ࣝ࡟࠾࠸࡚ࡣᐇ⌧ࡢᶵ㐠ࡣ࡞࠿࡞࠿㧗ࡲࡗ࡚ࡇ࡞࠿ࡗࡓࡢ࡛ࡣ࡞࠸࠿࡜ぢཷࡅࡽࢀࡿ11ࠋࡑࡢཎᅉࡣࠊ᪥ᮏࡀ㛵ࢃࡿṤ࡝ࡢᅜ㝿ྲྀᘬࡣ⛒⛯᮲⣙ୗࡢᖐᒓᡤᚓ
୺⩏࡟᭹ࡍࡿࡢ࡛ࠊ඲ᡤᚓ୺⩏ࡣつᐃࡉࢀ࡚ࡣ࠸ࡿࡶࡢࡢᐇົୖ࠶ࡲࡾ኱ࡁ࡞ᙳ㡪ࢆᣢࡓ࡞࠿ࡗࡓࡇ࡜࡟࠶ࢁ࠺ࠊ࡜᥎

ࡉࢀࡿࠋࡋ࠿ࡋෑ㢌࡛㏙࡭ࡓ㏻ࡾ 2010 ᖺࡢ⛯ㄪ࡛඲ᡤᚓ୺⩏࠿ࡽᖐᒓᡤᚓ୺⩏࡬ࡢ⛣⾜ࡢၥ㢟ࡀゝཬࡉࢀࡓ㸦䭕 2㸧
ࠋ᭦࡟ࠊ3 ࡛㏙࡭ࡿࡼ࠺࡟ࢧ࣮ࣂ࣮PE ㄆᐃ࡜ㄢ⛯ᡤᚓࡢ⠊ᅖ࡜࠸࠺ලయⓗ࡞ၥ㢟ࡶ⾲ࢀ࡚ࡁࡓࠋ

  Nexus for source tax jurisdiction of domestic tax law is as follows:
type of nonresidents
thresholdcomprehensive taxation
Art. 164(1)(i)PE as thresholdfull force of attraction
branch PEs
Art. 164(1)(ii)
PE as threshold
limited force of attraction
construction PEs
Art. 164(1)(iii)
PE as threshold
limited force of attraction
agent PEs
Art. 164(1)(iv)
personal service income
half of thresholdno PEstaxation without a PE
10

income of Art. 164(2)no separate taxation
separate taxation on grossincomeseparate taxation on grossincomeseparate taxation on grossincome ࡇ࠺ࡋࡓព࿡࡛ࠊᪧ࢔࣓ࣜ࢝ἲ࡟ࡘ࠸࡚ force of attraction㸦඲ᡤᚓ୺⩏㸧࡜࿧ࡪࡢࡣࠊ୙㐺ษ࡛࠶ࡿ࡜
࠸࠺ᣦ᦬ࡶࡉࢀ࡚ࡁࡓ࡜ࡇࢁ࡛࠶ࡿࠋ㇂ཱྀໃὠኵࠕእᅜ௻ᴗㄢ⛯࡟㛵ࡍࡿᖐᒓᡤᚓ୺⩏࡜඲ᡤᚓ୺⩏㸦1
㹼2࣭᏶㸧ࠖ⛯ἲᏛ 389 ྕ 1 㡫ࠊ390 ྕ 1 㡫㸦1983㸧ࠊ(2) 7-8 㡫ࠋࡀࠊforce of attraction㸦྾ᘬຊ࣭඲ᡤᚓ୺
⩏㸧ࡣ㏻ࡾࡀࡼ࠸ࡢ࡛ࠊᮏ✏࡛ࡶࡇࡢ⾲⌧ࢆ⏝࠸⥆ࡅࡿ㸦force of attraction ࡟ᑐࡍࡿᢈุⓗ࡞ព࿡ࢆ㎸ࡵࡎ࡟㸧ࡇ࡜ࢆࠊ࠾チࡋ࠸ࡓࡔࡁࡓ࠸ࠋ
11
 1990 ᖺ௦ᚋ༙ࠊ⚾ࡀᏛ㒊⏕ࡢ᫬࡟ཷㅮࡋࡓ୰㔛ᐇᩍᤵࡢㅮ⩏࡟࠾࠸࡚ࡶࠊ᪥ᮏᅜෆἲࡢ␗㉁ᛶࡣᣦ᦬
ࡉࢀ࡚࠸ࡓࡀ㸦௒࠿ࡽᛮ࠸㏉ࡍ࡜ึᏛ⪅ࡢᏛ㒊⏕࡟⫈࠿ࡏࡿࡼ࠺࡞ࣞ࣋ࣝࡢၥ㢟࠿࡜࠸࠺Ẽࡶࡍࡿࡀࠊ
ࡑࢀࡣ୰㔛ᩍᤵࡢ⇕ࡉᨾ࡛࠶ࢁ࠺㸧ࠊࡑࢀࡼࡾ௨๓ࡢ㞺ᅖẼ࡟ࡘ࠸࡚ࡣ௨๓ࡢㄽᩥ➼ࢆ࿧ࢇ࡛᝿ീࡍࡿࡋ
࠿࡞࠸ࠋ

14

㸱 ࢧ࣮ࣂ࣮PE ၥ㢟㠀ᒃఫ⪅ࡀ᪥ᮏᅜෆᡤᅾࡢࢧ࣮ࣂ࣮ࢆ㏻ࡌ࡚ྲྀᘬࢆࡍࡿ࡜ࠊᙜヱࢧ࣮ࣂ࣮ࡀᜏஂⓗ᪋タ࡟ヱᙜࡍࡿྍ⬟ᛶࡀ࠶ࡿࠋ⮬ື㈍኎ᶵࡸࢤ࣮࣒ᶵࡀᜏஂⓗ᪋タ࡟ヱᙜࡋ࠺ࡿࡇ࡜࡜ྠ
ᵝ࡟ࠊࢧ࣮ࣂ࣮ࢆ㏻ࡌ࡚⾜ࢃࢀ࡚࠸ࡿᴗົࡀ‽ഛⓗ⿵ຓⓗάືࡢ⠊ᅖ12࡟࡜࡝ࡲࡽ࡞࠸ࡶ
ࡢ࡛࠶ࢀࡤࠊᙜヱࢧ࣮ࣂ࣮ࡣᜏஂⓗ᪋タ࡟ヱᙜࡋ࠺ࡿࠋࡇࢀࢆࢧ࣮ࣂ࣮PE ࡜࿧ࡪࡇ࡜࡜
ࡍࡿࠋ᪥ᮏ࡜⛒⛯᮲⣙ࢆ⥾⤖ࡋ࡚࠸ࡿᅜࡢἲேࡀ᪥ᮏᅜෆ࡟ࢧ࣮ࣂ࣮PE ࢆ᭷ࡍࡿ࡜ㄆᐃࡉࢀ
ࡿࡇ࡜ࡀ࠶ࡿ࡜ࡋ࡚ࡶࠊㄢ⛯ᡤᚓࡢ⠊ᅖࡣᙜヱࢧ࣮ࣂ࣮PE ࡟ᖐᒓࡍࡿᡤᚓࡔࡅ࡛࠶ࡿࠋ
1990 ᖺ௦࡟࠾࠸࡚ࡣࢧ࣮ࣂ࣮➼ࡀ PE ࡟ヱᙜࡍࡿྍ⬟ᛶ࡟ࡘ࠸࡚῝้どࡉࢀ࡚࠸ࡓࡼ࠺࡟ぢཷࡅࡽࢀࡿࡀ13ࠊ㟁Ꮚၟྲྀᘬ࡟㛵ࡍࡿᜏஂⓗ᪋タㄆᐃၥ㢟ࡀ OECD ࡛㆟ㄽࡉࢀࢥ࣓ࣥ
ࢱ࣮ࣜ㸦5 ᮲࡟ಀࡿ 42.1 ࣃࣛࢢࣛࣇ௨ୗ㸧࡟グ㍕ࡉࢀࡿ࡟⮳ࡗࡓୡ⣖ࡢኚࢃࡾ┠㡭࡟࠾࠸࡚ࡣࠊᙜ↛ OECD ࣔࢹࣝࡢ᥇⏝ࡍࡿᖐᒓᡤᚓ୺⩏ࢆ๓ᥦ࡜ࡍࡿࡢ࡛ࠊᙜヱࢧ࣮ࣂ࣮PE
࡟ᖐᒓࡍࡿᡤᚓࡣ኱ࡋࡓࡇ࡜ࡀ࡞࠿ࢁ࠺ࠊ࡜࠸࠺Ᏻ䬌ឤࡀ࠶ࡗࡓࡶࡢ࡜᥎

ࡉࢀࡿࠋࡋ࠿ࡋ᪥ᮏᅜෆἲࡢ඲ᡤᚓ୺⩏ࢆ๓ᥦ࡜ࡍࡿ࡜ࠊ᪥ᮏ࡜⛒⛯᮲⣙ࢆ⥾⤖ࡋ࡚࠸࡞࠸ᅜ
㸦඾ᆺⓗ࡟ࡣࢱࢵࢡࢫ࣊࢖ࣦࣥ㸧ࡢἲேࡀ᪥ᮏᅜෆ࡟ࢧ࣮ࣂ࣮PE ࢆ᭷ࡍࡿ࡜ㄆᐃࡉࢀࡿሙ
ྜࠊᙜヱࢧ࣮ࣂ࣮PE ࡟ᖐᒓࡍࡿᡤᚓࡢࡳ࡞ࡽࡎ᪥ᮏᅜෆ※Ἠᡤᚓ඲࡚ࡀ᪥ᮏࡢㄢ⛯࡟᭹ࡍࡿࡇ࡜࡜࡞ࡿ㸦force of attraction㸧ࠋ࡜ࡾࢃࡅၥ㢟どࡉࢀ࡚࠸ࡿࡢࡀࠊࢱࢵࢡࢫ࣊࢖ࣦࣥ
ࡢἲேࡀ᪥ᮏᅜෆᡤᅾࡢࢧ࣮ࣂ࣮ࢆ㏻ࡌ࡚ᮾிドๆྲྀᘬᡤ࡛ྲྀᘬࢆࡍࡿሙ㠃࡛࠶ࡿ14ࠋ12 ◊✲఍࡟࡚ḟࡢࡼ࠺࡞ࡈᣦ᦬ࢆ㈷ࡗࡓࠋ ≀ὶ࡜ၟὶࡀ␗࡞ࡿ࡜ࡁࡢᢅ࠸࡟ࡘ࠸࡚ࠊ౛࠼ࡤࠊእᅜ௻ᴗ P ♫ࡀ᪥ᮏ௻ᴗ T ♫࡟ A 〇ရ㸦౛࠼ࡤ㔠ᆺ㸧ࡢ㉎ධὀᩥࢆ⾜࠸ࠊࡑࡢὀᩥ࡟ᛂࡌ࡚ T ♫ࡀ A 〇ရࢆ〇㐀ࡋ P ♫࡬ฟⲴࡍࡿࡼ࠺࡞ྲྀᘬࡀ࠶ࡿ࡜ࡋ
࡚ࠊT ♫ࡀ᪥ᮏ࠿ࡽ P ♫ᡤᅾࡢᅜ࡬㍺ฟࡍࡿ㏻ᖖࡢྲྀᘬ࡛࠶ࢀࡤ PE ㄆᐃࡢၥ㢟ࡣ⏕ࡌᚓ࡞࠸࡜ࡇࢁࠊP♫ࡀ᪥ᮏ࡟Ꮚ఍♫ S ♫ࢆ᭷ࡋࠊT ♫ࡀ A 〇ရࢆ᪥ᮏ S ♫࡟⣡ရࡍࡿࡼ࠺ P ♫࠿ࡽᣦ♧ࢆཷࡅࡿࠊࡓࡔࡋࠊ㈍኎ඛ㸦኎᥃㔠ࡢㄳồඛ㸧ࡣ P ♫ࠊ࡜࠸࠺ࡼ࠺࡞ሙྜ࡟ࠊP ♫ࡣၟရࢆ㈙࠸㌿኎ࡍࡿ࡜࠸࠺❧ሙ࡞ࡢ࡛ᡈࡿ⛬ᗘࡢ฼┈ࢆᚓࡿవᆅࡀ࠶ࡾࠊࡇࡢ฼┈࡟㛵ࡋ㹎♫ࡀ᪥ᮏ࡟㹎㹃ࢆ᭷ࡋ࡚࠸ࡿ࡜ㄆᐃࡉࢀࡿྍ⬟ᛶࡀ࠶ࡿ࠿᳨ウࡋ࡚࠾ࡃ࡭ࡁ࡛ࡣ࡞࠸࠿ࠊ≉࡟ࠊOECD ࣔࢹࣝ⛒⛯᮲⣙ 5 ᮲ 4 㡯ࡢࠕᘬΏࡋࡢࡓࡵ࡟ࡢࡳࠖ
࡜࠸࠺ᩥゝ࡜ࡢ㛵ಀ࡟࠾࠸࡚ࠊ࡜࠸࠺ၥ㢟࡛࠶ࡿࠋ௨ୗࡢࡼ࠺࡞ᅗ࡜࡞ࡿࠋ 㸦≀ὶ㸧 ᪥ᮏ T ♫ЍЍЍЍЍЍЍЍ᪥ᮏ S ♫ 㸦ၟὶ㸧 ᪥ᮏ T ♫ЍЍእᅜ P ♫ЍЍ᪥ᮏ S ♫ ࡇࡢࡼ࠺࡞ࠊ≀ὶ࡜ၟὶ࡜࡛ࠊ␗࡞ࡗ࡚࠸ࡿሙྜ࡟ࠊPE ㄆᐃၥ㢟࡟ᙳ㡪ࡀ࠶ࡿ࠿࡜࠸࠺Ⅼࡣࠊ௒ࡲ࡛
࠶ࡲࡾ㆟ㄽࡉࢀ࡚ࡇ࡞࠿ࡗࡓ࡜ᛮࢃࢀࡿࡢ࡛ᨵࡵ᳨࡚ウࡍࡿࠋࠕ἞ᕤලࠊ㔠ᆺࠊ ᐃᶵࠊᶵᲔ⿦⨨➼ࡢᅛᐃ㈨⏘㸦ື⏘㸧ࠖࡣࠊ5 ᮲ 4 㡯࡟࠸࠺ࠕၟရࠖ࡟ᙜࡓࡿ࡜⪃࠼࡚ࡼࡉࡑ࠺࡛࠶ࡿࡀࠊ5 ᮲ 4 㡯ࡢࠕᘬΏࡋ
ࡢࡓࡵ࡟ࡢࡳࠖࡢၥ㢟࡟࡞ࡿ࠿࡜⪃࠼ࡿ࡟ࠊࡇࡢᾘᴟせ௳ࡣࠊእᅜἲேࡀෆᅜἲே࡟㈍኎ࡍࡿ᭱⤊ẁ㝵࡜ࡋ࡚ࡢࠕᘬΏࡋࡢࡓࡵࠖࡢಖᣢ➼ࢆᛕ㢌࡟࠾࠸ࡓつᐃ࡛࠶ࡿ࡜ᛮࢃࢀࡿࡓࡵࠊ㔠ᆺ➼ࢆ௨ࡗ࡚ PE ࡜ㄆᐃࡉࢀࡿྍ⬟ᛶ࡟ࡘ࠸࡚ࡣࠊ࠶ࡲࡾ࡞࠸࡜⪃࠼ࡽࢀࡿࠋ⮬ື㈍኎ᶵ➼ࡀዎ⣙⥾⤖࣭ὀᩥฎ⌮࣭㔠㖹ᤵཷ࣭ၟရᘬࡁΏࡋ࡜࠸࠺ྲྀᘬẁ㝵ࡢ࡯ࡰ඲࡚ࢆ⾜࠺ࡇ࡜࡜ᑐẚࡍࡿ࡜ࠊ㔠ᆺࢆ෌኎㈙ࡍࡿࡇ࡜ࡢ฼┈㸦P ♫ࡢ㌿኎┈㸧࡜㔠ᆺࡀ〇㐀㐣⛬࡟⏝࠸ࡽࢀ฼┈ࢆ࠶ࡆࡿࡇ࡜㸦S ♫ࡢ㸧࡜ࡣ␗࡞ࡿࡢ࡛ࡣ࡞࠸࠿ࠊ࡜࠸࠺
⪃៖࡟ࡼࡿࠋ
13 ཧ↷㸸US Treasury, Selected Tax Policy Implications of Global Electronic Commerce (November 1996㸧➼ࠋ
14
 Michito Kitamura, Nathan G. Schmidt, & Shun Tosaka, Does a Server Constitute a Permanent Establishment In
Japan?, 64 Tax Notes International 485-487 (November 14, 2011); ࠗᢤᮏⓗ⛯ไᨵ㠉࡜ᅜ㝿ㄢ⛯ࡢㄢ㢟࠘㸦᪥ᮏ⛒⛯◊✲༠఍ࠊ2011㸧ࡢ 58 㡫௨㝆㸦㨣㢌Ⓨゝ㸧ࠋ ࡞࠾ࠊᑡࡋヰࡀ㐓ࢀࡿࡀࠊୡ⣖ࡢኚࢃࡾ┠㡭ࠊ㟁Ꮚၟྲྀᘬ࡟㛵ࡍࡿᜏஂⓗ᪋タㄆᐃၥ㢟ࡀㄽࡌࡽࢀ࡚
࠸ࡓ㝿ࠊࢧ࣮ࣂ࣮➼ࡀㄢ⛯ࡢ᰿ᣐ࡜࡞ࡾ࠺ࡿࡇ࡜࡟ࡘ࠸࡚ᢏ⾡⪅ࡀࠕ⡆༢࡟⛣ືࡋ࠺ࡿࢧ࣮ࣂ࣮ࡀㄢ⛯ࡢ᰿ᣐ࡜࡞ࡿ࡞ࢇ࡚ࠊ㤿㮵ࡆ࡚࠸ࡿࠖ࡜䬈➗ࡋ࡚࠸ࡓࡇ࡜ࢆᛮ࠸ฟࡍࠋࡋ࠿ࡋࠊᮾド࡟࠾ࡅࡿࢧ࣮ࣂ࣮

15㸲 ❧ἲㄽࡢ๓࡟㸸❧ἲᑐᛂࡀ᪥ᮏ࡬ࡢᢞ㈨࿧ࡧ㎸ࡳ࡟ᚲ㡲࠿㸽㸦㸯㸧ࢧ࣮ࣂ࣮PE ㄆᐃࡢྍྰ
ࡇࡢၥ㢟࡟㛵ࡋ࡚ࠊၥ㢟ࡢࢧ࣮ࣂ࣮ࡀࢧ࣮ࣂ࣮PE ࡟ヱᙜࡋ࡞࠸ྍ⬟ᛶࢆㄽࡌࡿవᆅ
ࡀⓙ↓࡜ࡲ࡛ࡣゝ࠼࡞࠸ࠋእᅜἲேࡀእᅜ࡛୺࡞ࣉࣟࢢ࣒ࣛࢆ⤌ࡳࠊ᪥ᮏᅜෆᡤᅾࡢ
ࢧ࣮ࣂ࣮ࡀ཯ᛂⓗ࡟኎ࡾ㈙࠸ࡢὀᩥࢆᤍ࠸࡚࠸ࡿࡔࡅ࡛࠶ࡿ࡜࠸ࡗࡓࡼ࠺࡞ሙྜࠊ
ࢧ࣮ࣂ࣮࡛⾜ࢃࢀ࡚࠸ࡿ஦㇟ࡣ‽ഛⓗ⿵ຓⓗ࡞άືࡢ⠊ᅖ࡟࡜࡝ࡲࡿࠊ࡜ุ᩿ࡍࡿవ
ᆅࡶࠊⓙ↓࡜ࡣゝ࠼࡞࠸࡜࠸࠺ࡇ࡜࡛࠶ࡿࠋࡋ࠿ࡋࠊ⮬ື㈍኎ᶵࡸࢤ࣮࣒ᶵ࡟ࡘ࠸࡚
⪃࠼࡚ࡳࡿ࡜ࠊእᅜ࡛⥥ᐦ࡟タィࡉࢀࡓᶵᲔࡀ※Ἠᆅᅜෆ࡛኎㈙ὀᩥࢆᤍ࠸࡚࠸ࡿࡔ
ࡅ࡛࠶ࡿ࡜࠸࠺ሙ㠃࡟ࡘ࠸࡚ࠊ※Ἠᆅᅜෆ࡛ࡢ஦㇟ࡀ‽ഛⓗ⿵ຓⓗ࡞άືࡢ⠊ᅖ࡟࡜࡝ࡲࡿ࡜ࡣゝ࠸ษࢀ࡞࠸ࡇ࡜࠿ࡽࠊࢧ࣮ࣂ࣮PE ࡟ࡘ࠸࡚ࡣヱᙜᛶ࣭㠀ヱᙜᛶࡢ୧᪉ࢆど㔝࡟ධࢀࡿᚲせࡀ࠶ࢁ࠺ࠋ
ࢧ࣮ࣂ࣮PE ࡀㄆᐃࡉࢀ࠺ࡿ࡜ࡋ࡚ࠊ᪥ᮏᅜෆἲࡢ඲ᡤᚓ୺⩏࡟ᇶ࡙ࡃㄢ⛯ࡀࠊእᅜἲே➼ࢆ⤒⏤ࡍࡿࣇ࢓ࣥࢻࡢ᪥ᮏ࡬ࡢᢞ㈨࡬ࡢ㜼ᐖせᅉ࡜࡞ࡗ࡚ࡋࡲ࠺࡜ࡍࢀࡤࠊ᪥
ᮏࡢ⤒῭Ⓨᒎࡢ㜼ᐖせᅉ࡜ࡶ࡞ࡾ࠿ࡡ࡞࠸࡜ࡇࢁ࡛࠶ࡿࠋ
㸦㸰㸧❧ἲᑐᛂྰᐃㄽ
ᑬࡶࠊࡇࢀ࡟ᑐࡋ࡚ࡣࠊࢱࢵࢡࢫ࣊࢖ࣦࣥࡢἲேࢆ⤒⏤ࡋࡓᢞ㈨࡟ᑐࡋ࡚㓄៖ࡍࡿᚲせࡣ࡞࠸ࠊ࡜࠸࠺෭ࡵࡓぢ᪉ࡶ࠶ࡾ࠺ࡿࠋࢳࣜࡢࡼ࠺࡞⛒⛯᮲⣙ᮍ⥾⤖ᅜࡣูㄽ࡜
ࡋ࡚ࠊࢱࢵࢡࢫ࣊࢖ࣦࣥࡢἲேࢆ㏻ࡌ࡚᪥ᮏ࡟ᢞ㈨ࡋ࡚ࡃࡿ⪅ࡀ࠸ࡿ࡜ࡋ࡚ࠊࡑࡢ㈨㔠ࡢฟᡤࡀࢱࢵࢡࢫ࣊࢖ࣦࣥ࡟࠶ࡿ➻ࡣ࡞࠸ࡢ࡛࠶ࡿ࠿ࡽࠊ㈨㔠ࡢ┿ࡢฟᡤࡀḢ⡿ㅖᅜ㸦᪥ᮏ࡜⛒⛯᮲⣙ࢆ⥾⤖ࡋ࡚࠸ࡿᅜ㸧࡟ᒃఫࡍࡿ⪅㸦ಶே࣭ἲே㸧࡛࠶ࡿ࡜ࡍࢀࡤࠊ
ࡑ࠺ࡋࡓ⪅ࡀࢱࢵࢡࢫ࣊࢖ࣦࣥࡢἲேࢆ⤒⏤ࡋ࡚᪥ᮏ࡟ᢞ㈨ࢆࡍࡿ➼ࡢ䭞㊰ࢆ㏻ࡽࡎࠊ┤᥋᪥ᮏ࡟ᢞ㈨ࡍࡿࡇ࡜࡛⛒⛯᮲⣙࡟ࡼࡿᖐᒓᡤᚓ୺⩏ࡢಖㆤࢆཷࡅࡿࡇ࡜ࡀ࡛
ࡁࡿ➻࡛࠶ࡿࠋࡑ࠺ࡋࡓ࣮ࣝࢺࢆ㏻ࡽࡎᩒ࠼࡚䭞㊰ࢆ㏻ࡿ⪅࡟ࡘ࠸࡚㓄៖ࡍࡿᚲせࡣ࠶ࡿࡢ࠿ࠊ࡜࠸࠺෭ࡵࡓぢ᪉࡛࠶ࡿࠋࡲࡓࠊࢱࢵࢡࢫ࣊࢖ࣦࣥࡢἲேࢆ㏻ࡌ࡚᪥ᮏ࡟
ᢞ㈨ࡋ࡚ࡃࡿࣇ࢓ࣥࢻࡢ㈨㔠ࡢ┿ࡢฟᡤࡀ᪥ᮏࡢᒃఫ⪅࡛࠶ࡿሙྜࠊ࡝ࡢࡳࡕ᪥ᮏ࡟
ᢞ㈨ࡍࡿ࡛࠶ࢁ࠺࠿ࡽࢱࢵࢡࢫ࣊࢖ࣦࣥࢆ⤒⏤ࡍࡿᢞ㈨࡟ᑐࡋ࡚㓄៖ࡍࡿᚲせࡣ࡞࠸ࠊ࡜࠸࠺෭ࡵࡓぢ᪉ࡶ࠶ࡾ࠺ࡿࠋ
㸦㸱㸧඲ᡤᚓ୺⩏㐺⏝ᅇ㑊⟇࡜❧ἲᑐᛂ⫯ᐃㄽ௚᪉࡛ࠊࢱࢵࢡࢫ࣊࢖ࣦࣥࡢἲேࢆ⤒⏤ࡋࡓ᪥ᮏ࡬ࡢᢞ㈨࡛࠶ࡗ࡚ࡶࠊ᪥ᮏࡢ඲ᡤ
ᚓ୺⩏ࢆᅇ㑊ࡍࡿ᪉ἲࡣ⪃࠼ࡽࢀࡿࠋእᅜἲேࡀ┤᥋࡟᪥ᮏᡤᅾࡢࢧ࣮ࣂ࣮ࢆಖ᭷㸦ᡤ
᭷࡞ࡾ㈤೉࡞ࡾ㸧ࡍࡿ࠿ࡽࢧ࣮ࣂ࣮PE ㄆᐃၥ㢟ࡀ⏕ࡌ࠺ࡿࡢ࡛࠶ࡗ࡚ࠊእᅜἲேࡀ᪥
ᮏ࡟Ꮚ఍♫ࢆタ❧ࡋࠊᙜヱᏊ఍♫࡟ࢧ࣮ࣂ࣮ࢆಖ᭷ࡉࡏࢀࡤࠊࢧ࣮ࣂ࣮PE ㄆᐃࢆᅇ㑊

ࢆ㏻ࡌࡓྲྀᘬࡢ஦౛࠿ࡽࡶศ࠿ࡿ㏻ࡾࠊࢧ࣮ࣂ࣮ࡢ≀⌮ⓗᡤᅾࡀࣅࢪࢿࢫ࡟࡜ࡗ࡚㔜せ࡞ព⩏ࢆᣢࡘሙ㠃ࡣࠊỴࡋ࡚⛥࡛ࡣ࡞࠸ࡢ࡛࠶ࢁ࠺ࠋ

16ࡍࡿవᆅࡀ࠶ࡿࠋࡲࡓࠊ௬࡟ᙜヱ᪥ᮏᏊ఍♫ࡀ௦⌮ே PE ࡟ヱᙜࡍࡿྍ⬟ᛶࡀ࠶ࡿ࡜ࡋ
࡚ࡶࠊ୕ྕ PE ࡟ࡘ࠸࡚ࡣᴫࡡ force of attraction ࡣస⏝ࡋ࡞࠸ࠋࡘࡲࡾࠊ≾⊶࡞ᢞ㈨ᐙ
࡛࠶ࢀࡤ᪥ᮏᅜෆἲࡢ඲ᡤᚓ୺⩏ࡢ㐺⏝ࢆᅇ㑊ࡍࡿࡇ࡜ࡣྍ⬟࡛࠶ࡿ࡜⪃࠼ࡽࢀࡿ15ࠋ୍᪉࡛ࠊࢱࢵࢡࢫ࣊࢖ࣦࣥࡢἲேࢆ⤒⏤ࡋࡓᬑ㏻ࡢࣇ࢓ࣥࢻࡀࠊ᪥ᮏࡢ඲ᡤᚓ୺⩏ࡢᅇ㑊⟇ࢆ㠃ಽࡔ࡜ឤࡌࡿࡇ࡜ࡀ࠶ࡿ࡜ࡍࡿ࡜16ࠊ᪥ᮏᅜෆἲࡢ඲ᡤᚓ୺⩏ࢆ௨ࡗ࡚ࡋ࡚
ࡶ≾⊶࡞ᢞ㈨ᐙ┦ᡭ࡟ࡣ᪥ᮏࡢ⛯཰ቑࢆࡶࡓࡽࡍヂ࡛ࡣ࡞࠸࠿ࡶࡋࢀ࡞࠸࡟ࡶ࠿࠿ࢃ
ࡽࡎࠊᬑ㏻ࡢᢞ㈨ᐙࢆ᪥ᮏ࠿ࡽ㐲ࡊࡅ࡚ࡋࡲ࠺ࡔࡅ࡛࠶ࡿࠊ࡜࠸࠺᪥ᮏ࡟࡜ࡗ࡚ᝒ᝺
࡞⤖ᯝࡀ⏕ࡲࢀ࠿ࡡ࡞࠸ࠋ
௨ୖࡢ⪃ᐹ࠿ࡽࠊࢧ࣮ࣂ࣮PE ࡟㛵ࡍࡿ඲ᡤᚓ୺⩏࡟ᇶ࡙ࡃㄢ⛯ࡀࠊ᪥ᮏ࡬ࡢᢞ㈨ࡢ
㜼ᐖせᅉ࡜࡞ࡾ࠺ࡿࡢ࡛ࠊࡑ࠺ࡋࡓ㜼ᐖせᅉࢆ᤼㝖ࡍࡿ❧ἲㄽࢆ⪃࠼ࡿ࡭ࡁ࡛࠶ࡿ࡜
࠸࠺㆟ㄽࡶࠊ⪃࠼ࡿ࡭ࡁ࡛ࡣ࡞࠸࡜࠸࠺㆟ㄽࡶࠊ୍ᛂࡑࢀ࡞ࡾ࡟ࡣᡂ❧ࡋ࠺ࡿ࡜ࡇࢁ
࡛࠶ࡿࠋࡇࡢၥ㢟ࡣࠊ⌮ᒅࡢࡳ࡟ࡣ࡜࡝ࡲࡽ࡞࠸ᨻ⟇ⓗ࡞ุ᩿࡟ࡼࡗ࡚Ỵࡏࡽࢀࡿ㡿ᇦࡀ኱ࡁ࠸࡜ᛮࢃࢀࡿࡢ࡛ࠊᮏ✏࡛⤖ㄽࢆ㏙࡭ࡿࡇ࡜ࡣ᥍࠼ࡓ࠸ࡀࠊ௬࡟࡜ࡋ࡚ࠊ❧ἲㄽࢆ⪃࠼ࡿ࡜ࡍࢀࡤ࡝࠺࡞ࡿ࠿ࠊࢆࡇࢀ࠿ࡽㄽࡌ࡚࠸ࡁࡓ࠸ࠋ㸳 ஧᪉ྥࡢ❧ἲᑐᛂ㠀ࢱࢵࢡࢫ࣊࢖ࣦࣥࡢ⛒⛯᮲⣙ᮍ⥾⤖ᅜࡢᒃఫ⪅࡟㛵ࡍࡿ᪥ᮏᅜෆἲࡢ඲ᡤᚓ୺⩏ࡢ㐺⏝ࢆ↓どࡋ࠺ࡿ࡜ࡍࢀࡤࠊႚ⥭ࡢㄢ㢟ࡣࠊᮾド࡟࠾ࡅࡿࢧ࣮ࣂ࣮PE ㄢ⛯ࢆఱ࡜࠿ࡍࢀ
ࡤࡼ࠸ࠊ࡜࠸࠺⊃࠸㆟ㄽ࡛῭ࡴࠋࡑࡋ࡚ࠊࡇࡢ⊃࠸㆟ㄽࡔࡅ⪃࠼ࢀࡤࡼ࠸࡜ࡍࢀࡤࠊ❧ἲᑐᛂ࡜ࡋ࡚ࡣ஧ࡘࡢ᪉ྥࡀ⪃࠼ࡽࢀࡿࠋ୍ࡘࡣࠊࡇࢀࡲ࡛ぢ࡚ࡁࡓ඲ᡤᚓ୺⩏ࢆᖐᒓᡤᚓ୺⩏࡟ኚ᭦ࡍ࡭ࡁࠊ࡜࠸࠺
㆟ㄽ࡛࠶ࡿࠋࡶ࠺୍ࡘࡣࠊࢧ࣮ࣂ࣮ࡢ୍ᐃ㢮ᆺ࡟ࡘ࠸࡚ࢧ࣮ࣂ࣮PE ࡢᐃ⩏࠿ࡽእࡍࠊ࡜
࠸࠺㆟ㄽ࡛࠶ࡿࠋ
ࡇࡢ⪃࠼᪉ࡀࡣࡗࡁࡾ⌧ࢀ࡚࠸ࡿࡢࡀࠊ㔠⼥ᗇࡢ⛯ไᨵṇせᮃ㡯┠࡛࠶ࡿࠋ㔠⼥ᗇࡢ
ࠗᖹᡂ 23 ᖺᗘ ⛯ไᨵṇせᮃ㡯┠ ᖹᡂ 22 ᖺ 8 ᭶࠘1718 㡫ࡣ๓⪅ࡍ࡞ࢃࡕᖐᒓᡤᚓ୺⩏࡬ࡢ⛣⾜ࡢ୺ᙇ࡛࠶ࡿࠋࡑࡋ࡚ࠗᖹᡂ 24 ᖺᗘ ⛯ไᨵṇせᮃ㡯┠ ᖹᡂ 23 ᖺ 9 ᭶࠘18࡟࠾࠸
࡚ࡣࠊࡑࡢ 11 㡫ࡀ๓⪅ࡢ୺ᙇࢆࡋ࡚࠸ࡿࡇ࡜࡟ຍ࠼ࠊ12 㡫࡟ࡣ᪂ࡓ࡟ࠕ⮬ືⓎὀࢧ࣮ࣂ
15 ᪥ᮏࡢ⿢ุᡤࡣࠊ⥥ᐦ࡟⣡⛯⪅ഃࡀ௻ᅗࡋࡓ⛒⛯㈇ᢸ㍍ῶ⟇࡟ࡘ࠸࡚ࠊࡑ࠺⡆༢࡟ㄢ⛯ᗇࢆ຾ࡓࡏࡿ
ഴྥ࡟ࡣ࡞࠸ࡼ࠺࡟ぢཷࡅࡽࢀࡿࠋ㢧ⴭ࡞౛እ࡜ࡋ࡚እ⛯᥍㝖࡟㛵ࡍࡿุ᭱ᖹᡂ 17 ᖺ 12 ᭶ 19 ᪥Ẹ㞟
59 ᕳ 10 ྕ 2964 㡫ࡀ࠶ࡿࡶࡢࡢࠊࡇࢀࡣ⚾ἲୖࡢྲྀᘬࡢㄆᐃࡼࡾࡶ⛒⛯ἲつࡢ㐺⏝⠊ᅖࡀၥ㢟࡜࡞ࡗࡓ஦౛࡛࠶ࡾࠊ⚾ἲୖࡢྲྀᘬࡢㄆᐃ࡟㛵ࡋ࡚ࡣࠊ┦஫኎㈙࡟㛵ࡍࡿᮾி㧗ุᖹᡂ 11 ᖺ 6 ᭶ 21 ᪥ุ᫬ 1685
ྕ 33 㡫ࠊ࣏ࣞྲྀᘬ࡟㛵ࡍࡿᮾி㧗ุᖹᡂ 20 ᖺ 3 ᭶ 12 ᪥㔠ุ 1290 ྕ 32 㡫ࠊ༏ྡ⤌ྜዎ⣙࡟㛵ࡍࡿ࢞࢖ࢲࣥࢺ஦௳࣭ᮾி㧗ุᖹᡂ 19 ᖺ 6 ᭶ 28 ᪥ุ᫬ 1985 ྕ 23 㡫ࡢࡼ࠺࡟ࠊㄢ⛯ᗇഃࢆ᩺ࡅࡿഴྥࡀ࠶ࡿࠋ
౛እⓗ࡟ྖἲࡀ⣡⛯⪅ࡢ୺ᙇࡍࡿྲྀᘬࢆㄆࡵ࡞࠸ࡇ࡜ࡀチᐜࡉࢀࡿࡢ࡛ࡣ࡞࠸࠿࡜ヰ㢟࡟࡞ࡗࡓࣇ࢕ࣝ
࣒࣮ࣜࢫ஦௳࡟ࡘ࠸࡚ࠊุ᭱ᖹᡂ 18 ᖺ 1 ᭶ 24 ᪥Ẹ㞟 60 ᕳ 1 ྕ 252 㡫ࡣ⤖ㄽࡇࡑῶ౯ൾ༷つᐃ㸦ἲே⛯
ἲ 31 ᮲㸧ࡢゎ㔘࡜ࡋ࡚ㄢ⛯ᗇഃࢆ຾ࡓࡏࡓࡶࡢࡢࠊ⚾ἲୖࡢྲྀᘬࡢㄆᐃ࡟ࡘ࠸࡚ࡣ⿢ุᡤࡀ௓ධⓗ࡟㋃
ࡳ㎸ࢇࡔุ᩿ࢆࡍࡿࡇ࡜࡬ࡢ㌋㌉ࢆ♧ࡋ࡚࠸ࡿࠋ
16 㠃ಽ࡜ࡲ࡛ࡣゝࢃࡎ࡜ࡶࠊ䭕 15 ࡟᭩࠸ࡓࡼ࠺࡞᪥ᮏࡢ⿢ุ౛ࡢഴྥࢆእᅜᢞ㈨ᐙࡀ⌮ゎࡋ࡚Ᏻᚰࡍࡿ
ࡇ࡜ࡣࠊ㞴ࡋ࠸࠿ࡶࡋࢀ࡞࠸ࠋ
17
 http://www.fsa.go.jp/news/22/sonota/20100830-2/01.pdf
18
 http://www.fsa.go.jp/news/23/sonota/20110930-9/01.pdf

17࡟ಀࡿ㠀ㄢ⛯ᥐ⨨ࡢ๰タࠖ࡜࠸࠺せᮃ㡯┠ࡀ௜ࡅຍ࠼ࡽࢀ࡚࠾ࡾࠊࡇࢀࡣᚋ⪅ࡢ୺ᙇ࡛࠶ࡿࠋ ㄽⅬࡢᑡ࡞࠸㸦㸰㸧ࢆඛ࡟᳨ウࡋࡼ࠺ࠋ㸦㸯㸧ᜏஂⓗ᪋タࡢᐃ⩏ࡢぢ┤ࡋࢱࢵࢡࢫ࣊࢖ࣦࣥ࠿ࡽࡢᢞ㈨࡟ࡘ࠸࡚᪥ᮏࡢ※Ἠㄢ⛯ࢆཬࡰࡉ࡞࠸ࠊ࡜࠸࠺⊃࠸㆟ㄽࡔࡅゎỴ࡛ࡁࢀࡤࡼ࠸ࡢ࡛࠶ࢀࡤࠊᡤᚓ⛯ἲ 164 ᮲㸦௜㝶ࡋ࡚ 161 ᮲ࡶ㸧ࡢᨵ㠉ࡼࡾࡶࠊᅜෆἲ࡛ࢧ࣮ࣂ࣮PE ࢆᜏஂⓗ᪋タࡢᐃ⩏࠿ࡽእࡍ᪉⟇ࡢ࡯࠺ࡀࠊ㐶࠿࡟ᴦ࡛࠶
ࢁ࠺ࠊ࡜࠸࠺࣓ࣜࢵࢺࡀ࠶ࡿ19ࠋ↓ㄽࠊ⊃࠸ど㔝ࡔࡅ࡛⪃࠼࡚௚࡜ࡢࣂࣛࣥࢫࢆ㢳ࡳ࡞࠸࡜࠸࠺ែᗘࡣ༴㝤ࢆྵࡴࡀࠊ
ࢧ࣮ࣂ࣮PE ㄆᐃၥ㢟࡜ࣂࣛࣥࢫࡀၥ㢟࡜࡞ࡾ࠺ࡿࡶࡢ࡜ࡋ࡚ࠊ⮬ື㈍኎ᶵ࣭ࢤ࣮࣒ᶵ
➼ᜏஂⓗ᪋タ࡜ࡋ࡚ᢅࢃࢀ࠺ࡿࡇ࡜ࡀᣲࡆࡽࢀࡿ⛬ᗘ࡛࠶ࡿ࡜ࡍࢀࡤࠊ᪥ᮏ࡟࠾࠸࡚
ࡑࡢ⛬ᗘࡢࣂࣛࣥࢫㄽࡣ↓どࡋ࠺ࡿ࡜࠸࠼ࡿࠋ◊✲⪅ࡣ࡝ࡕࡽ࠿࡜ゝ࠺࡜࠙つᐃࢆᩚഛࡋࢁ㸟ࠚ࡜ኌࢆⲨࡆࡿഴྥࡀ࠶ࡿࡀ㸦໚ㄽࡑ࠺࠸࠺㆟ㄽ࡟ព࿡ࡀ࠶ࡿࡇ࡜ࡣྰᐃࡋ
࡞࠸ࡀ㸧ࠊ❧ἲࡢ㈝⏝ᑐຠᯝࢆ⪃࠼ࡿ࡜ࠊᜏஂⓗ᪋タࡢᐃ⩏ࡔࡅࢆぢ┤ࡍ㸦force of
attraction ࡢၥ㢟࡟ࡘ࠸࡚ࡣ࠾Ⲕࢆ⃮ࡋ࡚ඛ㏦ࡾ࡜ࡍࡿ㸧࡜࠸࠺ࡇ࡜ࡶࡑࢀ࡞ࡾ࡟㤳⫯ࡋ࠺ࡿࠋࡑࡢୖ࡛ࠊࡇࡇ࠿ࡽඛࡣᦆᚓㄽ࡛࠶ࡿࡀࠊ᪥ᮏࡢᅜ┈࡟↷ࡽࡋ࡚ࡶ㸦㸲㸦㸱㸧࡛๓㏙ࡋࡓᏊ఍♫฼⏝➼࡟ࡼࡾᐇ㝿࡟ࡣ඲ᡤᚓ୺⩏ࡣᶵ⬟ࡋ࡞࠸࡛࠶ࢁ࠺ࡇ࡜ࢆ๓ᥦ࡜ࡋ
࡚㸧ᖐᒓᡤᚓ୺⩏ࢆ๓ᥦ࡜ࡍࢀࡤࢧ࣮ࣂ࣮PE ࢆㄆᐃࡋ࡚ࡶ኱ࡋࡓ⛯཰࡟ࡣ⧅ࡀࡽ࡞࠸
୍᪉ࠊࢧ࣮ࣂ࣮PE ㄢ⛯࡟క࠺ compliance cost㸦ἲ௧㑂Ᏺࢥࢫࢺ㸧ࡢࢹ࣓ࣜࢵࢺཬࡧ᪥
ᮏࡀᢞ㈨ᑐ㇟࠿ࡽእࢀࡿࢹ࣓ࣜࢵࢺࢆ㊊ࡋ࠶ࢃࡏࡓࡶࡢࡢ᪉ࡀࠊධࡿ࠿ࡶࡋࢀ࡞࠸⛯཰ࢆୖᅇࡿ࠿ࡶࡋࢀ࡞࠸ࠊ࡜࠸ࡗࡓ⪃៖せ⣲ࢆ᳨ウࡍࡿࡇ࡜࡜࡞ࢁ࠺ࠋ
ᑬࡶࠊᜏஂⓗ᪋タࡢᐃ⩏࡟ࡘ࠸࡚㆟ㄽࢆጞࡵࡿ࡜ࠊ⌧⾜ἲ㸦⛒⛯᮲⣙ࢆྵࡵ㸧ࡢᜏஂⓗ᪋タࡢᐃ⩏ࡀ௒ࡢࡲࡲ࡛ࡼ࠸࠿ࠊ࡜࠸࠺ලྜ࡟ヰࡀᗈࡀࡿྍ⬟ᛶࡀ࠶ࡿࠋ⚾ಶே࡜ࡋ࡚ࡶࡇࡢၥ㢟࡟ࡘ࠸࡚ࡣ࠿ࡡ࡚࠿ࡽ㛵ᚰࢆᢪ࠸࡚ࡁࡓ㡿ᇦ࡛࠶ࡿ20ࠋࡋ࠿ࡋࠊOECD࡟࠾࠸࡚ࣔࢹࣝ⛒⛯᮲⣙ 5 ᮲ࡢぢ┤ࡋࡢ㆟ㄽࡀጞࡲࡗ࡚࠸ࡿࡀࠊ⌧ᅾࡲ࡛ࡢ࡜ࡇࢁ኱
᥃࠿ࡾ࡞ᐃ⩏ぢ┤ࡋࡣど㔝࡟ධࡗ࡚࠸࡞࠸ࡼ࠺࡛࠶ࡿ21ࠋ᪂ࡋ࠸ྲྀᘬ஦㇟࡟ࡘ࠸࡚ᜏஂ
19 ᪥ᮏᅜෆἲࡔࡅࡢၥ㢟࡛ࡣ࡞ࡃࠊOECD ࣔࢹࣝ⛒⛯᮲⣙ 5 ᮲ࡢ PE ࡟ᙜࡓࡽ࡞࠸౛♧ࡢ୰࡟ࡶࠊ᫂♧ⓗ࡟ࠕࢧ࣮ࣂ࣮ಖ᭷ࠖࢆྵࡵࡿࠊࡑࡋ࡚ࡑ࠺ࡋࡓࢥࣥࢭࣥࢧࢫࢆᅜ㝿ⓗ࡞ࡶࡢ࡜ࡍࡿࠊ࡜࠸࠺ࡇ࡜ࡀ⪃࠼ࡽࢀ࡞࠸࠿ࠊ࡜࠸࠺ࡈᣦ᦬ࢆ◊✲఍࡛㈷ࡗࡓࠋ
 ࡇ࠺ࡋࡓ㆟ㄽࢆᥦ㉳ࡍࡿࡇ࡜ࡀࠊ┿ࡗᙜ࡛࡞࠸࡜ࡣ⚾ࡣ⪃࠼࡞࠸ࠋࡋ࠿ࡋࠊ㆟ㄽࡢ࠙┿ࡗᙜࡉࠚ࡜ࡣ
ูࡢほⅬ࡜ࡋ࡚ࠊ୍ᗘ OECD ࢥ࣓ࣥࢱ࣮ࣜ࡟ࢧ࣮ࣂ࣮PE ࡟ࡘ࠸࡚⤖ㄽࡀฟ࡚ࡋࡲࡗ࡚࠸ࡿ⌧≧ࡢୗ࡛ࠊ᪂ࡓ࡞ࢥࣥࢭࣥࢧࢫࢆᙧᡂࡋ࡚࠸ࡃࡇ࡜ࡢ࠙ᐇ⌧ྍ⬟ᛶࠚࡣప࠸ࠊ࡜⚾࡟ࡣᛮ࠼ࡿࠋ
20
 ౛࠼ࡤࠊ࢔࣓ࣜ࢝ἲேࡢ࢔࣐ࢰࣥࡀࠊ᪥ᮏ࡟࠾࠸࡚‽ഛⓗ⿵ຓⓗάືࡋ࠿⾜ࡗ࡚࠸࡞࠸ࡓࡵ᪥ᮏ࡟ᜏ
ஂⓗ᪋タࢆ᭷ࡋ࡞࠸ࡇ࡜࡜࡞ࡿࡢ࠿ࠊ࡜࠸ࡗࡓၥ㢟ࡣࠊᜏஂⓗ᪋タࡢᐃ⩏ࡢ࠸ࡧࡘࡉࢆዴᐇ࡟⾲ࡍ౛࡛࠶ࡿ࡜ᛮࢃࢀࡿࠋ
21
 OECD, Interpretation and Application of Article 5 (Permanent Establishment) of the OECD Model Tax
Convention (12 October 2011 to 10 February 2012)
http://www.oecd.org/dataoecd/23/7/48836726.pdf

18ⓗ᪋タ࡟ᙜࡓࡿ࠿ྰ࠿㆟ㄽࡍࡿవᆅࡣ࠶ࡗ࡚ࡶ㸦౛㸸㟁Ꮚၟྲྀᘬ࡜ PE ㄆᐃࡢ㆟ㄽ㸧ࠊ᪤࡟ᜏஂⓗ᪋タヱᙜᛶ࣭㠀ヱᙜᛶࡀ☜❧ࡋ࡚࠸ࡿྲྀᘬ஦㇟࡟ࡘ࠸࡚᪂ࡓ࡟ᐃ⩏ࢆぢ┤ࡍ࡜࠸࠺ࡇ࡜࡟ᑐࡋ࡚ࡣࠊ┦ᙜࡢ᢬ᢠࡀ⏕ࡎࡿࡶࡢ࡜ண᝿ࡉࢀࡿ㸦つᐃࡢ⤒㊰౫Ꮡᛶࡢ୍✀࡜࠸࠼ࡼ࠺࠿㸧ࠋࡶࡋࠊ኱᥃࠿ࡾ࡟ᜏஂⓗ᪋タࡢᐃ⩏ࢆぢ┤ࡍᶵ㐠ࡀ㧗ࡲࡿ࡜ࡍࢀࡤࠊᡤᚓ⛯ἲ 164 ᮲ᨵ㠉ㄽ࡜ࢭࢵࢺ࡜࡞ࡿ࡜ࡁ࡛࠶ࡿ࡜ぢ㎸ࡲࢀࠊᑡ࡞࠸ࢥࢫࢺ࡛
┠๓ࡢ⊃࠸஦㇟㸦ࢧ࣮ࣂ࣮PE ၥ㢟㸧ࡔࡅゎỴ࡛ࡁࢀࡤࡼ࠸࡜࠸࠺ど㔝࠿ࡽࡣࠊ⪃࠼࡚ࡶ䭖࡞ࡁࡇ࡜࡜఩⨨௜ࡅࡽࢀࡼ࠺ࠋ
㸦㸰㸧ᖐᒓᡤᚓ୺⩏࡬ࡢ⛣⾜㏫࡟ࠊࡇࢀࢆᶵ఍࡟᪥ᮏᅜෆἲ࡟㛵ࡍࡿ㛗ᖺࡢᠱ᱌࡛࠶ࡗࡓ඲ᡤᚓ୺⩏ࢆኚ᭦ࡋࡼ
࠺ࠊ࡜࠸࠺㆟ㄽࢆࡍࡿព⩏ࡶࠊ࡞࠸࡛ࡣ࡞࠸ࠋణࡋ኱᥃࠿ࡾ࡞ᨵṇ࡟࡞ࡽࡊࡿࢆ࠼ࡎࠊ
᫬㛫ࡀ࠿࠿ࡿ࡛࠶ࢁ࠺ࡇ࡜ࡣྰᐃࡋࡀࡓ࠸ࠋࡑࡋ࡚ࡑࡢ㝿࡟ࡣࠊ1966 ᖺ࡟࢔࣓ࣜ࢝ࡀ
඲ᡤᚓ୺⩏㸦entire income principle㸧࠿ࡽᐇ㉁ⓗ㛵㐃ᡤᚓ୺⩏㸦effectively connected
income principle㸧࡟⛣⾜ࡋࡓࡇ࡜ࡀཧ↷ࡉࢀࡿ࡛࠶ࢁ࠺ࠋࡑࡇ࡛ࠊḟ❶࡛࢔࣓ࣜ࢝ࡢṔྐࢆཧ↷ࡋࠊḟࠎ❶࡛᪥ᮏ࡟࠾ࡅࡿᙜ࡚ࡣࡵࢆ⪃ᐹࡍࡿࠋ㸴 ࢔࣓ࣜ࢝࡟࠾ࡅࡿ඲ᡤᚓ୺⩏࠿ࡽᐇ㉁ⓗ㛵㐃୺⩏࡬ࡢ⛣⾜࢔࣓ࣜ࢝ࡢᑐ㠀ᒃఫ⪅እᅜேㄢ⛯࡟ࡘ࠸࡚ᣋ✏22࡛㏙࡭ࡓࡇ࡜࡟ࡘ࠸࡚ࠊࡇࡇ࡛⡆␎࡟⤂௓ࡋࡓ࠸ࠋ
㸦㸯㸧1966 ᖺ௨๓㸸඲ᡤᚓ୺⩏࢔࣓ࣜ࢝ࡢᅜ㝿⛒⛯ᨻ⟇࡟኱ࡁ࡞ᙳ㡪ࢆ୚࠼ࡓࡢࡣ Thomas S. Adams ࡛࠶ࡿ࡜ࡉࢀ
23

ࡿ ࠋAdams ࡢᅜ㝿⛒⛯ᨻ⟇ࡣࠊ➨୍࡟ᅜ㝿ⓗ࡞஧㔜ㄢ⛯ࡶࡋࡃࡣ↓ㄢ⛯࡟ࡼࡿ୙බᖹ
ࢆ㜵ࡄࡇ࡜ࠊ➨஧࡟஦ᴗᡤᚓ࡟ᑐࡍࡿ※Ἠᆅㄢ⛯ࡢඃ఩࡟ᇶ࡙࠸࡚࠾ࡾࠊ㸦⤒῭Ꮫ⪅࡛࠶ࡿࡀ㸧⤒῭ⓗຠ⋡ᛶࡢ⌮ㄽ࡟ᇶ࡙࠸࡚࠸ࡓࡢ࡛ࡣ࡞࠸ࠊ࡜ࡉࢀࡿࠋSeligman ࡽࡀ※Ἠᆅᅜච⛯ࢆ᥎ዡࡋࡓࡢ࡟ᑐࡋࠊAdams ࡣࠊ※Ἠᆅᅜㄢ⛯ᶒࡀᒃఫᆅᅜㄢ⛯ᶒࡼࡾࡶඃඛࡍࡿ࡜⪃࠼࡚࠸ࡓࠋᨻᗓࡢࢥࢫࢺࡢከࡃࡣ஦ᴗ⎔ቃࡢ⥔ᣢ࡟඘࡚ࡽࢀࡿࡢ࡛࠶ࡿ
࠿ࡽࠊ஦ᴗ⪅ࡣᕷሙ⥔ᣢࡢࢥࢫࢺࢆ⛯࡛㈇࠺࡭ࡁ࡛࠶ࡿࠊ࡜࠸࠺ࡇ࡜࡛࠶ࡿࠋࡇࢀࡣ
࢔୍࣓ࣜ࢝ᅜࡢ฼ᐖ࡟ᇶ࡙࠸ࡓⓎ᝿࡛ࡣ࡞ࡃࠊ➨୍ḟ኱ᡓࢆ㏻ࡌ࡚࢔࣓ࣜ࢝ࡀമົᅜ
࠿ࡽമᶒᅜ࡟㌿ࡌ࡚ࡶࠊ㸦ⱥᅜ࡜␗࡞ࡾ㸧࢔࣓ࣜ࢝ࡣᒃఫᆅㄢ⛯ࡀඃඛࡉࢀࡿ࡭ࡁ࡛࠶
ࡿ࡜ࡣ୺ᙇࡋ࡞࠿ࡗࡓ࡜ࡇࢁ࡛࠶ࡿࠋ
࢔࣓ࣜ࢝࡟࠾࠸࡚ source㸦ᡤᚓ※Ἠ㸧࡜࠸࠺ᴫᛕࡣ 1916 ᖺ࡟⌧ࢀࡓ࡜ࡉࢀࡿࡀࠊ

22 ὸጔ❶ዴࠕᡤᚓ※Ἠࡢᇶ‽ࠊཬࡧ net ࡜ gross ࡜ࡢ㛵ಀ㸦1㹼3࣭᏶㸧ࠖἲᏛ༠఍㞧ㄅ 121 ᕳ 8 ྕ 1174-1284
㡫ࠊ9 ྕ 1378-1488 㡫ࠊ10 ྕ 1507-1606 㡫㸦2004㸧ࠋ
23
 Michael J. Graetz & Michael M. O'Hear, The "Original Intent" of U.S. International Taxation, 46 Duke L.J.
1021, 1027 㸦1997㸧. ୍᪉ Edwin R.A. Seligman ࡽࡢ League of Nations 1923 report ࡣࠊࡋࡤࡋࡤᘬ⏝ࡉࢀࡿࡶࡢࡢࠊࡑࡢᚋࡢᅜ㝿㐃┕࡟࠾ࡅࡿ㆟ㄽ࡟ᘬࡁ⥅ࡀࢀ࡞࠿ࡗࡓ࡜࠸ࢃࢀࡿࠋ

19

Attorney General㸦ྖἲ㛗ᐁ㸧ࡀ source ࢆỴࡵ࡚࠸ࡓࠋAdams ࡢୗࠊ1921 ᖺ࠿ࡽᡤᚓ※Ἠࡀᮏ᱁ⓗ࡟つᐃࡉࢀࡿࡼ࠺࡟࡞ࡗࡓࠋྲྀᘬࡈ࡜࡟ᅜෆ※Ἠᡤᚓ࡜࡞ࡿ࠿ྰ࠿ࢆุᐃ
ࡋࡼ࠺࡜ࡍࡿࢯ࣮ࢫ࣭࣮࡛ࣝࣝ࠶ࡾࠊ㸦ࢻ࢖ࢶࡀ஦ᴗᡤᚓ࡜࠸࠺ᡤᚓศ㢮࡟ࡘ࠸࡚ᖐᒓ
ᡤᚓ୺⩏ࢆ᥇ࡿࡢ࡜␗࡞ࡗ࡚㸧࢔࣓ࣜ࢝ࡢࢯ࣮ࢫ࣭࣮ࣝࣝࡢ㢧ⴭ࡞≉ᚩࡣࠊᡤᚓศ㢮࡟౫ᣐࡍࡿࡢ࡛ࡣ࡞ࡃࠊྲྀᘬࡈ࡜࡟ᡤᚓ※Ἠࢆุᐃࡍࡿ࡜࠸࠺ᵓ㐀ࢆ᥇ࡗ࡚࠸ࡿࡇ࡜
࡛࠶ࡿ24ࠋ
ᡤᚓ⛯ᑟධᚋࠊ1966 ᖺ௨๓ࡢ඲ᡤᚓ୺⩏ࡢୗ࡟࠾࠸࡚ࠊ㠀ᒃఫ⪅ࡣࠊᒃఫ⪅࡜ྠᵝ
࡟ࠊ$3000 ࢆ㉸࠼ࡿ FDAP㸦fixed or determinable annual or periodical㸸ᐃ㢠ᐃᮇ㸧ᡤᚓ࡟ࡘ࠸࡚ normal tax㸦㏻ᖖ⛯㸧ࡀ※Ἠᚩ཰࡟ࡼࡗ࡚ㄢࡉࢀࡿࡇ࡜࡜࡞ࡗࡓࠋࡑࢀ࡟ຍ࠼࡚ࠊ
㠀ᒃఫ⪅ࡀ࢔࣓ࣜ࢝ᅜෆ࡛஦ᴗ㸦trade or business㸧࡟ᚑ஦ࡋ࡚࠸ࡿሙྜ࡟ࠊ1㹼6㸣ࡢ⣼㐍ⓗ࡞ surtax㸦௜ຍ⛯㸧25ࡀㄢࡏࡽࢀࡿࡇ࡜࡜࡞ࡗࡓࠋ1936 ᖺ௨㝆ࠊ࢔࣓ࣜ࢝ᅜෆ࡛஦
ᴗ࡟ᚑ஦ࡋ࡚࠸ࡿ࠿ྰ࠿ࡀࠊㄢ⛯ୖࡢᢅ࠸ࢆ኱ࡁࡃศࡅࡿࡇ࡜࡜࡞ࡗࡓࠋ࢔࣓࡛ࣜ࢝
஦ᴗࢆႠࢇ࡛࠸࡞࠸㠀ᒃఫ⪅࡟ࡘ࠸࡚ࠊㄢ⛯ᡤᚓࡢᐃ⩏ࡀ※Ἠᚩ཰ࡢᑐ㇟࡜࡞ࡿ㡯┠࡟ไ㝈ࡉࢀࡓ26ࠋࡘࡲࡾࠊFDAP㸦ᐃ㢠ᐃᮇ㸧ᡤᚓ࡟ࡘ࠸࡚ࡢࡳㄢ⛯ࡉࢀࠊࡑࡢㄢ⛯᪉ἲࡣ୺࡟※Ἠᚩ཰࡛῭ࡲࡉࢀࡿࠋ௚᪉ࠊ࢔࣓ࣜ࢝ᅜෆ࡛஦ᴗ࡟ᚑ஦ࡋ࡚࠸ࡿ㠀ᒃఫ⪅27࡟ࡘ࠸࡚ࡣࠊ≉ู࡞ྲྀᢅ࠸ࢆᐃࡵࡎࠊᅜෆ※Ἠᡤᚓ࡟ࡘ࠸࡚㠀ᒃఫ⪅ࢆᒃఫ⪅࡜ྠᵝ࡟ᢅ࠺࡜࠸࠺⪃࠼᪉ࡀጇᙜࡍࡿࡇ࡜࡜࡞ࡗࡓࠋᚑࡗ࡚ࠊ㠀ᒃఫ⪅ࡀ࢔࣓࡛ࣜ࢝஦ᴗ࡟
ᚑ஦ࡋ࡚࠸ࡿሙྜ࡟ࡣᙜヱ஦ᴗ࡟ᖐᒓ࣭㛵㐃ࡍࡿ࠿ྰ࠿ࢆၥࢃࡎࠊ࢔࣓ࣜ࢝ࡢᅜෆ※Ἠᡤᚓ඲࡚ࡀࠊ࢔࣓ࣜ࢝ᒃఫ⪅࡜ྠᵝࡢ⣼㐍ࡢ⥲ྜㄢ⛯ࡢᑐ㇟࡜࡞ࡿࡇ࡜࡜࡞ࡿࠋ࡞
࠾ࠊࡇࢀࢆ force of attraction㸦྾ᘬຊ࣭඲ᡤᚓ୺⩏㸧࡜࿧ࡪࡇ࡜࡟ᢈุࡀ࠶ࡿࡇ࡜ࡣ๓
㏙ࡢ㏻ࡾ࡛࠶ࡿ28ࠋ24

 Ỉ㔝ᛅᜏࠕᅜ㝿⛒⛯ἲࡢᇶ♏ⓗ⪃ᐹࠖⳢ㔝႐ඵ㑻࣭⸨⏣ᐂ㟹⦅ࠗᑠᓥ࿴ྖ༤ኈᮾ໭኱Ꮫ㏥⫋グᛕ ᠇ἲ࡜⾜ᨻἲ࠘731 㡫㸦Ⰻ᭩ᬑཬ఍ࠊ1987㸧ࡣࠊࠕࡲࡎ࢔࣓ࣜ࢝ࡢᡤᚓ⛯ไᗘ࡟ࡣࢫࢣࢪ࣮ࣗࣝࡀᏑᅾࡋ࡞࠸
ࡓࡵࠊ࣮ࣚࣟࢵࣃㅖᅜࡸ࢝ࢼࢲࡢࡼ࠺࡟ᡤᚓศ㢮ࡢ㢮ᆺ࡟ࡼࡗ࡚※Ἠ⟶㎄ࢆỴᐃࡍࡿࡇ࡜ࡀ⪃࠼ࡽࢀ࡞࠸ࠋ⊂≉ࡢ※Ἠ⟶㎄ࡢỴᐃࡢ‽๎ࠊ࠸ࢃࡺࡿࢯ࣮ࢫ࣭࣮ࣝࣝࡀᚲせ࡛࠶ࡗࡓࡢ࡛࠶ࡿࠋࠖࠕὀ┠ࡉࢀࡿࡢࡣࠊ஦ᴗᡤᚓ࡜࠸࠺ᡤᚓ※ἨࡀᏑᅾࡋ࡞࠸ࡇ࡜࡛࠶ࡾࠊ஦ᴗάື࠿ࡽ⏕ࡎࡿᡤᚓࡢ※Ἠᆅࡣࡑࡢಶูࡢ
ྲྀᘬࡢᛶ᱁࡟ࡼࡗ࡚ࠊேⓗᙺົࠊ㈈⏘ࡢ኎㈙➼ࡢ※Ἠ࡜ࡋุ࡚᩿ࡉࢀࡿࠖ
㸦769 㡫ࡼࡾ㸧࡜㏙࡭ࡿࠋ
25
 surtax ࡣ㠀ᒃఫ⪅ࡔࡅ࡟ㄢࡉࢀࡿࡶࡢ࡛ࡣ࡞࠸ࠋ
26
 1936 ᖺ௨๓ࠊㆡΏ┈࡟ࡘ࠸࡚ࡶㄢ⛯ࡍࡿᘓ๓࡛࠶ࡗࡓࡀ※Ἠᚩ཰ࡢᑐ㇟࡜ࡉࢀ࡚࠸࡞࠿ࡗࡓࡢ࡛ㄢ⛯ࡢᐇຠᛶࡣ࡞࠿ࡗࡓ࡜ࡇࢁࠊ1936 ᖺ௨ᚋࠊἲᚊୖࡶㆡΏ┈࡟ᑐࡍࡿㄢ⛯ࢆㅉࡵࡿࡇ࡜࡜࡞ࡗࡓࠋࡓࡔࡋࠊ
1950 ᖺෆᅜṓධἲ඾ 213 ᮲ࡣࠊㆡΏ┈㸦net capital gain㸧࡟ᑐࡋ※Ἠᚩ཰࡛ㄢ⛯ࡍࡿࡇ࡜࡜ࡋࡓࠋㆡΏ┈㠀ㄢ⛯ࡀ loophole㸦ᢤࡅ✰㸧࡟࡞ࡗ࡚࠸ࡿ࡜ㄆ㆑ࡉࢀࡓ࠿ࡽ࡛࠶ࡗࡓࠋ
27
 ࢔࣓࡛ࣜ࢝஦ᴗ࡟ᚑ஦ࡋ࡚࠸ࡿ࠿ࡢุᐃᇶ‽ࡣࠊᜏஂⓗ᪋タ࡜ⱝᖸ␗࡞ࡿࡶࡢࡢࠊ1936 ᖺἲࡢୗ࡛ࡣ
஦ᴗᡤ㸦office or place of business㸧ࢆせ௳࡜ࡋ࡚࠸ࡓࠋ〇㐀஦ᴗࢆ⾜ࢃࡎࡓࡔ㓄ᙜࢆཷࡅྲྀࡿࡔࡅࡢሙྜࠊ
஦ᴗᡤࢆ᭷ࡍࡿࡶࡢ࡛ࡣ࡞࠸ࠊ࡜ࡉࢀࡓ౛ࡀ࠶ࡿࠋAktiebolaqet Separator v. Commissioner, 45 BTA 243
㸦1941㸧ࠋ1942 ᖺᨵṇ࡛஦ᴗᡤせ௳ࡀእࡉࢀࡓࡢ࡛ࠊ㠀ᒃఫ⪅ࡀ࢔࣓࡛ࣜ࢝஦ᴗ࡟ᚑ஦ࡋ࡚࠸ࡿ࠿ࡢุᐃ
ࡣ஦ᴗᡤࡢ᭷↓ࡢࡳ࡟ࡼࡗ࡚Ỵࡲࡿࡶࡢ࡛ࡣ࡞࠸࡜࠸࠺ࡇ࡜࡞ࡗࡓࡶࡢࡢࠊࡋ࠿ࡋ༢࡟࢔࣓ࣜ࢝ࢆゼࢀࡿ࡟ࡍࡂ࡞࠸ visiting businessman ➼࡟ࡘ࠸࡚ࡣ࢔࣓࡛ࣜ࢝஦ᴗ࡟ᚑ஦ࡋ࡚࠸ࡿ࡜ุ᩿ࡉࢀࡿࢃࡅ࡛ࡣ࡞
࠸ࡢ࡛ࠊせ௳࡛ࡣ࡞࠸࡜ࡣ࠸࠼஦ᴗᡤࡢ᭷↓ࡀᯝࡓࡍᙺ๭ࡣ኱ࡁ࠸ࠋ
28
 䭕 10 ཧ↷ࠋ

20㸦㸰㸧1966 ᖺ௨ᚋ㸸ᐇ㉁ⓗ㛵㐃ᡤᚓ୺⩏ࡋ࠿ࡋࠊ㆟఍ࡣḟࡢࡼ࠺࡞ᠱᛕࢆᢪࡁࠊ1966 ᖺ࡟኱ᨵṇࢆࡍࡿࡇ࡜࡟࡞ࡿࠋࡑࡢᠱ
ᛕ࡜ࡣࠊ➨୍࡟ࠊ࢔࣓ࣜ࢝ᅜෆ࡛஦ᴗ࡟ᚑ஦ࡍࡿእᅜேࡀᅜෆ※Ἠ㈨ᮏᡤᚓ࡟ࡘ࠸࡚
ࡲ࡛ㄢ⛯ࡉࢀࡿࡇ࡜ࡀᠬ⨩ⓗ࡛࠶ࡾࠊࡑࡢ⤖ᯝࠊ஦ᴗ฼ᚓࢆᅜෆ࡛࡞ࡃእᅜ࡟ᢞ㈨ࡍ
ࡿഴྥࢆ⏕ࡳฟࡋ࡚ࡋࡲࡗ࡚࠸ࡿ࡜࠸࠺ࡇ࡜࡛࠶ࡿࠋ➨஧ࡢᠱᛕࡣࠊእᅜࡢ஦ᴗ⪅ࡀ඲Ⴀᴗࢆ࢔࣓ࣜ࢝ᅜෆ࡛㐙⾜ࡋ࡚࠸࡚ࡶࠊᅜእ※Ἠᡤᚓ࡜ࡉࢀࢀࡤ࢔࣓ࣜ࢝ࡢㄢ⛯ࢆචࢀࡿࡇ࡜࡜࡞ࡗ࡚ࡋࡲ࠺࡜࠸࠺ࡇ࡜࡛࠶ࡿࠋࡑࡇ࡛ࠊ㆟఍ࡣࡇࡢ஧ࡘࡢၥ㢟࡟ᑐࡋ୍ࡘࡢ᪂ࡋ࠸ᐃ⩏ࢆ௨ࡗ࡚ᑐฎࡍࡿࡇ࡜࡜ࡋࡓࠋࡑࢀࡀᐇ㉁ⓗ㛵㐃ᡤᚓ29ᴫᛕ࡛࠶ࡿࠋ
ᚑࡗ࡚ࠊ1966 ᖺ௨㝆ࡢᐇ㉁ⓗ㛵㐃ᡤᚓᴫᛕ࡟ࡣࠊ஧ࡘࡢഃ㠃ࡀ࠶ࡿࠋ➨୍࡟ࠊ࢔࣓
ࣜ࢝ᅜෆ※Ἠᡤᚓ࡟㛵ࡋࠊforce of attraction ࢆ⦆ࡵ30ࠊ⣧㢠࡟ᇶ࡙࠸࡚⣼㐍⛯⋡ࡀ㐺⏝ࡉࢀࡿ࡜࠸࠺஦ែࢆῶᑡࡉࡏࡓࠋ➨஧࡟ࠊ࢔࣓ࣜ࢝ᅜእ※Ἠᡤᚓ࡟㛵ࡋࠊ⣧㢠⣼㐍⛯ไ࡟ྲྀࡾ㎸ࢇࡔࠋࢯ࣮ࢫ࣭࣮ࣝࣝ࡟ࡼࡗ࡚ᅜෆ※Ἠᡤᚓ࡜ࡉࢀࡿࡶࡢࡀᚲࡎࡋࡶㄢ⛯ᑐ㇟࡜ࡉࢀࡿࢃࡅ࡛ࡣ࡞ࡃࠊ㏫࡟ᅜእ※Ἠᡤᚓ࡜ࡉࢀࡿࡶࡢࡀᚲࡎࡋࡶㄢ⛯ᑐ㇟࠿ࡽእࡉࢀࡿࢃࡅ࡛ࡣ࡞࠸ࠊ࡜࠸࠺ࡸࡸࡇࡋࡉࡀ࠶ࡿࡇ࡜ࡣྰࡵ࡞࠸ࡀࠊࢯ࣮ࢫ࣭࣮ࣝࣝ
ࡢ⢭⦓໬ࡔࡅ࡛※Ἠᆅᅜ࡜ࡋ࡚ࡢㄢ⛯ᑐ㇟ࢆ⏬ࡍࡇ࡜࡟ࡣࠊ㝈⏺ࡀ࠶ࡿࠊ࡜࠸࠺ุ᩿
࡜࠸࠼ࡼ࠺ࠋ
➨୍ࡢⅬ࡟㛵ࡋ࡚ࠊ࢔࣓ࣜ࢝ᅜෆ※Ἠᡤᚓࡢ࠺ࡕࠊ(1) gross ࡛ᐃ⋡ㄢ⛯ࢆཷࡅࡿࡶࡢ
㸦ᐇ㉁ⓗ㛵㐃ᡤᚓ࡛࡞࠸ࡶࡢ㸧ࠊ(2) net ࡛⣼㐍⛯⋡ࢆ࠿ࡅࡽࢀࡿࡶࡢ㸦ᐇ㉁ⓗ㛵㐃ᡤᚓ࡟࠶ࡓࡿࡶࡢ㸧
ࠊ(3) ㄢ⛯ࡉࢀ࡞࠸ࡶࡢࠊࡀ࠶ࡿࡇ࡜࡜࡞ࡿࠋࡇࡇ࡛(2) ࡢ⠊ᅖࢆ☜ㄆࡋࡼ࠺ࠋㆡΏ┈㸦capital gain㸧ཬࡧ FDAP㸦ᐃ㢠ᐃᮇ㸧ᡤᚓ࡟ᙜࡓࡽ࡞࠸ᅜෆ※Ἠᡤᚓࡣࠊ⮬ືⓗ࡟ᐇ㉁ⓗ㛵㐃ᡤᚓ࡜ࡉࢀࡿࠋforce of attraction ࡜ྠࡌຠᯝࡀࠊ୍⯡つᐃ࡜ࡋ࡚ṧࡉࢀ࡚࠸ࡿ࡜࠸࠺ࡇ࡜࡛࠶ࡿ31㸦ࡀࠊࡑࡢព⩏ࡣᑠࡉ࠸㸧ࠋ㔜せ࡞ࡢࡣᅜෆ※ἨࡢㆡΏ┈ཬࡧ FDAP ᡤᚓࡀ࠸࠿࡞ࡿᇶ‽࡛ᐇ㉁ⓗ㛵㐃ᡤᚓ࡟ᙜࡓࡿࡇ࡜࡜࡞ࡿ࠿࡛࠶ࡾࠊ
business-activities test㸦஦ᴗάືࢸࢫࢺ㸧࡜ asset-use test㸦㈨⏘౑⏝ࢸࢫࢺ㸧࡟ࡼࡗ࡚ࠊ
ᐇ㉁ⓗ㛵㐃ᡤᚓ࡛࠶ࡿ࠿ྰ࠿ࡀุᐃࡉࢀࡿࠋbusiness-activities test ࡜ࡣࠊ࢔࣓ࣜ࢝ᅜෆ
࡛஦ᴗ࡟ᚑ஦ࡍࡿ㠀ᒃఫ⪅ࡢᚓࡿᅜෆ※ἨࡢㆡΏ┈ཪࡣ FDAP ᡤᚓࡀᙜヱ஦ᴗࡢ✚ᴟⓗ㐙⾜㸦active conduct㸧࡟┤᥋⏤᮶ࡍࡿ࡜ࡁࠊᐇ㉁ⓗ㛵㐃ᡤᚓ࡛࠶ࡿ࡜ࡍࡿࡶࡢ࡛࠶ࡿࠋ
29

 IRC § 864 (c): Effectively connected income.
 ❧ἲࡢ➨୍ⲡ᱌࡟ࡣᐇ㉁ⓗ㛵㐃ࡢㄒࡀ࡞࠿ࡗࡓࡀࠊ➨஧ⲡ᱌࠿ࡽ⏝࠸ࡽࢀࡓࡇ࡜ࠊࡑࡋ࡚ࠊࡇࡢᩥゝࡣ᮲⣙࡟⏤᮶ࡍࡿࡇ࡜ࡀࠊ㏙࡭ࡽࢀ࡚࠸ࡿࠋ
30 ᏶඲࡟ᗫṆࡋࡓࢃࡅ࡛ࡣ࡞࠸ࠋ䭕 31 ཧ↷ࠋ31 Reg. § 1.864-4(b) Example (3)ࡣḟࡢࡼ࠺࡞ࡶࡢ࡛࠶ࡿ̿̿㟁Ẽ〇ရࡢ〇㐀࣭㈍኎ࢆᴗ࡜ࡍࡿእᅜἲே
ࡀࠊ࡯࠿࡟ࠊ࣡࢖ࣥࡢ㉎ධ࣭㈍኎ࡶᮏᗑ࡟࠾࠸࡚⾜ࡗ࡚࠸ࡓࠋ࢔࣓ࣜ࢝ᅜෆ࡟㟁Ẽ〇ရ㈍኎ࡢࡓࡵࡢᨭᗑࢆタ⨨ࡋࡓࡀࠊᙜヱᨭᗑࡣ࣡࢖ࣥࢆᢅ࠸ࡣࡋ࡞࠿ࡗࡓࠋᮏᗑࡀᢅ࠺࣡࢖ࣥࡢᗄࡘ࠿ࡀࠊ࢔࣓ࣜ࢝ᨭᗑ
ࢆ㏻ࡉࡎ࡟ࠊ┤᥋࢔࣓ࣜ࢝ࡢ㢳ᐈ࡟ᒆࡅࡽࢀࡿࡇ࡜ࡀ࠶ࡗࡓࠋ࣡࢖ࣥ㈍኎࡟ࡼࡿᡤᚓࡶᅜෆ※Ἠᡤᚓ࡛࠶ࡾࠊ࢔࣓ࣜ࢝ᨭᗑࡢ㛵୚ࡀ࡞ࡃ࡚ࡶ࣡࢖ࣥ㈍኎࡟ࡼࡿᡤᚓࡣᐇ㉁ⓗ㛵㐃ᡤᚓᢅ࠸ࡉࢀࡿࠋ
㸦⡆␎⤂௓⤊
ࢃࡾ㸧 ణࡋࠊ⛒⛯᮲⣙ࡀ㐺⏝ࡉࢀࡿሙྜࠊPE ࡟ࠕᖐᒓࡍࡿࠖ฼ᚓࡋ࠿ㄢ⛯࡛ࡁ࡞࠸ࡢ࡛ࠊ㏫ࡢ⤖ᯝ࡜࡞ࡿ㸦Rev.
Rul. 81-78, 1981-1 C.B. 604㸧ࠊࡍ࡞ࢃࡕࠊ࢔࣓ࣜ࢝ࡣㄢ⛯ࡍࡿࡇ࡜ࡀ࡛ࡁ࡞࠸ࠋ

21

asset-use test ࡜ࡣࠊᙜヱ⪅ࡢᙜヱ஦ᴗࡀၥ㢟࡜࡞ࡗ࡚࠸ࡿㆡΏ┈ཪࡣ FDAP ᡤᚓࡢᐇ⌧ࢆ┤᥋ࡶࡓࡽࡋ࡚࠸ࡿࢃࡅ࡛ࡣ࡞࠸࡜ࡁ࡟㐺⏝ࡉࢀࡿࡶࡢ࡛࠶ࡾࠊᡤᚓࢆ⏕ࡳฟࡍ㈨⏘ࡀ஦ᴗ㐙⾜࡟౑⏝ࡉࢀ࡚࠸ࢀࡤᡈ࠸ࡣ౑⏝ࡢࡓࡵ࡟ಖ᭷ࡉࢀ࡚࠸ࢀࡤࠊࡑࡢ㈨⏘࡟⏤᮶ࡍࡿᡤᚓࡣᐇ㉁ⓗ㛵㐃ᡤᚓ࡛࠶ࡾࠊࡉࡶ࡞ࡃࡤᐇ㉁ⓗ㛵㐃ᡤᚓ࡛࡞࠸ࠊ࡜ࡍࡿࡶ
ࡢ࡛࠶ࡿࠋ➨஧ࡢⅬ㸦ᅜእ※Ἠᡤᚓ࡛ᐇ㉁ⓗ㛵㐃ᡤᚓ࡟ྲྀࡾ㎸ࡲࢀࡿྍ⬟ᛶ㸧࡟ࡘ࠸࡚ࡣࠊၥ
㢟ࡢᅜእ※Ἠᡤᚓ㸦㓄ᙜࠊ฼Ꮚࠊ౑⏝ᩱ➼ࡀ඾ᆺ㸧ࡀ࢔࣓ࣜ࢝ᅜෆ࡟࠾ࡅࡿ஦ᴗࡢ✚ᴟⓗ㐙⾜࡟⏤᮶ࡍࡿࡢ࠿ࠊࡓࡔࡢᢞ㈨࡟⏤᮶ࡍࡿࡢ࠿ࠊࡀ㘽࡜࡞ࡿࠋࡲࡓࠊᅜእ※Ἠ
ᡤᚓࢆᐇ㉁ⓗ㛵㐃ᡤᚓᢅ࠸ࡍࡿࡓࡵ࡟ࡣࠊ࢔࣓ࣜ࢝ᅜෆ࡛஦ᴗ࡟ᚑ஦ࡍࡿ㠀ᒃఫ⪅ࡀᅜෆ࡟஦ົᡤཪࡣࡑࡢ௚ࡢᅛᐃ஦ᴗᡤ㸦office or other fixed place of business㸸FPB㸧ࢆ᭷ࡍࡿࡇ࡜ࠊཬࡧࠊၥ㢟࡜࡞ࡗ࡚࠸ࡿᡤᚓࡀᙜヱ FPB㸦ᅛᐃ஦ᴗᡤ㸧࡟ᖐᒓ㸦attributable㸧32ࡍࡿࡇ࡜ࡀࠊᚲせ࡛࠶ࡿࠋࡋ࠿ࡶࠊFPB ᴫᛕࡣ PE㸦ᜏஂⓗ᪋タ㸧ᴫᛕ࡟㢮ఝࡍࡿࡶࡢ
࡜ࡋ࡚タィࡉࢀ࡚࠾ࡾࠊ࢔࣓ࣜ࢝ᅜෆἲࡢᐇ㉁ⓗ㛵㐃ᡤᚓ୺⩏࡜ OECD ࣔࢹࣝ⛒⛯᮲⣙ࡢᖐᒓᡤᚓ୺⩏࡜ࡢᕪࡣࠊ┦ᙜ⊃ࡲࡗ࡚࠸ࡿࠋ㸵 ඲ᡤᚓ୺⩏࠿ࡽᖐᒓᡤᚓ୺⩏࡬ࡢ⛣⾜ࡢせྰ࡜㛵㐃ࡍࡿၥ㢟
㸦㸯㸧1966 ᖺᙜ᫬ࡢ࢔࣓ࣜ࢝࡜ඹ㏻ࡍࡿᠱᛕࠊࡑࡋ࡚཯㠃ᩍᖌ࡜ࡋ࡚ࡢ࢔࣓ࣜ࢝
ࠕᠬ⨩ⓗࠖ࡜ࡲ࡛⾲⌧ࡍࡿ࠿࡝࠺࠿ࡣ࡜ࡶ࠿ࡃࠊ඲ᡤᚓ୺⩏࡟ᇶ࡙ࡃㄢ⛯ࡀࠊ㠀ᒃఫ⪅ࡢ࢔࣓ࣜ࢝㸭᪥ᮏ࡬ࡢᢞ㈨ࡢ㜼ᐖせᅉ࡜࡞ࡾ࠿ࡡ࡞࠸࡜࠸࠺ᠱᛕࡀࠊ⌧ᅾࡢ᪥ᮏ࡟
࠾ࡅࡿࢧ࣮ࣂ࣮PE ㄢ⛯ၥ㢟࡜ඹ㏻ࡋ࡚࠸ࡿࠋ↓ㄽࠊࡇࡢၥ㢟ࡣࠊ1962 ᖺᨵṇ࡛᪥ᮏࡢᅜ㝿⛒⛯ᨻ⟇ࡀ⌧ᅾࡢᙧ࡟࡞ࡗࡓ㡭࠿ࡽ⥅⥆ⓗ࡟Ꮡᅾࡋ࡚࠸ࡓࡶࡢ࡜᥎

ࡉࢀࠊ௒᭦㦁ࡂ❧࡚ࡿࡶࡢ࡛ࡣ࡞࠸࡜࠸࠺㆟ㄽࡶ࠶ࡾ࠺ࡿ࡜ࡇࢁ࡛࠶ࡿࡀࠊ✲ᴟⓗ࡟ࡣㄽ⌮ࡢࡳ࡛ࡣ࡞ࡃᨻ⟇ⓗุ᩿ࢆక࠺ၥ㢟࡛࠶ࡿࡇ࡜ࡣ㸲㸦㸰㸧ཬࡧ㸦㸱㸧࡛ㄽࡌࡓ㏻ࡾ࡛࠶ࡿࠋ
࢔࣓ࣜ࢝ἲࢆཧ↷ࡋ࡚ศ࠿ࡿࡇ࡜ࡣࠊࢯ࣮ࢫ࣭࣮ࣝࣝ࡜ู࡟ᐇ㉁ⓗ㛵㐃㸦OECD ࣔࢹࣝ࡟༶ࡋ࡚ゝ࠼ࡤᜏஂⓗ᪋タ࡬ࡢᖐᒓ࡟㢮ఝ㸧ࡢุᐃᇶ‽ࢆసࡿ࡜ࡍࡿ࡜ࠊつᐃࡢ」㞧໬ࡣ㑊ࡅࡽࢀ࡞࠸࡛࠶ࢁ࠺࡜࠸࠺ࡇ࡜࡛࠶ࡿࠋࡑࢀࡼࡾࡣࠊࢻ࢖ࢶἲࡢࡼ࠺࡞ᖐᒓ
ᡤᚓ୺⩏ࢆ┠ᣦࡍ᪉ྥࡀ᥎ዡࡉࢀࡼ࠺ࠋࡇࢀࡣࠊࢯ࣮ࢫ࣭࣮ࣝࣝࡢ⢭⦓໬࡛ࡣ࡞ࡃࠊ
ࢯ࣮ࢫ࣭࣮ࣝࣝࡢ఩⨨௜ࡅࡑࡢࡶࡢࢆኚ㠉ࡍࡿࡇ࡜࡛࠶ࡿࠋ※Ἠᆅᅜㄢ⛯ࡢ 3 ࡘࡢ㛵32 ⌮ᛕⓗ࡟ࡸࡸࡇࡋࡃ࡞ࡿࡀࠊᡤᚓ㸦gross income ࡛࠶ࢀ net income ࡛࠶ࢀ㸧ࡀᨭᗑ࡟ᖐᒓࡍࡿ࠿ྰ࠿ࡢ
ၥ㢟࡜ࠊᨭᗑ࡟ᖐᒓࡍࡿ㸦㓄㈿ࡉࢀࡿ㸧฼ᚓࡣᗄࡽ࠿ࡢၥ㢟ࡣࠊ␗࡞ࡿࠊ࡜࠸࠺ࡇ࡜ࢆ≉グࡋࡓ࠸ࠋ࢔
࣓࡛ࣜ࢝ࡣ๓⪅ࡢၥ㢟࡟ࡘ࠸࡚ attributable ࡢㄒࢆࠊᚋ⪅ࡢၥ㢟࡟ࡘ࠸࡚ allocable ࡢㄒࢆ඘࡚࡚౑࠸ศࡅ
ࡽࢀ࡚࠸ࡿࡀࠊOECD ࣔࢹࣝ⛒⛯᮲⣙࡟㛵ࡍࡿ㆟ㄽ࡛ࡣࠊ๓⪅ࡢၥ㢟㸦7 ᮲ 1 㡯㸧࡟ࡘ࠸࡚ࡶᚋ⪅ࡢၥ㢟
㸦7 ᮲ 2 㡯㸧࡟ࡘ࠸࡚ࡶ attribute ࡢㄒࡀ⏝࠸ࡽࢀ࡚࠸ࡿࡢ࡛ࠊὀពࢆせࡍࡿࠋ ᡈࡿྲྀᘬ࡟ࡘ࠸࡚࢔࣓ࣜ࢝ᨭᗑࡢ㈉⊩ᗘࡀዴఱ࡟ᑠࡉࡃ࡜ࡶࠊࡑࡢᑠࡉࡉ࡟ᛂࡌ࡚ᑡ㢠ࡢ฼ᚓࡢࡳ࢔
࣓ࣜ࢝ᨭᗑ࡟ᖐᒓࡉࡏࡿ㸦㓄㈿ࡉࡏࡿ㸧ࠊ࡜࠸࠺ㄢ⛯᪉ἲࡶᛮ࠸ࡘࡃ࡜ࡇࢁ࡛࠶ࡿࡀࠊ࢔࣓ࣜ࢝ἲࡢୗ࡛
ࡣ㹄㹎㹀㸦ᅛᐃ஦ᴗᡤ㸧ࡀᡤᚓ⏕⏘࡟࡜ࡗ࡚㔜せ࡞せ⣲㸦material factor㸧࡜࡞ࡗ࡚࠸ࡿࡇ࡜ࡶせ௳࡜࡞ࡗ࡚࠾ࡾࠊᡤᚓࡀᨭᗑ࡟ᖐᒓ㸦attribute㸧ࡍࡿ࠿ྰ࠿ࡢุᐃ࡟࠾࠸࡚㜈್ࡀタࡅࡽࢀ࡚࠸ࡿࠊ࡜࠸࠺ࡇ࡜ࡀ
ศ࠿ࡿࠋ࢔࣓ࣜ࢝࡟࠾࠸࡚ᗄࡽࡢ฼ᚓࡀ㓄㈿ࡉࢀࡿ࠿㸦allocable ࠿㸧࡟ࡘ࠸࡚ၥ㢟࡜࡞ࡿࡢࡣࠊ3 ࡘࡢ㜈್㸦ձ࢔࣓ࣜ࢝ᅜෆ࡛஦ᴗ࡟ᚑ஦ࡋ࡚࠸ࡿ࡜࠸࠺㜈್ࠊղ࢔࣓ࣜ࢝ᅜෆ࡟ FPB㸦ᅛᐃ஦ᴗᡤ㸧ࢆ᭷ࡍࡿ࡜࠸࠺㜈್ࠊճFPB ࡟ᡤᚓࡀᖐᒓࡍࡿ࡜࠸࠺㜈್㸧ࢆࢡࣜ࢔ࡋࡓሙྜࡢヰ࡛࠶ࡿࠊ࡜࠸࠺ࡇ࡜࡟࡞ࡿࠋ

22㛛࡜ࡋ࡚ࠊ※Ἠ࣭㜈್࣭⠊ᅖࡢၥ㢟ࡀ࠶ࡗࡓ࡜ࡇࢁࠊᜏஂⓗ᪋タࡢุᐃཬࡧࡑࡇ࡬ࡢ
ᖐᒓࢆ୰ᚰ࡜ࡋࡓయ⣔࡟ኚ㠉ࡍࡿ࡜࠸࠺ࡇ࡜࡛࠶ࡿࠋ඲ᡤᚓ୺⩏࣭ᖐᒓᡤᚓ୺⩏࡝ࡕࡽ࡟ࡶࡑࢀ࡞ࡾ࡟ṇᙜ࡞⌮ᛕࡀ࠶ࡿ࡜ࡇࢁࠊ࢔࣓ࣜ࢝ࡢᐇ㉁ⓗ㛵㐃ᡤᚓ୺⩏ࡣ㸦ᖐᒓᡤᚓ୺⩏ᐤࡾ࡛ࡣ࠶ࡿࡀ㸧୰㏵༙➃࡛࠶ࡿࡀࡺ࠼࡟」㞧ࡉࢆࡶࡓࡽࡍࠊ࡜࠸࠺཯㠃ᩍᖌࡢഃ㠃ࡀ࠶ࡿ㸦᪥ᮏேࡀᢈุࡋ࡚ࡶ䭖࡞ࡁࡇ࡜࡛ࡣ࠶ࡿࡀ㸧࡜ᛮࢃࢀࡿࠋ
㸦㸰㸧ᜏஂⓗ᪋タᴫᛕཬࡧᜏஂⓗ᪋タ࡞ࡅࢀࡤㄢ⛯࡞ࡋ࣮ࣝࣝ࡬ࡢᙳ㡪㸳㸦㸯㸧࡛ぢࡓࡼ࠺࡞ࠊᜏஂⓗ᪋タᴫᛕࡢࡳࡢಟṇ࡜࠸࠺ᑐ⑕⒪ἲⓗ࡞ᡭἲࡣࠊ❧ἲࡢ㈝⏝ᑐຠᯝ࡜࠸࠺ほⅬࡢ࣓ࣜࢵࢺࡀ࠶ࡿ࡜ᛮࢃࢀࡿࠋ
௚᪉ࠊ඲ᡤᚓ୺⩏࠿ࡽᖐᒓᡤᚓ୺⩏࡬ࡢኚ᭦ࡣࠊㄢ⛯ᡤᚓࡢ⠊ᅖࡢၥ㢟ࡔࡅࢆኚ࠼
ࡿࠊ࡛ࡣ࡜࡝ࡲࡽ࡞࠸ྍ⬟ᛶࡀ㧗࠸࡜ᛮࢃࢀࡿࠋ࡞ࡐ࡞ࡽࡤࠊᖐᒓᡤᚓ୺⩏ࡢୗ࡛ࡣᜏஂⓗ᪋タࡢㄆᐃཬࡧࡑࡇ࡬ࡢᡤᚓࡢᖐᒓࡢุᐃࡀ※Ἠᆅᅜㄢ⛯ᶒ࡟୚࠼ࡿᙳ㡪ࡀᴟ➃࡟ᙉࡃ࡞ࡿࡢ࡛ࠊ࠙ᜏஂⓗ᪋タᴫᛕ࡛※Ἠᆅᅜࡢㄢ⛯ᶒࢆ⦡ࡿࠚ࡜࠸࠺ࡇ࡜࡬ࡢ᢬ᢠ
ࡀᙉࡃ࡞ࡿྍ⬟ᛶࡀ࠶ࡿ࠿ࡽ࡛࠶ࡿࠋ※Ἠᆅᅜഃࡢ⪃៖࡜ࡋ࡚ࡣࠊᖐᒓᡤᚓ୺⩏ࢆ᥇ࡿ௨ୖࠊᜏஂⓗ᪋タᴫᛕࢆᚑ᮶ࡢ⊃ࡉ࡛⥔ᣢࡍࡿࡇ࡜ࡣ࡛ࡁ࡞࠸ࠊ࡜࠸࠺᢬ᢠࡀ࠶ࡾ
࠺ࡿࠋ᭦࡟ࠊᜏஂⓗ᪋タ࡞ࡅࢀࡤㄢ⛯࡞ࡋ࣮ࣝࣝ࡜࠸࠺㜈್࡬ࡢ᢬ᢠࡶᙉࡲࡿྍ⬟ᛶࡀ࠶
ࡿࠋOECD ࣔࢹࣝ⛒⛯᮲⣙࡛ࡣ 17 ᮲ࡢⱁ⬟ே᮲㡯࡟ලయ໬ࡋ࡚࠸ࡿࡤ࠿ࡾ࡛࡞ࡃࠊࢥ
࣓ࣥࢱ࣮ࣜ࡟࠾ࡅࡿࢧ࣮ࣅࢫ PE ᮲㡯33ࡢࡼ࠺࡟ࠊᐇ㉁ⓗ࡟ᜏஂⓗ᪋タ࡞ࡅࢀࡤㄢ⛯࡞ࡋ࣮ࣝࣝ࡬ࡢ౛እࢆタࡅࡿᶵ㐠34࡬࡜⧅ࡀࡿྍ⬟ᛶࡶᏎࡴ35ࠋ
33

 ᘚㆤኈ࣭ࢥࣥࢧࣝࡢࡼ࠺࡞ࢧ࣮ࣅࢫ஦ᴗ⪅࡟ࡘ࠸࡚ࠊ≀⌮ⓗ࡞஦ᴗ᪋タࡀ࡞ࡃ࡜ࡶ※Ἠᆅᅜ࡟ㄢ⛯ᶒࢆㄆࡵࡿ࡭ࡁ࡜ࡍࡿࡶࡢࠋࡇࢀࡲ࡛᪥ᮏࡀ⥾⤖ࡋࡓ⛒⛯᮲⣙ࡢ୰࡟ࡣࠊ᪥୰⛒⛯᮲⣙ 5 ᮲ 5 㡯࡯࠿ᗄࡘ࠿ࡢᮾ༡࢔ࢪ࢔࡜ࡢ㛫࡛⥾⤖ࡋࡓ᮲⣙ࡢ୰࡟ᐇົୖࠕࢧ࣮ࣅࢫ PE ᮲㡯ࠖ࡜࿧ࡤࢀࡿࡶࡢ㸦ᗈ⩏ࡢࢧ࣮ࣅࢫ PE ᮲㡯࡜࿧ࢇ࡛࠾ࡃ㸧ࡀᏑᅾࡋ࡚࠸ࡿࡀࠊไ㝈ⓗ࡞ព࿡࡛ࡢࢧ࣮ࣅࢫ PE ᮲㡯㸦ࢧ࣮ࣅࢫᥦ౪୍⯡ࡲ࡛ྵࡵ࡚ᗈࡃ PE ࢆㄆᐃࡋࡼ࠺࡜ࡍࡿ᮲㡯㸧ࡲ࡛┒ࡾ㎸ࢇࡔ᮲⣙ࡣ࡞࠸㸦◊✲఍࡛ࡢࡈᣦ᦬࡟ឤㅰ⏦ࡋୖࡆࡿ㸧ࠋ௬࡟᪥ᮏࡀ᪂ࡓ࡞⛒⛯᮲⣙⥾⤖஺΅ࡢ୰࡛ࢧ࣮ࣅࢫ PE ᮲㡯ࢆཷࡅධࢀࡿ࡜ࡍࢀࡤࠊ⌧⾜᪥ᮏᅜෆἲ࡛ࡣࠊᡤᚓ⛯ἲ 164 ᮲ 1 㡯 4 ྕࠊ161 ᮲ 2 ྕࠊᡤᚓ⛯ἲ᪋⾜௧ 282 ᮲ࡀᑐᛂࡍࡿつᐃ࡜࡞ࢁ࠺ࠋ
34 ⱁ⬟ே᮲㡯࡜ࢧ࣮ࣅࢫ PE ᮲㡯ࡢ㛵ಀ࡟ࡘ࠸࡚ࠊ㟷ᒣ៞஧ㅮ₇ࠕOECD ࡜ᅜ㐃ࡢࣔࢹࣝ⛒⛯᮲⣙ࡢẚ㍑ࠖ
⛒⛯◊✲ 2010 ᖺ 8 ᭶ 242 㡫ཧ↷ࠋ35
 ࡇࡢⅬ࡟㛵ࡋࠊ඲ᡤᚓ୺⩏࠿ࡽᖐᒓᡤᚓ୺⩏࡬ࡢ⛣⾜࡟཯ᑐ࣭ៅ㔜࡜࠸࠺ࡇ࡜࡞ࡢ࠿ࠊ࡜࠸࠺ࡈᣦ᦬
ࢆ◊✲఍࡟࡚㈷ࡗࡓࠋ
 ⚾⮬㌟ࡢពぢ࡟ࡘ࠸࡚ࡣ⚾ࡀ㐣ཤ࡟᭩࠸ࡓࡶࡢࢆࡈぴ࠸ࡓࡔࡃࡇ࡜࡟࡞ࡿࡀࠊᮏ✏ࡣ⚾ぢࢆᢨ℡ࡍࡿ
ሙ࡛ࡣ࡞ࡃࠊㄽⅬᩚ⌮ࢆࡍࡿሙ࡛࠶ࡿ࡜ᚰᚓ࡚࠸ࡿࠋࡑࡋ࡚ࠊ⚾ぢ࡟ࡼࡽ࡞࠸ㄽⅬᩚ⌮ࡢࡓࡵࡢほᐹ⤖ᯝ࡜ࡋ࡚ࡶࠊ
ࠕᜏஂⓗ᪋タ࡞ࡅࢀࡤㄢ⛯࡞ࡋ࣮ࣝࣝࠖ࡬ࡢ᢬ᢠࡀࠊOECD ࡢ㆟ㄽ࡟ᇉ㛫ぢ࠼ࡿ㸦ࡑࡢⰋࡋᝏࡋࡣ࡜ࡶ࠿ࡃほᐹ⤖ᯝ࡜ࡋ࡚㸧࡜ᛮࢃࢀࡿࠋ
ࠕᖐᒓᡤᚓ୺⩏࡬ࡢ⛣⾜ࠖ࡜ࠕᜏஂⓗ᪋タ࡞ࡅࢀࡤㄢ⛯࡞ࡋ࣮ࣝࣝࠖࡢ୧❧ࡣࠊ⌮ᒅࡢୖ࡛ࡣᙜ↛ྍ⬟࡛࠶ࡿࡀࠊࡋ࠿ࡋࡑࢀࢆࡍࡿ࡜※Ἠㄢ⛯⟶㎄ࡀ࡝ࢇ࡝ࢇኻ
ࢃࢀ࡚࠸ࡃࡇ࡜࡟࡞ࡾࠊࡑࡋ࡚௒ࡸ OECD ຍ┕ᅜࡶ※Ἠㄢ⛯⟶㎄ࢆኻ࠺㸦ㄢ⛯࣮࣋ࢫࡀ᫇࡞ࡀࡽࡢ※Ἠᆅᅜ࡛ࡶඛ㐍ᅜ࡛ࡶ࡞ࡃࠊࢱࢵࢡࢫ࡬࢖ࣦࣥ࡟ᾘ࠼࡚࠸ࡗ࡚ࡋࡲࡗ࡚࠸ࡿ㸧ࡇ࡜࡟ࡘ࠸࡚ᜍᛧᚰࢆᢪ࠸
࡚࠸ࡿࡼ࠺࡟ぢ࠼ࡿࡢ࡛ࠊ⌮ᒅࡢୖ࡛ࠊྍ⬟࡛࠶ࡗ࡚ࡶࠊ᪥ᮏࢆྵࡵࡓ OECD ຍ┕ᅜࡀࡑࡢࡼ࠺࡞ᨻ⟇Ỵᐃࢆࡍࡿࡔࡅࡢ㋃ࢇษࡾࢆࡘࡅࡽࢀࡿ࠿ࠊほᐹ⤖ᯝ࡜ࡋ࡚᠜␲ࡢవᆅࡀ࠶ࡿࠋ௚᪉ࠊ඲ୡ⏺୺⩏࠿ࡽᖐᒓᡤᚓ୺⩏࡬ࡢ⛣⾜ࡣ᪤ᐃ㊰⥺࡜ࡍࡿୡࡢ୰ࡢὶࢀࡶ࠶ࡿ࡜ぢཷࡅࡽࢀࡿࡇ࡜࡟ࠊ␗ㄽࡣ࡞࠸ࠋࡘࡲ
ࡾࠊ⌧≧ࡣࠊ⫼཯ⓗ࡞ᨻ⟇ㄢ㢟ࡀ ᕳ࠸࡚࠸ࡿࡼ࠺࡟ほᐹࡉࢀࡿ࡜࠸࠺ࡇ࡜࡟࡞ࡿࠋࡇ࠺ࡋࡓ≧ἣୗ࡛ࠊ᭦࡟❧ἲࡢࢥࢫࢺ࣋ࢿࣇ࢕ࢵࢺࡶ຺᱌ࡋࡓୖ࡛ࠊ᪥ᮏࡀᖐᒓᡤᚓ୺⩏࡟ኚ࠼ࡿ࡭ࡁ࡛࠶ࡿ࡜㈈ົ┬ࡢ୰ࡢே㐩ࡀ⪃࠼ࡿ࠿࡟ࡘ࠸࡚ࡣࠊぢ㏻ࡋࡀ❧࡚࡟ࡃ࠸ࠋ

23ඛࡢ஧ẁⴠࡢෆᐜࢆゝ࠸᥮࠼ࡿ࡜ࠊᖐᒓᡤᚓ୺⩏࡬ࡢ⛣⾜ㄽࡣ࠙ᐷࡓᏊࢆ㉳ࡇࡍࠚྍ⬟ᛶࡀ࠶ࡿࠋࡇࡇ࡛ࡢ࠙Ꮚࠚ࡜ࡣ※Ἠᆅᅜㄢ⛯ᶒ࡛࠶ࡾࠊ࠙ᐷࡓࠚࡣ※Ἠᆅᅜㄢ⛯ᶒࢆᢚ࠼ࡇࡴ࡜࠸࠺ᨻ⟇ุ᩿࡛࠶ࡾࠊ
࠙㉳ࡇࡍࠚ࡜ࡣ※Ἠᆅᅜㄢ⛯ᶒࡢ☜ಖࡢせㄳ࡛࠶ࡿࠋ
᭦࡟ࠊἲேᡤᚓㄢ⛯ࡢᩥ⬦࡛ᅜእᡤᚓච⛯ࡢὶࢀࡀᙉࡲࡿ㸦ᮏ✏࡛ࡢ᳨ウㄢ㢟࡜ࡣእࢀࡿࡀ㸧࡜ࡍࡿ࡜ࠊᒃఫㄢ⛯࡟㢗ࡿࡇ࡜ࡣ࡛ࡁ࡞ࡃ࡞ࡿࡢ࡛ࠊᙅࡲࡿᒃఫㄢ⛯⟶㎄
ᶒ࡜ࡣᑐ↷ⓗ࡟※Ἠᆅᅜㄢ⛯ᶒࡢ☜ಖࡢせㄳࡀ㉳ࡁୖࡀࡗ࡚ࡃࡿ࠿ࡶࡋࢀ࡞࠸ࠊ࡜࠸
࠺⪃៖せ⣲ࡶ࠶ࡿࠋ
ࡇࢀࡶ⤖ᒁࡣࠊ᪥ᮏ࡬ࡢᢞ㈨ࡢ࿧ࡧࡇࡳ࡜࠸࠺ᨻ⟇ุ᩿࡜ࠊ⛯཰☜ಖ࡜ࠊ࡝ࡕࡽࢆ㔜どࡍࡿ࠿࡜࠸࠺࣓࢟ࡢၥ㢟࡛࠶ࡗ࡚ࠊ⌮ᒅࡔࡅ࡛Ỵࡋࡁࢀ࡞࠸ࠋࡀࠊOECD ࣔࢹࣝ⛒⛯᮲⣙࡟࠾ࡅࡿఏ⤫ⓗ࡞࠙※Ἠㄢ⛯⟶㎄ࢆᢚ࠼ࡇࡳᒃఫㄢ⛯⟶㎄ࢆඃ㐝ࡍࡿࠚ࡜ࡢⓎ᝿ࡀᙅࡲࡾࡘࡘ࠶ࡿ⌧ᅾࡢഴྥࡣࠊ↓どࡋࡀࡓ࠸ࠋ
㸦㸱㸧ࡑࡢ௚
ᡤᚓ⛯ἲ᪋⾜௧ 279 ᮲ 5 㡯ࡣࠊ㠀ᒃఫ⪅ࡢ᪥ᮏᅜෆࡢᜏஂⓗ᪋タࢆ㏻ࡌࡓᅜእ฼Ꮚ
࡟ࡘ࠸࡚ࠊእᅜ࡛ㄢ⛯ࡉࢀ࡚࠸࡞ࡅࢀࡤ᪥ᮏࡀㄢ⛯ࡋࠊእᅜ࡛ㄢ⛯ࡉࢀ࡚࠸ࡓࡽ᪥ᮏ
ࡣㄢ⛯ࡋ࡞࠸࡜࠸࠺࣮ࣝࣝࢆᐃࡵ࡚࠸ࡿࠋࡇ࠺ࡋࡓ࣮ࣝࣝࡣࠊᖐᒓᡤᚓ୺⩏ࡢୗ࡛ࡣࠊ
እ⛯᥍㝖ࢆ㠀ᒃఫ⪅ࡢ᪥ᮏᅜෆᜏஂⓗ᪋タ࡟ࡶㄆࡵࡿ᪉ྥ࡬ࠊኚࢃࡗ࡚࠸ࡃࡇ࡜ࡀண
᝿ࡉࢀࡿࠋࡲࡓࠊ㈝⏝ࡢ㓄ศ࣭㓄㈿࡟㛵ࡍࡿタィࡶၥ㢟࡜࡞ࡿ࡜ண᝿ࡉࢀࡿࡀࠊ୍㧗ㄽᩥ࡟ㆡࡿࠋ

24➨㸱❶ እᅜἲேㄢ⛯࡟ಀࡿᖐᒓ୺⩏ࡢ᥇⏝࡜ලయⓗㄽⅬࠥྛㄽ୍㧗 㱟ྖ㸯 ࡣࡌࡵ࡟
⛯ไㄪᰝ఍ࡢᑓ㛛ᐙጤဨ఍ࡣࠊ2010 ᖺࡢ OECD ࣔࢹࣝ᮲⣙㸦௨ୗࠊࣔࢹࣝ᮲⣙࡜࿧ࡪ㸧ࡢᨵᐃࡀࠊᅜෆἲࢆ⥲ྜ୺⩏࠿ࡽᖐᒓ୺⩏࡟ぢ┤ࡍዎᶵࢆ୚࠼࡚࠾ࡾࠊ㐺ṇ࡞ㄢ⛯ࢆ☜ಖࡍࡿࡓࡵࡢᚲせ࡞ἲᩚഛ࡜ేࡏ᳨࡚ウࡍ࡭ࡁ࡜ࡋ࡚࠸ࡿ1ࠋ⛒⛯᮲⣙ୖࡢᖐᒓ୺⩏ࡣࠊࡑࢀࡀᅜෆἲ࡟࠾ࡅࡿࡼࡾࡶ㔜ㄢ࡟⧅ࡀࡿࡼ࠺࡞ሙྜࢆᥐࡅࡤࠊᅜෆἲ࡟ඃඛࡋ࡚ࡁࡓ
ࡣࡎ࡛࠶ࡿࠋࡑ࠺࡛࠶ࢀࡤࠊࡇࡇ࡛ࡣࠊ1㸧㠀᮲⣙┦ᡭᅜᒃఫ⪅㸦ἲேࢆྵࡴ㸧࡟ᑐࡍࡿㄢ⛯ไᗘࡢ㔜せ࡞ኚ᭦࡜ࠊ2㸧᮲⣙┦ᡭᅜᒃఫ⪅࡬ࡢㄢ⛯ࡢ௙⤌ࡳ࡟㛵ࡍࡿ☜ᐇᛶࡸ㤳ᑿ
୍㈏ᛶࡢྥୖࡀᮇᚅࡉࢀ࡚࠸ࡿ࡜ゎࡉࢀࡿࠋᮏ✏ࡣࠊࡇࡢࡼ࠺࡞๓ᥦࡢୗ࡛ࠊ௨ୗࠊ1㸧ࣔࢹࣝ᮲⣙ 2010 ᖺࡢᨵṇ࡟ࡼࡾ☜❧ࡉࢀࡓ㠀ᒃఫ⪅࡟ᑐࡍࡿ OECD ᢎㄆ࢔ࣉ࣮ࣟࢳ㸦௨ୗࠊAOA ࡜⛠ࡍࡿ㸧ࡢせⅬࢆ2ࠊ⡆༢࡞஦౛࡟ᇶ࡙ࡁ☜ㄆࡋࡓୖ࡛ࠊ2㸧እᅜἲேㄢ⛯ไᗘࡢ⌧≧࡜⤒⦋ࢆᢕᥱࡋࡘࡘࠊ3㸧ᖐᒓ୺⩏ࡢᅜෆἲ໬ࡢࡓࡵࡢไᗘࡢ⣲᱌ࢆୗ࡟ࠊἲே⛯ἲୖࡢㄽⅬ࡟ⱝᖸࡢ᳨ウࢆຍ࠼ࡿࡶ
ࡢ࡛࠶ࡿࠋࡲࡓࠊᮏ✏࡛ࡣ㔠⼥ᴗࡣ୍ᛂ᳨ウࡢᑐ㇟እ࡜ࡏࡊࡿࢆᚓ࡞࠸ࡀࠊAOA ࡢ㐺⏝࡟ᇶᮏⓗ࡞㐪࠸ࡣ࡞࠸ࠋ

㸰 OECD ᢎㄆ࢔ࣉ࣮ࣟࢳ
㸦㸯㸧AOA ࡟ᇶ࡙ࡃ฼ᚓࡢ⟬ᐃㄢ⛬
AOA ࡟࠾࠸࡚ࡣࠊ⛣㌿౯᱁࢞࢖ࢻࣛ࢖ࣥ㸦௨ୗࠊTP ࢞࢖ࢻࣛ࢖ࣥ㸧ࢆ㢮᥎㐺⏝ࡋ࡚ࠊ(1) PE ࡢᶵ⬟࣭஦ᐇศᯒࢆ⾜࠸ࠊ(2) ㆑ูࡉࢀࡿෆ㒊ྲྀᘬ࡟ಀࡿ⊂❧௻ᴗ㛫౯᱁ࢆỴᐃࡍࡿࠊ࡜࠸࠺஧ẁ㝵ࢆ⤒࡚ࠊPE ࡟ᖐᒓࡍࡿ฼ᚓࡀỴᐃࡉࢀࡿ3ࠋᩜ⾝ࡍࡿ࡜ࠊ➨(1)ẁ㝵ࡣࠊᴫࡡࠊ1㸧ᙜヱ௻ᴗ࡜➨୕⪅㛫ࡢྲྀᘬ࠿ࡽ⏕ࡌࡿᶒ฼⩏ົࡢᙜヱ PE ࡬ࡢ㐺ษ࡞ᖐᒓࠊ2㸧㈨⏘ࡢ⤒῭ⓗᡤ᭷ᶒࡢᖐᒓ࡟㛵ಀࡍࡿ㔜せ࡞ேⓗᶵ⬟㸦significant people functions㸧ࡢ㆑ู࡜ࠊ㈨⏘ࡢ⤒῭ⓗᡤ᭷ᶒࡢ PE ࣊ࡢᖐᒓࠊ3㸧ࣜࢫࢡࡢᘬཷࡅ࡟㛵ಀࡍࡿ㔜せ࡞ேⓗᶵ⬟ࡢ㆑ู࡜ࠊࣜࢫࢡࡢ PE ࡬ࡢᖐᒓࠊ4㸧PE ࡢ௚ࡢᶵ⬟ࡢ㆑ูࠊ5㸧ෆ㒊ྲྀᘬࡢㄆ㆑࡜ᛶ㉁Ỵᐃࠊࡑࡋ࡚ࠊ6㸧㈨ᮏࡢᖐᒓ㸦㈨⏘࡜ࣜࢫࢡ࡟
ᇶ࡙ࡃ㸧ࠊ࠿ࡽᡂࡿࠋ
1 ᨻᗓ⛯ไㄪᰝ఍࣭ᑓ㛛ᐙጤဨ఍ࠕᅜ㝿ㄢ⛯࡟㛵ࡍࡿㄽⅬᩚ⌮ࠖ㸦ᖹᡂ 22 ᖺ 11 ᭶ 9 ᪥㸧11 㡫ࠋ AOA ࡟㛵ࡋ࡚ࡣࠊ㟷ᒣ៞஧ࠕOECD ࡟࠾ࡅࡿᜏஂⓗ᪋タ㸦PE㸧ࡢᖐᒓ฼┈ࡢ⟬ᐃ࡟㛵ࡍࡿ㆟ㄽࠖ⛒⛯◊✲ 678 ྕ 101 㡫㸦2006㸧ࠊᚨỌ໷Ꮚࠕᜏஂⓗ᪋タ࡟ᖐᒓࡍࡿ฼ᚓ—2006 ᖺ OECD ሗ࿌᭩࡟࠾ࡅࡿᨵゞ஦㡯ࠖ⛒⛯◊✲ 691 ྕ 167 㡫㸦2007㸧ࠊすᮧ⪺ከࠕOECD ࡟ࡼࡿᜏஂⓗ᪋タ㸦PE㸧ࡢᖐᒓ฼ᚓ࡟㛵ࡍࡿ࣏࣮ࣞࢺࡢබ⾲࡜ OECD ࣔࢹࣝ⛒⛯᮲⣙➨ 7 ᮲㸦஦ᴗᡤᚓ㸧࡟㛵ࡍࡿࢥ࣓ࣥࢱ࣮ࣜࡢᨵṇ࡟ࡘ࠸࡚ࠖ⛒⛯◊✲ 693 ྕ 113 㡫㸦2007㸧ࠊᐑᮏ༑⮳Ꮚࠕከᅜ⡠㖟⾜௻ᴗࡢᜏஂⓗ᪋タㄢ⛯ࠖ⛯ἲᏛ 560 ྕ 175 㡫㸦2008㸧ࠊకᛅᙪࠕOECD ࣔࢹࣝ᮲⣙᪂ 7 ᮲࡜እᅜ⛯㢠᥍㝖ࡢไᗘ࣭ᇳ⾜ࡢぢ┤ࡋࠖ⛯኱ࢪ࣮ࣕࢼࣝ 16 ྕ 163 㡫㸦2011㸧ࠊᐑṊᩄኵࠕOECD ࣔࢹࣝ᮲⣙➨ 7 ᮲ࡢ 2010 ᖺᨵṇࠖ⛒⛯◊✲ 736 ྕ 246 㡫㸦2011㸧➼ࢆཧ↷ࠋ
3
 OECD, 2010 Report on the Attribution of Profits to Permanent Establishments, Part I, para. 10, 22 July 2010.
௨ୗࠊࠕ2010 ᖺሗ࿌᭩ࠖ࡜␎グࡍࡿࠋ
225௚᪉ࠊ➨(2)ẁ㝵࡛ࡣࠊ1㸧ෆ㒊ྲྀᘬ࡜⊂❧ྲྀᘬ࡜ࡢẚ㍑ྍ⬟ᛶࡢỴᐃࠊ2㸧ෆ㒊ྲྀᘬ࡟᭱㐺࡞᪉ἲࢆ㐺⏝ࡋࡓ⊂❧௻ᴗ㛫ࡢሗ㓘ࡢ⟬ᐃࠊ࡜࠸࠺㐣⛬ࢆ⤒࡚౯᱁௜ࡅࢆ⾜࠺4ࠋࡇࡢࡼ࠺࡟ࠊAOA ࡟࠾ࡅࡿ㘽ᴫᛕࡣࠊࣜࢫࢡ࡜㈨⏘࡟ಀࡿࠕ㔜せ࡞ேⓗᶵ⬟࡛ࠖ࠶ࡿࠋࡇࢀࡀ⤒῭ⓗᡤ᭷ᶒࠊࣜࢫࢡࡑࡋ࡚↓ൾ㈨ᮏࡢᖐᒓඛࢆỴࡵࠊᡤᚓࡢᖐᒓ࡜

ᐃࢆᕥྑࡍࡿ࠿ࡽ࡛࠶ࡿࠋࡇࡇ࡛㔜せ࡞ேⓗᶵ⬟࡜ࡣࠊࣜࢫࢡ࡟ࡘ࠸࡚ࡣࠊࡑࡢᘬཷࡅ
ཪࡣ⟶⌮࡟㛵ࡍࡿ⬟ືⓗ࡞ពᛮỴᐃࢆせࡍࡿᶵ⬟ࡔ࡜ࡉࢀࠊࡑࡢ⠊ᅖࡣᙜヱࣜࢫࢡࡢ
ᛶ㉁࡟౫Ꮡࡍࡿ㸦2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 22㸧ࠋ௚᪉ࠊ㈨⏘ࡢ⤒῭ⓗᡤ᭷ᶒࡢᩥ⬦࡛ࡣࠊࡑࡢ୍⯡ⓗᐃ⩏ࡣᚲࡎࡋࡶ᫂☜࡛ࡣ࡞ࡃࠊ㈨⏘ࡢ✀㢮࡟ᛂࡌ࡚౛ㄝࡀ࠶ࡾࠊࣜ
ࢫࢡ࡟ಀࡿ㔜せ࡞ேⓗᶵ⬟࡜㔜࡞ࡿ㒊ศࡶ࠶ࡿࠋ௨ୗࠊⱝᖸࡢ⡆༢࡞஦౛࡟ᇶ࡙ࡁ AOA
ࡢせㄳࢆࡼࡾ⣽࠿ࡃ☜ㄆࡍࡿࠋ㸦㸰㸧ලయ౛࡟ᇶ࡙ࡃ᳨ウ࢔ AOA ࡢ㐺⏝⠊ᅖ㸦᭷ᙧ㈨⏘ࡢෆ㒊ྲྀᘬࡢ౛㸧Ჴ༺㈨⏘࡟㛵ࡋࠊ༢⣧௙ධ㠀ㄢ⛯ཎ๎ࡣᗫṆࡉࢀࡓࠋ⿵ຓⓗ࣭‽ഛⓗάື࡛࠶ࡗ
࡚ᜏஂⓗ᪋タ㸦PE㸧࡟ᙜࡓࡽ࡞࠸࡜ࡉࢀࡿάືࡢ࠺ࡕࠊ௙ධࡢࡳࡢ≉ูᢅ࠸࡟⌮⏤ࡀ࡞࠸࡜ぢࡽࢀ࡚࠸ࡿ5ࠋ
௚ࡢ᭷ᙧ㈨⏘࡟㛵ࡋ࡚ࡣࠊ౑⏝ࡢሙᡤ࡟ࡼࡿᖐᒓࡢุᐃࡀࠊᴫࡡࠊ㔜せ࡞ேⓗᶵ⬟࡟ᇶ࡙ࡃ⤒῭ⓗᡤ᭷ᶒࡢᖐᒓ࡜ྜ⮴ࡍࡿ࡜ゎࡉࢀ࡚࠸ࡿ6ࠋ௚᪉࡛ࠊࡇࢀࡀ୍⮴ࡏ
ࡎࠊAOA ࡢୗ࡛ෆ㒊ྲྀᘬࡀㄆ㆑ࡉࢀࢀࡤࠊPE ࡢᡤᚓࡢィ⟬ୖࠊෆ㒊㈤ᩱࡢ᥍㝖ࡀồࡵࡽࢀࡿࠋAOA ࡣࠊPE ࡟ᖐᒓࡍࡿ௻ᴗࡢ฼ᚓࡢィ⟬࡜ࠊࡑࢀ࡬ࡢㄢ⛯࡟ಀࡿ஧㔜ㄢ⛯ࡸ↓ᕪูࡢၥ㢟ࡢࡳ㛵ಀࡍࡿ7࠿ࡽࠊ౛࠼ࡤᘓ≀ࡢෆ㒊㈤㈚೉ࡀㄆ㆑ࡉࢀࡿሙྜ࡟ࠊ
ࣔࢹࣝ᮲⣙ 6 ᮲㸦୙ື⏘ᡤᚓ㸧ࡀ㐺⏝ࡉࢀ࡚ࠊPE ᡤᅾᆅᅜ࡛᪂ࡓ࡞୙ື⏘ᡤᚓㄢ⛯ࡀ⾜ࢃࢀࡿࢃࡅ࡛ࡣ࡞࠸ࠋ௨ୗࡇࡢ౛ࢆᇶ࡟ࠊAOA ࡢ㐺⏝⠊ᅖ࡟ࡘ࠸࡚ⱝᖸᣦ᦬ࡍࡿࠋ
㸺ᅗ⾲ 1 ᘓ≀ࡢෆ㒊㈤㈚೉㸼                   ෆ㒊㈤ᩱ          Y ᅜᨭ        X ᅜᮏPE ฼ᚓࡢィ⟬ୖ᥍㝖        ㄢ⛯㸽

4 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 44ࠋ See OECD, Report on the Attribution of Profits to Permanent Establishments, Part I, F-G, July 2008. ௨ୗࠊ
ࠕ2008 ᖺሗ࿌᭩ࠖ࡜࿧ࡪࠋ࡞࠾ 2008 ᖺሗ࿌᭩ࡣࠊᅜ⛯ᗇࡢ⩻ヂ㸦♫ᅋἲே᪥ᮏ⛒⛯◊✲༠఍㈐௵⦅⧩㸧࡛࠶ࡿࠗᜏஂⓗ᪋タ࡬ࡢ฼ᚓᖐᒓ࡟㛵ࡍࡿሗ࿌᭩࠘㸦᪥ᮏ⛒⛯◊✲༠఍࣭2010㸧ࢆཧ⪃࡟ࡋࡓࠋ6
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 75ࠋ
7
 ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 28 ཧ↷ࠋྠࢥ࣓ࣥࢱ࣮ࣜࡢ㑥ヂࡣࠊᕝ➃ᗣஅ┘ヂࠗOECD ࣔࢹࣝ⛒⛯᮲⣙ 2010 ᖺ∧㸦ᡤᚓ࡜㈈⏘࡟ᑐࡍࡿࣔࢹࣝ⛒⛯᮲⣙㸧⡆␎∧࠘㸦2011࣭᪥ᮏ⛒⛯◊✲༠఍㸧ࢆཧ↷
ࡋࡓ㸧ࠋ
5

26

➨୍ࡣࠊෆ㒊ྲྀᘬࡀ↓どࡉࢀࡿሙྜࡼࡾ PE ᖐᒓࡢ஦ᴗᡤᚓࡀෆ㒊㈤ᩱศࡔࡅῶᑡ
ࡋࠊࡇࢀࡀᮏᨭᗑ㛫ࡢᖒ⡙࡝࠾ࡾ࡛࠶ࢀࡤࠊX ᅜ࡛஧㔜ㄢ⛯ᩆ῭㸦ᅜእᡤᚓච㝖ཪࡣእᅜ⛯㢠᥍㝖㸦FTC㸧㸧ࡢᑐ㇟࡜ࡍ࡭ࡁᅜእᡤᚓཪࡣእᅜ⛯㢠ࡀῶᑡࡋ࡚࠾ࡾࠊࡇࢀ
࡟ᛂࡌ࡚ࠊX ᅜഃ࡛ㄢ⛯ࡉࢀࡿᡤᚓཪࡣ⣡௜ࡍ࡭ࡁ⛯㢠ࡀቑຍࡍࡿࠋ࠿ࡼ࠺࡟ࠊAOA
ࡣ PE ࡢ஦ᴗᡤᚓࡢィ⟬࡟㝈ᐃࡉࢀ࡞࠸ᙳ㡪ࢆ᭷ࡍࡿࡇ࡜࡟࡞ࡿࡣࡎ࡛࠶ࡿ㹿௚᪉ࠊ➨஧࡟ࠊࡶࡋ Y ᅜࡀࡇࡢᖒ⡙ୖࡢෆ㒊㈤ᩱࡣ⊂❧௻ᴗ㛫౯᱁ࢆ㉸㐣ࡍࡿ࡜ࡋ࡚ PE ࡢ⛯㢠ࢆቑ㢠᭦ṇࡍࡿࡀࠊX ᅜࡀࡇࢀ࡟ᛂࡌ࡚ᮏᗑഃ࡛ῶ㢠᭦ṇࢆࡋ࡞ࡅࢀ
ࡤࠊ஧㔜ㄢ⛯ࡀṧࡿ㸦㏫ࡶྠࡌ㸧㹿ࣔࢹࣝ᮲⣙ࡣࠊPE ᡤᅾᆅᅜࡢฎศࡀྠ᮲ 2 㡯࡟ྜ⮴ࡋ࡚࠸ࡿ㝈ࡾࠊX ᅜ࡟ᑐᛂⓗㄪᩚࢆ⾜࠺ࡇ࡜ࢆせồࡍࡿ㸦7 ᮲ 3 㡯㸧ࡀ㸦㏫ࡶྠࡌ㸧ࠊ
2 㡯ࡢ㐺ྜᛶࡢุ᩿࡟୧⥾⣙ᅜ࡛୙୍⮴ࡀ࠶ࢀࡤࠊ┦஫༠㆟࡟౫ᣐࡍࡿࡇ࡜࡟࡞ࡿ8ࠋࡶࡗ࡜ࡶࠊ➨୕࡟ࠊAOA ࡣࠊY ᅜ࡜ X ᅜࡀࠊࡑࡢᅜෆἲୖ࠿࠿ࡿෆ㒊㈤ᩱࡢᨭᡶ
࠸ࢆ⌧ᐇࡢᨭᡶ࠸࡜ྠᵝ࡟ᢅ࠸ࠊྜព࡟ࡼࡾ⛒⛯᮲⣙ୖࡶࡑࡢࡼ࠺࡟ᢅ࠺ࡇ࡜ࢆ⚗Ṇࡋ࡚࠸ࡿࢃࡅ࡛ࡣ࡞࠸ࠋࡲࡓ㏫࡟ࠊෆ㒊ྲྀᘬࡢㄆ㆑ࢆ୍ษྰᐃࡍࡿ᮲⣙ࢆᮃࡴᅜࡶ࠶ࡿ࠿ࡶࡋࢀ࡞࠸㸦ࡑࡢሙྜࡣ㈝⏝㓄㈿ࡀ㔜せ࡜࡞ࡿ㸧ࡇ࡜ࡶ᝿ᐃࡋ࡚࠸ࡿ9ࠋ➨ᅄ࡟ࠊAOA ࡣࠊㄢ⛯ᶆ‽ࡢලయⓗ࡞ィ⟬ᵓ㐀ࢆᅜෆἲ࡟ጤࡡ࡚࠸ࡿ10ࠋࡼࡗ࡚ࠊ
PE ࡢㄢ⛯ᶆ‽ࢆᕥྑࡍࡿ㈝⏝➼ࡢ࣮ࣝࣝࡣࠊࣔࢹࣝ᮲⣙ 7 ᮲ࠊ23 ᮲ A/Bࠊ24 ᮲➼ࡢせㄳ࡟཯ࡋ࡞࠸⠊ᅖ࡛ࠊᅜෆἲ࡛つᐃࡉࢀࡿ࡭ࡁࡇ࡜࡜࡞ࡿࠋࡲࡓࠊ౛࠼ࡤࠊᅜෆἲ
ୖࡢᦆኻྲྀᘬ➼࡟ಀࡿ℃⏝㜵Ṇつᐃࡢෆ㒊ྲྀᘬ࡬ࡢ㐺⏝ࢆ᤼㝖ࡍࡿࡶࡢ࡛ࡶ࡞࠸11ࠋ࡛ࡣࠊཎ๎࡟ᡠࡾࠊ౑⏝ࡀ⤒῭ⓗᡤ᭷ᶒࡢᖐᒓࢆỴࡵࠊ౛࠼ࡤῶ౯ൾ༷㈨⏘ࡢෆ㒊ㆡΏࡀㄆ㆑ࡉࢀࡿሙྜࡣ࡝࠺࠿ࠋ
㸺ᅗ⾲ 2 ῶ౯ൾ༷㈨⏘ࡢෆ㒊ㆡΏ㸼                 ෆ㒊ᑐ౯㸽         

Y ᅜᨭ

X ᅜᮏ

           ῶ౯ൾ༷㈝ㆡΏ┈ㄢ⛯㸽
ῶ౯ൾ༷㈝㸽AOA ࡢୗ࡛ࡣࠊY ᅜ PE ࡣᅜෆἲ௧࡟ᚑ࠸බṇᕷሙ౯㢠࡟ᇶ࡙ࡁῶ౯ൾ༷ࢆ㛤ጞ
ࡍࡿ12ࠋAOA ࡣࠊX ᅜࡶࡇࢀࢆㄆࡵࡿࡇ࡜ࢆせㄳࡍࡿ㸦ࣔࢹࣝ᮲⣙ 7 ᮲ 3 㡯㸧ࡀࠊX
8

 ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 50-60 ཧ↷ࠋ ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 29 ཧ↷ࠋࡑࡇ࡛ࡣࠊᚑ๓࠿ࡽ౛࠼ࡤ㖟⾜ࡢᮏᨭᗑ㛫ࡢ฼Ꮚࡢᨭᡶ
࠸࡟ࡘ࠸࡚ࡣࠊูἲே㛫ࡢ฼Ꮚࡢᨭᡶ࠸࡜ྠᵝ࡟᮲⣙ୖᢅࢃࢀ࡚ࡁࡓࡇ࡜ࡀ♧၀ࡉࢀ࡚࠸ࡿࠋ
10 ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 30 ཧ↷ࠋ11 Ḟᦆ㔠ࡸ⛯㢠᥍㝖ࡢ℃⏝ࢆ㜵Ṇࡍࡿᅜෆ❧ἲࡢ㐺⏝ࡣ⚗ࡌࡽࢀ࡚࠾ࡽࡎࠊ㛵㐃௻ᴗ㛫ྲྀᘬ࡛ᅜෆἲୖ
ㄆ㆑ࡉࢀ࡞࠸ᦆኻࢆෆ㒊ྲྀᘬ࡛ࡣㄆ㆑ࡍࡿࡼ࠺ᙉ࠸ࡿࡶࡢ࡛ࡶ࡞࠸ࠋ2010 ᖺሗ࿌᭩࣭Part Iࠊࣃࣛ 9 ཧ↷ࠋ12 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 194-196ࠋྠሗ࿌᭩࡟ࡣࠊࡇࡇ࡛ᙜヱෆ㒊ྲྀᘬࡢ௚᪉ᙜ஦⪅࡟ㆡΏᦆ┈ࡀ
927

ᅜᮏᗑഃࡢྲྀᢅ࠸࡟ࡣゝཬࡋ࡞࠸ࠋ↓ㄽࠊࡇࡇ࡛ X ᅜᮏᗑࡀῶ౯ൾ༷㈝ࡢィୖࢆ⥆ࡅࡿࡇ࡜ࡣ୙ྜ⌮࡛࠶ࡿ㸦ࢲࣈ࣭ࣝࢹ࢕ࢵࣉ㸧ࠋㆡΏ┈┦ᙜࡢㄢ⛯ࡢྲྀࡾᡠࡋࢆ X ᅜࡀᛰࡿࡔࡅ࡛ࠊㄢ⛯ࡢ✵ⓑ㸦ࡇࡇ࡛ࡣ᥍㝖ࡢ㔜」㸧ࡀ⏕ࡌࡿࠋ
࡞࠾ࠊPE ࡢ⤊஢᫬㸦ᅜእ㏥ฟ➼㸧ࡢᢅ࠸ࡣྛᅜ࡛༊ࠎ࡛࠶ࡾࠊ௒ᚋࡢㄢ㢟࡜ࡉࢀ
࡚࠸ࡿ13ࠋ
࢖ AOA ࡢ஧ẁ㝵ࢫࢸࢵࣉ㸦↓ᙧ㈨⏘ࡢෆ㒊ྲྀᘬࡢ౛㸧↓ᙧ㈨⏘࡟ࡘ࠸࡚ࡣࠊᚑ᮶ࢥ࣓ࣥࢱ࣮࡛ࣜࡣࠊ
㸦ᪧ㸧TP ࢞࢖ࢻࣛ࢖ࣥࡢ㐺⏝ࡢྰᐃࢆᬯ♧ࡋࠊ↓ᙧࡢᶒ฼࡟㛵ࡋ࡚ࡣࠊྲྀᚓ➼࡟ಀࡿ㈝⏝ࢆࠊ࣐࣮ࢡ࢔ࢵࣉ࡞ࡋ࡛ࠊ฼
⏝࡟ᛂࡌ࡚㓄ศࡍࡿࡇ࡜ࢆಁࡋ࡚࠸ࡓ14ࠋ௨ୗࠊෆ㒊↓ᙧ㈨⏘ྲྀᘬࢆᇶ࡟ࠊAOA ࡢ➨(1)࣭➨(2)ࢫࢸࢵࣉ࡟ࡘ࠸࡚☜ㄆࡍࡿࠋ
AOA ࡢୗ࡛ࡣࠊࡲࡎࠊ⮬♫㛤ⓎࡢႠᴗ↓ᙧ㈨⏘㸦trade intangibles㸧࡟ಀࡿ㔜せ࡞ேⓗᶵ⬟ࡣࠊ㛤Ⓨᶵ⬟ࡢ㐙⾜ࡑࢀ⮬య࡛ࡣ࡞ࡃࠊ↓ᙧ㈨⏘ࡢ㛤Ⓨ࡟㛵㐃ࡍࡿಶูࣜ
ࢫࢡ࡜ࣜࢫࢡ࣏࣮ࢺࣇ࢛ࣜ࢜ࡢᘬཷࡅ࡜⟶⌮࡟㛵ࡍࡿ⬟ືⓗ࡞ពᛮỴᐃࢆせࡍࡿᶵ⬟࡛࠶ࡿ15ࠋ౛࠼ࡤࠊ◊✲ࡢᐇ᪋࡟㝿ࡋ࡞ࡉࢀࡿ࡭ࡁ᳨ᰝ௙ᵝཬࡧᕤ⛬ࡢ⟇ᐃࠊ᳨ᰝ࡟ࡼࡗ࡚ᚓࡽࢀࡓࢹ࣮ࢱࡢ᳨ウཬࡧホ౯ࠊពᛮỴᐃࢆ⾜࠺ẁ㝵ࡢタᐃࠊ୪ࡧ࡟ᙜヱࣉࣟࢪ࢙ࢡࢺ࡟㏣ຍ㈨※ࢆ๭ࡾᙜ࡚ࡿ࠿ཪࡣ୰Ṇࡍࡿ࠿࡟ࡘ࠸࡚ࡢᐇ㝿ࡢỴᐃ࡞࡝ࡀྵࡲࢀࡿ16ࠋ㛤Ⓨ࡟ಀࡿ୺࡞ࣜࢫࢡࡣ㛤Ⓨࡢኻᩋ࡟క࠺㈈ົୖࡢᦆኻ࡛࠶ࡾࠊࡇࢀ
ࢆᨭ࠼ࡿ㈨ᮏࢆせࡍࡿࡇ࡜࡟࡞ࡿ17ࠋ↓ᙧ㈨⏘ࡢ౑⏝⪅ࡀ⤒῭ⓗᡤ᭷⪅࡛࠶ࡿ࡜ࡣ㝈
ࡽ࡞࠸18ࠋ
௨ୖࡣࠊእ㒊࠿ࡽྲྀᚓࡋࡓႠᴗ↓ᙧ㈨⏘࡟ࡘ࠸࡚ࡶྠᵝ࡛࠶ࡾࠊࣜࢫࢡࡢᘬཷࡅ
࡜⟶⌮࡟㛵ࡍࡿ⬟ືⓗ࡞ពᛮỴᐃ࡟㛵ࡍࡿ㔜せ࡞ேⓗᶵ⬟㸦౛࠼ࡤࠊྲྀᚓࡉࢀࡓ↓ᙧ㈨⏘ࡢホ౯ࠊᚲせ࡞஦ᚋⓗ㛤Ⓨάືࡢ㐙⾜ࠊᙜヱ↓ᙧ㈨⏘ࡢ㓄⨨࡟㛵ಀࡍࡿࣜࢫࢡࡢホ౯࡜⟶⌮㸧ࡀ㐙⾜ࡉࢀࡓሙᡤࡀ㔜せ࡜࡞ࡿ19ࠋ࣐࣮ࢣࢸ࢕ࣥࢢ↓ᙧ㈨⏘࡟㛵ࡋ࡚ࡶࠊ⤒῭ⓗᡤ᭷ᶒࢆỴᐃࡍࡿ㔜せ࡞ேⓗᶵ⬟ࡣࠊᙜヱ࣐࣮ࢣࢸ࢕ࣥࢢ↓ᙧ㈨⏘㸦ၟྕࠊၟᶆࠊࣈࣛࣥࢻ➼㸧ࡢࣜࢫࢡࡢᙜึࡢᘬཷࡅ
࡜஦ᚋࡢ⟶⌮࡟㛵ࢃࡿᶵ⬟࡜࡞ࡿࠋ౛࠼ࡤࠊࣈࣛࣥࢻᡓ␎ࡢタᐃཬࡧ⟶⌮ࠊၟᶆཬㄆ㆑ࡉࢀࡿ࠿࡝࠺࠿࡟ࡘ࠸࡚ゝཬࡍࡿ࡜ࡇࢁࡀ࡞࠸ࠋPE ⮬యࡢ฼ᚓ࡟㛵ಀ࡞࠸ࡢ࡛ࠊㄆ㆑ࡣせㄳࡉࢀ࡞࠸ࡀࠊᅜෆἲୖ࠿࠿ࡿㄆ㆑ࢆ⾜࠺ࡇ࡜ࢆ⚗ࡎࡶࡢ࡛ࡶ࡞࠸࡜⪃࠼ࡽࢀࡿࠋࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜ
ࣃࣛ 28ࠊ29ࠊྠ 13 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 10 ཧ↷ࠋ
13 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 222-223ࠋ⡿ᅜ࡛ࡣࠊ⡿ᅜෆ࡛ࡢႠᴗཪࡣ஦ᴗ࡛౑⏝ࡉࢀ࡚࠸ࡓ㈈⏘ࡢ౑⏝೵Ṇ㸦ᅜእ㏥ฟ➼㸧ࡀ࠶ࡗࡓሙྜ࡛ࡶࠊ೵Ṇᚋ 10 ᖺ௨ෆ࡟ฎศࡉࢀࡓሙྜࡣࠊࡑࡢㆡΏ┈ࡢ඲㢠ࢆᐇ㉁㛵㐃ᡤᚓ࡜ࡋ࡚ㄢ⛯ࡍࡿ࣮ࣝࣝࢆ 1986 ᖺࡢᨵṇ㸦IRCi864(C)(7)㸧࡛ᑟධ῭ࡳ࡛࠶ࡿࠋLawrence Lokken,
Income Effectively Connected with U.S. Trade of Business: A Survey and Appraisal, 86 Taxes 57, 67 㸦2008).
14
 2008 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 107-108ࠋᐇ㉁㛵㐃ᡤᚓ୺⩏࡟ࡘ࠸࡚ࡣࠊᮏሗ࿌᭩࣭ὸጔㄽᩥཧ↷ࠋ
15
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 85-87ࠋ
16
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 88ࠋ
17
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 89ࠋ
18
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 90ࠋ
19
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 92-95ࠋ

28ࡧၟྕࡢಖㆤࠊ୪ࡧ࡟ᙜヱ↓ᙧ㈨⏘ࡢ⥔ᣢ࡟㛵ࡍࡿᶵ⬟ࡀྵࡲࢀࡿ20ࠋ➨(2)ࡢẁ㝵࡟ࡘ࠸࡚ࡣࠊᇶᮏⓗ࡟ TP ࢞࢖ࢻࣛ࢖ࣥ➨ 6 ❶ࡢᣦ㔪࡟ᚑ࠺㹿↓ᙧ㈨⏘ࡢ㛤Ⓨ࡟ಀࡿᙺົ࡟ࡘ࠸࡚ࡣࠊྠ➨ 7 ❶ࡀ㛵ಀࡍࡿ㹿ࡲࡓࠊPE ࡜ྠ୍ἲேࡢ௚ࡢሙᡤ
࡜ࡀඹྠ࡛㛤Ⓨࡋࡓ↓ᙧ㈨⏘࡟ࡘ࠸࡚ࡣࠊ㈝⏝ศᢸྲྀᴟ࡟ᑐࡍࡿᣦ㔪㸦ྠ 8 ❶㸧࡟౫ᣐࡍ࡭ࡁ࡜ࡉࢀࡿࠋ
⊂❧௻ᴗ㛫࡟࠾࠸࡚↓ᙧ㈨⏘ࡢᡤ᭷⪅࡟ሗ㓘ࢆ୚࠼ࡿ᪉ἲࡣ᫂♧ⓗ࡞౑⏝ᩱࡢᨭᡶ࠸࡟㝈ᐃࡉࢀࡎࠊ
㸦ṧవ㸧฼┈ศ๭࡟ࡼࡿࡇ࡜ࡶ࠶ࡾࠊPE ࡟ࡘ࠸࡚ࡶྠᵝ࡟㐺ษ࡟ሗ㓘ࡀ୚࠼ࡽࢀ࡚࠸ࡿ㝈ࡾࠊู㏵ෆ㒊౑⏝ᩱࢆㄆ㆑ࡍࡿᚲせࡣ࡞࠸21ࠋ↓ᙧ㈨⏘ࡣ」ᩘࡢሙᡤ㸦PE ࢆྵࡴ㸧࡛ྠ᫬࡟฼⏝ࡉࢀࡿࡇ࡜ࡶ࠶ࡾ࠺ࡿ࡜ࡇࢁࠊࡑࡢࡼ࠺࡞ሙྜ
ࡣࠊࡑࡢ฼⏝ࡢᶒ฼ࡢㆡΏࢆㄆ㆑ࡍ࡭ࡁሙྜࡶ࠶ࢀࡤࠊ౑⏝チㅙࢆㄆ㆑ࡍ࡭ࡁሙྜ
ࡶ࠶ࡿ22ࠋ
࡞࠾ࠊ↓ᙧ㈨⏘ࡢ๰㐀ࠊ㛤Ⓨཪࡣ⥔ᣢ࡟㛵ࡍࡿ㈝⏝ࡢㄆ㆑ၥ㢟ࡶ࠶ࡿࡀࠊ2010 ᖺ
ሗ࿌᭩࡟㋃ࡳ㎸ࢇࡔ⪃ᐹࡣぢࡽࢀ࡞࠸23㹿࢘ ⿵ຓⓗάືࡢᢅ࠸㸦ෆ㒊ᙺົᥦ౪ྲྀᘬ㸧
ୖ㏙ࡢ༢⣧௙ධ㠀ㄢ⛯ཎ๎ࡢᗫṆ࡟㛵ࡍࡿ 2008 ᖺሗ࿌᭩ࡢゝཬ࠿ࡽࡍࡿ࡜ࠊPE ㄆᐃࡢእ࡟⨨࠿ࢀ࡚ࡁࡓ⿵ຓⓗ‽ഛⓗ࡞άືࡶࠊAOA ࡢୗ࡛ࡣᙺົᥦ౪ྲྀᘬ➼࡜ࡋ࡚ㄆ㆑ࡉࢀ࠺ࡿࡇ࡜ࡀ๓ᥦ࡜ゎࡉࢀࡿࠋ2010 ᖺሗ࿌᭩࡟ࡼࢀࡤࠊᙺົᥦ౪ྲྀᘬࡣᇶᮏⓗ࡟ TP ࢞࢖ࢻࣛ࢖ࣥ➨ 7 ❶ࡢᣦ㔪࡟ᚑ࠺ࠋ⊂❧౯᱁ẚ‽ἲࡸཎ౯ຍ⟬ἲ➼ࡀ୍⯡࡟᭷⏝࡛࠶ࡿሙྜࡀᑡ࡞ࡃ࡞࠸ࡀࠊቑ
ຍ⛯཰࡜ᇳ⾜ࢥࢫࢺࡢẚ㍑࠿ࡽࠊ㈝⏝㓄ศࡢࡳࢆㄢ⛯ᙜᒁࡀồࡵࡿᐇົࡶ┳㐣ࡉࢀࡿ࡭ࡁ࡛ࡣ࡞࠸24࡜ࡉࢀࡿࠋ࢚ ෆ㒊ྲྀᘬ࡜ぶᏊ㛫ྲྀᘬࡢ┦㐪Ⅼ㸦ෆ㒊㈈ົྲྀᘬ➼㸧
100%ࡢぶᏊ఍♫㛫࡛ࡣࠊぶ఍♫ࡢ㧗࠸ಙ⏝ຊࡀᏊ఍♫ࡢമົ࡟ಀࡿ㯲♧ⓗ࡞ಖド࡜࡞ࡾࠊࡑࢀࡔࡅᏊ఍♫ࡢಙ⏝ຊࢆ㧗ࡵࡿࡶࡢࡢࠊู㏵᫂♧ⓗ࡞ぶ఍♫࡟ࡼࡿಖドᙺົ࡟㛵ࡋᙜヱᏊ఍♫ࡀᑐ౯ࢆᨭᡶ࠺ࡇ࡜ࡶࠊᙜヱᏊ఍♫ࡢಙ⏝ຊࢆ㏣ຍⓗ࡟ቑຍࡍࡿ㝈ࡾ࡛ṇᙜ໬ࡉࢀ࠺ࡿ25ࠋ
20

 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 97ࠋ
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 204ࠊ206ࠋ
22
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 207-210ࠋ
23
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 202ࠋ24
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 216-220 ཧ↷ࠋTP ࢞࢖ࢻࣛ࢖ࣥ 7.37 ࡶཧ↷ࠋྠ࢞࢖ࢻࣛ࢖ࣥࡢ 7 ❶࡛ࡣࠊ1㸧ࢢ࣮ࣝࣉෆᙺົࡢᥦ౪ࡢ᭷↓㸦ㄆ㆑ၥ㢟㸧ࠊ2㸧ᑐ౯ࡢỴᐃࠊࡢၥ㢟ࢆᢅ࠺㹿ㄆ㆑ၥ㢟࡟ࡘ࠸࡚ࡣࠊᙜ
ヱάືࡀࠊ⊂❧௻ᴗ࡟ࡼࡗ࡚⾜ࢃࢀࡿሙྜ࡟ẚ㍑ྍ⬟࡞≧ἣ࡟࠶ࡿ⊂❧௻ᴗࡀࡑࡢάື࡟ᑐࡋ࡚㐍ࢇ࡛ᑐ౯ࢆᨭᡶ࠺࠿ࠊཪࡣ⮬ศ⮬㌟ࡢࡓࡵ࡟⮬ࡽࡑࡢάືࢆ⾜࠺࠿ࠊࡀ᳨ウࡉࢀࡿ㸦TP ࢞࢖ࢻࣛ࢖࣭ࣥࣃࣛ
7.6㸧ࠋᰴ୺άືࡣࡇࡢព࿡࡛㏻ᖖㄆ㆑ࡉࢀ࡞࠸㸦ྠ࣭ࣃࣛ 7.9㸧ࠋ౛࠼ࡤࠊࣜࢫࢡࡢప࠸ཷク〇㐀ࡣᙺົ࡟ྵࡲࢀࠊཎ౯ᇶ‽ἲࡀ㐺ษ࡜࡞ࡾ࠺ࡿ㸦ྠ࣭ࣃࣛ 7.40㸧ࠋཷク◊✲࡟ࡘ࠸࡚ࡶࠊࡑࢀࡀཷク఍♫ࡢ⇍⦎ࡋࡓேᮦࢆせࡍࡿάື࡛࠶ࡿ࡜ࡋ࡚ࡶࠊ㈈ົୖࡢࣜࢫࢡ࠿ࡽ㝸㞳ࡉࢀࠊ࠿ࡘࠊ◊✲࠿ࡽὴ⏕ࡍࡿ↓ᙧ㈨⏘ࡶጤクඖࡢ఍♫࡟ᖐᒓࡍࡿ㸦ࡑࡢ฼⏝࡟ಀࡿࣜࢫࢡࢆཷク఍♫ࡣ㈇ᢸࡋ࡞࠸㸧ࡼ࠺࡞ሙྜࡣࠊཎ౯ᇶ
‽ἲࡀ㐺ษ࡜࡞ࡾ࠺ࡿ㸦ྠ࣭ࣃࣛ 7.41㸧ࠋ
25
 TP ࢞࢖ࢻࣛ࢖ࣥ 7.13 ཧ↷ࠋぶ఍♫࡟ࡼࡿᏊ఍♫࡬ࡢ᫂♧ⓗ࡞ಖドᙺົ࡜ࠊᏊ఍♫ࡢಖドᩱᨭᡶ࠸ࡣ↓ព࿡࡛࠶ࡾࠊᙜヱᨭᡶ࠸ࡢ඲㢠ࢆᦆ㔠⟬ධࢆྰㄆࡍ࡭ࡁ࡜ࡋࡓ࢝ࢼࢲࡢᙜᒁࡢฎศࡣ࢝ࢼࢲ㐃㑥᥍ッ⿢
21

29

ࡋ࠿ࡋࠊAOA ࡢୗ࡛ࡣࠊPE ࡣᙜヱἲேࡢ௚ࡢ㒊ศ࡜ྠ୍ࡢಙ⏝ຊࢆ᭷ࡍࡿࡇ࡜࡟
࡞ࡾࠊᚑࡗ࡚ࠊෆ㒊ⓗ࡞ಖドᙺົࡣㄆ㆑ࡉࢀ࡞࠸26ࠋࡢࡳ࡞ࡽࡎࠊಙ⏝ຊ࡟ᙳ㡪ࡍࡿ௚ࡢせ⣲ࠊ౛࠼ࡤࠊホุࠊ཰┈ᛶࠊ⤒Ⴀ⟶⌮ࡢ㉁ࠊࣜࢫࢡศᩓ࡜࠸ࡗࡓせᅉࡶࠊ௻ᴗࡢ୍⟠ᡤ࡟ᒓࡍ࡭ࡁࡶࡢ࡜ࡣ⪃࠼ࡽࢀ࡚࠸࡞࠸27ࠋ
2008 ᖺᨵᐃ๓ࡢࣔࢹࣝ᮲⣙ࢥ࣓ࣥࢱ࣮ࣜࡣࠊෆ㒊฼Ꮚ᥍㝖ࢆྰᐃࡋ࡚࠸ࡓࠋἲⓗ࡟ࡶ PE ࡣ⩏ົࡢ୺య࡜ࡣ࡞ࡾ࠼ࡎࠊ⤒῭ⓗ࡟ࡶࠊ㈇മࢮࣟࡢἲேࡢෆ㒊࡛ᨭᡶ⩏ົࡢ࡞࠸฼Ꮚ࡟᥍㝖ࢆㄆࡵࡿࡢࡣṍࡳ࡜℃⏝ࢆࡶࡓࡽࡍࡇ࡜ࡀᠱᛕࡉࢀࡓ࠿ࡽ࡛࠶ࡿ28ࠋࡇࢀ࡟ᑐࡋ AOA ࡣࠊෆ㒊ྲྀᘬࡢ࠺ࡕෆ㒊㈈ົྲྀᘬ㸦treasury dealings㸧ࢆㄆ㆑ࡍࡿ㹿㸺ᅗ⾲ 3 ෆ㒊㈈ົྲྀᘬ㸼            㸦㈝⏝㓄㈿ 60㸧or,            㸦ෆ㒊฼Ꮚ 110㸧     እ㒊฼Ꮚ 100
Y ᅜᨭᗑ

X ᅜᮏᗑ

X ᅜ㈚୺

                         㔜せ࡞ேⓗᶵ⬟࠶ࡾЍ10 ࡢ࠺ࡕಙ⏝ຊᕪ␗ࢆ㝖ࡃ㒊ศㄆ㆑            㔜せ࡞ேⓗᶵ⬟࡞ࡋЍ60 ࡢ㈝⏝㓄㈿ࡢ㐺ṇᛶࡢၥ㢟㸦ᅜෆἲ㸧ࡍ࡞ࢃࡕࠊᙜヱ௻ᴗࡢ㔠㖹࡜㔠⼥㈨⏘࡟ಀࡿ⤒῭ⓗᡤ᭷ᶒࡢỴᐃ࡟㛵ಀࡍࡿ㔜せ࡞ேⓗᶵ⬟ࡢ㐙⾜࡟ࡢࡳࠊሗ㓘ࢆ୚࠼ࡿࠋ࠿࠿ࡿ㔜せ࡞ேⓗᶵ⬟ࢆḞࡃሙྜࡣࠊᙜ
ヱ௻ᴗࡢᐇ㝿ࡢእ㒊࡬ࡢ฼ᡶ࠸ࡀᙜヱ௻ᴗࡢෆ㒊ࡢྛሙᡤ࡟㓄ศࡉࢀࡿ࡟㐣ࡂ࡞࠸㹿ᚑࡗ࡚ࠊ௬࡟እ㒊࠿ࡽࡢമົࡀࢮࣟࡢ௻ᴗ࡛࠶ࢀࡤࠊࡇࡢព࿡࡛㔜せ࡞ேⓗᶵ⬟ࡀ⏕ࡌࡿࡇ࡜ࡣ࡞࠸࡛࠶ࢁ࠺29ࠋ㐺ṇሗ㓘ࡢỴᐃ㸦➨஧ẁ㝵ࡢၥ㢟㸧࡟㝿ࡋ࡚ࡣࠊẚ㍑ྍ⬟࡞⊂❧ࡢ➨୕⪅ࡀ௜ࡍࡿ฼ᖜࢆཧ↷ࡍࡿࡇ࡜ࡀ࡛ࡁࡿࡀࠊAOA ࡣྠ୍ἲேෆ࡛ࡢྠ୍ࡢಙ⏝ຊࢆ๓ᥦ࡜ࡍ
ࡿ࠿ࡽࠊಙ⏝ຊࡢ᱁ᕪࢆ཯ᫎࡍࡿ㒊ศࡣ㝖እࡉࢀࡡࡤ࡞ࡽࡎࠊࡇࢀ௨እࡢ⌧ᐇࡢ㈈ົᶵ⬟ࡢᥦ౪࡟㛵ࡍࡿ᫂☜࡞ドᣐࡀ࠶ࡿሙྜ࡟㝈ࡾࠊ฼ᖜࡢ௜ຍࡀ㐺ษ࡜࡞ࡿࠋ࠿
࠿ࡿ⌮ゎࡢୗ࡛ࡣࠊ౛࠼ࡤ⼥㈨ࡢᑟ⟶࡜ࡋ࡚ࡢࡳᶵ⬟ࡍࡿ PE ࡣࠊ㔠㖹ཪࡣ㔠⼥㈨⏘࡟㛵ࡍࡿ⤒῭ⓗᡤ᭷⪅࡜ࡶ࡞ࡾᚓࡎࠊ༢࡞ࡿᙺົᥦ౪⪅࡜ࡋ࡚ࠊ஦᱌࡟ᛂࡌࠊ㈇ᢸ
ࡋࡓ㈝⏝ࡢൾ㑏ཪࡣཎ౯ຍ⟬ἲ࡛ࡢൾ㑏㸦ࡇࢀࡽࡢ㈝⏝࣭ཎ౯࡟ࡣ฼Ꮚࢆྵࡲ࡞࠸㸧ࢆཷࡅࡿࡢࡀ㐺ษ࡜࡞ࢁ࠺30ࠋุᡤ࡟ࡼࡗ࡚ྲྀࡾᾘࡉࢀ࡚࠸ࡿࠋࡇࡢุ౛࡟㛵ࡍࡿㄽㄝࡢ⩻ヂ࡜ࡋ࡚ࠊThomas Horst㸦୍㧗㱟ྖヂ㸧ࠕᏊ఍♫࡟ಀࡿㄢ⛯ୖ᥍㝖ྍ⬟࡞㈇മ㛵㐃㈝⏝ࡢ⟬ᐃ᪉ἲ࡟ࡘ࠸࡚ࠖ⛒⛯◊✲ 744 ྕ 229 㡫㸦2011㸧ཧ↷ࠋ
26
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃ࣭ࣛ100ࠊ103ࠋ
27
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 102ࠋ28
 2005 ᖺࣔࢹࣝ᮲⣙ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 18-18.3ࠋ
29
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 157ࠋ30
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 159ࠋ

30࢜ ෆ㒊ྲྀᘬࡢㄆ㆑ᇶ‽ෆ㒊ྲྀᘬࡢㄆ㆑ᇶ‽ࡣࠊ➨୍࡟ࠊᩥ᭩໬ࡉࢀࡓ₯ᅾⓗෆ㒊ྲྀᘬࡀࠊࠕ┿ᐇࡢ࠿ࡘ㆑
ูྍ⬟࡞஦㇟㸦real and identifiable event㸧࡟㛵㐃ࡋ࡚࠸ࡿࠖ࠿࡝࠺࠿࡛࠶ࡿ㸦౛࠼ࡤࠊᲴ༺㈨⏘ࡢ≀⌮ⓗ⛣㌿ࠊᙺົࡢᥦ౪ࠊ↓ᙧ㈨⏘ࡢ౑⏝ࠊ㈨ᮏ㈨⏘ࡢ౑⏝ࡢሙᡤࡢኚ
ືࠊ㔠⼥㈨⏘ࡢ⛣㌿➼㸧31ࠋㄆ㆑ࡢุ᩿࡟㝿ࡋ࡚ࡣࠊPE ࡢ఍ィグ㘓࡜ෆ㒊ᩥ᭩ࡀฟⓎⅬ࡜࡞ࡿࡶࡢࡢࠊᶵ⬟࣭஦ᐇศᯒࡀỴᐃᅉ࡛࠶ࡿࠋᶵ⬟࣭஦ᐇศᯒࢆ౑ࡗ࡚ࠊ࠿
࠿ࡿ஦㇟ࡀ⏕ࡌࠊ࠿ࡘࠊ➨஧࡟ࠊ⤒῭ⓗ࡟㔜せᛶࡢ࠶ࡿෆ㒊ྲྀᘬ㸦⤒῭ⓗ࡟㔜せ࡞ࣜࢫࢡ࣭㈐௵࣭౽┈ࡢ⛣㌿ࡢ᭷↓ࡢุ᩿ࢆక࠺㸧࡜ࡋ࡚ィୖࡉࢀࡿ࡭ࡁ࠿࡝࠺࠿ࡀ
ุ᩿ࡉࢀࡡࡤ࡞ࡽ࡞࠸32ࠋ
AOA ࡢෆ㒊ྲྀᘬࡢㄆ㆑ࡣࠊ7 ᮲ࡢᖐᒓࡢၥ㢟ࢆᢅ࠺ࡓࡵࡢ๓ᥦ࡟㐣ࡂࡎ33ࠊ※Ἠᚩ཰➼࡬ࡢᣑᙇࡣ᝿ᐃእ࡛࠶ࡿ34ࠋࡲࡓࠊෆ㒊ྲྀᘬ࡟ࠕዎ⣙᮲௳ࠖࡣᏑࡏࡎࠊTP ࢞࢖ࢻࣛ࢖ࣥࡢ㢮᥎㐺⏝࡟㝿ࡋ࡚ࡣࠊෆ㒊ྲྀᘬ࡟ಀࡿᩥ᭩໬ࡀ㔜せ࡜࡞ࡿ㸦ణࡋࠊTP ࢞࢖ࢻࣛ࢖ࣥ⮬యࠊ㐃⤡ࠊ⾜ືࠊ⤒῭ཎ๎➼ࡶ᩵㓃ࡍࡿ㸧ࠋᙜヱ௻ᴗࡢ୺ᙇࡍࡿෆ㒊ྲྀᘬࡢྰㄆࡸᵓᡂࡢࡸࡾ┤ࡋࡢవᆅࡀࠊ⛣㌿౯᱁࡟࠾ࡅࡿࡼࡾࡶᗈࡀࡾ࠺ࡿࡇ࡜ࡶᣦ
᦬ࡉࢀ࡚࠸ࡿ35ࠋణࡋࠊ⛣㌿౯᱁࡟࠾ࡅࡿᩥ᭩໬ࡼࡾࡶ㔜࠸ᩥ᭩໬ࡢせ௳ࢆㄢࡍࡇ࡜
ࡣពᅗࡉࢀ࡚࠸࡞࠸36ࠋ⥲ࡌ࡚ࠊ⤒῭ⓗ࡟㔜せ࡞ࣜࢫࢡ࣭㈐௵࣭౽┈ࡢ⛣㌿࡟ಀࡿෆ㒊ྲྀᘬࢆド᫂ࡍࡿ఍ィグ㘓࡜ྠ᫬ⓗᩥ᭩ࡀࠊ฼ᚓࡢᖐᒓࡢ┠ⓗୖࠊ᭷⏝࡞ฟⓎⅬ࡜࡞ࡿࠋㄢ⛯ᙜᒁࡣࠊぢࡏ࠿ࡅࡢෆ㒊ྲྀᘬ࡟ᑐࡋ࡚ࡣࠊTP ࢞࢖ࢻࣛ࢖ࣥࢆཧ↷ࡋࡘࡘᑐฎࡍࡿࡇ࡜࡟࡞ࢁ
࠺37ࠋ㸦㸱㸧௦⌮ே PE ࡬ࡢ฼ᚓࡢᖐᒓ
ࡲࡎࠊᚑᒓⓗ௦⌮ே௻ᴗ㸦dependent agent enterprise㸧࡜ࠊ㠀ᒃఫ௻ᴗࡢᚑᒓⓗ௦⌮ேPE㸦dependent agent PE㸧࡜ࢆ༊ูࡋࠊ๓⪅࡟ᑐࡍࡿሗ㓘ࡣࣔࢹࣝ᮲⣙ 9 ᮲ࡢၥ㢟࡛࠶ࡾࠊᙜヱሗ㓘ࡣྠ᫬࡟ PE ࡢ฼ᚓࡢィ⟬ୖ᥍㝖ࡉࢀ࠺ࡿ࡜࠸࠺㛵ಀࡀ๓ᥦ࡟࡞ࡿ38ࠋAOA
࡟ᇶ࡙ࡁࠊᚑᒓⓗ௦⌮ே௻ᴗࡀᙜヱ㠀ᒃఫ௻ᴗࡢࡓࡵ࡟㐙⾜ࡍࡿᶵ⬟㸦㔜せ࡞ேⓗᶵ⬟➼㸧ࡢศᯒ࠿ࡽࠊ㈨⏘ࠊࣜࢫࢡཬࡧ↓ൾ㈨ᮏࢆᚑᒓⓗ௦⌮ே PE ࡟๭ࡾᙜ࡚ࡿࡢ࡛࠶
ࡿࡀࠊᐇ㝿࡟ࡣᚑᒓⓗ௦⌮ே௻ᴗࡣࡑࡢᛶ㉁ୖࠊ㔜せ࡞ேⓗᶵ⬟ࢆᯝࡓࡋᚓࡎࠊࡑ࠺
࡛࠶ࢀࡤ㈨⏘࣭ࣜࢫࢡ࣭↓ൾ㈨ᮏࡣᙜヱ PE ࡟๭ࡾᙜ࡚ࡽࢀࡎࠊࡑࡢ⤖ᯝࠊᙜヱ PE ࡟ᖐᒓࡍࡿ฼ᚓࡶ↓どࡋ࠺ࡿ⛬ᗘ࡟࡞ࡿྍ⬟ᛶࡀ࠶ࡿ39ࠋ
31

 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 177ࠋ
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 177-178ࠋ
33
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 173ࠋ
34
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 203 ཧ↷ࠋ
35 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 175-176ࠋ
36
 ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 26ࠋ
37
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 181-182ࠋTP ࢞࢖ࢻࣛ࢖࣭ࣥࣃࣛ 1.48-1.54ࠊ1.64-1.69 ཧ↷ࠋ38 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 230ࠊ234ࠋ
39
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 233-234ࠋ
3231ࡇࡢࡼ࠺࡞ᖐ⤖ࡀṇࡋࡅࢀࡤࠊ࠸ࢃࡺࡿ༢୍⣡⛯⪅࢔ࣉ࣮ࣟࢳ㸦ᚑᒓ௦⌮ே௻ᴗ࡬ࡢሗ㓘ࡢᨭᡶᚋࡣᚑᒓⓗ௦⌮ே PE ࡟฼ᚓࡣṧࡽ࡞࠸࡜ぢࡿ㸧࡟᥋㏆ࡍࡿ㹿ࡔࡀࠊ౛࠼
ࡤࠊ㈍኎ࡢ௦⌮࡟࠾࠸࡚ࠊᅾᗜࣜࢫࢡࡸಙ⏝ࣜࢫࢡࢆ㈇ᢸࡍࡿࡢࡣ㠀ᒃఫ௻ᴗ㸦ᮏே㸧࡛࠶ࡗ࡚ࠊᚑᒓⓗ௦⌮ே௻ᴗ࡛ࡣ࡞࠸ࠋ༢୍⣡⛯⪅࢔ࣉ࣮ࣟࢳࡣࠊ࠿࠿ࡿࣜࢫࢡࡀᚑ
ᒓⓗ௦⌮ே PE ࡟ᖐᒓࡍࡿࡇ࡜ࡣ࠶ࡾᚓ࡞࠸࡜⪃࠼ࡿࡀࠊAOA ࡣࠊᚑᒓⓗ௦⌮ே௻ᴗࡀ࠿࠿ࡿࣜࢫࢡࡢᘬཷࡅ࡜ᚋࡢ⟶⌮࡟㛵ࡍࡿ㔜せ࡞ேⓗᶵ⬟ࢆ㐙⾜ࡍࡿ㝈ࡾ࡟࠾࠸࡚
㸦ࡢࡳ㸧ࠊ࠿࠿ࡿࣜࢫࢡࡣᚑᒓⓗ௦⌮ே PE ࡟ᖐᒓࡍࡿ࡜⪃࠼ࡿ40ࠋ<ᅗ⾲ 4 ᚑᒓⓗ௦⌮ே௻ᴗ࡜ྠ PE㸼              Y ᅜ௦⌮ே௻ᴗ        㔜せ࡞ேⓗᶵ⬟ࡣ      A ࡀ㐙⾜㸦㸽㸧                ሗ㓘 30㸽           Y ᅜ௦⌮ே PE

X ᅜᮏᗑ

 ኎ୖ 130ࠊෆ㒊௙ධ 100               ௚ࡢ㈝⏝ࡣࢮࣟ࡜௬ᐃ

2010 ᖺሗ࿌᭩ࡣࠊ༢୍⣡⛯⪅࢔ࣉ࣮ࣟࢳࡢ⌮ㄽⓗḞⅬ࡜ࡋ࡚ࠊ1㸧ࣜࢫࢡࡀ㠀ᒃఫ௻
ᴗ࡟㈇ᢸࡉࢀࡿሙྜ࡟ࡑࢀࡀᙜヱ௻ᴗࡢ PE ࡟ᖐᒓࡍࡿࡇ࡜ࢆึࡵ࠿ࡽㄆࡵࡎࠊ※Ἠᆅㄢ⛯ࢆ᏶඲࡟ྰᐃࡍࡿࠊ2㸧ᚑᒓⓗ௦⌮ே PE ࡜௚ࡢ PE ࡜࡛␗࡞ࡿྲྀࡾᢅ࠸ࢆㄆࡵࡿࡇ
࡜࡟࡞ࡿࠊ3㸧ࣔࢹࣝ᮲⣙ 5 ᮲ 5 㡯ࡀ↓㥏࡞᮲ᩥ࡟࡞ࡗ࡚ࡋࡲ࠺ࠊ࡜࠸࠺୕Ⅼࢆᣦ᦬ࡍ
ࡿ41ࠋ
⚾ぢ࡛ࡣࠊ⌧ᐇ࡟ࠊ1㸧㔜せ࡞ேⓗᶵ⬟ࢆ㐙⾜ࡋ࡞ࡀࡽࠊࣔࢹࣝ᮲⣙ 5 ᮲ 5 㡯࣭6 㡯ࡢୗ࡛࡞࠾ᚑᒓⓗ௦⌮ே PE ࡜ࡋ࡚ࡢᛶ㉁ࢆᙜヱᚑᒓⓗ௦⌮ே௻ᴗࡀ⥔ᣢ࡛ࡁࡿሙྜࡀ
࠶ࡿࡢ࠿ࠊࡲࡓࠊ2㸧ᚑᒓⓗ௦⌮ே௻ᴗ࡟ᨭᡶ࠺ሗ㓘㸦PE ࡢィ⟬ୖ᥍㝖ࡉࢀࡿ㸧ࡀࠊ࠿࠿ࡿ㔜せ࡞ேⓗᶵ⬟࡟ぢྜࢃࡠప㢠ࡢሙྜ࡛ࡶ⛣㌿౯᱁ㄢ⛯ࢆཷࡅࡎ᥍㝖ࡀチᐜࡉࢀࡿሙྜࡀ࠶ࡿࡢ࠿ࠊ࡜࠸࠺஦ᐇࡢၥ㢟࡜࡞ࢁ࠺ࠋAOA ࡢᯟ⤌ࡳࡢୗ࡛ࡣࠊ㔜せ࡞฼ᚓࡢᖐᒓࡍࡿᚑᒓⓗ௦⌮ே PE ࡜࠸࠺ࡢࡣ▩┪࡛࠶ࢁ࠺ࠋ
㸦㸲㸧ㄢ⛯ᡤᚓࡢィ⟬࡜እᅜ⛯㢠᥍㝖
2010 ᖺሗ࿌᭩࡟ࡣ㈝⏝㓄㈿࡟㛵ࡍࡿ᳨ウࡣṤ࡝Ꮡࡋ࡞࠸ࠋAOA ࡣࠊㄢ⛯ᶒࡢ㓄ศࡢࡓࡵࡢ฼ᚓࡢᖐᒓࢆᢅࡗ࡚࠸ࡿࡢ࡛࠶ࡗ࡚ࠊㄢ⛯ᡤᚓࡢලయⓗ࡞⟬ᐃࡣᅜෆἲ࡟ጤࡡ
4041

 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 235ࠋ
 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 236-239ࠋ

32࡚࠸ࡿࠋࡼࡗ࡚ࠊෆ㒊ྲྀᘬࡀㄆ㆑ࡉࢀࢀࡤࠊPE ࡢ฼ᚓࡢィ⟬ୖ㈝⏝ࡢ඲㒊ⱝࡋࡃࡣ୍
㒊ཪࡣ⊂❧௻ᴗ㛫ࡢᑐ౯ࢆ᥍㝖ࡍࡿࡇ࡜ࡀồࡵࡽࢀࡿࡀ42ࠊ୧⥾⣙ᅜࡢᅜෆἲୖࡢᡤᚓ
ࡢㄆ㆑ࡸ㈝⏝᥍㝖࡟㛵ࡍࡿ࣮ࣝࣝࡀ┦㐪ࡋࠊㄢ⛯ᡤᚓࡢ㔠㢠࡟୙୍⮴ࡀ⏕ࡌ࡚ࡶࠊࣔ
ࢹࣝ᮲⣙ 7 ᮲ 3 㡯࡛ゎᾘࡉࢀࡿ࡭ࡁ஧㔜ㄢ⛯࡛࠶ࡿ࡜ࡣ⪃࠼ࡽࢀ࡚࠸࡞࠸43ࠋ
ࡶࡗ࡜ࡶࠊAOA ࡢୗ࡛ PE ࡢ฼ᚓࢆ⟬ᐃࡍࡿࡓࡵࡢෆ㒊ྲྀᘬࡢㄆ㆑ࢆ↓どࡍࡿᅜෆἲࡸࠊࣔࢹࣝ᮲⣙ 24 ᮲ 3 㡯ࡢ↓ᕪูࡢせㄳ࡜᢬ゐࡍࡿྲྀࡾᢅ࠸㸦౛࠼ࡤࠊ୍᪉⥾⣙ᅜࡢ௻ᴗ࡟チᐜࡉࢀࡿ⤒㈝᥍㝖ࢆྠᵝࡢάືࢆ⾜࠺௚᪉⥾⣙ᅜࡢ௻ᴗࡢ PE ࡟ࡣチᐜࡋ࡞࠸㸧ࡣࠊ⚗ࡌࡽࢀࡿ44ࠋࡲࡓࠊእᅜἲேࡢ PE ࡟ᖐᒓࡍࡿ฼ᚓ࡟ᅜእᡤᚓࡀྵࡲࢀࠊᙜヱᅜእᡤᚓ࡟➨୕ᅜࡀἲே⛯ࢆㄢࡍࡿ࡞ࡽࠊᙜヱ PE ࡟ᑐࡋ࡚ࡶෆᅜἲே௻ᴗ࡜ྠᵝ࡟ FTC ࢆㄆࡵࡿࡢࡀṇᙜ࡜࡞ࡿ45ࠋ㸦㸳㸧ᑠᣓ
AOA ࡢ௙⤌ࡳ࡜㆟ㄽ࠿ࡽࠊࡇࢀ࡜ᩚྜⓗ࡞ᅜෆἲࡢಟṇࡢࡓࡵࡢලయⓗ࡞ㄢ㢟࡟ྵࡲࢀࡿࡶࡢ࡜ࡋ࡚ࠊ1㸧྾ᘬຊཎ๎ࡢ᤼㝖ࠊ2㸧ෆ㒊ྲྀᘬ࡟ಀࡿ⊂❧௻ᴗཎ๎ࡢ㢮᥎㐺⏝ࠊ3㸧ᩥ᭩ಖᏑࡢᙉ໬ࠊ4㸧↓ᕪูྲྀᢅ࠸ཎ๎ࡢせㄳ࡟࠿࡞ࡗࡓ஧㔜ㄢ⛯᤼㝖ᥐ⨨ࡢ⢭ᰝࠊࡑࡋ࡚ࠊࡇࢀࡽࡢせㄳ࡜ᩚྜⓗ࡞ࠊ5㸧ㄢ⛯ᶆ‽ࡢලయⓗィ⟬࣮ࣝࣝ㸦㈝⏝㓄㈿㸧
ࡢᩚഛࠊࡀᾋ࠿ࢇ࡛ࡃࡿ㹿㸱 ᖐᒓ୺⩏ࡢᅜෆἲ໬࡟క࠺ලయⓗㄽⅬ㸦㸯㸧ἲே⛯࡟࠾ࡅࡿ⥲ྜㄢ⛯ἲே⛯࡛ࡣࠊྛ✀ࡢᅜෆ※Ἠᡤᚓࢆࠊ1㸧⥲ྜ㸦㏻⟬㸧ࡋࠊ2㸧ᚲせ⤒㈝➼ࢆ᥍㝖ࡋ
࡚ࠊ3㸧ἲே⛯⋡ࢆ㐺⏝ࡋ࡚ㄢ⛯ࡍࡿࠋ௚᪉ࠊᡤᚓ⛯ࡢ※Ἠศ㞳ㄢ⛯࡛ࡣࠊࡇࢀࡽࡢྰ
ᐃ࡜ࠊ୍ᐃࡢ※Ἠᚩ཰⛯⋡ࡢ㐺⏝ࢆព࿡ࡍࡿࠋἲேࡢ⣡⛯⪅࡟࡜ࡗ࡚࠸ࡎࢀࡀ᭷฼࠿
ࡣ୍ᴫ࡟ゝ࠼࡞࠸ࠋ↓ㄽࠊ྾ᘬຊࡀാࡃሙྜࡣ⣡⛯ࢥࢫࢺࡢୖ᪼ࡢၥ㢟ࡶ࠶ࡿࠋ
㸦㸰㸧AOA ࡢୗ࡛ࡢ⛒⛯ᅇ㑊
AOA ࡟ᚑࡗࡓᖐᒓ୺⩏ࡢୗ࡛ࡣࠊᐇࡣ཰┈ࡢ⋓ᚓ࡟ PE ࡢ㔜せ࡞ேⓗᶵ⬟ࡀ㈉⊩ࡋ࡚࠸ࡿࡢ࡟ࠊࡇࢀࢆ PE ࡟ᖐᒓࡋ࡞࠸ࡼ࠺࡟ᙧᘧࡢࡳᩚ࠼ࡿሙྜ࡟࡝࠺ᑐฎࡍࡿ࠿࡜࠸
࠺⛒⛯ᅇ㑊୍⯡ࡢၥ㢟ࡀ⏕ࡌ࠺ࡿࠋࡇࢀ࡟ࡣᶵ⬟࣭஦ᐇศᯒࢆៅ㔜࡟⾜࠺ࡇ࡜࡛ᑐฎ
ࡍࡿࡇ࡜࡟࡞ࢁ࠺ࠋ࡞࠾ࠊ⡿ᅜ࡜ྠᵝࡢ㝈ᐃࡉࢀࡓ྾ᘬຊ㸦FDAP ᡤᚓ࡜ㆡΏᡤᚓ௨እ㸧ࢆ⥔ᣢࡍࢀࡤࠊ᮲⣙ୖࡢᖐᒓ୺⩏࡜ࡢ㔜せ࡞஋㞳ࢆṧࡍࡇ࡜࡟࡞ࡿࠋECI ࡢࡇࡢ㒊ศ࡟

42

 ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 40ࠋ ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 66ࠋ
44
 ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 34ࠋ
45
 ࣔࢹࣝ᮲⣙ 24 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 67ࠋ
4333

ᑐࡋ࡚ࡣࠊᢈุࡸ᮲⣙ୖࡢᖐᒓ୺⩏࡟ྜࢃࡏࡿ᪨ࡢᥦ᱌ࡀ┠❧ࡘ46ࠋ⥲ྜ୺⩏ࡢୗ࡛ࡣࠊ⮬ᅜࡢㄢ⛯ࢆཬࡰࡍ࡟ࡣᅜෆ※Ἠᡤᚓ࡜࠸࠺ᛶ㉁ࢆᚓࡿᚲせࡀ࠶ࡿࠋࡑࡇ࡛ࠊ⌧⾜ἲࡣࠊ౛࠼ࡤࡓ࡞༺㈨⏘ࡢㆡΏ࡟ࡼࡿᡤᚓ࡟ࡘࡁㆡΏᆅ࡟※Ἠᆅࢆ๭ࡾᙜ࡚ࡿ࣮ࣝࣝࡢୗ࡛ࠊㆡΏᆅࢆ࠿࡞ࡾᗈࡃᐃࡵ࡚࠸ࡿ㸦ἲ⛯௧ 176 ᮲ 4 㡯㸧ࠋᐇ㉁ⓗ࡟ 1 ྕ PE ࡀᙜヱㆡΏࡢᇶᅉ࡜࡞ࡿዎ⣙ࡢ⥾⤖࡟ྥࡅ࡚㔜せ࡞ᙺ๭ࢆᯝࡓࡋ࡚࠸ࡿ
ࡢ࡟ࠊᙧᘧୖዎ⣙ࡀᅾእᮏᗑ࡛࡞ࡉࢀࡿ࡜࠸ࡗࡓㄢ⛯㏨ࢀ࡬ᑐฎࡍࡿࡇ࡜ࡀពᅗࡉࢀ
࡚࠸ࡿ㸦ྠ㡯 3 ྕཧ↷㸧47ࠋ௚᪉ࠊAOA ࡢୗ࡛ࡣࠊ㔜せ࡞ேⓗᶵ⬟ࡢせ௳஦ᐇ࡜ࡋ࡚ࠊ࠿࠿ࡿ㔜せ࡞ᙺ๭ࡀグ㏙ࡉࢀࠊྠᵝ࡟ PE ࡟ᖐᒓࡍࡿᡤᚓ࡜ࡋ࡚ἲே⛯ࢆㄢࡍࡿࡇ࡜࡟
࡞ࢁ࠺ࠋ
㸦㸱㸧⣲᱌
ᖐᒓ୺⩏/AOA ࡢᅜෆἲ໬ࡢලయⓗ࠿ࡘᇶ♏ⓗ࡞᳨ウࢆ┠ⓗ࡜ࡋ࡚ࠊᮏ✏ࡣࠊἲ⛯ 138
᮲࡜ 141 ᮲࡜ࡢ஧ᮏ❧࡚࡜ࡍࡿ௙⤌ࡳࢆ⥔ᣢࡋࡘࡘࠊἲ⛯ 141 ᮲ࢆᨵṇࡍࡿ⣲᱌ࢆ౑⏝ࡍࡿ㸦ᅗ⾲ 5 ཧ↷㸧ࠋ௚᪉࡛ࠊᅜእᡤᚓࡢྲྀࡾ㎸ࡳࡣࠊἲ⛯௧ 176 ᮲ 5 㡯ࢆᨵṇࡋ࡚ἲᚊ໬ࡍࡿࡇ࡜ࢆ᝿
ᐃࡍࡿࠋࡇࡢᇶᮏタィࡢୗ࡛ࠊ⌧ᅾࡢἲ⛯௧ 176 ᮲࣭188 ᮲➼ࢆ኱ᖜ࡟ぢ┤ࡋ㸦୍㒊ࡣ❧ἲ໬ࡋ㸧ࠊAOA ࢆྲྀࡾධࢀࡓᨵṇࢆ⾜࠺࡜࠸࠺᪉ྥࡀຠ⋡ⓗ࡛࠶ࡿࡼ࠺࡟ᛮࢃࢀࡿ㹿࡞࠾ࠊ⌧⾜ἲୖࡢ 1 ྕ PE ࡜ 2/3 ྕ PE ࡜ࡢㄢ⛯⠊ᅖࡢ㐪࠸࡟ࡘ࠸࡚ࡣࠊ1 ྕ PE ࡟ᑐࡍࡿ⥲ྜ୺⩏ࡀ๓ᥦ࡟࠶ࡾࠊࡇࢀ࡜ྠࡌᢅ࠸ࢆࡍࡿ࡟ࡣࠊ2 ྕ PE ࡣ᫬㛫ⓗ࡟ᅛᐃࡢ⛬ᗘࡀຎࡾࠊࡲࡓ 3 ྕ PE ࡣ௦⌮ࡢ⠊ᅖ࡟㝈ᐃࡀ࠶ࡿࡇ࡜ࡀ⪃៖ࡉࢀ࡚࠸ࡿ48ࠋࡼࡗ࡚ࠊ1
ྕ PE ࡟ᖐᒓ୺⩏ࢆ⏝࠸࡚⥲ྜㄢ⛯ࡍࡿࡢ࡛࠶ࢀࡤࠊ2/3 ྕ PE ࢆ␗࡞ࡿᯟ⤌ࡳ࡛ㄢ⛯ࡍ࡭ࡁ࡜ࡍࡿ᰿ᣐࡣぢ࠸ࡔࡋࡀࡓ࠸㹿ࡴࡋࢁࠊ※Ἠᚩ཰ࡢ࠶ࡿᢞ㈨཰┈ࡣࠊPE ࡢ஦ᴗ࡟ᖐ
ࡏࡽࢀࡿࡢ࡛࡞࠸㝈ࡾࠊ⥲ྜㄢ⛯㸦ἲே⛯ㄢ⛯㸧ࡋ࡞࠸࡜࠸࠺᪉ྥࢆᇶᮏ࡟ࡍ࡭ࡁ࡜
⪃࠼ࡿࠋ

46

 See Lokken, supra note 13, at 73. See also American Law Institute, Federal Income Tax Project, International
Aspects of United States Income Taxation, Proposals on United States Taxation of Foreign Persons and of theForeign Income of United States Persons, 79, n. 136, and 90-92 (1987).
47
 ⚟ᒣ༤㝯ࠕእᅜἲேཬࡧ㠀ᒃఫ⪅ࡢㄢ⛯ࡑࡢ௚ᅜ㝿ⓗ࡞ഃ㠃࡟㛵ࡍࡿ⛯ไࡢᨵṇࠖ⛯⤒㏻ಙ 17 ᕳ 6 ྕ
101 㡫㸦1962㸧ࠊ112 㡫ࠋ
48
 ⏣ཱྀ຾ᙪࠕ㠀ᒃఫ⪅ࠊእᅜἲேㄢ⛯ࡢᨵṇࡢᴫせࠖ⛯⤒㏻ಙ 20 ᕳ 7 ྕ 230 㡫㸦1965㸧ࠊ236 㡫ࠋ

34㸺ᅗ⾲ 5 ἲ⛯ 141 ᮲➼ᨵṇ⣲᱌㸼
1 ྕ/2 ྕ/3 ྕ PE
ᅜෆ※Ἠᡤᚓ㸦ἲ⛯ 138 ᮲㸧PE ஦ᴗᖐᒓ

4 ྕ㸦PE ࡞ࡋ㸧

※Ἠᚩ཰

—

—

ྠᖐᒓ࡞ࡋ

஦ᴗᡤᚓ㸦1 ྕ㸧(D)㈨⏘ࡢ㐠⏝ಖ᭷ᡤᚓ㸦1 ྕ㸧

(A)

(A)

㈨⏘ࡢㆡΏ࡟ࡼࡿᡤᚓ㸦1 ྕ㸧୙ື⏘➼ࡑࡢ௚ᨻ௧ᡤᚓ㸦1 ྕ㸧ேⓗᙺົᥦ౪஦ᴗ㸦2 ྕ㸧

(B)

(B)

୙ື⏘㈚௜➼཰┈㸦3 ྕ㸧

(C)

(C)

฼Ꮚ➼཰┈㸦4 ྕ㸧㓄ᙜ➼཰┈㸦5 ྕ㸧㈚௜㔠฼Ꮚ➼཰┈㸦6 ྕ㸧౑⏝ᩱ࣭↓ᙧ㈨⏘ㆡΏ┈㸦7 ྕ㸧
ᗈ࿌ᐉఏ㈹㔠㸦8 ྕ㸧⏕ಖᖺ㔠➼㸦9 ྕ㸧ᡤᐃ㔠⼥ၟရ࡟ಀࡿ฼┈➼㸦ᡤ
⛯ 174 ᮲ 3㹼8 ྕ㸧㸦10 ྕ㸧༏ྡ⤌ྜዎ⣙ࡢ฼┈㸦11 ྕ㸧

㸦㸲㸧AOA/ᖐᒓ୺⩏ᑟධ࡟ಀࡿྛㄽ࢔ ᗈ⠊࡞ 1 ྕᡤᚓ㸦஦ᴗ௨እ㸧ᅗ⾲ 5 ୰ࡢ(A)࡟ࡣ✀ࠎࡢ㈨⏘ᛶᡤᚓ➼ࡀྵࡲࢀࠊࡇࢀ࡟ࡶᖐᒓ୺⩏ࢆᣑᙇࡍࡿ௙
⤌ࡳࡶ୍᱌࡛࠶ࡿࡀࠊ※Ἠᚩ཰ࡢせྰ࡞࡝㡯┠ẖ࡟ヲ⣽࡞᳨ウࢆせࡍࡿ49ࠋPE ࡢ࡞࠸እᅜἲேࡢἲே⛯ㄢ⛯㸦ἲ⛯ 141 ᮲ 4 ྕ࢖㸧࡟ྜࢃࡏࡿࡢࡀᇶᮏ࡛࠶ࡾࠊࡑࡢሙ
ྜࡣࠊᅜෆ㈨⏘ㆡΏᡤᚓ࡬ࡢㄢ⛯ࡀ୙ື⏘㸦໬యᰴᘧ㸧ㆡΏ┈ࠊෆᅜἲேᰴᘧㆡΏ
┈㸦஦ᴗㆡΏ㢮ఝࡢࡳ㸧ཬࡧᅜෆᒣᯘᡤᚓ࡟㝈ᐃࡉࢀࠊࡇࢀ࡟ PE ᖐᒓ㈨⏘ㆡΏ┈ࢆྜࢃࡏࢀࡤࠊࢃࡀᅜࡢ㏆᫬ࡢ⛒⛯᮲⣙ࡢഴྥ࡟ࡶ㏆࡙ࡃ50ࠋἲ⛯ 138 ᮲ࡣໟᣓⓗ࡛࠶ࡿࡀ㝈ᐃิᣲ࡛࠶ࡾࠊࡑࡇ࡟ࡶࡋ₃ࢀࡀ࠶ࢀࡤἲ⛯௧ 178 ᮲㸦PE ࡢ᭷↓ࢆၥࢃ࡞࠸ࠋ
ྠ 187 ᮲ 1 㡯 6 ྕ㸧࡛ᑐᛂࡍࡿࡇ࡜ࡀ᝿ᐃࡉࢀ࡚࠸ࡿ51ࠋ⌧ᅾࠊ4 㡯┠ࡢ࡯࠿࢟ࣕࢵ
ࢳ࣮࢜ࣝⓗ࡟ࠊ
ࠕᅜෆ࡟࠾࠸࡚⾜࠺ᴗົཪࡣᅜෆ࡟࠶ࡿ㈨⏘࡟㛵ࡋ౪୚ࢆཷࡅࡿ⤒῭ⓗ࡞฼┈࡟ಀࡿᡤᚓࠖ
㸦ྠ᮲ 5 㡯㸧ࡶ࠶ࡿࠋࣔࢹࣝ᮲⣙ୖࡢࡑࡢ௚ᡤᚓ࡟ಀࡿᖐᒓ㸦ཪ
49

 ౛࠼ࡤࠊᅜෆ஦ᴗ࡟ಀࡿႠᴗᶒ㸦ἲ⛯௧ 177 ᮲ 12 ྕ㸧ࡣࠊࡑࡶࡑࡶ㏻౛ PE ࡟ᖐᒓࡍࡿ㈨⏘࡛࠶ࢁ࠺ࠋ ㉥ᯇ᫭ࠗᅜ㝿ㄢ⛯ࡢ⌮ㄽ࡜ᐇົ—ࢢ࣮ࣟࣂ࣭࢚ࣝࢥࣀ࣑࣮࡜⛒⛯ἲ࠘➨୕∧㸦⛯ົ◊✲఍ฟ∧ᒁ࣭2011㸧
172 㡫ཧ↷ࠋ51
 ⏣ཱྀ࣭๓ᥖὀ 48ࠊ232 㡫ࠋ
50

35ࡣᐇ㉁㛵㐃㸧୺⩏㸦21 ᮲ 2 㡯㸧࡟ೌ࠺ࡢࡀ୍᱌࡛࠶ࡿ52ࠋ࢖ ேⓗᙺົᥦ౪஦ᴗࡢᑐ౯
᫛࿴ 37 ᖺᗘᨵṇ࡛ࠊእᅜἲேࡢேⓗᙺົᥦ౪஦ᴗ㸦ࡑࢀࡀ୺ࡓࡿ஦ᴗ࡛࠶ࡿሙྜ
࡟㝈ࡿ㸧ࡢᑐ౯࡟㛵ࡋ࡚ࡣࠊᙜヱእᅜἲேࡀᙜヱ஦ᴗ࡟ಀࡿᡤᚓ㸦ᡤᐃࡢ㡯┠ࡢ⤒㈝᥍㝖ᚋ㸧࡜㠀ᒃఫ⪅ࡓࡿⱁ⬟ே➼࡟ᑐࡍࡿ⤥୚ࡢ㢠ࢆグ㍕ࡋࡓ⏦࿌᭩ࢆᙜヱᑐ౯ࢆཷࡅࡿ๓࡟ᨭᡶ⪅ࢆ㏻ࡌ࡚ᥦฟࡋࡓ࡜ࡁࡣࠊᨭᡶ⪅ࡣࠊᙜヱᡤᚓ࡜ᙜヱ⤥୚ࡢ㢠ࡢ୧᪉࡟ࡘ࠸࡚ᙜヱᨭᡶ᫬࡟ᡤᚓ⛯ࡢ※Ἠศ㞳ㄢ⛯㸦20%㸧ࢆࡍࡿไᗘࡀ᥇⏝ࡉࢀࡓ53ࠋ
ࡋ࠿ࡋࡇࡢࡼ࠺࡞⏦࿌᭩ࡢᥦฟࡣṤ࡝࡞ࡉࢀࡎ㸦ࡑࡢሙྜࡣᑐ౯ࡢ඲㢠࡟ 20%※Ἠศ㞳ㄢ⛯㸧ࠊࡲࡓࠊ※Ἠᚩ཰ࢆཷࡅ࡞࠸ሙྜ㸦౛࠼ࡤࠊ୙≉ᐃከᩘࡢほᐈ࠿ࡽ┤᥋ᑐ౯ࢆཷࡅࡿሙྜ㸧ࡣᡤᚓ⛯ࡢ⏦࿌⣡⛯ࢆእᅜἲே࡟せồࡍࡿ࡞࡝ኚ๎ⓗ࡛ࠊୖᡭࡃᶵ⬟ࡋ࡞࠿ࡗࡓ54ࠋࡑࡇ࡛᫛࿴ 40 ᖺᗘᨵṇ࡛⌧⾜ไᗘ࡜ྠࡌ௙⤌ࡳ㸦※Ἠᚩ཰㸩PE ࡞ࡋ࡛ࡶἲே⛯ㄢ⛯㸧ࡀᑟධࡉࢀࡓࠋ
ࡑࡢ㝿ࠊࡇࢀࡽࡢၥ㢟࡟ຍ࠼ࠊ⛒⛯᮲⣙ୖ஦ᴗᡤᚓ࡜ࡉࢀࠊ࠿ࡘࠊࡳ࡞ࡋ PE ࡢ᪉ᘧ࡛ㄢ⛯ࡉࢀࡿ᮲⣙ࡀቑ࠼ࡘࡘ࠶ࡿࡇ࡜ࡀᣦ᦬ࡉࢀ࡚࠸ࡓࠋ஦ᴗᡤᚓㄢ⛯ࡉࢀࡿ࡞ࡽ୍⯡ⓗ࡞⤒㈝᥍㝖ࡀ࡞ࡉࢀࡿ࡭ࡁ࡛࠶ࡾࠊ⥲ྜㄢ⛯࡟㥆ᰁࡴ࡜⪃࠼ࡽࢀࡓ55ࠋࡶࡗ࡜ࡶࠊࡳ࡞ࡋ PE ㄢ⛯ࡣࠊ⌧ᅾࡣࠊᑐ࢔࢖ࣝࣛࣥࢻࠊࢹ࣐࣮ࣥࢡࠊࣈࣛࢪࣝ࡜ࡢྛ᮲
⣙࡟㝈ᐃࡉࢀ࡚࠸ࡿࠋ
ࡇࢀࡽࢆ᩵㓃ࡍࢀࡤࠊᅜෆἲୖࡢ஦ᴗᡤᚓㄢ⛯ࡀᖐᒓ୺⩏࡟࡞ࢀࡤࠊᅗ⾲ 5 ࡢ(B)࡟ࡘ࠸࡚ࡶἲே⛯ࡣ㠀ㄢ⛯㸦ᡤᚓ⛯ࡢࡳ㸧࡜ࡍࡿᢅ࠸ࡶ⪃࠼ࡽࢀࡿࡀࠊ⤒㈝᥍㝖ࡢᚲせᛶࡀㄆࡵࡽࢀ࡚ࡁࡓ⤒⦋ࢆ㋃ࡲ࠼ࡿ࡜ἲே⛯ࡢᑐ㇟࡜ࡋ࡚ṧࡍ⌮⏤ࡶ࠶ࡿࠋ࢘ ⯪⯧࣭⯟✵ᶵ㈚௜ࡅ࡜ᅜ㝿㐠㍺
ἲே⛯ἲୖࠊᅜ㝿㐠㍺㸦ᐃᮇ⏝⯪ዎ⣙ࢆྵࡴ㸦ἲᇶ㏻ 20-1-15㸧㸧࡟ಀࡿᡤᚓࡣࠊ஦
ᴗᡤᚓࡢ୍㢮ᆺ࡜ࡋ࡚ࠊ⯪✚ࡳ➼ࡢሙᡤࡀ※Ἠᆅࢆᕥྑࡋ㸦ἲ⛯௧ 176 ᮲ 1 㡯 4 ྕ㸧ࠊ〄⏝⯪㸦ᶵ㸧ዎ⣙ࡣࠊἲ⛯ 138 ᮲ 3 ྕ㸦മົ⪅୺⩏㸧࡟ྵࡲࢀࡿࠋࣔࢹࣝ᮲⣙ࡣࠊ⯪⯧࣭⯟✵ᶵࢆ୙ື⏘ࡢᐃ⩏࠿ࡽ㝖እࡋ㸦6 ᮲ 2 㡯㸧ࠊ⯪⯧࣭⯟✵ᶵࡢᅜ㝿㐠㍺࡟ࡘ
࠸࡚ࡣ⟶⌮ᨭ㓄ᆅ࡟࠾ࡅࡿ᤼௚ⓗㄢ⛯ࢆᐃࡵ㸦8 ᮲㸧ࠊᐃᮇ⏝⯪㸦ᶵ㸧ዎ⣙➼ࢆࡇࢀ࡟ྵࡵࡿ୍᪉࡛ࠊ〄⏝⯪㸦ᶵ㸧ዎ⣙ࡣࠊ௻ᴗࡢ฼ᚓ㸦7 ᮲㸧࡟ྵࡵ࡚࠸ࡿ56ࠋᡃࡀᅜࡢ᮲⣙౛ࡶࠊྠᵝࡢ୙ື⏘ࡢᐃ⩏࠿ࡽࡢ㝖እ࡜ࠊᅜ㝿㐠㍺࡟ࡣᒃఫᆅᅜࡢࡳ࡛ㄢ⛯ࡍࡿ┦஫୺⩏ࢆ᥇⏝ࡋ㸦⡿ᅜ➼ 7 ࢝ᅜࡢἲே࡟ࡣᅜ㝿㐠㍺ᴗᡤᚓࡢ┦஫ච㝖࡟㛵ࡍࡿ52

 ᮲⣙ୖࡢࡑࡢ௚ᡤᚓ࡛ PE ࡜ᐇ㉁ⓗ࡟㛵㐃ࡍࡿࡶࡢࢆ஦ᴗᡤᚓ࡟ྵࡵࡿ᮲⣙౛㸦ᑐ⡿࣭ⱥ࣭࢖ࣥࢻ࣭࢝
ࢼࢲ➼㸧ࡶᑡ࡞ࡃ࡞࠸ࠋ࡞࠾ࠊἲே⛯ἲୖࠊᅜෆࡢ㎰ᴗᡤᚓࡣᅜෆ஦ᴗᡤᚓ࡟ヱᙜࡋࡼ࠺㸦ἲ⛯ 138 ᮲
1 ྕ㸧ࡀࠊᅜෆ࡟࠶ࡿᒣᯘࡢㆡΏ࡟ࡼࡿᡤᚓࡣࠊᇶᮏⓗ࡟ᅜෆ࡟࠶ࡿ㈨⏘ࡢㆡΏ࡟ࡼࡿᡤᚓ࡟ྵࡲࢀࡿ
࡜ゎࡉࢀࡿ㸦ἲ⛯௧ 177 ᮲ 14 ྕ࣭187 ᮲ 1 㡯 2 ྕ㸧ࠋࣔࢹࣝ᮲⣙ 6 ᮲ 1 㡯࡟ೌ࠸㎰ᴗᡤᚓ࣭ᯘᴗᡤᚓࢆ
᫂♧ⓗ࡟୙ື⏘ᡤᚓ࡟ྵࡵࡿ᮲⣙ࡶᏑࡍࡿ㸦౛ࠊ᪥⡿᮲⣙㸧ࡀࠊ୍⯡ⓗ࡛ࡣ࡞࠸ࠋ
53 ⚟ᒣ࣭๓ᥖὀ 47ࠊ121-122 㡫ࠊ⏣ཱྀ࣭๓ᥖὀ 48ࠊ237-239 㡫ཧ↷ࠋ54
 ⏣ཱྀ࣭๓ᥖὀ 48ࠊ238 㡫ࠋ
55 ྠୖཧ↷ࠋ56
 ࣔࢹࣝ᮲⣙ 8 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 5ࠋ36ἲᚊࡢ㐺⏝ࡶ࠶ࡿ㸧ࠊ〄⏝⯪㸦ᶵ㸧ዎ⣙࡟ಀࡿ㈤ᩱࡢࡳࠊ஦ᴗᡤᚓࠊ౑⏝ᩱ➼57ࡢつᐃ࡟ᇶ࡙ࡁฎ⌮ࡍࡿࡶࡢ࡜ゎࡉࢀࡿࠋ࠿ࡼ࠺࡞ไᗘࡢ≧ἣ࠿ࡽࠊ〄⏝⯪㸦ᶵ㸧ዎ⣙࡟ಀࡿ㈤ᩱ࡟ᑐࡍࡿ⤒㈝᥍㝖ᚋࡢ⣧㢠ㄢ⛯ࡣ㤳⫯ࡋ࠺ࡿࡀࠊἲே⛯ἲࡢᖐᒓ୺⩏ࡢᑟධᚋ࡟ࠊമົ⪅୺⩏࡛⥲ྜㄢ⛯ࡍࡿࡇ࡜ࡀṇᙜ໬ࡋ࠺ࡿ࠿ࡣ㆟ㄽࡢవᆅࡀ࠶ࡿࠋ᫛࿴ 40 ᖺᗘᨵṇ๓ࡣ 1 ྕࡢ㈨⏘ࡢ㐠⏝ཪࡣಖ᭷࡟ࡼࡿᡤᚓ࡜ࡋ࡚⥲ྜㄢ⛯ࡢࡳ࡛࠶ࡗࡓࡀᚩ⛯ࡢᐇࡀ࠶ࡀࡽࡎࠊࡑࡢᑐ
౯ࡀᐃᮇᐃ㢠ⓗ࡛※Ἠᚩ཰࡟㥆ᰁࡴࡇ࡜ࠊ୙ື⏘ᡤᚓ㸦ᡤ⛯ 26 ᮲㸧ࡢ⠊ᅖ࡟ྵࡲࢀ
ࡿࡇ࡜࡞࡝ࡀ⪃៖ࡉࢀ࡚௒ࡢ఩⨨࡟࡞ࡗ࡚࠸ࡿ58ࠋ᮲⣙ୖࡣ㏻౛୙ື⏘ࡢᐃ⩏࠿ࡽ㝖እࡋ࡚࠸ࡿࡇ࡜ࢆ⪃࠼ࢀࡤࠊᅗ⾲ 5 ࡢ(C)࡟࠾࠸࡚ࠊ⯪⯧࣭⯟✵ᶵࡢ㈚௜ࢆ 1 ྕࡢ஦ᴗᡤᚓ㸦ᖐᒓ୺⩏㸧࡟⤌ࡳ᭰࠼ࡿ㸦୙ື⏘࡯࡝ࡢ⤖ࡧࡘࡁࡣඖ᮶࡞࠸㸧࠿ࠊཪࡣ※Ἠᚩ཰ࡢᑐ㇟࡜ࡋ࡚ᚩ⛯ࢆ☜ಖࡋࡘࡘࠊἲே⛯ἲୖࡣᖐᒓ୺⩏࡜ࡍࡿࡇ࡜ࡶ᳨ウ࡟್ࡍࡿࠋ㸦㸳㸧ᖐᒓࡍࡿᡤᚓࡢ⠊ᅖ࡟㛵ࡍࡿᇶ‽࢔ ฼Ꮚࠊ㓄ᙜࠊ౑⏝ᩱ➼ࡢᖐᒓ
᫛࿴ 37 ᖺᗘᨵṇࡢ❧᱌ᙜᒁ⪅ࡣࠊ⌧⾜ࡢἲ⛯ 138 ᮲ 2 ྕ௨ୗࡢྛྕࡢᡤᚓ㢮ᆺ࡟ヱᙜࡍࡿᡤᚓ࡟ࡘ࠸࡚ࡣࠊᙜヱྛྕ࡛※Ἠᆅࢆุ᩿ࡍࡿࡢࡳ࡛ࠊࡇࢀࡀᩋ⪅᚟άⓗ࡟ 1 ྕࡢ஦ᴗཪࡣ㈨⏘ᡤᚓ࡟࡞ࡿࡇ࡜ࡣ࡞࠸ࡶࡢ࡜⪃࠼࡚࠸ࡓ59ࠋࡑࡢ⌮⏤࡜ࡋ࡚ࡣࠊ
฼Ꮚࠊ㓄ᙜ➼࡟㛵ࡋࢯ࣮ࢫ࣭࣮ࣝࣝࡀᅜ㝿ⓗ࡟⤫୍ࡉࢀ࡚ࡁ࡚࠾ࡾࠊࡇࢀࢆ஦ᴗᡤ
ᚓ࡜ࡋ࡚ㄢ⛯ࡍࡿ࡜ᅜ㝿ⓗ୕㔜ㄢ⛯ࡀ⏕ࡌࠊFTC ࡛ࡣୖᡭࡃゎỴ࡛ࡁ࡞࠸ࡇ࡜ࢆᣲ
ࡆ࡚࠸ࡓ60ࠋ⌧ᅾ࡛ࡣࠊ1 ྕ PE ࡟㛵ࡋἲ⛯௧ 176 ᮲ 5 㡯ࡀᏑࡍࡿࡇ࡜ࠊࣔࢹࣝ᮲⣙࡛ࡶ PE ࡟ᖐᒓࡍࡿ฼Ꮚࠊ㓄ᙜ➼࡟஦ᴗᡤᚓ᮲㡯ࢆ㐺⏝ࡋ࡚࠸ࡿࡇ࡜ࢆ⪃࠼ࡿ࡜ࠊࡇ
ࡢ⌮⏤௜ࡅࡣㄝᚓⓗ࡛ࡣ࡞࠸ࡶࡢࡢࠊᮏ✏ࡶ⌧⾜ἲ࡟ࡘ࠸࡚ࡇࡢぢ᪉࡟ᣐࡿࠋ
ࡶࡗ࡜ࡶࠊᮏ⣲᱌ࡣࠊ1 ྕ PE ࡜ 2 ྕ࣭3 ྕ PE ࡜࡛ྲྀᢅ࠸࡟༊ูࢆタࡅࡎࠊࡲࡓࠊ
ࠕ㔠㖹ࡢ㈚௜ࡅࠊᢞ㈨ࡑࡢ௚ࡇࢀࡽ࡟‽ࡎࡿ⾜Ⅽ࡟ࡼࡾ⏕ࡎࡿᡤᚓࠖ࡟㝈ᐃࡏࡎࠊAOA
ࡢୗ࡛ PE ࢆ㏻ࡌ࡚⾜࠺஦ᴗ࡟ᖐࡍ࡭ࡁἲ⛯ 138 ᮲ 4 ྕ௨ୗࡢᡤᚓ༊ศ࡟ಀࡿᅜෆ※Ἠᡤᚓ࡜ᅜእ※Ἠᡤᚓࡢ୧᪉ࢆࠊἲே⛯ࡢ⥲ྜㄢ⛯ࡢᑐ㇟࡟ࡍࡿࠋࡇࡢ┠ⓗୖࠊ1㸧ᅜෆ※Ἠᡤᚓࡢ࠺ࡕ PE ࡟ᖐᒓࡍࡿ㒊ศࡢせ௳໬ࠊཬࡧࠊ2㸧ᅜእ※Ἠᡤᚓࡢ࠺ࡕ PE
࡟ᖐᒓࡍࡿ㒊ศࡢせ௳໬ࠊࡀồࡵࡽࢀࡿࠋ1㸧ࡣࠊ⛒⛯᮲⣙࡟࠾࠸࡚ࡢࡳ࡞ࡽࡎࠊྠ
᮲ 4 ྕ௨ୗࡢᅜෆ※Ἠᡤᚓࡢᖐᒓ࡟ࡘࡁ᪤࡟ 2 ྕ࣭3 ྕ PE ࡛ࢃࡀᅜࡶ⤒㦂ࢆ᭷ࡍࡿ57

 ᫂♧ⓗ࡟౑⏝ᩱ࡟ྵࡵࡿ౛࡜ࡋ࡚ࠊᑐ࣐࣮ࣞࢩ࢔᮲⣙ 12 ᮲ 3 㡯ࡀ࠶ࡿࠋࡇࡇ࡛ࡢၥ㢟Ⅼ࡟ࡘࡁࠊ୍㧗㱟ྖࠕᅜ㝿ⓗ஧㔜ㄢ⛯ࡢⓎ⏕ែᵝ࡜እᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධไᗘࠖỈ㔝Ṋኵඛ⏕ྂ⛥グᛕㄽᩥ㞟ࠗ⾜ᨻ࡜ᅜẸࡢᶒ฼࠘669 㡫㸦ἲᚊᩥ໬♫࣭2011㸧ࠊ682 㡫ཧ↷ࠋ58
 ⏣ཱྀ࣭๓ᥖὀ 48ࠊ233-234 㡫ࠋ59 ⚟ᒣ࣭๓ᥖὀ 47ࠊ101-102ࠊ105ࠊ108 㡫ࠋ
60
 ⚟ᒣ࣭๓ᥖὀ 47ࠊ108 㡫ࠋࡇࢀࡣ඾ᆺⓗ࡞୕ゅ≧ἣࡢၥ㢟࡛࠶ࡿࠋཧ↷ࠊ▮ෆ୍ዲࠗ⛒⛯᮲⣙ࡢㄽⅬ࠘㸦୰ኸ⤒῭♫࣭1997㸧➨ 5 ❶ࠊ༨㒊⿱඾ࠕࢺࣛ࢖࢔ࣥࢠ࣮࣭ࣗࣛࢣ࣮ࢫ࡟࠾ࡅࡿᅜ㝿ⓗ฼Ꮚㄢ⛯ࠖྠࠗ⛒⛯ἲࡢゎ㔘࡜❧ἲᨻ⟇ II࠘㸦ಙᒣ♫࣭2002㸧1 㡫㸦ึฟ 1998㸧ࠋ37࠿ࡽࠊࡇࢀࢆά࠿ࡋࡘࡘࠊAOA ࢆ࣮࣋ࢫ࡟ 1 ྕ࡟ࡶᛂ⏝ࡍࡿࡇ࡜ࡀ࡛ࡁࡼ࠺ࠋ2㸧ࡣࠊᖐᒓ୺⩏ࢆ᥇⏝ࡍࡿ⛒⛯᮲⣙61ࡢ┦ᡭᅜᒃఫ⪅࡜ࡢ㛵ಀ࡛ࡶࠊㄢ⛯ᐇົࡣ㔜ㄢࢆ㑊ࡅ࡚ᅜෆἲࡢຠᯝࢆ⥔ᣢࡋ࡚ࡁࡓࡶࡢ࡜᥎

ࡍࡿࠋ࡜ࡣ࠸࠼ AOA ࡟౫ᣐࡍࡿ㝈ࡾᖐᒓ㒊ศࢆุᐃࡍࡿ㐣⛬࡟ 1㸧࡜㐪࠸ࡣ࡞࠸࠿ࡽࠊ1㸧࡜ྠᵝ࡟ࠊᅜෆἲୖࡶࠊAOA ࡜ᩚྜⓗ࡞せ௳ࢆ┠ᣦࡍࡇ࡜࡟࡞ࢁ࠺62ࠋ2㸧ࡣࠊἲ⛯௧ 176 ᮲ 5 㡯࡟௦ࢃࡿἲᚊࡢไᐃ
ࢆ㏻ࡌ࡚⾜࠺ࡢࡀᮃࡲࡋ࠸࡜⪃࠼ࡿ㸦ࡇࡢⅬࡣࠊୖグᅗ⾲ 5 ࡢ⠊ᅖእ࡛࠶ࡿ㸧ࠋ࢖ ࡓ࡞༺㈨⏘ࡢ㸦〇㐀㸧ㆡΏࡑࡢ௚ࡢ஦ᴗAOA ࡟ᚑ࠺௨ୖࠊ௙ධࢆ㠀ㄢ⛯࡜ࡍࡿ࣮ࣝࣝࡣᗫṆࡉࢀࡿ㸦ἲ⛯௧ 176 ᮲ 1 㡯 1
ྕ࣭2 㡯㸧ࠋἲ⛯௧ 176 ᮲ 1 㡯ࡢ௚ࡢ஦ᴗ࡟ࡘ࠸࡚ࡣࠊิᣲࡢ 4 ᴗ✀㸦ᘓタ➼ࠊᅜ㝿㐠㍺ࠊಖ
㝤ࠊᗈ࿌㸧ࡢ࠺ࡕࠊᗈ࿌ᴗ㸦ࡑࡢᛶ㉁ୖᅜෆ࡛ㄢ⛯ࡉࢀࡿ≧ἣࡣ௒࡛ࡶᑡ࡞࠸࡛࠶
ࢁ࠺63㸧࡜ᅜ㝿㐠㍺ࢆ㝖ࡅࡤࠊࢯ࣮ࢫ࣭࣮ࣝࣝࡢẁ㝵࡛ࠊ஦ᴗ࡬ࡢᖐᒓࡢ⠊ᅖࢆ࠿࡞ࡾࡢ⛬ᗘุᐃࡋ࡚࠸ࡿࡼ࠺࡟ㄞࡵࡿࠋࡇࡢࡇ࡜ࡣࠊࡓ࡞༺㈨⏘ࡢ〇㐀ㆡΏ┈ࡑࡢ௚࠶ࡽࡺࡿ஦ᴗࡢᡤᚓ࡟ࡘ࠸࡚ࡶྠᵝ࡛࠶ࡿ㸦ྠ᮲ 1 㡯 2 ྕ࣭7 ྕ㸧ࠋࡇࢀࡽࡢ࣮ࣝࣝ
ࡢୗ࡛ᅜෆ※Ἠᡤᚓ࡜ࡉࢀࡿ㔠㢠ࡀࠊᴫࡡ஦ᴗ࡟ᖐᒓࡍࡿᡤᚓࢆ཯ᫎࡋ࡚࠸ࡿ࡜ࡍ
ࢀࡤࠊᙜヱ஦ᴗࡀ PE ࢆ㏻ࡌࡓࡶࡢ࡛࠶ࡿ㝈ࡾࠊᅜෆ※Ἠᡤᚓࡔࡀ PE ࡟ಀࡿ஦ᴗ࡟
ᖐᒓࡋ࡞࠸ཪࡣᅜእ※Ἠᡤᚓࡔࡀ PE ࡟ಀࡿ஦ᴗ࡟ᖐᒓࡍࡿᡤᚓ࡜࠸࠺ࡢࡀ⏕ࡌ࡟ࡃ࠸ࠋ୍ࡘࡢᴟࡣࠊ᫛࿴ 37 ᖺᗘᨵṇ┤ᚋ࡟ᡠࡗ࡚ࠕ஦ᴗࠖࢆࠊPE ࢆᅜෆ࡟᭷ࡋ࡚⾜࠺஦ᴗ➼࡜グ㏙ࡋ┤ࡍࡇ࡜࡛࠶ࡿ64ࠋࡑࡢሙྜࡣࠊࡓ࡞༺㈨⏘ㆡΏ┈࡟ಀࡿࢯ࣮ࢫ࣭࣮ࣝ
ࣝࡶྠᵝ࡟グ㏙ࡋ┤ࡉࢀࡿ࡭ࡁ࡛࠶ࢁ࠺ࠋ
ᅜෆἲࡢ௦⌮ே PE ࡢᐃ⩏ࡣ OECD ࡼࡾࡶᗈࡵ࡛࠶ࡿࡀࠊࡶࡋ AOA ࢆ཯ᫎࡍࡿᖐ
ᒓ୺⩏ࢆᅜෆἲ໬ࡍࡿࡢ࡛࠶ࢀࡤࠊ
௦⌮ே PE ࡢᖐᒓࡍࡿᡤᚓࡢ⠊ᅖ࡟ࡘ࠸࡚ࡶ AOA
࡜▩┪ࡋ࡞࠸ࡶࡢ࡜ࡍ࡭ࡁ࡛࠶ࢁ࠺ࠋ࢘ ෆ㒊ྲྀᘬࡢㄆ㆑
⌧⾜ἲୖࠊࡓ࡞༺㈨⏘ࡢ㸦〇㐀㸧ㆡΏ┈ࡣࠊࠕࡑࡢἲேࡀࠖᅜෆཪࡣᅜእ࡛ㆡΏࢆ
ࡍࡿ65ࡇ࡜࡟ࡼࡾ⏕ࡎࡿᡤᚓ࡛࠶ࡿ࠿ࡽࠊㄢ⛯᫬ᮇࡣἲேࡢእ㒊ྲྀᘬ᫬㸦ᐇ⌧᫬㸧࡛61 ཧ↷ࠊࣔࢹࣝ᮲⣙ 10 ᮲ 4 㡯ࠊ11 ᮲ 4 㡯ࠊ12 ᮲ 3 㡯ࠊ21 ᮲ 2 㡯ࠋ ࣔࢹࣝ᮲⣙ 11 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 25.1 ཧ↷ࠋ⡿ᅜἲୖࡣࠊ1㸧࡟ࡘ࠸࡚ࡣ㈨⏘ࢸࢫࢺ࡜஦ᴗάືࢸ
ࢫࢺࡀࠊ2㸧࡟ࡘ࠸࡚ࡣ஦ᴗࡢᅛᐃⓗሙᡤ࡬ࡢᖐᒓࡀࠊࡑࢀࡒࢀุᐃᇶ‽࡜࡞ࡿ㸦IRCi864(c)(2)㸧
ࠋᮏሗ࿌᭩࣭ὸጔㄽᩥཧ↷ࠋ63
 ⚟ᒣ࣭๓ᥖὀ 47ࠊ110-111 㡫ཧ↷ࠋ64
 ᪧἲ⛯ 1 ᮲ 8 㡯ཧ↷ࠋ᫛࿴ 40 ᖺᗘᨵṇ࡛஦ᴗ࡜ PE ࢆษࡾ㞳ࡋࡓ㝿࡟ࠊᪧἲࡢྠ㡯ࡢᐃࡵ᪉ࡣࠊ
ࠕ࠶ࡿᡤᚓࡀᜏஂⓗ᪋タࢆ᭷ࡋ࡚⾜࠺஦ᴗ࡟ᖐࡏࡽࢀࡿ࠿ྰ࠿ࢆุᐃࡍࡿࡓࡵ࡟ࡣ౽฼ࠖࡔࡀࠊࠕㄢ⛯せ௳࡜ㄢ
⛯≀௳ࡀ┦஫࡟ࡼࡾ࠿࠿ࡾྜࡗ࡚࠸ࡿࡢ࡛ࠊ୧⪅ࡢ༊ูࡀ᫂☜࡜࡞ࡽࡎࠊ⌮ゎࡋ㞴࠸ࡤ࠿ࡾ࡛࡞ࡃࠊㄗ
ゎࢆᣍࡃ⹯ࢀࡀ࠶ࡗࡓࠖ࡜ㄝ᫂ࡉࢀ࡚࠸ࡿࠋ⏣ཱྀ࣭๓ᥖὀ 48ࠊ236 㡫ࠋ࡞࠾ࠊࢻ࢖ࢶ࡛ࡣࠊ஦ᴗᡤࡢᡤ
ᅾᆅࢆ஦ᴗᡤᚓࡢࢯ࣮ࢫ࣭࣮ࣝࣝ࡜ࡋࠊࡑࡢ஦ᴗᡤᚓࡢ⠊ᅖࢆᙜヱ஦ᴗᡤ࡟ᖐᒓࡍࡿࡍ࡭࡚ࡢᡤᚓ࡜ࡍ
ࡿᖐᒓ୺⩏ࡀ᥇⏝ࡉࢀ࡚ࡁࡓࠋ㇂ཱྀໃὠኵࠕእᅜ௻ᴗㄢ⛯࡟㛵ࡍࡿᖐᒓ୺⩏࡜඲ᡤᚓ୺⩏(1)ࠖ⛯ἲᏛ 389
ྕ 1 㡫㸦1983㸧ࠋ⡿ᅜ࡛ࡶࠊᅜෆ࡟஦ᴗࢆ⾜࠺ᅛᐃⓗሙᡤࢆ᭷ࡍࡿእᅜἲே➼࡟㛵ࡋ࡚ࡣࠊື⏘㸦ࡓ࡞༺㈨⏘ࢆྵࡴ㸧ࡢ㈍኎࡟ಀࡿᡤᚓ࡛ᙜヱᅛᐃⓗሙᡤ࡟ᖐᒓࡍࡿࡶࡢࡣࠊ௚ࡢࢯ࣮ࢫ࣭࣮ࣝࣝ࡟࠿࠿ࢃࡽࡎ
ᅜෆ※Ἠᡤᚓ࡜ࡉࢀࡿ≉๎ࡀ࠶ࡿ㸦IRCi865(e)(2) and (g)㸧ࠋ65 ㆡΏᆅ࡟ࡘ࠸࡚ࡣࠊ1㸧ࡓ࡞༺㈨⏘ࡢᘬΏ┤๓ࡢᡤᅾᆅཪࡣ஦ᴗୖࡢ⟶⌮ᆅࠊ2㸧ዎ⣙⥾⤖ᆅࠊཪࡣ 3㸧6238࠶ࡿࠋᩥ⌮ୖࡇࢀࡽࡣ௚ࡢᴗ✀ࡢ஦ᴗᡤᚓ࡟ࡘ࠸࡚ࡶᙜ࡚ࡣࡲࡿ㸦ἲ⛯௧ 176 ᮲ 1㡯࣭2 㡯㸧ࠋྠ୍ἲேෆࡢᅜቃࢆ㉺࠼ࡿ஦ᴗ㛫࡛࡞ࡉࢀࡿࠕᗈ࿌ࠊᐉఏࠊ᝟ሗࡢᥦ౪ࠊ
ᕷሙㄪᰝࠊᇶ♏ⓗ◊✲ࡑࡢ௚ᙜヱ஦ᴗࡢ㐙⾜࡟࡜ࡗ࡚⿵ຓⓗ࡞ᶵ⬟ࢆ᭷ࡍࡿ⾜Ⅽࠖ㸦௨ୗࠊࠕ⿵ຓⓗ⾜Ⅽࠖ࡜ゝ࠺㸧࡜ࠕ㔠㖹ࠊᕤᴗᡤ᭷ᶒࡑࡢ௚ࡢ㈨⏘ࢆ࣭࣭࣭஦ᴗࡢ
⏝࡟౪ࡍࡿ⾜Ⅽࠖ࠿ࡽࡣࠊᡤᚓࡣ⏕ࡌ࡞࠸㸦ྠ᮲ 3 㡯㸧ࠋࡇࢀࡽࡶ㈝⏝㓄㈿ࡢࡳࢆせồࡍࡿつᐃ࡛࠶ࡿ66ࠋ
AOA ࡟ᚑ࠺㝈ࡾࠊࡇࢀࡽࡢඛỴⓗ࣮ࣝࣝࡶぢ┤ࡋࡀᚲせ࡟࡞ࡿࡀࠊAOA ࡢୗ࡛ࡶෆ㒊฼Ꮚࡣࡴࡋࢁཎ๎㠀ㄆ㆑࡟㏆࠸࡛࠶ࢁ࠺ࡋࠊᙺົᥦ౪ࡣᐇົୖ㈝⏝㓄㈿࡛㊊ࡾࡿ⠊ᅖࡶ࠿࡞ࡾṧࡗ࡚࠸ࡿࠋࡢࡳ࡞ࡽࡎࠊୖ㏙ࡢ࡜࠾ࡾಙ⏝ᗘࡑࡢ௚ࡢࢀࢇⓗせ⣲ࡣᑡ࡞࠿ࡽࡎࡑࡢᖐᒓࡀἲேෆ࡛ᆒ୍࡜ࡉࢀࡿࠋෆ㒊฼Ꮚࡣ㖟⾜➼࡛ࡣㄆ㆑ࡉࢀ࡚
ࡁࡓࡶࡢ࡛࠶ࡿ࠿ࡽ67ࠊAOA ࡣࡇࡢㄆ㆑ࢆࠊᴗ✀ࢆၥࢃࡎᶵ⬟ཪࡣྲྀᘬࢆ༢఩࡜ࡋ࡚ᐈほⓗ࡟⾜࠺࡭ࡃኚ᭦ࢆຍ࠼ࡓࡶࡢ࡜⌮ゎࡉࢀࡿ㹿ࡑ࠺࡛࠶ࢀࡤࠊཎ๎࡜ࡋ࡚ᚑ᮶
࡝࠾ࡾෆ㒊฼Ꮚ➼ࡸ⿵ຓⓗ⾜Ⅽࡣ㈝⏝㓄㈿ࡢၥ㢟࡜ࡋ࡚࠾࠸࡚ࠊᡤᚓࡀⓎ⏕ࡍࡿࡢࡣࠊ୺ࡓࡿ஦ᴗ࡟༉ᩛࡍࡿ㔜せ࡞ேⓗᶵ⬟ࡢ㐙⾜ࡀ࠶ࡿሙྜ➼࡟㝈ᐃࡍࡿࡢࡶ୍᱌
࡛࠶ࡿ㹿
ࡲࡓࠊAOA ࡢୗ࡛ࡣࠊㄢ⛯᫬ᮇ࡟ࡘ࠸࡚ࡶᅜෆἲḟ➨࡜ゎࡉࢀࡿࠋࡇࢀࡲ࡛ࠊእ
ᅜἲே࡟ࡼࡿᅜෆ〇㐀࣭ᅜእㆡΏࡢሙྜ࡛ࡶࠊㆡΏ࡟ࡼࡿᐇ⌧᫬ࢆᚅࡗ࡚ࠊ〇㐀 PE
࡟ಀࡿᡤᚓ࡟ㄢ⛯ࡋ࡚ࡁࡓ࡜ࡍࢀࡤࠊAOA ࡢୗ࡛ࡶࠊ〇㐀ㆡΏ┈࡟ࡘࡁྠᵝ࡟ἲே࡜ࡋ࡚ࡢᐇ⌧᫬ࢆ PE ࡬ࡢㄢ⛯᫬ᮇ࡜ࡍࡿࡇ࡜ࡶ୙ྍ⬟࡛ࡣ࡞࠸ࠋPE ↓ᕪูࡢせㄳ࡟↷ࡽࡋࠊෆᅜἲேࡢᅜෆᕤሙ〇㐀㸦ཪࡣ௙ධ㸧࣭ᅜእᨭᗑㆡΏࡢሙྜ࡟ࡣ㍺ฟ᫬㸦እ㒊ㆡΏ๓㸧ࡢᖺᗘ࡟ㄢ⛯ࡋ࡞࠸ࡢ࡛࠶ࢀࡤࠊྠᵝࡢάືࢆ⾜࠺ PE ࡢሙྜࡢࡳ㍺ฟ᫬
࡟ㄢ⛯ࡍࡿࡇ࡜࡟ࡣၥ㢟ࡀ࠶ࡿ࡜ࡶゝ࠼ࡿࠋ࢚ ㈝⏝ࡢᖐᒓ
㸦࢔㸧㐺⏝࣮ࣝࣝࡢ㑅ᢥἲே⛯ἲୖࠊྛ✀ࡢᅜෆ※Ἠᡤᚓࢆ⥲ྜࡋࠊࠕᅜෆ※Ἠᡤᚓ࡟ಀࡿᡤᚓࡢ㔠㢠ࠖ㸦ἲ⛯ 141 ᮲࣭142 ᮲㸧࡜ࡋ࡚ㄢ⛯ࡍࡿ㝿࡟ࡣࠊෆᅜἲே࡟㐺⏝ࡉࢀࡿ㏻ᖖࡢィ⟬࣮ࣝࣝ࡟‽ࡌࠊㅖ㈝⏝➼ࡢ᥍㝖ࡀྍ⬟࡛࠶ࡿ㸦ἲ⛯ 142 ᮲㸧68ࠋ࠿࠿ࡿ࣮ࣝࣝࡢ㐺⏝ࡢ᭷↓ཪࡣ⠊ᅖ࡟ࡘ࠸࡚ࡣࠊ㈍኎㈝ཬࡧ୍⯡⟶⌮㈝➼ࡢ㈝⏝࡟㛵ࡍࡿ࣮ࣝࣝࢆ
ྵࡵ࡚ 20 ࡢಶูࡢᐃࡵࡀᏑࡍࡿ㸦ἲ⛯௧ 188 ᮲㸧ࠋ౛࠼ࡤࠊ኎ୖཎ౯ࡣࠊᅜෆ࡟࠶ࡿࡓ࡞༺㈨⏘࡟㝈ࡗ࡚ࠊ㏻ᖖࡢィ⟬࣮࡛ࣝࣝ࠶
ࡿἲ⛯ 29 ᮲࡟‽ࡌ࡚ィ⟬ࡉࢀࡿ㸦ἲ⛯௧ 188 ᮲ 1 㡯 3 ྕ㸧ࠋࡼࡗ࡚ࠊ௬࡟᪥ᮏ࡟
ዎ⣙ࡢࡓࡵࡢὀᩥྲྀᚓࠊ༠㆟➼ࡢ⾜Ⅽࡢ㔜せ࡞㐙⾜ᆅࠊࡢ࠸ࡎࢀ࠿୍ࡘࡀᅜෆ࡟࠶ࡿ࠿ྰ࠿ุ࡛ᐃࡉࢀ
ࡿ㸦ἲ⛯௧ 176 ᮲ 4 㡯㸧ࠋ2㸧ཬࡧ 3 ࡟ࡘ࠸࡚ࡣࠊ௦⌮ே➼࡟ࡼࡿ⾜Ⅽࢆྵࡴ࡜ࡉࢀࡿ㸦ἲᇶ㏻ 20-1-8㸧ࠋ66
 ⚟ᒣ࣭๓ᥖὀ 47ࠊ111 㡫ཧ↷ࠋ67
 ㉥ᯇ࣭๓ᥖὀ 50ࠊ69-70 㡫ཧ↷ࠋ68
 እᅜἲே࡟ࡶ☜ᐃỴ⟬ᇶ‽୺⩏ࡣጇᙜࡍࡿࠋᮾி㧗ุ᫛࿴ 54 ᖺ 3 ᭶ 14 ᪥⾜㞟 35 ᕳ 3 ྕ 231 㡫ཧ↷ࠋࡲࡓࠊἲᇶ㏻ 20-3-1 ཧ↷ࠋ⏦࿌᭩ࢆᥦฟࡍࡿ㝿࡟ࡣࠊෆᅜἲேࡢሙྜ࡜ྠᵝࡢᡭ⥆ୖࡢせ௳ࡀㄢࡉࢀ࡚
࠸ࡿ㸦ἲ⛯ 145 ᮲࣭146 ᮲㸧ࠋ

39PE ࢆ᭷ࡍࡿ A ᅜἲேࡀࠊ᪥ᮏ࡛⥾⤖ࡉࢀࡓዎ⣙࡟ᇶ࡙ࡁࠊB ᅜࡢ㢳ᐈ࡟ B ᅜ࡟Ꮡࡍࡿࡓ࡞༺㈨⏘ࢆ㈍኎ࡍࢀࡤࠊ᪥ᮏࡢᅜෆ※Ἠᡤᚓࡀ⏕ࡌࡿ㸦ἲ⛯௧ 176 ᮲ 4 㡯㸧୍᪉࡛ࠊἲ⛯ 29 ᮲ࡢ㐺⏝ࡣ࡞࠸ࠋ࡜ࡣ࠸࠼኎ୖཎ౯ࡢィୖࡀྰᐃࡉࢀࡿࢃࡅ࡛ࡣ
࡞ࡃࠊ౛࠼ࡤ B ᅜࡢබṇጇᙜ࡞࣮ࣝࣝ࡟‽ࡌ࡚ィ⟬ࡉࢀࡿ࡜ゎࡉࢀ࡚࠸ࡿ69ࠋణࡋࠊB ᅜࡣࠊ≉࡟ PE ࡀዎ⣙⥾⤖࡟㛵୚ࡋ࡚࠸࡞࠸ሙྜࠊᙜヱᡤᚓࡀ B ᅜ※Ἠ࡛࠶ࡿ࡜
ぢࡿྍ⬟ᛶࡀ࠶ࡿࠋ
ࡇࡢ༢⣧࡞౛ࡢྵពࢆ㏙࡭ࡿࠋ➨୍࡟ࠊἲ⛯௧ 188 ᮲ࡣࡑࡢᛶ᱁࡜ᣦ♧ࡀ୙᫂░࡛࠶ࡿࠋ㏻ᖖࡢィ⟬࣮ࣝࣝ࡟ᚑ࠸ィ⟬ࡍࡿࡓࡵࡢᇶ‽ࢆ⮬ᕫ᏶⤖ⓗ࡟ࡣᥦ౪ࡋ
࡚࠾ࡽࡎࠊ㒊ศⓗ࡟እᅜἲ➼ࡢᇶ‽࡟㯲♧ⓗ࡟ᣐࡗ࡚࠸ࡿ70ࠋ➨஧࡟ࠊἲே⛯ἲࡢ஦ᴗᡤᚓࡢᐃࡵࡣࠊᖐᒓ୺⩏ࢆ᥇⏝ࡍࡿᅜࡢㄢ⛯࡜ࡢ⾪✺ࡀ⏕ࡌࡸࡍ࠸ࠋFTC ࡟
࠾ࡅࡿᰂ㌾࡞ၥ㢟ゎỴ㸦ἲ⛯௧ 142 ᮲ 4 㡯71㸧ࡣࠊእᅜἲேㄢ⛯࡟ࡣぢࡽࢀ࡞࠸ࠋ
஧㔜ㄢ⛯ࡢ᤼㝖ࡣᒃఫᆅᅜ㸦A ᅜ㸧ࡢ୍⩏ⓗ࡞㈐ົࡢୗ࡟࠶ࡿࡀࠊᜏᖖⓗ࡞஧㔜ㄢ⛯Ⓨ⏕ཎᅉࢆ㝖ཤࡍࡿࡇ࡜ࡣࠊᅜ㝿ㄪ࿴ࡢほⅬ࠿ࡽᨭᣢ࡛ࡁࡿࠋ➨୕࡟ࠊ᪥ᮏࡀ
※Ἠᆅᅜ⟶㎄ࢆ୺ᙇࡍࡿ≉ᐃࡢ㡯┠ࡢ཰┈࡟┤᥋ᑐᛂࡍࡿཎ౯ࡢィ⟬࡟᪥ᮏࡢ࣮ࣝࣝࡢ㐺⏝ࢆ᤼㝖ࡍࡿ࡜࠸࠺ࡢࡣ୍㈏ᛶࢆḞࡃࠋ㸦࢖㸧㈝⏝㓄㈿ᇶ‽㈍኎㈝ཬࡧ୍⯡⟶⌮㈝ࡑࡢ௚ࡢ㈝⏝㸦ἲ⛯ 22 ᮲ 3 㡯 2 ྕ㸧ࡣࠊࠕᅜෆ※Ἠᡤᚓ࡟ಀࡿ཰ධ㔠㢠ⱝࡋࡃࡣ⤒㈝ཪࡣᅛᐃ㈨⏘ࡢ౯㢠ࡑࡢ௚ࡢྜ⌮ⓗ࡞ᇶ‽ࠖ࡟ࡼࡾࠊ
ᅜෆᴗົ࡟㓄ศࡉࢀࡿ㸦ἲ⛯௧ 188 ᮲ 1 㡯㸧ࠋ㏻㐩ࡣࠊᅜෆᴗົ࡜ࡣࠊᅜෆ※Ἠᡤᚓࢆ⏕ࡎ࡭ࡁᴗົ࡛࠶ࡿࡇ࡜ࢆᬯ♧ࡍࡿ㸦ἲᇶ㏻ 20-3-4㸧ࠋ౛࠼ࡤࠊᅜእ஦ᴗࡢࡓ
ࡵࡢ⿵ຓⓗ⾜Ⅽ࡟క࠺㈝⏝ࡣࠊࡑࢀࡀᅜෆ※Ἠᡤᚓࢆ⏕ࡌ࡞࠸⾜Ⅽ࡛࠶ࡿࡀᨾ࡟
ᅜෆᴗົ࡟㓄ศࡉࢀᚓ࡞࠸㸦ἲᇶ㏻ 20-3-4㸧72ࠋ㈝┠ࡈ࡜ࡢ㓄ศࡀᅔ㞴࡛࠶ࡿሙྜࡣࠊᐇົୖࠊFTC ไᗘ࡟࠾ࡅࡿ㏻㐩ୖࡢྲྀᢅ࠸࡟‽ࡌࡿࡇ࡜࡜ࡉࢀࡿ㸦ἲᇶ㏻ 20-3-5㸧ࠋࡇࢀࢆ‽⏝ࡍࢀࡤࠊཎ๎࡜ࡋ࡚ࠊඹ㏻㈝⏝㸦㈇മ฼Ꮚࢆ㝖ࡃ㸧ࡢ㢠ࢆ୍ᣓࡋ࡚኎ୖ⥲฼┈ࡢ㢠㸦฼Ꮚࠊ㓄ᙜ➼ཬࡧ౑⏝ᩱࡣ཰ධ㔠㢠㸧࡛ᣨศࡍࡿ㸦ඹ㏻㈝⏝ᅜෆᴗົ኎ୖ⥲฼┈/඲኎ୖ⥲฼┈㸧ࠋ኎ୖ⥲฼┈࣮࣋ࢫࡢᣨศࡀᴗົࡢෆᐜ➼࡟㐺ྜࡋ࡞࠸࡜ࡁࡣࠊᡤ㎄⛯ົ⨫㛗ࡢ☜ㄆࢆཷࡅ࡚ࠊ཰ධ㔠㢠ࠊ┤᥋⤒㈝ࡢ㢠ࠊ㈨⏘ࡢ౯㢠ࠊ౑⏝ேࡢᩘࡑࡢ௚ࡢᇶ‽ࡢ࠺ࡕࠊࡑࡢᴗົࡢෆᐜ➼࡟㐺ྜࡍࡿᇶ‽࡟ࡼࡾィ⟬ࡍࡿࡇ࡜ࡀ࡛ࡁࡿ㸦ἲᇶ㏻ 16-3-14㸧ࠋࡇࢀ࡟ࡣ≉౛ࡶ࠶ࡿ73ࠋ࡞࠾ࠊ◊✲㛤Ⓨάື࡟ಀࡿ㈝⏝࡟㛵ࡍࡿලయⓗ㓄ศ࣮ࣝࣝ69

 ᑠᯇⰾ᫂ࠗᅜ㝿⛒⛯ἲㅮ⩏㸦ቑ⿵∧㸧࠘㸦⛯ົ⤒⌮༠఍࣭1998㸧ࠊ94-96 㡫ཧ↷ࠋ ❧᱌ᙜᒁ⪅ࡶࠊ᮲⌮࡟ᚑ࠸㏻ᖖࡢィ⟬࣮ࣝࣝࢆ㐺ᐅಟṇࡋ࡚ㄞࡴࡇ࡜ࡀᮇᚅࡉࢀ࡚࠸ࡿ࡜࠸࠺ࠋ⏣ཱྀ࣭
๓ᥖὀ 48ࠊ241 㡫ࠋ
71
 ࡓ࡞༺㈨⏘࡟㛵ࡋࠊ1㸧ᅜእ஦ᴗᡤ➼ࢆ㏻ࡌࡓ㈍኎ࡢሙྜࡢࡳᅜእㆡΏ࡜ࡉࢀࠊ࠿࠿ࡿ㈍኎௨እ࡛ࡶࠊ
2㸧ᐇ㝿࡟ㄢࡉࢀࡓእᅜἲே⛯ࡀ࠶ࢀࡤᅜእㆡΏᢅ࠸ࡢ㑅ᢥࡀチᐜࡉࢀࡿࠋ
72
 እᅜἲேࡣࠊࡑࡢᮏᗑ➼࠿ࡽᅜෆᴗົ࡟㓄ศࡉࢀࡓᦆ㔠࡟ࡘࡁࠊᡤ㎄⛯ົ⨫㛗ࡢᣦ♧ࡀ࠶ࢀࡤࠊドᣐ᭩㢮ࡢᥦ♧ࡑࡢ௚ྜ⌮ⓗ࡞᪉ἲ࡟ࡼࡾド᫂ࡍࡿࡇ࡜ࡀせồࡉࢀࡿ㸦ἲᇶ㏻ 20-3-11㸧ࠋ
73
 ἲே㸦㔠⼥࣭ಖ㝤ᴗࢆ㝖ࡃ㸧ࡢᅜእᴗົ࡟ಀࡿ཰ධ㔠㢠ࡢ඲㒊ཪࡣ኱㒊ศࡀ฼Ꮚࠊ㓄ᙜ➼ཪࡣ౑⏝ᩱ࡛࠶ࡾࠊ࠿ࡘᡤᚓࡢ㔠㢠ࡢ࠺ࡕ࡟ᅜእᡤᚓ㔠㢠ࡢ༨ࡵࡿ๭ྜࡀప࠸࡞࡝ࡢࡓࡵㄢ⛯ୖᘢᐖࡀ࡞࠸࡜ㄆࡵ
70

40

ࡣぢࡘ࠿ࡽ࡞࠸74ࠋ㈇മࡢ฼Ꮚ࡟ࡘ࠸࡚ࡣࠊ(1) ᅜෆ஦ᴗᡤ➼࡟࠾ࡅࡿᅜෆᴗົࡢࡓࡵ࡟┤᥋㛵㐃ࡋࡓ㈇മࡢ฼Ꮚ㸦┤᥋฼Ꮚ㸧ࡣࠊᙜヱᅜෆᴗົ࡟ಀࡿᅜෆ※Ἠᡤᚓࡢィ⟬࡟ྲྀࡾ㎸ࡲࢀࡿࡀࠊ(2) ࡇࢀ௨እࡢ฼Ꮚ㸦ඹ㏻฼Ꮚ㸧ࡣࠊ኱㞧ᢕ࡟ゝ࠼ࡤࠊ(a) ༺኎ᴗ࣭〇㐀ᴗࡣࠊᅜෆᴗົ࡟ಀࡿ㈨⏘/඲㈨⏘ࠊ(b) 㖟⾜ᴗࡣࠊᅜෆ※Ἠᡤᚓࡢ※Ἠ࡜࡞ࡿ㔠⼥㈨⏘/㸦㈇മ㸩⮬ᕫ㈨ᮏ㸫ᅛᐃ㈨⏘㸧ࠊ(c) ࡑࡢ௚ࡢ஦ᴗࡣࠊ(a) ཪࡣ (b) ࡟‽ࡎࡿ㓄㈿ᇶ‽ࠊ࡟ࡼࡗ࡚ࠊᅜෆᴗົ࡟ಀࡿᦆ㔠ࡢ㢠ࢆ㓄ศࡍࡿ㸦ἲᇶ㏻ 16-3-13㸧ࠋࡉࡽ࡟ࠊ(d) ࡇࢀࡽࡀ㐺ྜࡋ࡞࠸ሙྜ࡟ࡣࠊᡤ㎄⛯ົ⨫㛗ࡢ☜ㄆࢆཷࡅ࡚ࠊ཰ධ㔠㢠ࠊ┤᥋⤒㈝ࡢ㢠ࠊ㈨⏘ࡢ౯㢠ࠊ౑⏝ேࡢᩘࡑࡢ௚ࡢᇶ‽ࢆ⏝࠸ࡓ㓄ศࡶㄆࡵࡽࢀࡿ
㸦ἲᇶ㏻ 16-3-14㸧ࠋ௚᪉ࠊᦆኻ㸦ἲ⛯ 22 ᮲ 3 㡯 3 ྕ㸧ࡣࠊᅜෆᴗົཪࡣᅜෆ࡟࠶ࡿ㈨⏘࡟ࡘࡁ⏕ࡌࡓᦆኻࡢࡳ⪃៖ࡉࢀࡿ㸦ἲ⛯௧ 188 ᮲ 1 㡯 1 ྕ㸧ࠋ㸦࢘㸧ᖐᒓ୺⩏࡬ࡢᑐᛂἲே⛯ἲࡣࠊ㈝⏝➼ࢆࠊࡑࡢᆅ⌮ⓗ࡞Ⓨ⏕ᆅࡼࡾࡣࠊἲே⛯ࡢᑐ㇟࡜࡞ࡿᅜෆ
※Ἠᡤᚓࢆ⏕ࡎ࡭ࡁᴗົ࡟୍ᐃࡢᇶ‽ࢆ౑ࡗ࡚๭ࡾᙜ࡚ࡼ࠺࡜ࡋ࡚࠸ࡿࠋࡑ࠺࡛
࠶ࢀࡤࠊᮏ᮶ࠊࡑࡢ⠊ᅖࡣ 1 ྕ PE ࡢሙྜ㸦⥲ྜ୺⩏㸧࡜ 2 ྕ࣭3 ྕ PE ࡢሙྜ㸦୍㒊ᖐᒓ୺⩏㸧࡜࡛┦㐪ࡍࡿࡣࡎ࡛࠶ࡿࡋࠊ᮲⣙┦ᡭᅜᒃఫ⪅࡜ࡢ㛵ಀ࡛ࡣᖐᒓ୺
⩏࡟࡞ࡾ㈝⏝ࡢ⠊ᅖࡶኚ໬ࡍࡿࡣࡎ࡛࠶ࡿࡀ75ࠊ⌧⾜ἲ௧ࡀ༑ศࡇࢀ࡟ᑐᛂࡋ࡚࠸
ࡿ࡜ࡣ⪃࠼㞴࠸ࠋ࠿ࡼ࠺࡟᭕᫕࡞୰࡛ࠊ኎ୖ⥲฼┈࣮࣋ࢫ࡛ࡢඹ㏻㈝⏝ࡢ㓄ศࢆᗈࡃ⏝࠸ࡿࡢࡀᐇົ࡞ࡢ࠿ࡶࡋࢀ࡞࠸ࠋ
ࣔࢹࣝ᮲⣙ࡣࠊ7 ᮲࡟࠾ࡅࡿ㈝⏝ࡢ᥍㝖ྍ⬟ᛶࡣᅜෆἲࡢၥ㢟࡜ࡍࡿ76ࠋྠᵝࡢάືࢆ⾜࠺ෆᅜἲேࡢ௻ᴗ࡞ࡽㄆࡵࡽࢀࡿ㈝⏝ࡢ᥍㝖ࢆྰᐃࡍࡿࡇ࡜ࡣ࡛ࡁ࡞࠸
࠿ࡽ77ࠊPE ࡟ᖐᒓࡍࡿ཰┈࣭฼ᚓ࡜ࡢ㛵㐃࡙ࡅࢆࡼࡾᙉࡵࡓ㈝⏝㓄ศ࣮ࣝࣝࡢୗ
࡛ࠊෆᅜἲே࡜ྠࡌࡃἲே⛯ἲୖࡢ㏻ᖖࡢィ⟬࣮ࣝࣝࢆ㐺⏝ࡍࡿ࡭ࡁ࡛࠶ࡿࠋ཰
┈࡬ࡢ㓄ศ࡜ᙜヱ཰┈ࡢᒓࡍࡿ⠊␪࡬ࡢ㓄ศཪࡣ㓄㈿ࢆᐃࡵࡿ⡿ᅜࡢ㈈ົ┬つ๎ࠊཬࡧࡑࡇ࡛ࡢ㆟ㄽࢆཧ⪃࡟ࡋࡓ࠸78ࠋࡲࡓࠊෆ㒊ྲྀᘬࡀㄆ㆑ࡉࢀࡿሙྜ࡟ࡣࠊ
ࡽࢀࡿሙྜ࡟ࡣࠊᅜእᴗົ࡟㛵㐃ࡍࡿࡇ࡜ࡀ᫂ࡽ࠿࡞㈝⏝ࡢࡳࢆඹ㏻㈝⏝࡜ࡋ࡚ࠊᅜእᴗົ࡬ࡢ㓄ศ㢠ࢆỴࡵࡿࡇ࡜ࡀ࡛ࡁࡿ㸦ἲᇶ㏻ 16-3-12㸦ὀ㸧㸧ࠋ74
 ⡿ᅜ㈈ົ┬つ๎㸦Treas. Reg.i1.861-17㸧ୖࠊ◊✲㛤Ⓨ㈝࡟㛵ࡋ࡚ࡣࠊࡲࡎᶆ‽⏘ᴗศ㢮࡟ᚑ࠸〇ရࢆศ㢮ࡋࠊᙜヱ〇ရศ㢮࡟࠿ࡽ⏕ࡌࡿ⢒ᡤᚓ࡟㛵㐃ࡍࡿ◊✲㛤Ⓨ㈝ࢆỴࡵࡿࠋࡑࡢୖ࡛ࠊᨻᗓࡢつไୖせồࡉࢀࡿ㸦౛ࠊ⸆ရ㸧◊✲㛤Ⓨ㈝ࢆࡑࡢ㐙⾜ࡍ࡭ࡁ⟶㎄ᶒ࡟๭ᙜ࡚ࠊ1㸧ṧ㢠ࡢ 50%ࡣ◊✲㛤Ⓨάືࡢ
50%㉸ࢆᐇ᪋ࡍࡿᆅ⌮ⓗሙᡤ࡟๭ᙜ࡚ࠊ2㸧ṧࡾ 50%ࢆ኎ୖࡢ※Ἠᆅ࣮࣋ࢫ࡛㓄ศࡍࡿࠊ࡜࠸࠺࣮ࣝࣝࡀ
࠶ࡿࠋ࡞࠾ࠊ2㸧ࡣࠊ኎ୖ⥲฼┈࣮࣋ࢫ࡛௦᭰ࡍࡿࡇ࡜ࡶྍ⬟࡛࠶ࡿࡀࠊࡑࡢሙྜ࡟ࡣࠊ1㸧࡟ᚑࡗ࡚๭
ࡾᙜ࡚ࡽࢀࡿ◊✲㛤Ⓨ㈝ࡢ๭ྜࡣ 50%࡛ࡣ࡞ࡃ 25%࡟࡞ࡾࠊṧࡾࡣ኎ୖ⥲฼┈࣮࣋ࢫ࡛๭ࡾᙜ࡚ࡽࢀࡿ
ࡇ࡜࡟࡞ࡿࠋSee Gustafson, Peroni and Pugh, Taxation of International Transactions, Materials, Text andProblems, 123-125 (3d ed. 2006).
75
 ࡑࡢሙྜᅜෆἲୖࡢ᥍㝖ࡢ⠊ᅖࢆ⊃ࡵࡿಟṇࡀྍ⬟࠿࡝࠺࠿࡜࠸࠺ၥ㢟ࡀ⏕ࡌ࠺ࡿࠋ76
 ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 30ࠋ
77
 ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 33ࠋ
78
 See IRCi861(.b), Treas. Reg.i1.861-8; Temp. Reg.i1.861-8T. ㈝⏝ࠊᦆኻࡑࡢ௚ࡢ᥍㝖㸦௨ୗࠊ᥍㝖㸧ࡣࠊᅜෆ※Ἠᡤᚓཪࡣᅜእ※Ἠᡤᚓ࡟㐺ษ࡟㓄㈿㸦apportion㸧ཪࡣ㓄ศ㸦allocate㸧ࡋ࠺ࡿࡶࡢࢆࡑࡢࡼ

41

PE ࡟㛵㐃ࡍࡿ㈝⏝ࡢ඲㒊ⱝࡋࡃࡣ୍㒊ཪࡣ⊂❧௻ᴗ㛫ᑐ౯ࡢ᥍㝖ࡀチᐜࡉࢀࡡࡤ࡞
ࡽ࡞࠸79ࠋ
㸦࢚㸧↓ൾ㈨ᮏࡢ㓄㈿ἲே⛯ἲୖチᐜࡉࢀ࠺ࡿ PE ࡢ㈇മẚ⋡ࡢୖ㝈ࡢၥ㢟࡜ࡶ࠸࠼ࡿࠋཝᐦ࡞⛉Ꮫ࡛
ࡣ࡞ࡃࠊAOA ࡢ㑅ᢥ⫥ࡢ࠺ࡕ㈨⏘࣮࣋ࢫࢆᇶ♏࡟ࡍࢀࡤࠊ฼Ꮚ㈝⏝ࡢ㓄㈿࡜ࡶᩚ
ྜࡍࡿࠋ㈨⏘ࡢᖐᒓࡀ⤒῭ⓗᡤ᭷ᶒ࡟ᚑࡗ࡚࠸ࡿ㝈ࡾࠊࣜࢫࢡ࣮࣋ࢫࡢ㓄㈿࡜ࡢ
㔜せ࡞᢬ゐࡶ࡞࠸ࡣࡎ࡛࠶ࡿࠋᚑࡗ࡚ࡇࢀࢆཎ๎࡜ࡋ࡚ࠊ㢧ⴭ࡞ಶูࡢࣜࢫࢡࡣ
ู㏵๭ࡾᙜ࡚ࡘࡘࠊ㐣ᑡ㈨ᮏ⛯ไࡸ㐣኱ᨭᡶ฼Ꮚ⛯ไࢆ⤌ࡳྜࢃࡏࡿ࡜࠸࠺ࡢࡀ
⌧ᐇⓗ࡞࢔ࣉ࣮ࣟࢳࡢ୍ࡘ࡛࠶ࢁ࠺ࠋ
㸦㸴㸧஧㔜㸦㠀㸧ㄢ⛯ࡢㄪᩚἲே⛯ἲୖࠊእᅜἲேࡢᅜእ※Ἠᡤᚓ࡟ᡃࡀᅜࡣㄢ⛯ࡋ࡞࠸࠿ࡽࠊእᅜἲே࡟ FTCࡢ㐺⏝ࡣ࡞ࡃ㸦ἲᇶ㏻ 20-4-2㸧ࠊእᅜἲே⛯㢠ࡣᦆ㔠୙⟬ධ࡜୍ᛂゎࡉࢀࡿ㸦ἲ⛯௧ 188
᮲ 1 㡯 9 ྕ㸧80ࠋࡲࡓࠊእᅜᏊ఍♫㓄ᙜ┈㔠୙⟬ධไᗘࡢ㐺⏝ࡶ࡞࠸㸦ἲ⛯ 142 ᮲ᣓᘼ࠺࡟᥍㝖ࡋࠊ⢒ᡤᚓࡢ㡯┠ཪࡣศ㢮࡟☜ᐇ࡟㓄ศࡉࡏࡿࡇ࡜ࡀ࡛ࡁ࡞࠸᥍㝖࡟ࡘ࠸࡚ࡣࠊẚ౛ⓗ࡟㓄㈿ཪࡣ㓄ศࡉࢀࡿ㸦IRCi861(b); 862(b); 863(a)㸧ࠋࡇࢀ࡟ࡣ㈈ົ┬つ๎࡜ᬻᐃつ๎ࡀ࠶ࡾࠊࡑࡇ࡛ࡣࠊࡲࡎ
ࠕ㓄ศࠖࡘࡲࡾ≉ᐃࡢ✀㢮㸦」ᩘࡶྍ㸧ࡢ⢒ᡤᚓ࡬ࡢ᥍㝖ࡢᑐᛂ௜ࡅࡀ࡞ࡉࢀࠊḟ࠸࡛ࠊࠕ㓄㈿ࠖࡘࡲࡾ
࠿ࡼ࠺࡟㓄ศࡉࢀࡓ᥍㝖ࢆᙜヱ✀㢮ࡢ⢒ᡤᚓ࡟㛵ࡍࡿไᐃἲୖࡢྛ⠊␪࡟๭ࡾᙜ࡚ࡿࡇ࡜ࡀ࡞ࡉࢀࡿ
㸦ᅉࡳ࡟ࡇࡢ㈈ົ┬つ๎ࡢ࣮ࣝࣝࡣእ⛯᥍㝖┠ⓗ࡞࡝࡛ࡶ฼⏝࡛ࡁࡿࡼ࠺࡟୍⯡ⓗ࣭ᢳ㇟ⓗ࡞⏝ㄒ࡛グ㏙ࡉࢀ࡚࠸ࡿ㸧ࠋࡲࡎࠊ1㸧࠶ࡿ✀㢮ࡢ⢒ᡤᚓ㸦a class of gross income㸧࡟ᑐࡋࠊᇶᅉ࡜࡞ࡿάືཪࡣ㈈⏘ࡢඹ㏻ᛶ࠿ࡽ☜ᐇ࡟㸦definitely㸧㓄ศࡉࢀࡿ᥍㝖ࡣᙜヱᡤᚓ࡟㓄ศࡋ㸦ᙜヱᡤᚓࡢᐇ㝿ୖࡢᏑྰࡣၥࢃ࡞
࠸㸧ࠊ2㸧࠿ࡼ࠺࡟㓄ศࡉࢀࡓ᥍㝖ࡣࠊᙜヱᡤᚓࡀᒓࡍࡿไᐃἲୖࡢ⢒ᡤᚓࡢ≉ᐃࡢ⠊␪㸦the statutorygrouping of gross income㸧࡟ࡑࡢࡲࡲ㓄ศࡉࢀࡿ㸦㓄㈿࡞ࡋ㸧࠿ࠊཪࡣࠊᙜヱᡤᚓࡀᒓࡍࡿࡑࡢࡼ࠺࡞⠊␪ࡀ」ᩘ࠶ࢀࡤࠊᙜヱ᥍㝖ࡣࠊᙜヱ」ᩘࡢ⠊␪࡟㓄㈿ࡉࢀࡿ㸦࠸ࡎࢀ࡟ࡶ☜ᐇ࡟㓄ศࡋ࠼࡞࠸᥍㝖ࡀ࠶ࢀࡤࠊࡑࢀࡣྛ⠊␪࡟⢒ᡤᚓࡢ㢠࡟ᇶ࡙ࡁẚ౛ⓗ࡟㓄㈿ࡉࢀࡿ㸧ࠋ㓄㈿せ⣲࡜ࡋ࡚ࡣࠊi㸧㈍኎༢఩ᩘࠊii㸧⥲኎ୖ㸦཰ධ㸧
ࠊiii㸧኎ୖཎ౯ࠊiv㸧฼ᚓ࡬ࡢ㈉⊩ࠊv㸧Ⓨ⏕㈝⏝ࠊ౑⏝㈨⏘ࠊ⤥୚ࠊ౑⏝ሙᡤࡢᗈࡉཬࡧ
᫬㛫㸦ᙜヱ⠊␪ࡢ⢒ᡤᚓࢆ⏕ࡌࡿάືཪࡣ㈈⏘࡟ᖐࡍࡿࡶࡢ㸧ࠊvi㸧⢒ᡤᚓࡢ㔠㢠ࠊࡀ౛♧ࡉࢀࡿࠋ࡞࠾ࠊ
฼Ꮚࠊ◊✲㛤Ⓨ㈝㸦๓ᥖὀ 74 ཧ↷㸧ࠊᰴ୺⟶⌮㈝ࠊἲᚊ࣭఍ィࢧ࣮ࣅࢫࡢᑐ౯ࠊᕞ࣭ᆅ᪉࣭እᅜᡤᚓ⛯➼ࠊ㈨⏘ᦆኻࠊබ┈ⓗᐤ㝃➼࡟ࡘ࠸࡚ಶูࡢ࣮ࣝࣝࡀ࠶ࡿࠋ౛ࢆᣲࡆࡿ࡜ࠊ఍ィࢧ࣮ࣅࢫࡣࠊ஦᱌ḟ➨࡛ࠊ≉ᐃࡢ✀㢮ࡢ⢒ᡤᚓ࡟☜ᐇ࡟㓄ศࡉࢀࡿ࠿ཪࡣ඲࡚ࡢᡤᚓ࡟㓄ศࡉࢀࡿࡀࠊ౛࠼ࡤࠊ≉ᐃࡢ〇ရࡢ〇㐀ཎ౯࡟ಀࡿㄪᰝ᭩ࡢసᡂࡢࡓࡵ࡟ᨭᡶࡗࡓᩱ㔠ࡣࠊ㏻ᖖࠊᙜヱ〇ရ࠿ࡽ⏕ࡌࡿ≉ᐃࡢ✀㢮ࡢ⢒ᡤᚓ࡟☜ᐇ࡟㛵㐃࡙ࡅࡽࢀࡿ㸦ࡑࡋ࡚ࡑࡢ〇ရ࠿ࡽ⏕ࡌࡿ኎ୖ➼ࡢ⢒ᡤᚓࡢ※Ἠᆅ࡟ᛂࡌ࡚ᙜヱᩱ㔠㈝⏝ࡢ※ἨᆅࡶỴࡲࡿࠋ㸻୍㧗㸧ࠋࡲࡓࠊ≉ᐃࡢ㈨⏘ࡢᦆኻ㸦౛࠼ࡤ↓ᙧ㈨⏘ࡢㆡΏᦆ㸧ࡣࠊᙜヱ㈨⏘࠿ࡽ⏕ࡌࡿ≉ᐃࡢ✀㢮ࡢ⢒ᡤᚓ㸦౛࠼ࡤ౑⏝ᩱ㸧࡟☜ᐇ࡟㓄ศࡉࢀࡿ࡞ࡽࠊ౑⏝ᆅ୺⩏ࡢୗ࡛ᙜヱ㈨⏘ࡢ౑⏝ࡀᅜෆ࡜ᅜእࡢ཮᪉࡛࡞ࡉࢀࡿ࡜ࡁࡣࠊࡇࢀ࡟ᛂࡌ࡚ᙜヱᦆኻࡢ㓄㈿ࡀᚲせ࡜࡞ࡿࠋ࡞࠾ࠊ฼Ꮚ࡟ࡘ࠸࡚
ࡣࠊ㔠㖹ࡢ௦᭰ᛶ࠿ࡽࡑࡢ㓄ศ࡜㓄㈿ࡣ⢒ᡤᚓ࡛ࡣ࡞ࡃࠊ㈨⏘ࢆᇶ♏࡟࡞ࡉࢀࡿ࡜ࡇࢁ㸦IRCi864(e)(2)㸧ࠊヲ⣽࡞ᬻᐃつ๎㸦Temp. Reg.i1.861-9T㸧ࡀ࠶ࡿࠋSee Gustafson et al, supra note 74, at 118-123. ࡇࡢ࣮ࣝࣝ
ࡢ⪃࠼᪉࡟ᚑ࠼ࡤࠊ౛࠼ࡤࠊ࠶ࡿ᥍㝖ࡢ㓄ศඛࡢ⢒ᡤᚓࡀࡍ࡭࡚ᐇ㉁㛵㐃ᡤᚓ࡟ᒓࡍࡿ࡞ࡽࡤࠊᙜヱ᥍㝖ࡶࡍ࡭࡚ྠᵝ࡟ᒓࡍࡿࡇ࡜࡟࡞ࢁ࠺ࠋࡇࡢ࣮ࣝࣝ࡬ࡢᢈุⓗ࡞᳨ウ࡜ࡋ࡚ࠊSee generally, Fuller and
Granwell, The Allocation and Apportionment of Deductions, 31 Tax Law. 125 (1977).
79 ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 40ࠋ
80
 ᑠᯇ࣭๓ᥖὀ 69ࠊ98 㡫ཧ↷ࠋణࡋࠊ୰㔝ⓒࠎ㐀ࠗᅜ㝿ㄢ⛯ࡢ⌮ㄽ࡜ᐇົ➨ 2 ᕳ እᅜ⛯㢠᥍㝖࠘㸦⛯ົ⤒⌮༠఍࣭2000㸧5 㡫ࡣࠊእᅜ⛯㢠ࡢᦆ㔠⟬ධࡀྍ⬟࡛࠶ࡿࡇ࡜ࢆ♧၀ࡍࡿࠋࡲࡓࠊቑ஭Ⰻၨࠕ஧ᅜ㛫⛒⛯᮲⣙࡟࠾ࡅࡿᜏஂⓗ᪋タ↓ᕪูࡢつᐃ࡜ᅜෆ⛒⛯ἲ௧࡟࠾ࡅࡿእᅜ⛯㢠᥍㝖ࡢேⓗ㐺⏝⠊ᅖ—OECD ࡢ 2007 ᖺ 5 ᭶ 3 ᪥ public discussion draft ࢆࡵࡄࡗ࡚ࠖCOE ࢯࣇࢺ࣮࣭ࣟࢹ࢕ࢫ࢝ࢵࢩ࣭࣮ࣙࣥ࣌
ࣃ࣮࣭ࢩ࣮ࣜࢬ㸦http://www.j.u-tokyo.ac.jp/coelaw/COESOFTLAW-2007-13.pdf ࠿ࡽྲྀᚓ㸦2012 ᖺ 1 ᭶ 12
᪥㸧㸧9 㡫ࡣࠊἲ⛯ 41 ᮲ࡢ㐺⏝ࢆἲ⛯ 142 ᮲ࡀ≉࡟᤼㝖ࡋ࡚࠸࡞࠸࠿ࡽࠊᒃఫᆅᅜ௨እࡢ➨୕ᅜ࡛࠶ࡿ

42

᭩ࡁ㸧ࠋ
A ᅜἲே X ࡢ 1 ྕ PE ࡀࠊᅜእྥࡅᢞ㈨࡟ಀࡿᅜෆ஦ᴗᡤᚓ࡟ࡘࡁ B ᅜ࡛ࡶㄢ⛯ࢆཷࡅࡿሙྜ࡟᏶඲࡟᪥ᮏࡀㆡṌࡍࡿไᗘ㸦ἲ⛯௧ 176 ᮲ 5 㡯㸧ࡀ᥇⏝ࡉࢀ࡚࠸ࡿࡀࠊ
ᅜእྥࡅࡢᢞ㈨➼௨እࡢᴗົ࠿ࡽᙜヱ PE ࡀᚓࡿᅜෆ※Ἠᡤᚓ࡟ᑐࡋ B ᅜ࡛ࡶㄢ⛯ࢆཷࡅࡿሙྜ࡟ࡣࠊ᪥ᮏ࡜ B ᅜ࡜ࡢ㛫࡟ㄢ⛯ࡢ㔜」ࡀṧࡾ࠺ࡿࠋࡓ࡜࠼ A ᅜࡀ FTC ᪉ᘧࢆ᥇ࡿ࡜ࡋ࡚ࡶࠊၥ㢟ࡣᡃࡀᅜ࡜ B ᅜࡢ※Ἠᆅ⟶㎄ࡢ㔜」࡛࠶ࡿ࠿ࡽࠊ⛒⛯᮲⣙ୖࡢ┦஫༠㆟ࡀ฼⏝࡛ࡁ࡞࠸㝈ࡾࠊA ᅜἲୖᜍࡽࡃ᏶඲࡟ࡣᩆ῭ࡉࢀ࡞࠸ࠋ㏫࡟ B ᅜࡀ䬀࠿࡞ㄢ⛯ࢆ⾜࠺࡞ࡽࡤࠊ᪥ᮏࡢࢱࢵࢡࢫ࣊࢖ࣈࣥ࡜ࡋ࡚ࡢ฼⏝ࡢ㜵Ṇ࡟ࡶ࡞ࡽࡎࠊ௚᪉
࡛ B ᅜࡀ㧗⛯⋡ㄢ⛯ࢆ⾜࠺ሙྜ࡟ࠊ↓ᕪู㐪཯࡟ࡣᙜࡓࡽ࡞࠸࡜ࡋ࡚ࡶ FTC ࡞ࡽாཷྍ⬟࡞ᙼṈὶ⏝ࡢ౽┈ࡣ㛢ࡊࡉࢀࡿࠋෆᅜἲே࡟ࡣ FTC ࡛ࠊPE ࡟ࡣච㝖᪉ᘧ࡜࠸࠺ࡢ
ࡣࡸࡣࡾ୍㈏ࡋ࡞࠸81ࠋ
AOA ࡢᑟධ࡟ࡼࡾࠊPE ࡢᅜእᡤᚓ࡬ࡢㄢ⛯࡟⮳ࡿ࡞ࡽࡤࠊFTC ࢆ PE ࡟ᣑᙇࡍࡿࡢ
ࡀṇᙜ࡜࡞ࡿ82ࠋᅜෆἲ࡜ಶูࡢ᮲⣙ࡢ࠸ࡎࢀࡢཪࡣ࡝ࡢࡼ࠺࡞ᥐ⨨࡜ࡍࡿ࠿ࡶࠊ㆟ㄽ࡜࡞ࡾᚓࡿ83ࠋ⡿ᅜࡶࠊECI ࡟ᑐࡍࡿእᅜᡤᚓ⛯࡟ࡘࡁ⛯㢠᥍㝖ࢆㄆࡵ࡚࠸ࡿ㸦IRCi
906㸧ࠋࡶࡗ࡜ࡶࠊᖐᒓ୺⩏ࢆᅜෆ※Ἠᡤᚓ࡜ࡋ࡚グ㏙ࡍࡿ࡜ࠊእᅜἲே⛯࡟᪥ᮏࡀㆡṌࡍ࡭ࡁ࡜ࡉࢀࡿ⠊ᅖࡀࡑࡢศ⊃ࡃ࡞ࡿࠋἲ⛯௧ 176 ᮲ 1 㡯ࡢ஦ᴗᡤᚓࡢせ௳໬࡟㝿ࡋࠊPE ࢆ㏻ࡌ࡚⾜࠺஦ᴗ࡜ࡋ࡚グ㏙ࡍࡿ࠿ࠊཪࡣࠊPE ࡟ᖐᒓࡍࡿᡤᚓ࡜ࡋ࡚ྲྀࡾ㎸ࡲࢀࡓᅜእ※ἨᡤᚓࢆࠊFTC ┠ⓗୖࡣᅜෆ※Ἠᡤᚓ࡜ࡳ࡞ࡍ࡜࠸࠺ᐃࡵ᪉ࡶ࠶ࡾ࠼ࡼ࠺ࠋ⡿ᅜἲࡶ FTC ࡣᇶᮏⓗ࡟ᅜእ※Ἠᡤᚓ࡟ࡢࡳ㐺⏝ࡉࢀࡿ࠿ࡽࠊᐇ㝿࡟እᅜἲேࡀ FTC ࢆ฼⏝ࡍࡿ≧ἣࡣ㝈ᐃⓗ࡛࠶ࡿ࡜ࡉࢀࡿ84ࠋ
ࡲࡓࠊAOA ࡢୗ࡛ࠊෆᅜἲேࡢᅜእ PE ࡟ᑐࡋᙜヱእᅜࡢ᭦ṇฎศ➼ࡀ࠶ࡗࡓሙྜ
ࡸࠊㄢ⛯ࡢ㔜」ཪࡣ✵ⓑࢆ㜵ࡄ┠ⓗୖ㤳ᑿ୍㈏ࡍࡿᮏᗑഃࡢฎ⌮ࢆ࡝ࡢ⠊ᅖ࡛チᐜࡍࡿࡢ࠿ࡶ᳨ウ஦㡯࡜࡞ࡿࠋ㸦㸵㸧⛣㌿౯᱁⛯ไ࡜ࡢ㐃ᦠ
AOA ࡢ➨஧ẁ㝵ࡣࠊ⛣㌿౯᱁⛯ไୖࡢ࣮ࣝࣝࡢከࡃࢆ㸦ㄪᩚࢆ⤒࡚㸧ᛂ⏝࡛ࡁࡿࠋᩥ᭩໬➼⣡⛯࣭ᚩ⛯࡟㛵ࢃࡿつᐃ㸦⛯≉ᥐ 66 ᮲ࡢ 4 ➨ 6 㡯௨ୗ㸧ࡢ࠺ࡕྠᵝ࡟ᛂ⏝ࡍ࡭ࡁࡶࡢࡢ⢭ᰝࡶㄢ㢟࡛࠶ࡿࠋእᅜࡢἲே⛯࡟ࡘ࠸࡚ࡣᦆ㔠⟬ධྍ⬟࡜ㄞࡴవᆅࡶ࠶ࡿ᪨㏙࡭ࡿࠋ
 PE ↓ᕪู࡟ࡘ࠸࡚ࡣࠊᮧ஭ṇࠕᅜ㝿⛒⛯ἲ࡟࠾ࡅࡿ↓ᕪูྲྀᢅ࠸ཎ๎ࠖྠࠗ⛒⛯ἲ—⌮ㄽ࡜ᨻ⟇㸦➨
3 ∧㸧࠘㸦㟷ᯘ᭩㝔࣭1999㸧281 㡫ᡤ཰㸦ึฟ 1995㸧ࠊቑ஭࣭๓ᥖὀ 80 ㄽᩥཧ↷ࠋἲ⛯௧ 176 ᮲ 5 㡯ࡢၥ㢟Ⅼ࡟ࡘࡁࠊ୰㔛ᐇࠕᅜ㝿⛒⛯ἲୖࡢㅖၥ㢟ࠖࠗከᅜ⡠௻ᴗࡢἲ࡜ᨻ⟇࠘87 㡫㸦⥲ྜ◊✲㛤Ⓨᶵᵓ࣭1986㸧ࠊ141 㡫ཧ↷ࠋ
82
 ࣔࢹࣝ᮲⣙ 24 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 67ࠋ
83
 ࣔࢹࣝ᮲⣙ 24 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 70 ௨ୗࠋ
84
 Gustafson et al., supra note 74, at 160.
8143㸲 ࠾ࢃࡾ࡟
ᮏ✏ࡣࠊAOA ࡢせⅬࢆලయ౛࡟༶ࡋ࡚グ㏙ࡋࠊࡇࢀࢆ཯ᫎࡍࡿᖐᒓ୺⩏࡜ᩚྜⓗ࡜⪃࠼ࡽࢀࡿἲே⛯ἲᨵṇࡢ⣲᱌ࢆᇶ࡟ࠊᨵṇ࡟࠶ࡓࡗ࡚⏕ࡌ࠺ࡿ୺せ࡞ලయⓗㄽⅬࡢᗄࡘ࠿࡟➨୍ḟⓗ࡞᳨ウࢆຍ࠼ࡿࡇ࡜࡛ࠊᖐᒓ୺⩏࡬ࡢぢ┤ࡋࡢ᳨ウ࡟㈉⊩ࡋࡼ࠺࡜ࡋࡓࠋ

44➨㸲❶ ↓ᙧ㈨⏘ࢆᕠࡿ⛣㌿౯᱁ㄢ⛯ୖࡢㅖၥ㢟ᒸ⏣ ⮳ᗣ㸯 ⫼ᬒ㸦㸯㸧௻ᴗࡢᾏእ㐍ฟᙧែ⤒῭ࡢࢢ࣮ࣟࣂࣝ໬࡟క࠸ࠊᅜ㝿ⓗ࡞άືࢆ⾜࠺௻ᴗࡣࠊᅜእ࡜ࡢ┤᥋ⓗ࡞ࣔࣀ➼ࡢྲྀᘬ࠿ࡽࠊᾏእᢞ㈨࡟ࡼࡿ஦ᴗᒎ㛤ࢆ୍ᒙ㐍ࡵࡿࡼ࠺࡟࡞ࡗ࡚࠸ࡿࠋࡇࡢࡇ࡜ࡣ࠸
ࢃࡺࡿእ㸫እྲྀᘬࡢቑຍ࡟ࡼࡿぶ఍♫㛵୚ྲྀᘬࡢ๭ྜࡢ኱ᖜῶᑡ࡜࠸࠺≧ἣࢆࡶࡓࡽ
ࡋ࡚࠾ࡾࠊぶ఍♫ࡢ฼┈ᵓ㐀࡟ᙳ㡪ࢆ୚࠼࡚࠸ࡿࠋࡲࡓࠊ୍᪉࡛ࠊᅜ㝿⛯ไ㠃࡛ࡶࠊᾏእ࠿ࡽࡢཷྲྀ㓄ᙜච㝖ไᗘࡀࠊࢃࡀᅜࢆࡣࡌࡵ࠿࡞ࡾᗈࡃ᥇⏝ࡉࢀࡿࡼ࠺࡟࡞ࡿ➼ࠊぶ఍♫ᒃఫᆅᅜࡢ⛯཰ᵓ㐀࡟ࡶኚ໬ࡀ⏕ࡌ࡚࠸ࡿࠋ༶ࡕࠊࣔࣀ➼ࡢྲྀᘬ࠿ࡽ↓ᙧ㈨⏘ࡢㄆ㆑࡟ࡼࡿᡤᚓ࡟ὀ┠ࡏࡊࡿࢆ࠼࡞࠸ࡼ࠺࡞≧ἣࡀ⏕ࡌ࡚࠸ࡿࠋ
ࡇࡢࡼ࠺࡞≧ἣࢆཷࡅ࡚ࠊྛᅜ࡟࠾࠸࡚ࠊᚑ᮶࠿ࡽࡢ R&D ᨭฟ࡬ࡢඃ㐝ᥐ⨨ࡢᣑ඘࡟ຍ࠼࡚ࠊ↓ᙧ㈨⏘ྲྀᘬ࡟ಀࡿ฼ᚓ࡬ࡢඃ㐝ᥐ⨨࡜ࡋ࡚࠸ࢃࡺࡿࣃࢸࣥࢺ࣎ࢵࢡࢫࡢ
ᑟධࡀ✚ᴟⓗ࡟᳨ウࡉࢀࡿࡼ࠺࡟࡞ࡗ࡚࠸ࡿ࡯࠿ࠊᨵࡵ࡚↓ᙧ㈨⏘ࡢᅜእ⛣㌿࡬ࡢᑐᛂཬࡧ↓ᙧ㈨⏘ྲྀᘬ࡬ࡢ㐺ษ࡞ㄢ⛯ࡀ᳨ウࡉࢀࡿࡼ࠺࡟࡞ࡗ࡚࠸ࡿࠋ
㸦㸰㸧⛣㌿౯᱁ၥ㢟ࡢⓎ⏕ࡇࡢࡼ࠺࡞≧ἣࡣࠊ↓ᙧ㈨⏘ࡢᅜቃࢆ㉺࠼࡚ࡢ⛣㌿࣭ㆡΏཬࡧ↓ᙧ㈨⏘࠿ࡽ⏕ࡌࡿᡤᚓࡢ⟬ᐃ࡟ࡘ࠸࡚ࠊྛᅜᙜᒁࡢ㛵ᚰࢆᙉࡵࡿࡇ࡜࡜࡞ࡗ࡚࠸ࡿࠋ౛࠼ࡤࠊ⡿ᅜ࡛ࡣࠊ࠿ࡡ࡚࠿ࡽከᅜ⡠௻ᴗࡢᐇ㝿ࡢᐇຠ⛯⋡࡜ἲᐃᐇຠ⛯⋡࡜ࡢ஋㞳ࡀၥ㢟࡜ࡉࢀࠊ⡿ᅜ㆟఍ሗ࿌᭩㸦2010 ᖺ 7 ᭶㸧࡛ࡶࠊ஦ᴗ෌⦅࡟ࡼࡿ㧗཰┈஦ᴗࡢᾏእ⛣㌿ࡸ↓ᙧ㈨⏘࡟ಀࡿప⛯⋡ᅜ࡬ࡢᡤᚓ⛣㌿➼࡟ࡼࡿከ㢠ࡢ㐃㑥⛯཰ࡢῶᑡ࡜ࡑࢀ࡬ࡢᑐᛂࡀ᥇ࡾୖࡆ
ࡽࢀࠊࡑࢀࡽ࡜࡜ࡶ࡟ࠊෆᅜṓධἲ࡟࠾ࡅࡿ↓ᙧ㈨⏘ࡢつᐃࡢᣑ඘ࠊ㈝⏝ศᢸዎ⣙࡟ಀࡿつ๎ࡢ඘ᐇࠊ➼ࡀලయⓗ࡟᳨ウࡉࢀ࡚࠸ࡿࠋ୍᪉ࠊࡇࡢࡼ࠺࡞ືࡁ࡟ᑐࡋ࡚ࠊ࠸
ࢃࡺࡿ᪂⯆ᅜ࡟࠾࠸࡚ࡶࠊ↓ᙧ㈨⏘ࡢ⮬ᅜ࡛ࡢᏑᅾࢆᙉࡃ୺ᙇࡍࡿࡼ࠺࡞≧ἣࡀ⏕ࡌ࡚ࡁ࡚࠸ࡿࠋ
ࡋ࠿ࡋ࡞ࡀࡽࠊࡑࡶࡑࡶ⛯ົୖ㸦⛣㌿౯᱁ୖ㸧ࡢ↓ᙧ㈨⏘࡜ࡣఱ࠿ࠊᚑࡗ࡚↓ᙧ㈨⏘ࡢᡤᅾࡣ࡝ࡇ࠿ࠊࡲࡓࠊ↓ᙧ㈨⏘࠿ࡽ⏕ࡌࡿᡤᚓࡢ⟬ᐃࡣ࡝࠺ࡍࡿ࠿ࠊ➼࡟ࡘ࠸࡚ࠊ
ᚲࡎࡋࡶᅜ㝿ⓗ࡞ྜពࡣᙧᡂࡉࢀ࡚࠸࡞࠸ࡢࡀᐇែ࡛࠶ࡿࠋ↓ᙧ㈨⏘ࡢෆᐜࡣከᵝ࡛ࠊ୍ᴫ࡟Ỵࡵࡿࡇ࡜ࡀᅔ㞴࡛࠶ࡿ࠿ࡶࡋࢀ࡞࠸ࡀࠊఱࡽ࠿ࡢᅜ㝿ⓗ࡟ྜពࡉࢀࡓලయⓗᣦ㔪ࡀồࡵࡽࢀ࡚࠸ࡿࡢࡶ஦ᐇ࡛࠶ࢁ࠺ࠋ㸰 ↓ᙧ㈨⏘࡟ಀࡿ⛣㌿౯᱁ࢆᕠࡿ⣮த㸦㸯㸧↓ᙧ㈨⏘ࡢᾏእ⛣㌿➼↓ᙧ㈨⏘ࢆᕠࡗ࡚ࡣࠊࡇࢀࡲ࡛ࡶప⛯⋡ᅜ࡟↓ᙧ㈨⏘ࢆ⛣㌿ࡍࡿࡇ࡜࡟ࡼࡾࠊ஦ᐇ

45

ୖࡑࢀࡽ↓ᙧ㈨⏘࠿ࡽ⏕ࡌࡿᑗ᮶฼┈ࢆᾏእ⛣㌿ࡍࡿࡇ࡜࡟ࡼࡿ⛣㌿౯᱁ୖࡢၥ㢟ࡀࠊ≉࡟⡿ᅜ࡛࠿࡞ࡾࡢッゴ࡟ぢࡽࢀ࡚ࡁࡓ㸦Eli-Lilly ஦௳ࠊBausch-Lomb ஦௳ࠊ➼㸧ࠋࡲࡓࠊ౯್࠶ࡿ↓ᙧ㈨⏘ࡑࡢࡶࡢࡢᾏእ⛣㌿ࡀ≉࡟⏕ࡌ࡚࠸࡞࠸ሙྜ࡛ࡶࠊ౛࠼ࡤ↓ᙧ㈨⏘ࡢ౑⏝ࡢᑐ౯࡜ࡋ࡚ࡢࣟ࢖ࣖࣜࢸ࢖࣮ࡢᨭᡶ㢠ࢆᕠࡿ⣮தࡀ࠶ࡿ㸦Ciba-Geigy஦௳➼㸧ࠋࡇࡢࡼ࠺࡞≧ἣࡣࡲࡓࠊ⡿ᅜ IRS ࡀࠊᮏ᮶ⓗ࡟⡿ᅜ௻ᴗࡢᾏእ࡬ࡢᡤᚓ⛣㌿ࠊ≉࡟౯್࠶ࡿ↓ᙧ㈨⏘࡟ಀࡿ⛣㌿౯᱁ၥ㢟࡟༑ศ࡟ᑐᛂ࡛ࡁ࡚࠸࡞࠸ࡇ࡜ࢆ♧ࡋ࡚࠸ࡿ࡜
ࡶゝࢃࢀࢀ࡚࠸ࡿࡀࠊ≉࡟௒᪥࡟࠾࠸࡚ࡣࠊ༢࡟ᙜᒁഃࡢၥ㢟ࡤ࠿ࡾ࡛ࡣ࡞ࡃࠊᅜ㝿໬ࡢ㐍ࢇࡔከᅜ⡠௻ᴗ࡛ࡣ㛵㐃⪅㛫ྲྀᘬࡶᴟࡵ࡚ከᵝ໬࣭」㞧໬ࡋ࡚࠸ࡿࡇ࡜࡟ࡼࡿ
⛣㌿౯᱁ၥ㢟ࡢᅔ㞴ᛶࢆ♧ࡋ࡚࠸ࡿ࡜ࡶᣦ᦬ࡉࢀࡼ࠺ࠋ
㸦㸰㸧↓ᙧ㈨⏘ࡢᏑྰཬࡧホ౯ࡲࡓࠊ↓ᙧ㈨⏘ࡢᏑྰཬࡧホ౯ࢆᕠࡗ࡚ࡶத࠸ࡀ⏕ࡌ࡚࠸ࡿࠋ⡿ᅜᙜᒁ࡟ࡼࡿ᭦ṇ㢠ࡢ኱ࡁࡉ࡛᭷ྡ࡟࡞ࡗࡓ஦᱌ࡢࡼ࠺࡟ࠊඛ㐍ᅜ㸦⡿࣭ⱥ㸧㛫࡛ࠊ〇㐀࡜㈍኎ࡢ↓ᙧ㈨⏘ࢆᕠࡿத࠸ࡀ⏕ࡌ࡚࠸ࡿ㸦GlaxoSmithKline ஦௳㸧ࠋ࡜ࡾࢃࡅ㈍኎ࡢ↓ᙧ㈨⏘ࢆ࡝ࡇࡲ࡛ㄆࡵࡿ࠿ࡣྛ஦᱌ࡢෆᐜ࡟ࡼࡿ࡜ࡣ࠸࠺ࡶࡢࡢࠊྛᅜ㛫ࡢ⤫୍ⓗ࡞⪃࠼ࡀࡳࡽࢀ
ࡎࠊ᭱㏆ࡣࠊ≉࡟ඛ㐍ᅜᑐ㏵ୖᅜ࡛኱ࡁ࡞ពぢࡢ┦㐪ࢆ⏕ࡴ୍ᅉ࡜࡞ࡗ࡚࠸ࡿ㸦࢖ࣥ
ࢻࡢ Maruti Suzuki ஦௳➼㸧ࠋ᭦࡟ࠊ㈝⏝ศᢸዎ⣙ࢆᕠࡗ࡚ࡣࠊࡑࡢᑐ㇟⠊ᅖ࠶ࡿ࠸ࡣホ౯࡟㛵ࡋ࡚ᇶᮏⓗ࡞த࠸ࡶࡳࡽࢀ࡚࠸ࡿ㸦Xilinx ஦௳ࠊVeritas ஦௳㸧ࠋ௒ᚋࠊ㈝⏝ศᢸዎ⣙ࡢ㔜せᛶࡀ୍ᒙቑࡍ
ࡢ࡟క࠸ࠊ⣮தࡶቑຍࡍࡿࡇ࡜ࡀ⪃࠼ࡽࢀࡿࠋ
㸦㸱㸧ࢃࡀᅜ࡛ࡢ≧ἣ
ᖹᡂ 22 ஦ົᖺᗘࡢࢃࡀᅜࡢ┦஫༠㆟஦᱌࡟࠾ࡅࡿ↓ᙧ㈨⏘ྲྀᘬࡢ๭ྜࡣ⣙ 23㸣࡜࠿࡞ࡾ኱ࡁࡃ࡞ࡗ࡚࠸ࡿ㸦ὀ 1㸧ࠋࡇࢀࡣྛᅜ࡛⛣㌿౯᱁ㄢ⛯࡟࠾ࡅࡿ↓ᙧ㈨⏘ྲྀᘬࡢ㔜せᛶࡀቑࡋ࡚࠸ࡿࡇ࡜ࡢ཯࡛ᫎ࠶ࡿ࡜⪃࠼ࡽࢀࠊࢃࡀᅜ࡟࠾࠸࡚ࡶࠊ࠸ࢃࡺࡿእ㸫እྲྀᘬࡢቑຍ࡜࡜ࡶ࡟≀ὶ࣭ၟὶࡀࢃࡀᅜࢆ㏻ࡽ࡞࠸ࡓࡵ࡟ࠊᲴ༺ྲྀᘬ࡛↓ᙧ㈨⏘࡟ಀࡿᑐ౯ࢆᅇ཰ࡍࡿࡇ࡜ࡀ࡛ࡁࡎࠊ↓ᙧ㈨⏘࠿ࡽ⏕ࡌࡿᡤᚓࢆู㏵ᅇ཰ࡍࡿᚲせᛶ࡟㏕ࡽࢀ࡚࠸ࡿࠋࢃࡀᅜ௻ᴗࡶࡇࡢࡼ࠺࡞≧ἣ࡬ࡢᑐᛂࢆ㐍ࡵ࡚࠸ࡿ࡜ࡳࡽࢀࡿࡀࠊࡑࡢ
ࡇ࡜ࡣ༙ࡤᚲ↛ⓗ࡟┦ᡭᅜ࡜ࡢ⣮தࡢ✀࡜࡞ࡾ࠿ࡡ࡞࠸࡜ࡇࢁ࡛࠶ࡿࠋ㸱 ↓ᙧ㈨⏘ྲྀᘬ࡟ಀࡿ⛣㌿౯᱁ࡢ୍⯡ⓗᣦ㔪㸦㸯㸧OECD ⛣㌿౯᱁࢞࢖ࢻࣛ࢖ࣥ
ࡇࢀࡲ࡛ࠊ↓ᙧ㈨⏘࡟ಀࡿ⛣㌿౯᱁࡟ࡘ࠸࡚஦ᐇୖࡢᅜ㝿ⓗ࡞ᣦ㔪࡜࡞ࡗ࡚࠸ࡿࡢ
ࡣࠊOECD ⛣㌿౯᱁࢞࢖ࢻࣛ࢖ࣥ㸦௨ୗࠊOECD ࢞࢖ࢻࣛ࢖ࣥ㸧➨ 6 ❶㸦↓ᙧ㈨⏘㸧࡛࠶ࡾࠊࡇࢀࡣࠊẚ㍑ᑐ㇟ྲྀᘬࡀᚲࡎࡋࡶᏑᅾࡋ࡞࠸↓ᙧ㈨⏘࡟ಀࡿྲྀᢅ࠸ࡢᅔ㞴ᛶ➼46࠿ࡽࠊู㏵ࡢ❶ࢆタࡅ࡚グ㏙ࡉࢀ࡚࠸ࡿ࡜ࡉࢀࡿࡶࡢ࡛ࡣ࠶ࡿࡀࠊࡇࡇ࡛ࡢつᐃࡀ༑ศ࡟஦᱌ࡢゎỴ࡟㈨ࡍࡿࡶࡢ࡜࡞ࡗ࡚࠸ࡿ࡜ࡣゝ࠼࡞࠸࡜ࡇࢁ࡛࠶ࡿࠋ≉࡟ࠊ⛣㌿౯᱁ୖࡢᑐ㇟࡜࡞ࡿ↓ᙧ㈨⏘ࡢ⠊ᅖࠊᡤ᭷㛵ಀࠊホ౯ࠊ➼࡟ࡘ࠸࡚ࠊ༑ศ࡞ᣦ㔪ࡀ࡞࠸࡜ࡶᣦ᦬ࡉࢀ࡚࠸ࡿࠋࡇࡢࡓࡵࠊ⌧ᅾࡑࡢᨵᐃసᴗࡀ㐍ࡵࡽࢀࠊ2012 ᖺᮎࡲ࡛ࡢウ㆟ᩥ᭩බ⾲࡟ྥࡅ࡚ࠊ᳨ウసᴗࡀ㐍ࡵࡽࢀ࡚࠸ࡿ࡜ࡇࢁ࡛࠶ࡿࠋ᭦࡟ࠊሙྜ࡟ࡼࡗ࡚ࡣ
㈝⏝ศᢸዎ⣙㸦CCA㸧࡟ಀࡿ➨ 8 ❶ࡶᨵᐃసᴗࡀ࡞ࡉࢀࡿྍ⬟ᛶࡀ࠶ࡿࠋ
୍᪉ࠊᅜ㐃࡛ࡣⓎᒎ㏵ୖᅜࡢពྥࢆ㋃ࡲ࠼ࡓᙧ࡛ࠊ⛣㌿౯᱁࣐ࢽࣗ࢔ࣝࡢసᡂࡀ㐍ࡵࡽࢀ࡚࠸ࡿࠋᇶᮏⓗ࡞⪃࠼ࡣ OECD ࢞࢖ࢻࣛ࢖ࣥ࡜ࡣ␗࡞ࡽ࡞࠸࡜ࡋࡘࡘࡶࠊ㏵ୖᅜࡢ❧ሙ࠿ࡽ᳨ウࡉࢀ࡚࠸ࡿࡶࡢ࡛࠶ࡾࠊ௒ᚋࡢ᪂⯆ᅜ➼ࡢ⤒῭ⓗᆅ఩ࡢྥୖ࡜࡜ࡶ
࡟ࠊࡑࡢෆᐜ࡟ࡘ࠸࡚ࡶ㛵ᚰࢆᐤࡏࡊࡿࢆᚓ࡞࠸࡜ࡇࢁ࡛࠶ࡿࠋ
㸦㸰㸧ࢃࡀᅜࡢつᐃࢃࡀᅜ࡟࠾࠸࡚ࡣࠊ⛣㌿౯᱁⛯ไ㛵㐃ࡢつᐃ࡜ࡋ࡚ࠊ⛒⛯≉ูᥐ⨨ἲ㏻㐩 66 ࡢ 4(3)
㸫3 ࡟࠾࠸࡚ࠊẚ㍑ᑐ㇟ྲྀᘬࡢ㑅ᐃ࡟ᙜࡓࡗ᳨࡚ウࡍ࡭ࡁㅖせ⣲➼࡜ࡋ࡚ᶵ⬟ࡢ㢮ఝᛶࢆᣲࡆࠊࡑࡢ㝿⪃៖ࡍ࡭ࡁࡶࡢ࡜ࡋ࡚ࠊ͆↓ᙧ㈨⏘㸦ⴭసᶒࠊᇶᮏ㏻㐩 20㸫1㸫21 ࡟ᐃࡵࡿᕤᴗᡤ᭷ᶒ➼ࡢ࡯࠿ࠊ㢳ᐈࣜࢫࢺࠊ㈍኎⥙➼ࡢ㔜せ࡞౯್ࡢ࠶ࡿࡶࡢࢆ࠸࠺ࠋ㸧͇࡜グ㏙ࡉࢀ࡚࠾ࡾࠊࡲࡓࠊྠ 66 ࡢ 4(5)㸫4㸦ṧవ฼┈ศ๭ἲ㸧࡛ࡶ↓ᙧ㈨⏘࡬ࡢゝཬࡀ࡞ࡉࢀ࡚࠸ࡿࠋ
᭦࡟ලయⓗ࡞つᐃ࡜ࡋ࡚ࡣࠊ⛣㌿౯᱁஦ົ㐠Ⴀᣦ㔪ࡢ 2㸫11㸦ㄪᰝ࡟࠾࠸᳨࡚ウࡍ࡭ࡁ↓ᙧ㈨⏘㸧ࠊ2㸫12㸦↓ᙧ㈨⏘ࡢᙧᡂࠊ⥔ᣢཪࡣⓎᒎ࡬ࡢ㈉⊩㸧ࠊ2㸫13㸦↓ᙧ㈨⏘ࡢ౑⏝チㅙྲྀᘬ㸧࡟グ㏙ࡀ࠶ࡾࠊ᭦࡟ࠊྠᣦ㔪ࡢ 2㸫14㹼2㸫18 ࡟㈝⏝ศᢸዎ⣙࡟ಀࡿつᐃࡀ⨨࠿ࢀ࡚࠸ࡿࠋࡲࡓࠊࡇࡢ஦ົ㐠Ⴀᣦ㔪ࡢู෉࡜ࡋ࡚஦౛㞟ࡀබ⾲ࡉࢀࠊ↓ᙧ㈨⏘࡟ಀࡿྲྀᢅ࠸ཬࡧ฼┈ศ๭ἲ㐺⏝࡟ᙜࡓࡗ࡚ࡢ␃ព஦㡯➼࡟ࡘ࠸࡚ࡢ஦౛ࡀᥖ㍕ࡉࢀ࡚࠸ࡿࠋ࡞࠾ࠊῶ౯ൾ༷㛵ಀ࡛ࠊἲே⛯ἲ㸦➨ 2 ᮲㸧ཬࡧྠ᪋⾜௧㸦➨ 13 ᮲㸧࡟↓ᙧ㈨⏘࡟ಀࡿつᐃࡀ⨨࠿ࢀࠊࡲࡓࠊἲே⛯ᇶᮏ㏻㐩㸦20㸫1㸫21㸧࡟࠾࠸࡚ࠊ౑⏝ᩱ➼ࡢᑐ㇟࡜࡞ࡿࡶࡢࢆලయⓗ࡟グ㏙ࡋ࡚࠸ࡿࠋ
㸦㸱㸧௚ᅜࡢ≧ἣ⡿ᅜࡢ⛣㌿౯᱁࡟ಀࡿつᐃ࡛࠶ࡿෆᅜṓධἲ➨ 482 ᮲࡛ࡣࠊ࠸ࢃࡺࡿࢫ࣮ࣃ࣮ࣟ࢖
ࣖࣜࢸ࢖࣮᮲㡯ࡀ⨨࠿ࢀࠊ↓ᙧ㈨⏘ࡢ⛣㌿࠶ࡿ࠸ࡣࣛ࢖ࢭࣥࢫ࡟ಀࡿᡤᚓࡣࠊᙜヱ↓ᙧ㈨⏘࡟ᖐࡍࡿࡇ࡜ࡀ࡛ࡁࡿᡤᚓ࡟┦ᛂࡍࡿࡶࡢ࡛࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠊ࡜ࡉࢀ࡚࠾ࡾࠊ
ྠ➨ 936 ᮲(h)(3)(B)࡟࠾࠸࡚ࠊ↓ᙧ㈨⏘࡟ヱᙜࡍࡿࡶࡢࢆิᣲࡋ࡚࠸ࡿࠋࡲࡓࠊ㈈ົ┬つ๎i1.482㸫4(b)࡟࠾࠸࡚ࡶྠᵝࡢᐃ⩏つᐃࢆ⨨࠸࡚࠸ࡿࠋ࡞࠾ῶ౯ൾ༷㛵ಀ࡛ࡣࠊෆ
ᅜṓධἲ➨ 197 ᮲࡛↓ᙧ㈨⏘࡟ಀࡿලయⓗ࡞つᐃࢆ⨨࠸࡚࠸ࡿࠋ
ࢻ࢖ࢶ࡛ࡣࠊᅜ㝿㛵㐃௻ᴗ࡟࠾ࡅࡿᡤᚓࡢᖐᒓ࡟㛵ࡍࡿุᐃᣦ㔪㏻㐩࡟࠾࠸࡚↓ᙧ47

㈨⏘ࡢ฼⏝࡟ಀࡿつᐃࡀ⨨࠿ࢀ࡚࠸ࡿ࡯࠿ࠊᶵ⬟⛣㌿ㄢ⛯࡟ࡘ࠸࡚ࡢつᐃࡀእᅜ⛯ἲ࡟つᐃࡉࢀࠊ࠸ࢃࡺࡿᡤᚓ┦ᛂᛶᇶ‽ࡀ᥇⏝ࡉࢀ࡚࠸ࡿࠋ
ࡲࡓࠊ୰ᅜ࡛ࡶࠊ⟶⌮つ๎࡟࠾࠸࡚ࠊ㛵㐃⪅㛫ྲྀᘬ࡟ಀࡿ↓ᙧ㈨⏘ࡢㆡΏཬࡧ౑⏝ࡢᑐ㇟࡜࡞ࡿ↓ᙧ㈨⏘ࢆ౛♧ࡋ࡚࠸ࡿࠋ㸲 ⛣㌿౯᱁ㄢ⛯ୖࡢ↓ᙧ㈨⏘ࡢ⠊ᅖ㸦ᐃ⩏㸧㸦㸯㸧OECD ࢞࢖ࢻࣛ࢖ࣥ
⛣㌿౯᱁࡛ၥ㢟࡜ࡉࢀࡿ↓ᙧ㈨⏘ࡢ⠊ᅖ࡟ࡘ࠸࡚ࠊᅜ㝿ⓗ࡞ྜពࡣ≉࡟࡞ࡉࢀ࡚࠸
࡞࠸ࠋOECD ࢞࢖ࢻࣛ࢖࡛ࣥࡣࠊ͆ࠕ↓ᙧ㈨⏘㸦intangible property㸧ࠖ࡟ࡣࠊ≉チࠊၟᶆࠊၟྕࠊࢹࢨ࢖ࣥࠊᆺᘧ➼ࡢ⏘ᴗୖࡢ㈨⏘ࢆ౑⏝ࡍࡿᶒ฼ࡀྵࡲࢀࡿࠋ᭦࡟ࠊᩥᏛୖࠊ
Ꮫ⾡ୖࡢ㈈⏘ᶒࠊཬࡧࣀ࢘ࣁ࢘ࠊ௻ᴗ⛎ᐦ➼ࡢ▱ⓗ㈈⏘ᶒࡶྵࡲࢀࡿࠋ͇
㸦ࣃࣛ 6.2㸧ࠊ͆ၟᴗୖࡢ↓ᙧ㈨⏘㸦commercial intangibles㸧࡟ࡣࠊ㢳ᐈ࡟ㆡΏࡉࢀࠊ࠶ࡿ࠸ࡣ஦ᴗάື࡟
౑⏝ࡉࢀࡿ஦ᴗ㈨⏘㸦౛࠼ࡤࠊࢥࣥࣆ࣮ࣗࢱ࣮ࢯࣇࢺ࢚࢘࢔㸧࡛࠶ࡿ↓ᙧ㈨⏘ࡢᶒ฼࡜ྠᵝ࡟ࠊ〇ရࡢ〇㐀࠶ࡿ࠸ࡣࠊᙺົࡢᥦ౪ࡢࡓࡵ࡟౑⏝ࡉࢀࡿ≉チࠊࣀ࢘ࣁ࢘ࠊࢹ
ࢨ࢖ࣥཬࡧᆺᘧࡀྵࡲࢀࡿࠋ͇㸦ࣃࣛ 6.3㸧ࠊ࣐࣮͆ࢣࢸ࢖ࣥࢢୖࡢ↓ᙧ㈨⏘㸦marketing
intangibles㸧ࡣࠊ〇ရ࠶ࡿ࠸ࡣࢧ࣮ࣅࢫࡢᐉఏ࡟ᙺ❧ࡘၟᶆཬࡧၟྕࠊ㢳ᐈࣜࢫࢺࠊ㈍኎⥙ࠊ᭦࡟㛵㐃〇ရ࡟ᑐࡋ࡚㔜せ࡞ᐉఏⓗ౯್ࢆ᭷ࡍࡿࣘࢽ࣮ࢡ࡞ྡ⛠ࠊグྕࠊ෗┿ࢆྵࡴࠋ͇㸦ࣃࣛ 6.4㸧ࠊ࡜つᐃࡉࢀ࡚࠸ࡿࠋ
ࡓࡔࠊᅜ㝿ⓗ࡟ࡑࡢ⠊ᅖࡀලయⓗ࡟☜ᐃࡋ࡚࠸ࡿ࡜ࡣゝ࠼࡞࠸≧ἣ࡟࠾࠸࡚ࠊ᭦࡟
ࡣࠊ↓ᙧ㈨⏘ࡢᡤᅾࠊ↓ᙧ㈨⏘࠿ࡽ⏕ࡌࡿᡤᚓࠊ࡟ࡘ࠸࡚ࡢ⪃࠼᪉ࡶ☜ᐃⓗ࡛ࡣ࡞࠸࡞࠿࡛ࠊᅜ㝿ⓗ࡞⣮தࡢ኱ࡁ࡞せᅉ࡜࡞ࡗ࡚࠸ࡿ࡜ゝ࠼ࡼ࠺ࠋ㸦㸰㸧ࢃࡀᅜ➼ࡢ≧ἣࢃࡀᅜࡢ⛣㌿౯᱁஦ົ㐠Ⴀᣦ㔪㸦2㸫11㸧࡛ࡣࠊ͆౛࠼ࡤࠊḟ࡟ᥖࡆࡿ㔜せ࡞౯್ࢆ᭷
ࡋᡤᚓࡢ※Ἠ࡜࡞ࡿࡶࡢࢆ⥲ྜⓗ࡟຺᱌ࡍࡿࡇ࡜࡟␃ពࡍࡿࠋ ࢖ ᢏ⾡㠉᪂ࢆせᅉ࡜ࡋ࡚ᙧᡂࡉࢀࡿ≉チᶒࠊႠᴗ⛎ᐦ➼ ࣟ ᚑᴗဨ➼ࡀ⤒ႠࠊႠᴗࠊ⏕⏘ࠊ◊✲㛤Ⓨࠊ㈍኎ಁ㐍➼ࡢ௻ᴗάື࡟࠾ࡅࡿ⤒㦂➼ࢆ㏻ࡌ࡚ᙧᡂࡋࡓࣀ࢘ࣁ࢘➼ ࣁ ⏕⏘ᕤ⛬ࠊ஺΅ᡭ㡰ཬࡧ㛤Ⓨࠊ㈍኎ࠊ㈨㔠ㄪ㐩➼࡟ಀࡿྲྀᘬ⥙➼͇࡜つᐃࡋ࡚࠸ࡿࠋ
⡿ᅜ࡛ࡣࠊ↓ᙧ㈨⏘ࡢ⛣㌿࡟ಀࡿ≉ูつ๎ࢆつᐃࡋ㸦IRC367 ᮲(d)㸧ࠊࡲࡓࠊ͆ࠕ↓ᙧ㈨⏘ࠖ࡜ࡣࠊ௨ୗࡢࡶࡢ࡛ࠊಶேࡢᙺົᥦ౪࠿ࡽ⊂❧ࡋࡓ㔜せ࡞౯್ࢆ᭷ࡍࡿ㈨⏘ࢆ࠸࠺ࠋ(ϸ) ≉チࠊⓎ᫂ࠊ⛎ᐦ᪉ᘧࠊ⛎ᐦᕤ⛬ࠊព໶ࠊᵝᘧࠊࣀ࢘ࣁ࢘ (Ϲ) ⴭసᶒࠊᩥᏛୖࠊ㡢ᴦୖཪࡣ⨾⾡ୖࡢⴭస≀ (Ϻ) ၟᶆࠊၟྕཪࡣࣈࣛࣥࢻࢿ࣮࣒ (ϻ) ୍ᡭ㈍኎ᶒࠊࣛ࢖ࢭࣥࢫཪࡣዎ⣙ (ϼ) ᪉ἲࠊࣉࣟࢢ࣒ࣛࠊࢩࢫࢸ࣒ࠊᡭ⥆ࡁࠊᐉఏࠊㄪ
ᰝࠊ◊✲ࠊண

ࠊぢ✚ࠊ㢳ᐈࣜࢫࢺཪࡣᢏ⾡ࢹ࣮ࢱ (Ͻ) ࡇࢀࡽ࡟㢮ఝࡍࡿࡶࡢ͇
㸦IRC936᮲㸧(h)(3)(B)㸧࡜つᐃࡋ࡚࠾ࡾࠊࡇࢀ࡟ࡣ᭦࡟ࠊᬮ䭃㸦goodwill㸧ཬࡧປാຊ㈨※㸦workforce-in-place㸧➼ࢆ㏣グࡍࡿࡇ࡜ࡀ᳨ウࡉࢀ࡚࠸ࡿࡼ࠺࡛࠶ࡿࠋ

48

㸦㸱㸧⌧⾜つᐃୖࡢၥ㢟⛣㌿౯᱁ୖၥ㢟࡜࡞ࡿ↓ᙧ㈨⏘ࡢ⠊ᅖ㸦ᐃ⩏㸧࡟ࡘ࠸࡚ࡣࠊࡇࡢࡼ࠺࡟ࠊ≉チᶒ➼ࡢἲⓗ࡟ಖㆤࡉࢀࡓ↓ᙧ㈨⏘ࡢࡳ࡞ࡽࡎࠊ࠸ࢃࡺࡿࢯࣇࢺ࢖ࣥࢱࣥࢪࣈࣝࡶྵࡴᗈ࠸
ᴫᛕ࡛࠶ࡿ࡜ࡉࢀࡿࡀࠊࡑࡢ⠊ᅖࡣᚲࡎࡋࡶ᫂☜࡟ࡣ࡞ࡗ࡚࠸࡞࠸ࠋ௻ᴗ఍ィ㸦IAS38ྕ➼㸧ࡸ఍♫ἲ➼ࡢ⛯ົ௨እࡢศ㔝࡛ࡢつᐃࡀཧ⪃࡟ࡣ࡞ࡿࡶࡢࡢࠊ⛯ົࡣ࠶ࡃࡲ࡛ࡑ ࢀ ࡽ ࡟ ᤊ ࢃ ࢀ ࡿ ᚲ せ ࡣ ࡞ ࡃ ࠊ OECD ࢞ ࢖ ࢻ ࣛ ࢖ ࣥ ࡛ ࡣ ࠊ͆ ࡇ ࢀ ࡽ ࡢ ↓ ᙧ ㈨ ⏘㸦intangibles㸧ࡣࠊࡓ࡜࠼ᙜヱ௻ᴗࡢ㈚೉ᑐ↷⾲ୖ⡙౯ࢆ᭷ࡋ࡚࠸࡞࠸ሙྜ࡛࠶ࡗ࡚ࡶࠊ㔜せ࡞౯್ࢆ᭷ࡍࡿ㈨⏘㸦assets㸧࡛࠶ࡿࠋ͇
㸦ࣃࣛ 6.2㸧࡜つᐃࡋ࡚࠸ࡿࠋࡲࡓࠊ౑⏝ᩱࡢᑐ㇟࡜࡞ࡿ↓ᙧ㈨⏘ࡢ⠊ᅖ࡜ࡶྠ୍࡛ࡣ࡞࠸ࠋ
࡞࠾ࠊ඲యࡢ஦ᴗάື࡜ࡣูಶ࡟༢⊂࡛⛣㌿ྍ⬟࡞↓ᙧ㈨⏘ࢆၥ㢟࡜ࡍ࡭ࡁ࡛࠶ࡿࠊ
ࡲࡓࠊ↓ᙧ㈨⏘ࡢᐃ⩏ࢆ⛣㌿ྍ⬟࡞ࡶࡢ࡟㝈ࡾࠊ࠶࡜ࡢせ⣲ࡣホ౯࡟཯ᫎࡉࡏࢀࡤࡼ
࠸ࠊ࡜ࡢ⪃࠼ࡀ࠶ࡿࡀࠊ⌧ᐇ࡟⛣㌿౯᱁㠃࡛ࡣࠊ✀ࠎࡢせᅉࢆ⪃៖ࡏࡊࡿࢆᚓ࡞࠸ࡢ
ࡣ஦ᐇ࡛࠶ࢁ࠺ࠋ౛࠼ࡤࠊᬮ䭃㸦goodwill㸧ࡣࠊṧవ౯್࡞࠸ࡋ⥅⥆௻ᴗࡢ฼ᚓࢆ཯ᫎ
ࡍࡿࡶࡢ࡛࠶ࢀࡤࠊࡇࢀࡔࡅࢆู㏵⛣㌿ࡍࡿࡇ࡜ࡣ࡛ࡁ࡞࠸࡛࠶ࢁ࠺ࡀࠊ⛣㌿౯᱁ୖ⪃៖ࡍ࡭ࡁࡶࡢ࡛࠶ࡿ࡜⪃࠼ࡽࢀࡿࠋࡓࡔࠊᚑᴗဨࡢ⬟ຊ࣭▱㆑➼ࡢࠕேⓗ㈨※࡟㛵ࡍࡿ↓ᙧ㈨⏘ࠖࡸࣉࣟࢭࢫ࣭ࢿࢵࢺ࣮࣡ࢡ➼ࡢࠕ⤌⧊࡟㛵ࡍࡿ↓ᙧ㈨⏘ࠖࢆ↓ᙧ㈨⏘࡟ྵࡵ࡚࠸ࡿࡇ࡜࠿ࡽࠊ⛯ົᇳ⾜࡟࠾ࡅࡿ⿢㔞ࡢవᆅࡀ኱ࡁࡃ࡞ࡗ࡚࠸ࡿࠊ࡜ࡶゝࢃࢀ࡚࠸ࡿࠋᚑࡗ࡚ࠊ⛣㌿ྍ⬟࡞ࡶࡢ㸦intangible asset㸧࡜ࡑ࠺࡛࡞࠸ࡶࡢ࡜ࢆ༊ูࡋ࡚ࠊ
ᶵ⬟ศᯒ➼࡟⏕࠿ࡍࡇ࡜ࡣ༑ศ࡟⪃࠼ࡽࢀࡿࠋ
OECD ࢞࢖ࢻࣛ࢖࡛ࣥࡣࠊ୺࡜ࡋ࡚ၟᴗୖࡢ↓ᙧ㈨⏘ཬࡧ࣐࣮ࢣࢸ࢖ࣥࢢୖࡢ↓ᙧ㈨⏘࡟ࡘ࠸࡚グ㏙ࡉࢀ࡚࠸ࡿࡀࠊ⛣㌿౯᱁ୖࡣࠊ⊂❧௻ᴗ㛫౯᱁࡜࠸࠺ࡇ࡜࡛ࡣࠊ᭦࡟ࠊ✀ࠎࡢせᅉࢆྵࡴࡶࡢ࡟࡞ࡽࡊࡿࢆᚓ࡞࠸ࡶࡢ࡜⪃࠼ࡽࢀࡿࠋ࠸ࢃࡺࡿࢯࣇࢺ࢖ࣥࢱ
ࣥࢪࣈࣝ࡟ࡘ࠸࡚ࡣࠊࡑࢀࡽࡢ౯್ࡣ㞟ྜⓗ࡟ᅗࡽࢀࡿࡇ࡜ࡀከࡃࠊᑐ౯ᛶࡢ᭷↓ཬࡧᑐ౯㢠ࡢỴᐃࡀᐜ࡛᫆ࡣ࡞࠸ࠋᣦ㔪ࡀᚲせ࡛㔜せ࡞ࡶࡢ࡜ࡋ࡚ࠊ₯ᅾⓗᑗ᮶฼ᚓ㸦future profit potential㸧ࠊࣜࢫࢡᘬཷάື㸦risk bearing activities㸧ࠊᬮ䭃㸦goodwill㸧ࠊ⥅⥆஦ᴗ㸦going concern㸧ࠊປാຊ㈨※㸦workforce –in-place㸧ࠊࢿࢵࢺ࣮࣡ࢡ㸦network
intangibles㸧ࠊඛ⾜⪅฼౽㸦first mover advantage㸧ࠊつᶍࡢ⤒῭㸦economies of scale㸧ࠊཧධ㞀ቨ㸦barriers to entry㸧ࠊඃࢀࡓ⤒Ⴀ㸦superior management㸧ࠊࢢ࣮ࣝࣉࢿࢵࢺ࣮࣡ࢡ
㸦group network attributes㸧ࠊ➼ࡀ࠶ࡿࠊ࡜ࡉࢀࡿࠋ
ࡲࡓࠊࣈࣛࣥࢻ㸦brand㸧࡟ࡘ࠸࡚ࡣࠊ㏆᫬≉࡟ࡑࡢ㔜せᛶࢆቑࡋ࡚࠸ࡿ↓ᙧ㈨⏘࡛࠶ࡗ࡚ࠊࣟ࢖ࣖࣜࢸ࢖࣮ࠊ㉸㐣฼ᚓ➼ࢆ⏕ࡌࡉࡏࠊண᝿౽┈ࡀ⪃៖ࡉࢀࡿࡶࡢ࡛࠶ࢁ
࠺ࡀࠊࡑࡢ㛤Ⓨࡢ୍᪉࡛ࠊ┦ᡭᅜ࡟࠾ࡅࡿᗈ࿌ᐉఏάື࡟ࡼࡿຠᯝ࡜ࡢ㛵ಀ࡛ࠊࡑࡢ
⠊ᅖࡢㄆ㆑ࡶᐜ࡛᫆ࡣ࡞ࡃࠊྛᅜ㛫࡛ࡢពぢࡢᐇ㝿ⓗ┦㐪➼ࢆ㋃ࡲ࠼ࡿ࡜ࠊఱࡽ࠿ࡢ
ලయⓗᣦ㔪ࡀᚲせ࡜⪃࠼ࡽࢀࡿࠋ
୍᪉ࠊࢩࢼࢪ࣮㸦synergy㸧࡟ࡘ࠸࡚ࡣࠊࢢ࣮ࣝࣉ௻ᴗ඲య࠿ࡽࡶࡓࡽࡉࢀࡿࡶࡢ࡛ࠊ
ࡑࡢ౯್ࡣ㈙཰➼ࡢሙྜ࡟⾲㠃໬ࡍࡿࡀࠊOECD ࢞࢖ࢻࣛ࢖ࣥ➨ 9 ❶࡟࠾࠸࡚ࠊࢢ࣮ࣟ

49

ࣂࣝࣅࢪࢿࢫࣔࢹࣝ࡟ࡼࡿࢩࢼࢪ࣮࡟ࡘ࠸࡚ⱝᖸゐࢀࡽࢀ࡚࠸ࡿࡶࡢࡢࠊࡑࡢ౯್ࢆ
࡝࠺ᢅ࠺࠿࡟ࡘ࠸࡚ࡢලయⓗᣦ㔪ࡣ࡞࠸ࠋࢩࢼࢪ࣮ࡢຠᯝ࡜ࡋ࡚ࠊࣉࣟࢭࢫࡸ〇ရࡢᨵၿࠊᕷሙࣉࣞࢮࣥࢫࡢቑຍࠊ௻ᴗ⤌⧊ෆࢿࢵࢺ࣮࣡ࢡຠᯝ➼ࡀゝࢃࢀࡿࡀࠊࡑࢀࡀ
฼ᚓࡢቑຍ࡟㈨ࡍࡿ࠿࡝࠺࠿ࡣᐃ࠿࡛ࡣ࡞ࡃࠊࡲࡓࠊᬮ䭃ࡢ୍㒊࡛࠶ࡿྍ⬟ᛶࡶ࠶ࡿࠊ
஦ᴗ෌⦅➼࡟ࡼࡿ཯ᑕⓗຠᯝ࡟㐣ࡂ࡞࠸ࠊ➼࡜ࡶゝࢃࢀࠊࡑࡢ㆑ูཬࡧホ౯ࡣᴟࡵ࡚
ᅔ㞴࡛࠶ࡿࠋᚑࡗ࡚ࠊ୍⯡ⓗ࡟ࡣࠊࡇࢀࢆ⛣㌿౯᱁ୖ↓ᙧ㈨⏘࡜ࡋ࡚ㄆ㆑ࡍࡿࡢࡣᅔ
㞴࡛࠶ࡿ࡜⪃࠼ࡽࢀࡿࠋࡲࡓࠊ࠸ࢃࡺࡿࣟࢣ࣮ࢩࣙࣥࢭ࣮ࣅࣥࢢ㸦location saving㸧࡟ࡘ࠸࡚ࡣࠊ㆑ูཬࡧホ౯ࡀྍ⬟࡛࠶ࡾࠊࡇࢀࢆ↓ᙧ㈨⏘࡜ࡋ࡚⪃៖ࡍࡿᅜࡶ࠶ࡿࡼ࠺
࡛࠶ࡿࡀࠊࡇࢀࡣ༢࡟ࢥࢫࢺඃ఩࠿ࡽࡶࡓࡽࡉࢀࡿࡶࡢ࡛࠶ࡾࠊࡲࡓࠊ↓ᙧ㈨⏘ࡢᴫᛕࢆ࠶ࡲࡾ࡟ᗈࡃゎࡍࡿࡇ࡜ࡣᅜ㝿ⓗ࡟⤫୍ࡋࡓ⌮ゎࢆጉࡆࡿࡇ࡜࡟ࡶ࡞ࡿࡢ࡛ࠊࡇ
ࢀࡣ↓ᙧ㈨⏘࡜ࡣูಶࡢࡶࡢ࡛࠶ࡿ࡜⪃࠼ࡽࢀࡿࡇ࡜ࢆ᫂☜࡟ࡍ࡭ࡁࡶࡢ࡜⪃࠼ࡽࢀࡿࠋࡲࡓࠊᙺົ㸦≉࡟㧗౯್ᙺົ㸧ᥦ౪࡜ࡢ༊ูࡶ᫂☜࡛ࡣ࡞࠸࡜ࡉࢀࠊ≉࡟↓ᙧ㈨⏘࡜୍య࡜ࡋ࡚ᥦ౪ࡉࢀࡿሙྜ➼ࡢྲྀࡾᢅ࠸ࢆ᫂☜࡟ࡍ࡭ࡁ࡛࠶ࡿࠊ➼ࡢࡇ࡜ࡀゝࢃࢀ
࡚࠸ࡿࠋ
㸦㸲㸧ᑐᛂ
࠸ࡎࢀ࡟ࡋ࡚ࡶࠊ↓ᙧ㈨⏘࡟ࡘ࠸࡚ࡣࠊࡑࡢᛶ㉁ࡀ」㞧࡛ࠊ⛣㌿౯᱁ࡢᑐ㇟࡜࡞ࡿ
ࡶࡢࡢ⠊ᅖࡀ᫂☜࡛࡞ࡃࠊᚑࡗ࡚ࡑࡢᐃ⩏ࡣᐜ࡛᫆ࡣ࡞࠸ࡇ࡜ࠊಶࠎࡢ஦౛࡟ࡼࡾ౯
್࠶ࡿࡶࡢ࠿࡝࠺࠿ࡢุ᩿ࡶ␗࡞ࡾᚓࡿࡇ࡜ࠊㄢ⛯࡜࠸࠺ഃ㠃࡟࠾ࡅࡿྛᅜᅜෆἲ࡜
ࡢᩚྜᛶࢆᅗࡿࡇ࡜ࡶồࡵࡽࢀࡿࡇ࡜ࠊ᭦࡟ࡣࠊఱࡼࡾࡶ⣡⛯⪅ࡢணぢྍ⬟ᛶࢆ࡛ࡁࡿࡔࡅ⪃៖ࡍࡿᚲせࡀ࠶ࡿࡇ࡜ࠊ➼ࢆ⪃࠼ࢀࡤࠊᅜ㝿ⓗྜពࡀ࡞ࡉࢀ࡚࠸࡞࠸ࡶࡢ࡟
ࡘ࠸࡚ࡣࠊࡑࡢ᭷↓ཬࡧᑐ౯㢠ࡢ⟬ᐃ࡟࠾࠸࡚ࠊᇶᮏⓗ࡟ࡣ࡛ࡁࡿࡔࡅᾘᴟⓗ࣭㝈ᐃⓗ࡟ゎࡍ࡭ࡁࡶࡢ࡜⪃࠼ࡽࢀࡿࠋ
ᑐ㇟࡜࡞ࡿ↓ᙧ㈨⏘ࡢ⠊ᅖࡀ୙☜ᐇࡢሙྜࡣࠊᙜ↛࡟⣮த࡟࡞ࡿࡇ࡜ࡀከࡃࠊࡇࢀ
࡟ࡘ࠸࡚ྛᅜᅜෆἲୖࡢッゴࡢࡳ࡞ࡽࡎࠊ᮲⣙ୖࡢ┦஫༠㆟࡛ࡢゎỴࢆᣦྥࡋ࡚ࡶࠊ
஧㔜ㄢ⛯ࡀṧࡿࣜࢫࢡࡀᴟࡵ࡚㧗࠸ࡶࡢ࡜⪃࠼ࡽࢀࡿࠋᚑࡗ࡚ࠊ⛣㌿౯᱁ࡢᑐ㇟࡜࡞ࡿ↓ᙧ㈨⏘ࡢ⠊ᅖࢆࠊ࡛ࡁࡿࡔࡅ㝈ᐃⓗ࡟ゎࡍࡿࡇ࡜࡟ࡼࡗ࡚ᅜ㝿ⓗ࡞ゎ㔘ࡢ୍㈏ᛶ
ࢆಖࡘࡇ࡜ࡀᚲせ࡛࠶ࡿ࡜࡜ࡶ࡟ࠊࡇࢀࡽࡢ↓ᙧ㈨⏘ࡑࢀࡒࢀ࡟ࡘ࠸࡚⛣㌿౯᱁࡛⪃៖ࡍ࡭ࡁࡶࡢ࡜ࡋ࡚ࡢ౯್ࡀ⏕ࡌࡿሙྜ࡟ࡘ࠸࡚ࠊ࡛ࡁࡿࡔࡅ᫂☜໬ࡍࡿࡼ࠺࡟ࠊ౛
࠼ࡤࠊOECD ࢞࢖ࢻࣛ࢖࡛ࣥࡢタ౛ࢆ඘ᐇࡍࡿࡇ࡜➼࡟ࡼࡾࠊ⣡⛯⪅ࡢணぢྍ⬟ᛶࢆᑡࡋ࡛ࡶ㧗ࡵࡿࡇ࡜ࡀồࡵࡽࢀࡿࠋ㸳 ↓ᙧ㈨⏘࡟ࡼࡿᡤᚓࡢᖐᒓ࡜ᡤᚓࡢ⟬ᐃ᪉ἲ࣭ホ౯㸦㸯㸧ᡤᚓࡢᖐᒓ
↓ᙧ㈨⏘࠿ࡽ⏕ࡌࡿᡤᚓ࡟ࡘ࠸࡚ࡣࠊ↓ᙧ㈨⏘ࡢ㛤Ⓨ⪅࠿࡝࠺࠿ࠊ㛵㐃⪅࡬ࡢ↓ᙧ

50

㈨⏘ࡢ౑⏝チㅙࠊ㛵㐃⪅࡬ࡢ↓ᙧ㈨⏘ࡢ⛣㌿࣭ㆡΏࠊ୧㛵㐃⪅ࡀ␗࡞ࡿ↓ᙧ㈨⏘ࢆ㛤Ⓨ࣭ಖᣢࡍࡿࡇ࡜ࠊ୧㛵㐃⪅ࡀ༢୍ࡢ↓ᙧ㈨⏘ࡢ㛤Ⓨࢆ⾜࠺ࡇ࡜➼࡟ࡼࡾࠊࡑࢀࡒࢀ
ྛ㛵㐃⪅ࡢ↓ᙧ㈨⏘࡟ಀࡿᡤᚓࡢෆᐜ࡟ࡣ࠿࡞ࡾࡢᙳ㡪ࡀ࠶ࡿࠋ↓ᙧ㈨⏘࠿ࡽ⏕ࡌࡿᡤᚓ࡟ࡘ࠸࡚ࠊἲⓗᡤ᭷㸦legal ownership㸧࡜⤒῭ⓗᡤ᭷㸦economic
ownership㸧ࡢᴫᛕࡀゝࢃࢀ㸦OECD ࢞࢖ࢻࣛ࢖࣭ࣥࣃࣛ 6.3㸧ࠊ⤒῭ⓗᡤ᭷ࡣ↓ᙧ㈨⏘ࡢ㔊ᡂ࡟ಀࡿࢥࢫࢺ࡜ࣜࢫࢡࢆ㈇ࡗ࡚ࡑࢀ࡟ᖐᒓࡍࡿᡤᚓࢆᚓࡿࡶࡢ࡜ࡉࢀ࡚࠸ࡿࠋ
㏆᫬ࡣࠊ⤒῭ⓗᡤ᭷ࡢᖜᗈ࠸ㄆ㆑࡜࡜ࡶ࡟ἲⓗᡤ᭷࡟ಀࡿࣜࢫࢡ࡬ࡢ㍍ど࡟ᑐࡍࡿᠱ
ᛕ࠿ࡽࠊἲⓗᡤ᭷ࡢព⩏ࡀぢ┤ࡉࢀ࡚࠸ࡿࡼ࠺࡛࠶ࡾࠊࡲࡓࡑࡢ௚ࡢᡤ᭷ᴫᛕࡀゝࢃࢀࡿࡇ࡜ࡶ࠶ࡿࡀࠊ࠶ࡃࡲ࡛ࠊ⊂❧௻ᴗ㛫࡛ᡤᚓࢆ⏕ࡳฟࡍࡶࡢࡣ࡝ࡇ࠿࡜ࡢほⅬ࠿ࡽࠊἲⓗᡤ᭷࠿ࡽ⏕ࡌࡿᡤᚓࢆ㋃ࡲ࠼ࡘࡘࠊ୧ᙜ஦⪅ࡀᯝࡓࡍᶵ⬟࡜ࣜࢫࢡ➼ࢆ⪃៖ࡍࡿࡇ࡜࡟࡞ࡿࡶࡢ࡜⪃࠼ࡽࢀࡿࠋ㏆᫬ࠊ▱ⓗ㈈⏘ᶒࡢ㞟୰⟶⌮ࡢࡓࡵ࡟ࠊࡇࢀࡽ↓ᙧ㈨⏘ࡢ㸦ἲⓗ㸧ᡤ᭷⪅ࢆࠊ↓ᙧ㈨⏘ࡢ㛤Ⓨ⪅࣭㈝⏝㈇ᢸ⪅࣭౑⏝⪅࡜ࡣ␗࡞ࡿ⪅࡜ࡍࡿሙྜࡀ࠶ࡿ࡞࡝ࠊࣅࢪࢿࢫࣔࢹࣝࡀከᵝ໬ࡋ࡚࠸ࡿ࡞࠿࡛ࠊἲⓗ࣭⤒῭ⓗᡤ᭷⪅ࡢ≉ᐃࡀ」㞧࡞ၥ㢟࡜࡞ࡗ࡚࠸ࡿࡀࠊᡤ᭷ࡢ␗࡞ࡿᴫᛕࢆྛᅜࡀ୺ᙇࡍࢀࡤࠊᙜ↛࡞ࡀࡽ஧㔜ㄢ⛯࡜࡞ࡿࡇ࡜࠿ࡽࠊ౛࠼ࡤࠊࢢ࣮ࣝࣉෆ࡟ᗈࡃࡲࡓࡀࡗ࡚࠸ࡿၟᶆᶒ࣭ⴭ
సᶒ➼࡟ࡘ࠸࡚ࡢ⪃࠼᪉➼ࠊἲⓗᡤ᭷࣭⤒῭ⓗᡤ᭷ࡢุ᩿せ⣲ࠊ୧⪅ࡢ᭷ࡍࡿ౯್㛵ಀࠊ➼࡟ࡘ࠸࡚ࡢᴫᛕᩚ⌮ࡶྍ⬟࡞㝈ࡾ࡛ᚲせ࠿࡜⪃࠼ࡽࢀࡿࠋࡲࡓࠊᶵ⬟࣭ࣜࢫࢡ࡟ࡘ࠸࡚ࡣࠊ✀ࠎࡢᶵ⬟࣭ࣜࢫࢡࡢෆᐜ࡜⛣㌿ࡢ᭷↓ཬࡧホ౯ࢆุ᩿ࡍࡿ࡟ᙜࡓࡗ࡚
ࡢලయⓗᣦ㔪ࡀồࡵࡽࢀࡿࠋ
ࢃࡀᅜࡢ஦ົ㐠Ⴀせ㡿࡛ࡣࠊ͆↓ᙧ㈨⏘ࡢ౑⏝チㅙྲྀᘬ➼࡟ࡘ࠸࡚ㄪᰝࢆ⾜࠺ሙྜ࡟ࡣࠊ↓ᙧ㈨⏘ࡢἲⓗ࡞ᡤ᭷㛵ಀࡢࡳ࡞ࡽࡎࠊ↓ᙧ㈨⏘ࢆᙧᡂࠊ⥔ᣢཪࡣⓎᒎࡉࡏࡿࡓ
ࡵࡢάື࡟࠾࠸࡚ἲேཪࡣᅜእ㛵㐃⪅ࡢ⾜ࡗࡓ㈉⊩ࡢ⛬ᗘࡶ຺᱌ࡍࡿᚲせࡀ࠶ࡿࡇ࡜
࡟␃ពࡍࡿࠋ࡞࠾ࠊ↓ᙧ㈨⏘ࡢᙧᡂ➼࡬ࡢ㈉⊩⛬ᗘࢆุ᩿ࡍࡿ࡟ᙜࡓࡗ࡚ࡣࠊᙜヱ↓ᙧ㈨⏘ࡢᙧᡂ➼ࡢࡓࡵࡢពᛮỴᐃࠊᙺົࡢᥦ౪ࠊ㈝⏝ࡢ㈇ᢸཬࡧࣜࢫࢡࡢ⟶⌮࡟࠾࠸࡚ἲேཪࡣᅜእ㛵㐃⪅ࡀᯝࡓࡋࡓᶵ⬟➼ࢆ⥲ྜⓗ࡟຺᱌ࡍࡿࠋ͇㸦2㸫12㸧ࠊ࡜つᐃࡋ࡚࠸ࡿࠋ㸦㸰㸧ẚ㍑ྍ⬟ᛶ↓ᙧ㈨⏘࠿ࡽ⏕ࡌࡿᡤᚓࡢ⟬ᐃ࡟㛵ࡋࠊOECD ࢞࢖ࢻࣛ࢖ࣥࡣࠊ͆ࡇࡢ㸦⊂❧௻ᴗ㸧ཎ๎ࢆ↓ᙧ㈨⏘ࡀ࠿࠿ࢃࡿ㛵㐃⪅㛫ྲྀᘬ࡟㐺⏝ࡍࡿࡢࡣᅔ㞴࠿ࡶࡋࢀ࡞࠸ࠋ࡞ࡐ࡞ࡽࠊ
ࡑࡢࡼ࠺࡞㈈⏘ࡣࠊẚ㍑ᑐ㇟ྲྀᘬࢆ᥈ࡍࡢࡀᅔ㞴࡛࠶ࡾࠊࡲࡓሙྜ࡟ࡼࡗ࡚ࡣྲྀᘬ᫬
࡟౯᱁ࡢ⟬ᐃࡀᅔ㞴࡛࠶ࡿ࡜࠸࠺≉ู࡞ᛶ᱁ࢆᣢࡗ࡚࠸ࡿ࠿ࡽ࡛࠶ࡿࠋ͇㸦ࣃࣛ 6.13㸧ࠊ࡜つᐃࡍࡿ୍᪉ࠊ
͆ẚ㍑ྍ⬟ᛶࢆỴᐃࡍࡿ㝿࡟ࠊᙜヱ㈨⏘ࡢ᭷⏝ᛶ㸦usefulness㸧ࡀ⪃៖ࡉࢀࡿ࡭ࡁ࡛࠶ࡿࠋ͇㸦ࣃࣛ 6.15㸧ࠊ͆⊂❧௻ᴗཎ๎ࢆ㐺⏝ࡍࡿ㝿࡟ࡣࠊ㛵㐃⪅㛫ྲྀᘬ࡜㠀㛵㐃⪅㛫ྲྀᘬࡢẚ㍑ྍ⬟ᛶ࡟㛵ಀࡍࡿ࠸ࡃࡘ࠿ࡢ≉ู࡞せ⣲ࡀ⪃៖ࡉࢀࡿ࡭ࡁ࡛࠶
ࡿࠋࡇࢀࡽࡢせ⣲࡟ࡣ㸦๭ᘬ⌧ᅾ౯᱁ࡢ⟬ᐃ࡟ࡼࡾỴᐃࡉࢀࡿ࠿ࡶࡋࢀ࡞࠸㸧↓ᙧ㈨51⏘࠿ࡽࡢண᝿౽┈㸦expected benefits㸧ࡀྵࡲࢀࡿࠋࡑࡢ௚ࡢせ⣲࡜ࡋ࡚ࠊࡑࡢᶒ฼ࡀ⾜౑࡛ࡁࡿᆅ⌮ⓗ࡞ሙᡤࡢไ㝈ࠊㆡΏࡉࢀࡿᶒ฼࡟ࡼࡾ〇㐀ࡉࢀࡿ〇ရࡢ㍺ฟไ㝈ࠊㆡΏࡉࢀࡿᶒ฼ࡢᛶ᱁ࡀ᤼௚ⓗ࠿ྰ࠿㸦᪂ᕤሙᘓタࠊ࠶ࡿ࠸ࡣ≉ู࡞ᶵᲔࡢ㉎ධࡢࡓࡵࡢ㸧ࠊ㈨ᮏᢞ㈨ࠊᙜヱᕷሙ࡛ᚲせ࡞❧ࡕୖࡀࡾ㈝⏝ཬࡧ㛤Ⓨసᴗࠊࢧࣈࣛ࢖ࢭࣥࢫࡢྍ
ྰࠊ౑⏝⪅ࡢ㈍኎⥙ࠊ୪ࡧ࡟ࣛ࢖ࢭࣥࢫࡢ౑⏝⪅ࡀᡤ᭷⪅ࡢᙜヱ㈈⏘ࡢ᭦࡞ࡿ㛤Ⓨ࡬ཧຍࡍࡿᶒ฼ࢆᣢࡘ࠿ྰ࠿࡜࠸ࡗࡓせ⣲ࡀ࠶ࡿࠋ͇㸦ࣃࣛ 6.20㸧ࠊ࡜ẚ㍑ྍ⬟ᛶࡢせ⣲࡜ࡋ࡚↓ᙧ㈨⏘≉᭷ࡢࡶࡢ࡟ࡘ࠸࡚ࡶつᐃࡋ࡚࠸ࡿࠋ
ࡲࡓࠊ↓ᙧ㈨⏘┦஫ࡢ㛵ಀࠊ౛࠼ࡤࠊ≉チᶒࡸⴭసᶒࡢ㉁ࡢⰋྰࡣၟᶆࡢᕷሙ࡬ࡢ
ᙳ㡪ຊ࡟ࡶ㛵ಀࡍࡿࡼ࠺࡟ࠊ㈍኎ࡢ↓ᙧ㈨⏘࡜〇㐀ࡢ↓ᙧ㈨⏘࡜ࡢ㛵ಀࡢၥ㢟ࡶ࠶ࡾࠊࡑࢀࡒࢀࡢ↓ᙧ㈨⏘ࡢᛶ㉁࣭≧ἣ➼ࢆࡶ᳨ウࡍࡿࡇ࡜ࡀồࡵࡽࢀࡼ࠺ࠋ᭦࡟ࠊ᫬ࡢ⤒㐣࡟ࡼࡿ↓ᙧ㈨⏘ࡢᙧᡂࡣ」ᩘࡢせᅉࡀ㛵ಀࡋ࡚ࡃࡿࡓࡵ࡟」㞧ࡉࢆቑࡍࡇ࡜࡜࡞
ࡾࠊ࣋ࣥࢳ࣐࣮ࢡࢆ⾜࠺ࡢࡶ୍ᒙᅔ㞴࡞ࡶࡢ࡜࡞ࡿ࡜⪃࠼ࡽࢀࡿࠋࡇࡢࡼ࠺࡟ࠊ↓ᙧ㈨⏘࡟ಀࡿẚ㍑ྍ⬟ᛶศᯒࡣᐜ࡛᫆ࡣ࡞࠸࡜࠸࠺ࡢࡀ୍⮴ࡋࡓぢ᪉࡛࠶ࡿ࡜ᛮࢃࢀ
ࡿࠋ㸦㸱㸧⟬ᐃ᪉ἲ
⛣㌿౯᱁ࡢ⟬ᐃ᪉ἲ࡜ࡋ࡚ࡣࠊOECD ࢞࢖ࢻࣛ࢖࡛ࣥࡣࠊࡲࡎ͆↓ᙧ㈨⏘ࡢㆡΏ࠶ࡿ
࠸ࡣࣛ࢖ࢭࣥࢫ౪୚࡟ࡘ࠸࡚ࠊ⊂❧௻ᴗ㛫౯᱁ࢆ⟬ᐃࡍࡿ㝿࡟ࠊྠ୍ࡢᡤ᭷⪅ࡀ⊂❧௻ᴗ࡟ᑐࡋ࡚ẚ㍑ྍ⬟࡞≧ἣࡢୗ࡛ẚ㍑ྍ⬟࡞↓ᙧ㈨⏘ࢆㆡΏ࠶ࡿ࠸ࡣࣛ࢖ࢭࣥࢫࡍ
ࡿሙྜ࡟ࡣ CUP ἲࢆ౑⏝ࡍࡿࡇ࡜ࡀྍ⬟࡛࠶ࡿࠋ͇
㸦ࣃࣛ 6.23㸧ࠊ࡜ࡉࢀࡿࠋࡓࡔࠊ↓ᙧ㈨⏘ࡢሙྜ࡟ࡣࠊୖ㏙ࡋࡓẚ㍑ྍ⬟ᛶศᯒ࡟࠾࠸࡚ࡶグࡉࢀ࡚࠸ࡿࡼ࠺࡟ࠊᙜヱ㈨⏘ࡢ༢࡞ࡿ฼⏝౯್࡟㝈ࡽࡎࠊண᝿౽┈➼ࡀ⪃៖ࡉࢀᚓࡿࡇ࡜࠿ࡽࠊ࠸ࢃࡺࡿ CUT ἲࡣ
CUP ἲ࡜ࡣࡑࡢᐇែ࡟࠾࠸࡚ᚲࡎࡋࡶྠࡌ࡛ࡣ࡞ࡃࠊᙜヱྲྀᘬ࡜ẚ㍑ᑐ㇟ྲྀᘬ࡜ࡢ᫬
ᮇࡢᕪ➼ࡢ≧ἣ࡟ࡘ࠸࡚᭦࡟༑ศ࡞᳨ウࡀồࡵࡽࢀࡼ࠺ࠋࡲࡓࠊ͆↓ᙧ㈨⏘ࢆྵࡴ〇ရࡢ㈍኎࡟ࡣࠊ➨ 2 ❶ࡢཎ๎࡟ᇶ࡙ࡃ CUP ἲ࠶ࡿ࠸ࡣ෌㈍኎౯᱁ᇶ‽ἲࡢ౑⏝ࡀྍ⬟࠿ࡶࡋࢀ࡞࠸ࠋ͇㸦ࣃࣛ 6.24㸧ࠊ࡜ࡉࢀ࡚࠸ࡿࠋ୍᪉ࠊཎ౯ᇶ
‽ἲ࡟ࡘ࠸࡚ࡣࠊ≉࡟ゝཬࡀ࡞ࡉࢀ࡚࠸࡞࠸ࡀࠊ୍⯡࡟ࠊ㈝⏝࡜↓ᙧ㈨⏘࡟ᇶ࡙ࡃ౯
್࡜ࡢ㛫ࡢࡘ࡞ࡀࡾࡣஈࡋ࠸ࡇ࡜࠿ࡽࠊࡑࢀࡀ㐺⏝ࡉࢀࡿሙ㠃࡟ࡘ࠸࡚ࡣࠊ୍ᒙὀព῝࠸᳨ウࡀồࡵࡽࢀࡼ࠺ࠋ
᭦࡟ࠊ͆౯್ࡢ࠶ࡿ↓ᙧ㈨⏘ࡀ࠿࠿ࢃࡿሙྜ࡟ࡣࠊẚ㍑ྍ⬟࡞㠀㛵㐃⪅㛫ྲྀᘬࢆぢࡘࡅࡿࡢࡣᅔ㞴࡛࠶ࢁ࠺ࠋࡑࢀࡺ࠼ࠊ
࣭࣭࣭ࡑࡢ㐺⏝࡟࠾࠸࡚ᐇົୖࡢၥ㢟ࡀ࠶ࡿ࠿ࡶࡋ
ࢀ࡞࠸ࡶࡢࡢࠊ฼┈ศ๭ἲࡀ㐺ᙜ࡛࠶ࢁ࠺ࠋ͇㸦ࣃࣛ 6.26㸧࡜ࡉࢀࡿࠋ฼┈ศ๭ἲ࡟ࡘ
࠸࡚ࡣࠊ฼┈ẚ‽ἲ㸦CPM㸧ࢆ࠸ࢃࡺࡿ࢖࣒ࣥ࢝ࢡ࣮࢚࣮ࣜࢩࣙࣥࢆ⏕ࡌ࠿ࡡ࡞࠸࡜
ࡋ࡚ᢈุࡋ࡚ࡁࡓᅜࠎࡢࡳ࡞ࡽࡎࠊ⡿ᅜ࡟࠾࠸࡚ࡶṔྐⓗ࡟࠿࡞ࡾࡢ᳨ウᑐ㇟࡜ࡉࢀ
࡚ࡁࡓ࡜ࡇࢁ࡛࠶ࡾࠊ≉࡟௒ᚋࠊᅜ㝿ྲྀᘬάືࡢ」㞧໬ࠊ⤫ྜࣅࢪࢿࢫࣔࢹࣝࡢ᥇⏝ࠊࢢ࣮ࣝࣉ୍య࡛ࡢ↓ᙧ㈨⏘㛤Ⓨࠊ➼ࢆ㋃ࡲ࠼ࢀࡤࠊ฼┈ศ๭ἲࡢ᭷⏝ᛶࡣቑ࠼࡚࠸ࡃ

52ࡶࡢ࡜⪃࠼ࡽࢀࡿࠋࡓࡔࠊ୍⯡࡟ẚ㍑ᑐ㇟ࢆ౑⏝ࡋ࡞࠸ࡇ࡜࠿ࡽࠊࡇࢀࡲ࡛ࡶࠊ⊂❧௻ᴗཎ๎࡜ࡢᩚྜᛶ࡟␲ၥࡀ࿊ࡉࢀ࡚ࡁࡓࡢࡣ஦ᐇ࡛࠶ࡿࡀࠊẚ㍑ᑐ㇟ศᯒࡀᴟࡵ࡚
ᅔ㞴࡞↓ᙧ㈨⏘ྲྀᘬ࡟ࡣࠊ฼┈ศ๭ἲࡣࡴࡋࢁ᭷ຠ࡞⟬ᐃ᪉ἲ࡛࠶ࡿ࡜⪃࠼ࡽࢀࡿࠋ
ࡲࡓࠊ฼┈ศ๭ἲ࡟ࡘ࠸࡚ࡣࠊ฼┈ศ๭せ⣲ࡢỴᐃࡢᅔ㞴ᛶ➼ࡀᣦ᦬ࡉࢀ࡚ࡁࡓ࡜
ࡇࢁ࡛࠶ࡾࠊ
͆≉࡟฼┈ศ๭ἲࡀ౑⏝ࡉࢀࡿሙྜ࡟ࡣࠊ↓ᙧ㈨⏘ࢆ㛤Ⓨ࠶ࡿ࠸ࡣ⥔ᣢࡍ
ࡿࡓࡵ࡟㈇ᢸࡉࢀࡿ㈝⏝ࡢ㔠㢠ࠊᛶ᱁ࠊᙳ㡪ࡀࠊẚ㍑ྍ⬟ᛶࡸྛ㛵ಀ⪅ࡢ㈉⊩ࡢ┦ᑐⓗ౯್ࡢỴᐃࢆ⿬௜ࡅࡿࡓࡵ࡟ㄪᰝࡉࢀࡿ࠿ࡶࡋࢀ࡞࠸ࠋࡋ࠿ࡋ࡞ࡀࡽࠊ㈝⏝࡜౯್࡜ࡢ㛫࡟ࡣᚲ↛ⓗ࡞ࡘ࡞ࡀࡾࡣ࡞࠸ࠋ≉࡟ࠊ↓ᙧ㈨⏘ࡢᐇ㝿ࡢᕷሙ౯᱁ࡣࠊᙜヱ㈨⏘ࡢ㛤Ⓨࠊ⥔ᣢࡢࡓࡵࡢ㈝⏝࡜ࡢ㛵㐃࠿ࡽࡣࡋࡤࡋࡤ

ᐃ࡛ࡁ࡞࠸ࠋ͇
㸦ࣃࣛ 6.27㸧ࠊ࡜ࡉࢀࡿࠋ༶ࡕࠊ฼┈ศ๭ἲࡢ㐺⏝࡟ᙜࡓࡗ࡚ࡣࠊ࡝ࡢせ⣲࣭せᅉࡀᡤᚓࡢⓎ⏕࡟ᐤ୚ࡋ࡚࠸ࡿ࠿ࢆ⢭ᰝࡍࡿᚲせࡀ࠶ࡿ࡜࠸࠺ࡇ࡜࡛࠶ࢁ࠺ࡀࠊࢃࡀᅜࡢ㏻㐩࡛ࡣࠊṧవ฼┈ศ๭ἲࡢ㐺⏝࡟ᙜࡓࡗ࡚ࠊ͆౛࠼ࡤࠊἲேཬࡧᅜእ㛵㐃⪅ࡀ↓ᙧ㈨⏘ࢆ⏝࠸ࡿࡇ࡜࡟ࡼ
ࡾ⊂⮬ࡢᶵ⬟ࢆᯝࡓࡋ࡚࠸ࡿሙྜ࡟ࡣࠊᙜヱ↓ᙧ㈨⏘࡟ࡼࡿᐤ୚ࡢ⛬ᗘࢆ᥎ࡍࡿ࡟

㊊ࡾࡿࡶࡢ࡜ࡋ࡚ࠊࡇࢀࡽࡢ⪅ࡀ᭷ࡍࡿ↓ᙧ㈨⏘ࡢ౯㢠ࠊᙜヱ↓ᙧ㈨⏘ࡢ㛤Ⓨࡢࡓࡵ࡟ᨭฟࡋࡓ㈝⏝ࡢ㢠➼ࢆ⏝࠸ࡿࡇ࡜ࡀ࡛ࡁࡿࡇ࡜࡟␃ពࡍࡿࠋ͇㸦⛒⛯≉ูᥐ⨨ἲ㏻㐩
66 ࡢ 4(5)㸫4㸧࡜つᐃࡋ࡚ࠊᐇົⓗ࡞ゎỴࢆࡶᣦྥࡋ࡚࠸ࡿࠋࡋࡤࡋࡤ〇㐀࡜㈍኎ࢆ⾜࠺୧㛵㐃⪅㛫࡛ࠊ࡜ࡾࢃࡅṧవ฼┈ࡢศ๭࡟ᙜࡓࡗ࡚ࠊ◊✲㛤Ⓨ㈝࡜㈍኎㈝ࡢᨭฟ㢠ࢆ฼┈ศ๭せ⣲࡜ࡍࡿࡇ࡜ࡀᐇົⓗ࡞ゎỴ⟇࡜ࡋ࡚ά⏝ࡉࢀ࡚࠾ࡾࠊ౽ᐅ࡛࠶ࡿࠋࡓ
ࡔࠊ࡛ࡁࢀࡤ࡛ࡁࡿࡔࡅ┿࡟౯್࠶ࡿ↓ᙧ㈨⏘ࡢ㈉⊩࡟㈨ࡍࡿࡶࡢࢆᏊ⣽࡟᳨ウࡍࡿࡇ࡜ࡀᮃࡲࡋ࠸㸦ὀ 2㸧ࠋ࡞࠾ࠊ㏆᫬ࠊḢᕞ࡟࠾ࡅࡿἲேㄢ⛯ᡤᚓ࣮࣋ࢫࡢඹ㏻໬㸦CCCTB㸧ࡢືࡁ➼࡜࡜ࡶ࡟ࠊ㛵㐃఍♫㛫࡛ࡢ฼┈㓄ศ࡟ᙜࡓࡗ࡚ࠊ࠸ࢃࡺࡿᐃᘧ㓄ศࢆࠊ౛࠼ࡤṧవ฼┈ศ๭ࡢ᪉ἲ࡜ࡍࡿ࡞࡝ࠊఱࡽ࠿ࡢᙧ࡛ά⏝ࡍࡿ᱌ࡶ࠶ࡿࡼ࠺࡛࠶ࡿࡀࠊලయⓗ࡞ືࡁ࡟ࡣ
⮳ࡗ࡚࠸࡞࠸ࠋ
㸦㸲㸧↓ᙧ㈨⏘ࡢホ౯↓ᙧ㈨⏘ࡢ⠊ᅖ࡜࡜ࡶ࡟ࠊ↓ᙧ㈨⏘ࡢホ౯࡟ࡘ࠸࡚ࠊ≉࡟ࡑࡢ⛣㌿࣭ㆡΏ➼࡜ࡢ㛵ಀ࡛⟬ᐃ᪉ἲࡀၥ㢟࡜࡞ࡿࠋOECD ࢞࢖ࢻࣛ࢖ࣥࡣࠊ͆஦ᐇࡸ≧ἣ࡟ᛂࡌ࡚ࠊ⊂❧௻ᴗࡀྲྀᘬࡢ౯᱁⟬ᐃࡢ㝿࡟ᴟࡵ࡚୙☜࠿࡞ホ౯࡟ᑐฎࡍࡿࡓࡵ࡟ㅮࡌࡿᡭẁ࡟ࡣᵝࠎࡢࡶࡢࡀ࠶ࡿࠋ୍ࡘࡢྍ⬟ᛶ࡜ࡋ࡚ࡣࠊ㸦ࡍ࡭࡚ࡢ㛵㐃ࡍࡿ⤒῭ⓗせ⣲ࢆ⪃៖ࡋ࡚㸧ண᝿཰┈ࢆᙜヱྲྀᘬࡢ㛤ጞ᫬࡟࠾ࡅࡿ౯᱁⟬ᐃࡢỴᐃࡢࡓࡵࡢᡭẁ࡜ࡋ࡚౑⏝ࡍࡿࡇ࡜࡛
࠶ࡿ͇㸦ࣃࣛ 6.29㸧ࠊ͆ࡑࡢ௚ࡢሙྜ࡟ࡣࠊ࣭࣭࣭ண

࡛ࡁ࡞࠸ࡑࡢᚋࡢືྥ࡟ᑐฎࡍࡿ

ࡓࡵࠊ⊂❧௻ᴗࡣ▷ᮇࡢዎ⣙ࢆ⥾⤖ࡍࡿ࠿ࠊ࠶ࡿ࠸ࡣዎ⣙᮲௳ࡢ୰࡟ㄪᩚ᮲㡯ࢆධࢀࡿ࠿ࡶࡋࢀ࡞࠸ࠋ͇㸦ࣃࣛ 6.30㸧ࠊ࡜つᐃࡋ࡚࠸ࡿࠋ
୍⯡ⓗ࡟ࠊ↓ᙧ㈨⏘ࡢホ౯᪉ἲ࡜ࡋ࡚ࠊࢥࢫࢺ࢔ࣉ࣮ࣟࢳࠊ࣐࣮ࢣࢵࢺ࢔ࣉ࣮ࣟࢳࠊ
࢖࣒ࣥ࢝࢔ࣉ࣮ࣟࢳࠊࡀ᥇ࡾୖࡆࡽࢀࡿࡀ㸦ὀ 3㸧ࠊࢥࢫࢺ࢔ࣉ࣮ࣟࢳࡣ୍ᐃࡢሙྜࢆ

53㝖࠸୍࡚⯡ⓗ࡞᪉ἲ࡜ࡣゝ࠼ࡎࠊࡲࡓ⛣㌿౯᱁ࡀ➨୕⪅㛫࡛ࡢྲྀᘬ౯᱁ࢆᛕ㢌࡟࠾ࡃࡇ࡜࠿ࡽࠊ⛯ົୖ୍⯡ⓗ࡞࣐࣮ࢣࢵࢺ࢔ࣉ࣮ࣟࢳࢆ㋃ࡲ࠼ࡿ࡭ࡁ࡜ࡢ⪃࠼ࡶ࠶ࢁ࠺ࡀࠊ
↓ᙧ㈨⏘ྲྀᘬ࡟ಀࡿẚ㍑ྍ⬟ᛶศᯒࡢᅔ㞴ᛶࢆ๓ᥦ࡟ࡍࢀࡤࠊ⌧ᐇⓗ࡟ࡣࠊᙜヱ↓ᙧ
㈨⏘࠿ࡽ⏕ࡌࡿ฼ᚓ㸦࡞࠸ࡋ౽┈㸧ࡀ኱ࡁ࡞ุ᩿せ⣲࡟࡞ࡽࡊࡿࢆᚓ࡞࠸ࡶࡢ࡜⪃࠼ࡽࢀࡿࠋࡑࡢព࿡࡛ࠊ࢖࣒ࣥ࢝࢔ࣉ࣮ࣟࢳࡀᗈࡃ㐺ࡋ࡚࠸ࡿ࡜ࡉࢀࠊ࠸ࢃࡺࡿᡤᚓ┦ᛂᛶᇶ‽ࡢ౑⏝ྍ⬟ᛶ࡟ࡘ࠸࡚⪃៖ࡏࡊࡿࢆᚓ࡞࠸ࡼ࠺࡟⪃࠼ࡽࢀࡿࠋࡓࡔࠊ↓ᙧ㈨⏘ࡀ⏕ࡳฟࡍண᝿฼ᚓࢆ⪃៖ࡍࡿ࡜ࡋ࡚ࡶࠊࡑࡢ⟬ᐃ࡟ᙜࡓࡗ࡚ࠊ↓ᙧ㈨⏘ࡢ౑⏝ྍ⬟ᮇ㛫ࡸ⌧ᅾ౯್⟬ᐃࡢ๭ᘬ⋡➼࡟㛵ࡋ࡚ࠊ୙☜ᐃ࡞せᅉࡀከࡃࠊࡑࡢ⟬ᐃࡣᇶᮏⓗ࡞⪃࠼᪉࡟ࡼࡾࠊ⟬ᐃ⤖ᯝ࡟኱ࡁ࡞ᕪࡀ⏕ࡌࡿࡇ࡜ࡀ⪃࠼ࡽࢀࡿࠋ౑⏝ྍ⬟ᮇ㛫࡟ࡋ࡚ࡶࠊᐇ㝿࡟ࡣ኱ࡁ࡞ᕪࡀ⏕ࡌ࠿ࡡ࡞࠸ࡼ࠺࡛࠶ࡾࠊ᭦࡟ࡣࠊ」ᩘࡢ↓ᙧ㈨⏘࡟ࡼࡿ┦஫స⏝ࡸ⿵᏶ᛶ࠿ࡽ⏕ࡌࡿྜ⟬౯್➼ࢆ࡝ࡇࡲ࡛ࡳࡿ࠿➼ࠊࡑࡢ⤒῭ⓗ౯್࡟ᇶ࡙
ࡃ⟬ᐃࡶᐜ࡛᫆ࡣ࡞࠸ࠋᚑࡗ࡚ࠊண᝿฼ᚓࢆ⪃៖ࡍࡿሙྜ࡟ࡣࠊ࡛ࡁࡿࡔࡅྜ⌮ⓗ࠿ࡘ㝈ᐃⓗ࡟ゎࡍࡿࡇ࡜ࡀᮃࡲࢀࡿࠋࡲࡓࠊࡇࡇ࡛ࡶࠊಶࠎࡢ↓ᙧ㈨⏘ࡢෆᐜࡸࣜࢫࢡ
≧ἣ➼ࡢ஦ᐇ࡜≧ἣࢆ㋃ࡲ࠼ࡓ࡛ࡁࡿࡔࡅከࡃࡢලయⓗ࡞タ౛ࡢグ㏙ࡀᮃࡲࢀࡿࠋ
ࡲࡓࠊண᝿฼ᚓࢆ⪃៖ࡍࡿࡇ࡜࡟ࡘ࠸࡚ࡣࠊ⛯ົࡀᮏ᮶ᐇ⌧ࡋࡓ฼ᚓ࡟ㄢ⛯ࡍࡿࡇ࡜࠿ࡽࡳ࡚ࠊၥ㢟ࡀ࠶ࡿ࡜ࡢ⪃࠼ࡶ࠶ࡿࡀࠊࡑࡢホ౯࡟ᅔ㞴ᛶࡀ࠶ࡿ࡜ࡣ࠸࠼ࠊࡑࡢ
᫬Ⅼ࡛ࡢ➨୕⪅㛫ྲྀᘬ౯᱁ࡀࡑࢀࢆ㋃ࡲ࠼ࡿࡶࡢ࡛࠶ࡾࠊ࠿ࡘྲྀᘬࡢⓗ☜࡞≧ἣ➼࡟ᛂࡌࡓࡶࡢ࡛࠶ࡿ㝈ࡾ࡟࠾࠸࡚ࡣࠊࡑࢀࢆ⪃៖ࡍࡿࡇ࡜࡟࡞ࡿࡶࡢ࡜⪃࠼ࡽࢀࡿࠋࡓ
ࡔ᫬࡟ࡣࠊࡑࡶࡑࡶ↓ᙧ㈨⏘ࡢ⛣㌿ࡢ᭷↓࣭⛣㌿᫬ᮇ➼࡟ࡘ࠸࡚ࠊᚲࡎࡋࡶ᫂☜࡛࡞࠸ሙྜࡶ࠶ࡿࡇ࡜࠿ࡽࠊ༑ศ࡞ᐇែศᯒࡀḞ࠿ࡏ࡞࠸࡜ࡇࢁ࡛࠶ࡿࠋࡲࡓࠊᡤᚓ┦ᛂᛶᇶ‽࡟ࡘ࠸࡚ࡣࠊᇶᮏⓗ࡟⊂❧௻ᴗᇶ‽࡜ࡢ㛵ಀ࡛␲ၥࡀ࿊ࡉࢀ࡚ࡁࡓࡢࡣ஦ᐇ࡛
࠶ࡾࠊ⊂❧௻ᴗ㛫࡛ࡢホ౯ࡢ࠶ࡾ᪉࡜୍⮴ࡋ࡞࠸ࡼ࠺࡞ሙྜ࡟ࡣࠊᙜ↛࡞ࡀࡽู㏵ࡢ
⪃៖ࡀᡶࢃࢀࡿ࡭ࡁ࡛࠶ࢁ࠺ࠋࡲࡓࠊ」ᩘࡢ⟬ᐃ᪉ἲࡀ⪃៖ࡉࢀࡿࡼ࠺࡞ሙྜࡢࡓࡵ
࡟ࡶࠊᖜࡢᴫᛕࢆᑟධࡍࡿࡇ࡜ࡣ᭷⏝࡛࠶ࡿ࡜⪃࠼ࡽࢀࡿࠋ
≉࡟ࠊၥ㢟࡜ࡉࢀࡿࡢࡀࠊண᝿฼ᚓ࡜⤖ᯝࡢᐇ⌧฼ᚓ࡟ᕪࡀ⏕ࡌࡓሙྜࡢᑐᛂ࡛࠶
ࡿࠋࡇࢀ࡟ࡼࡗ࡚ᙜึ౯㢠ࡢಟṇࢆ⾜࠺ࡇ࡜ࡣࠊࡲࡉ࡟ OECD ࡀྰᐃⓗ࡞ᚋ▱ᜨ㸦hindsight㸧࡟࡞ࡿ࡜⪃࠼ࡽࢀࡿࡀࠊ࠶ࡃࡲ࡛⊂❧௻ᴗ㛫࡛࠶ࢀࡤ࡝ࡢࡼ࠺࡟ㄪᩚࢆ⾜ࡗࡓ࠿ุ࡛᩿ࡍ࡭ࡁࡶࡢ࡜⪃࠼ࡽࢀࡿ㸦OECD ࢞࢖ࢻࣛ࢖࣭ࣥࣃࣛ 6.28㹼6.34㸧ࠋྲྀᘬ᫬Ⅼ࡟࠾࠸࡚ࠊ⊂❧௻ᴗ㛫࡛ࡶᑗ᮶ࡢㄪᩚࢆ඲ࡃ⪃៖ࡋ࡞࠸ࡼ࠺࡞ሙྜ࡛࠶ࢀࡤࠊᚋ᪥
࡛ࡢㄪᩚࡣࡓ࡜࠼ᕪࡀ⏕ࡌࡓሙྜ࡛ࡶ୙せ࡛࠶ࡿ࡜⪃࠼ࡽࢀࡿࡀࠊ┦ᡭᅜ࡛ࡶྠᵝ࡟ゎࡍࡿࡇ࡜ࡀồࡵࡽࢀࡿࠋࡲࡓࠊ࡛ࡁࡿࡔࡅࡇࡢࡼ࠺࡞≧ἣࢆ⏕ࡌ࡞࠸ࡼ࠺࡞௙⤌ࡳ࡜ࡋ࡚ࠊ⡿ᅜṓධつ๎࡛つᐃࡉࢀ࡚࠸ࡿࡼ࠺࡞ࢭ࣮ࣇࣁ࣮ࣂ࣮㸦つ๎i1.482㸫4(f)ࠊ80㸣
㹼120㸣㸧ࢆά⏝ࡍࡿࡇ࡜ࠊ࠶ࡿ࠸ࡣ஦๓☜ㄆ㸦APA㸧࡟ࡼࡾணྍ⬟ᛶࢆ☜ಖࡍࡿࡇ

࡜ࡣ᭷⏝࡛࠶ࡿ࡜⪃࠼ࡽࢀࡿࠋ࡞࠾ࠊࡇࡇ࡛ࡢ஦๓☜ㄆ࡟࠾࠸࡚ࡣࠊ㔜せ࡞๓ᥦ᮲௳
㸦ࢡࣜࢸ࢕࢝ࣝ࢔ࢧࣥࣉࢩࣙࣥ㸧ࢆ୍ᒙά⏝ࡍࡿవᆅࡀ࠶ࡿࡼ࠺࡟ᛮࢃࢀࡿࠋ
ࡲࡓࠊ࠸ࢃࡺࡿ௻ᴗ࡟ಀࡿ㏥ฟ⛯㸦exit tax㸧࡟ࡘ࠸࡚ࡶࠊࢻ࢖ࢶ➼࡛㏆᫬ᑟධࡉࢀ࡚

54

࠸ࡿࡀࠊᡤᚓ┦ᛂᛶᇶ‽ࢆ࡝࠺ලయⓗ࡟㐺⏝ࡍࡿࡢ࠿ᚲࡎࡋࡶᐃ࠿࡛ࡣ࡞ࡃࠊࡲࡓࠊ
┦ᡭᅜ࡜ࡢ㛵ಀ➼࠿ࡽࠊㄢ⛯ࡢ᫬ᮇࡀᑗ᮶࡟࠾࠸࡚ࡶ༑ศ࡟☜ಖࡉࢀࡿࡼ࠺࡞≧ἣ࡟࠾࠸࡚ࡶᮍᐇ⌧ࡢ࢟ࣕࣆࢱࣝࢤ࢖ࣥࢆฟᅜ᫬Ⅼ࡛ㄢ⛯ࡍࡿࡢࡀ㐺ษ࠿࡝࠺࠿ࠊ␲ၥࡀ
࿊ࡉࢀ࡚࠸ࡿࠋ
࠸ࡎࢀ࡟ࡏࡼࠊᡤᚓ┦ᛂᛶᇶ‽ࡢලయⓗ࡞㐺⏝ࢆᕠࡗ࡚ࡣࠊࡑࡢཎ๎ⓗ࡞ྲྀᢅ࠸᪉
ࢆࡣࡌࡵࠊከࡃࡢᮍ☜ᐃ࡞࡜ࡇࢁࡀ࠶ࡾࠊᅜ㝿ⓗ࡞ྜពࡢ࡞࠸ࡲࡲ࡛ࡣ஧㔜ㄢ⛯ࡢゎᾘࡉࢀ࡞࠸஦ែࡀ⏕ࡌࡿࡇ࡜ࡀ༑ศ࡟ண᝿ࡉࢀࡿࡇ࡜࠿ࡽࠊྛᅜྜព࡟ྥࡅࡓ௒ᚋࡢ
᭦࡞ࡿ᳨ウࡀᚲせ࡞࡜ࡇࢁ࡜⪃࠼ࡽࢀࡿࠋ
࡞࠾ࠊ↓ᙧ㈨⏘ࡢࣛ࢖ࢭࣥࢫ౪୚ࡢሙྜ࡟࠾࠸࡚ࡶࠊᙜヱ↓ᙧ㈨⏘ࡢ౑⏝ྍ⬟ᮇ㛫➼࡟ಀࡿၥ㢟ࡣ㔜せ࡛࠶ࡾࠊ᫬㛫⤒㐣࡟క࠺ᕷሙ౯್ࡢపୗࡀ࠶ࢀࡤࠊࣛ࢖ࢭࣥࢫᩱ
࡟ࡶ཯ᫎࡉࢀࡿ࡭ࡁ࡛࠶ࢁ࠺ࠋࡓࡔࠊࣛ࢖ࢭࣥࢫ౪୚ࡢሙྜ࡟ࡣࠊࣛ࢖ࢭࣥࢫᩱ⋡ࡑࡢࡶࡢࡸࣛ࢖ࢭࣥࢫᩱᨭᡶᚋࡢ฼┈≧ἣࡢ᳨ウ➼࡟ࡼࡾࠊ஦๓☜ㄆࡀẚ㍑ⓗά⏝ࡋࡸࡍ࠸ࡼ࠺࡟ᛮࢃࢀࡿࠋ㸴 ᐇົⓗ࡞ၥ㢟㸦㸯㸧↓ᙧ㈨⏘ࡢ⠊ᅖ↓ᙧ㈨⏘࡟ࡘ࠸࡚ࡣࠊࡇࢀࡲ࡛ࡢ࡜ࡇࢁࠊࡓ࡜࠼ᴫᛕⓗ࡟ࡣ⛣㌿౯᱁ࡢᑐ㇟࡟࡞ࡿ
࡜ࡋ࡚ࡶࠊලయⓗ࡟࡝ࡢࡼ࠺࡞≧ἣࡢሙྜ࡟ࡑࡢᑐ㇟࡜ࡉࢀࡿࡢ࠿ࡀ᫂ࡽ࠿࡛ࡣ࡞ࡃࠊ
ྛᅜ࡛ಶࠎࡢ஦౛࡟ᛂࡌ࡚ࠊᚲࡎࡋࡶ୍㈏ࡋࡓ୺ᙇࡀ࡞ࡉࢀ࡚ࡁ࡚࠸࡞࠸ࡼ࠺࡛࠶ࡿࠋ
౛࠼ࡤࠊ㈍኎ࡢ↓ᙧ㈨⏘࡟ࡘ࠸࡚ࠊ౯್࠶ࡿ↓ᙧ㈨⏘ࡢ⠊ᅖ࡟ࡘ࠸࡚ࠊࡑࢀࡒࢀࡢᅜࡢ⤒῭ᵓ㐀࡟ᛂࡌ࡚␗࡞ࡗࡓゎ㔘ࡀ⾜ࢃࢀࠊᅜෆⓗ࡟ࡣ✀ࠎࡢ㆟ㄽࡀࡉࢀ࡚࠸࡚ࡶ⮬ᅜࡢ㈍኎ࡢ↓ᙧ㈨⏘࡟ࡘ࠸࡚ᗈࡃゎ㔘ࡀ⾜ࢃࢀࡓࡾࠊእᅜࣈࣛࣥࢻࡢ⮬ᅜ࡛ࡢᙧᡂ➼࡟ࡘ࠸࡚ᴟࡵ࡚ᙉ࠸୺ᙇࡀ࡞ࡉࢀࡓࡾࡋ࡚࠸ࡿࡼ࠺࡛࠶ࡿࠋၟᶆࡢᡤ᭷ࡣぶ఍♫࡟࠶ࡿ࡜ࡋ࡚ࡶࠊࡑࡢ౯್ࢆቑຍࡉࡏࡓࡢࡣ⌧ᆅ௻ᴗ࡛࠶ࡿ࡜ࡋ࡚ࠊぶᏊ఍♫㛫࡛ࡢၟᶆ౑⏝࡟ಀࡿᑐ౯ࡣᨭᡶ࠺ᚲせࡀ࡞࠸ࠊ࡜࠸ࡗࡓ୺ᙇࡶ࡞ࡉࢀ࡚࠸ࡿࡼ࠺࡛࠶ࡿࠋ
ࡲࡓࠊᙺົᥦ౪࡜ࡢ༊ู࡟ࡘ࠸࡚ࡣࠊᚲࡎࡋࡶ᫂☜࡛ࡣ࡞ࡃࠊ≉࡟↓ᙧ㈨⏘࡜୍య࡛ྲྀᘬࡀ࡞ࡉࢀࡿሙྜ࡟ࡣ✀ࠎࡢᅔ㞴ࡀ࠶ࡿࡀࠊ୍᪉ࠊࢯࣇࢺ࢖ࣥࢱࣥࢪࣈࣝ࡜ࡳࡽ
ࢀࡿࡶࡢࢆᙺົ࡜ࡋ࡚ศ㢮ࡍࡿࡇ࡜࡟ࡼࡗ࡚㧗฼┈⋡ࢆ㑊ࡅࡿ㑅ᢥࢆࡍࡿࡇ࡜ࡣၥ㢟࡛࠶ࡿࠋࡓࡔࠊࢢ࣮ࣝࣉ௻ᴗࡀࠊຠ⋡໬ࡢࡓࡵ࡟୍ᣓࡋ࡚⾜࠺⾜Ⅽ㸦౛ࠊ㉎㈙άື㸧➼ࡣࠊ࠶ࡃࡲ࡛஦᱌ࡢ஦ᐇ࡜≧ἣ࡟ࡼࡿ࡜ࡇࢁ࡛࠶ࡿࡶࡢࡢ㸦OECD ࢞࢖ࢻࣛ࢖࣭ࣥࣃ
ࣛ 9.154㸧ࠊ୍⯡࡟ࡣᙺົᥦ౪࡜ࡋ࡚ྲྀࡾᢅࢃࢀࡿࡶࡢ࡛࠶ࢁ࠺ࠋ
࠸ࡎࢀ࡟ࡏࡼࠊ⮬ᅜㄢ⛯ᶒ☜ಖࡢࡓࡵ࡟↓ᙧ㈨⏘ࡢ⠊ᅖࡀḟ➨࡟ᣑᙇゎ㔘ࡉࢀ࡚࠸ࡁ࠿ࡡ࡞࠸࡜ࡇࢁ࡛࠶ࡾࠊOECD ࡜ࡋ࡚ࠊ࠸ࢃࡺࡿ౯್࠶ࡿ↓ᙧ㈨⏘࡜ࡑࢀ௨እࡢࡶࡢ
࡜ࡢ༊ู➼࡟ࡘ࠸࡚ࡢᅜ㝿ⓗ࡞ྜពࡀ᪩ᮇ࡟࡞ࡉࢀࡿࡇ࡜ࡀồࡵࡽࢀ࡚࠸ࡿ࡜ࡇࢁ࡛
࠶ࡿࠋ

55㸦㸰㸧↓ᙧ㈨⏘ࡢホ౯↓ᙧ㈨⏘࡟ࡘ࠸࡚ࡣࠊᙜึࡢ㛤Ⓨẁ㝵࡜ᑗ᮶ࡢ㧗཰┈࡜ࡢ㛵ಀ࡛ࡣࠊࣜࢫࢡᴫᛕࡢ
᭦࡞ࡿศᯒࡀồࡵࡽࢀࡿࠋࡲࡓࠊලయⓗ࡟ࡣ↓ᙧ㈨⏘ࡢ⛣㌿➼࡟㝿ࡋ࡚ࡢᡤᚓ┦ᛂᛶᇶ‽➼࡟ࡘ࠸࡚࡝࠺⪃࠼ࡿࡢ࠿ࠊఏ⤫ⓗ࡞⪃࠼᪉࡜ࡣ␗࡞ࡿ౯᱁⟬ᐃ᪉ἲࡀồࡵࡽࢀ࡚࠸ࡿ࡜࠸࠼ࡼ࠺ࠋ
ᐇ㝿ⓗ࡟ࡣࠊࡓ࡜࠼ R&D άືࡀ⾜ࢃࢀࡿ࡜ࡋ࡚ࡶࠊࡑࢀࡀ↓ᙧ㈨⏘ࡢ๰⏕࡟㈨ࡍࡿ
࠿࡝࠺࠿ࡣࠊࡑࡢෆᐜ࡟ࡼࡗ࡚኱ࡁࡃ␗࡞ࡗ࡚࠾ࡾࠊ≉࡟ࠊ་⸆ရࡢࡼ࠺࡞ศ㔝࡛ࡣࠊከ㢠ࡢ R&D ㈝⏝ࡀᴟࡵ࡚㛗ᮇ࡟ࢃࡓࡗ࡚Ⓨ⏕ࡍࡿࡀࠊ୍⯡࡟ࡑࢀࡀၟᴗ໬࡟⮳ࡿ࠿࡝࠺࠿ࡣᴟࡵ࡚୙☜ᐇ࡛࠶ࡿࠋᚑࡗ࡚ࠊṧవ฼┈ศ๭ἲࡢ㐺⏝࡟ᙜࡓࡗ࡚ࡢศ๭せ⣲࡜ࡋ࡚ࡢ౑⏝ࠊண᝿౽┈࡟ಀࡿ⌧ᅾ౯್ࡢ⟬ᐃࠊ➼࡟࠾࠸࡚ៅ㔜࡞᳨ウࡀồࡵࡽࢀࡿࠋ
㏆᫬ࡢ↓ᙧ㈨⏘㞟⣙ⓗ࡞⏘ᴗ࡜ࡋ࡚ࡢ࢚ࣞࢡࢺࣟࢽࢡࢫࡸࢯࣇࢺ࢚࢘࢔⏘ᴗ࡟࠾࠸࡚
ࡶࠊྠᵝࡢၥ㢟ࡀ࠶ࡿࠋ↓ᙧ㈨⏘ࡢ⛣㌿࡟㝿ࡋ࡚ࡣࠊࡋࡤࡋࡤ⤌⧊෌⦅࡟ࡼࡿᶵ⬟⛣㌿ࡢ⤖ᯝࠊ㛵㐃⪅ࡀ࠸ࢃࡺࡿጤク〇㐀⪅➼࡟࡞ࡿሙྜࡀ࠶ࡿࡀࠊࡑࡢ㝿࡟ࠊࣜࢫࢡ➼ࡶ⛣㌿ࡋ࡚࠸ࡿ࠿࡝࠺
࠿ࡀၥࢃࢀࠊࡑࡢ᫬Ⅼ࡛ࡢ⛣㌿౯᱁ࡢၥ㢟ࡀ⏕ࡌᚓࡿࠋࣜࢫࢡࡣዎ⣙࡟ࡼࡗ࡚⛣㌿ࡋᚓࡿ࡜ࡋ࡚ࡶࠊࡑࡢ㝿ࡢ஦ᴗ≧ἣ➼࡟ࡘ࠸࡚ࡢ᳨ウࡶ༑ศ࡟࡞ࡉࢀࡿ࡭ࡁࡶࡢ࡛࠶ࢁ
࠺ࠋࡲࡓࠊ㈍኎Ꮚ఍♫࠿ࡽ࠸ࢃࡺࡿࢥ࣑ࢵࢩࣙࢿ࢔࡟஦ᴗ෌⦅ࡀ࡞ࡉࢀࡓሙྜ࡟ࡣࠊ
࣮࣐࣮ࣟ࢝ࣝࢣࢵࢺ࢖ࣥࢱࣥࢪࣈࣝࡢᑐ౯ࡢせྰࡀၥ㢟࡜ࡉࢀࡼ࠺㸦OECD ࢞࢖ࢻࣛ࢖
࣭ࣥࣃࣛ 9.89ࠊ9.90㸧ࠋ↓ᙧ㈨⏘ホ౯࡟ಀࡿ᝟ሗ࡟ࡘ࠸࡚ࠊᙜᒁ࡜ࡢ㠀ᑐ⛠ᛶࡀホ౯࡟ᙳ㡪ࡍࡿࡇ࡜ࡀ࠶ࡿ
࡜ࡢᣦ᦬ࡶ࠶ࡾࠊ᝟ሗࡢඹ᭷໬࡜࡜ࡶ࡟ࠊබ㛤᝟ሗ࡟ࡼࡿ↓ᙧ㈨⏘ホ౯ࡢ௙⤌ࡳ࡟ࡘ࠸࡚ྍ⬟࡞⠊ᅖ᳨࡛ウࡉࢀࡿ࡭ࡁ࡛࠶ࢁ࠺ࠋ
㸦㸱㸧㈝⏝ศᢸዎ⣙㸦CCA㸧㈝⏝ศᢸዎ⣙࡟ࡘ࠸࡚ࡣࠊOECD ࢞࢖ࢻࣛ࢖ࣥ➨ 8 ❶࡟グ㏙ࡉࢀࠊ௒ᚋ㡰ḟᨵᐃసᴗࡀ㐍ࡵࡽࢀࡿྍ⬟ᛶࡶ࠶ࡿࡀࠊࡇࢀࡲ࡛⡿ᅜ࡟࠾࠸࡚ከࡃࡢ⛒⛯ࢫ࣮࣒࢟ࡢ୰࡛㈝⏝ศᢸዎ⣙ࡀ฼⏝ࡉࢀࠊࡲࡓッゴ஦౛ࡶ⏕ࡌ࡚࠸ࡿࡇ࡜࠿ࡽࠊ࠸ࢃࡺࡿࣂ࢖࢖ࣥᨭᡶ㢠ࡢ⟬ᐃ࡟࢖࣒ࣥ࢝࢔ࣉ࣮ࣟࢳ࡛ࡢண᝿฼ᚓࢆ⪃៖ࡍࡿࡇ࡜࡞࡝࡟ࡘ࠸࡚ࠊつ๎ᨵᐃ࡟ࡼࡿ᫂☜໬ࡀᅗࡽࢀ࡚࠸ࡿࠋࢃࡀᅜ࡛ࡶࠊ⛣㌿౯᱁஦ົ㐠Ⴀせ㡿㸦2㸫14㹼2㸫18㸧࡟࠾࠸࡚ࠊOECD ࢞࢖ࢻࣛ࢖ࣥ࡟ἢࡗࡓෆᐜࡢつᐃࡀ⨨࠿ࢀ࡚࠸ࡿࡀࠊලయⓗ࡞㐺⏝㛵ಀ࡟ࡘ࠸࡚ࡣࠊᚲࡎࡋࡶ᫂☜࡛ࡣ࡞ࡃࠊ௒ᚋࡢ OECD ࡛ࡢ㆟ㄽࡢ㐍ᒎ࡟క࠺᫂☜໬ࡀồࡵࡽࢀࡿࠋ୍᪉ࠊ↓ᙧ㈨⏘ࡢᙧᡂ࡜ࡣ࡞ࡽ࡞࠸ᙺົᥦ౪࡟ಀࡿ㈝⏝ศᢸዎ⣙㸦ࢧ࣮ࣅࢫ CCA㸧ࡀࠊ㔠⼥άືࠊㄪ㐩㛵ಀࠊ➼࡛ࡳࡽࢀࡿࡀࠊࢢ࣮ࣝࣉෆᙺົᥦ౪࡜ࡢ༊ูࡶ㋃ࡲ࠼࡚ࠊ
᳨ウࡀ࡞ࡉࢀ࡚࠸ࡿ࡜ゝࢃࢀ࡚࠸ࡿࠋ

56

㸦㸲㸧஧㔜ㄢ⛯ࡢⓎ⏕࡜⣮தゎỴࡇࡢࡼ࠺࡟↓ᙧ㈨⏘࡟ࡘ࠸࡚ࡣࠊࡑࡢㄆ㆑࣭ホ౯➼ࢆᕠࡿᅜ㝿ⓗ࡞ྜព࡟ஈࡋ࠸ࡇ
࡜࠿ࡽࠊGlaxo ஦௳࡟࠾࠸࡚඾ᆺⓗ࡟ࡳࡽࢀࡿࡼ࠺࡟ಶู஦᱌࡛ࡢྛᅜ㛫ࡢྜពᙧᡂࡀ
ᴟࡵ࡚ᅔ㞴࡛ࠊ῝้࡞஧㔜ㄢ⛯ࡢ≧ἣࢆ⏕ࡌ࠿ࡡ࡞࠸≧ἣ࡜࡞ࡗ࡚࠸ࡿࠋࡲࡓࠊ᭦࡟ࠊ
㏆᫬ࡣ᪂⯆ᅜ➼ࡀ⛣㌿౯᱁ㄢ⛯ࡢᙉ໬ࢆᅗࡗ࡚࠸ࡃ࡞࠿࡛ࠊᏳ᫆࡟↓ᙧ㈨⏘ࡢᏑᅾࢆ୺ᙇࡍࡿሙྜࡀ࠶ࡾࠊࡇࢀࡲ࡛ࡢඛ㐍ᅜ࡛ࡢၥ㢟࠿ࡽࠊࡼࡾᗈ⠊ᅖ୍࡛ᒙ㞴ࡋ࠸ၥ㢟࡜࡞ࡗ࡚࠸ࡿࡼ࠺࡛࠶ࡿࠋ
࠸ࡎࢀ࡟ࡏࡼࠊࡲࡍࡲࡍࢢ࣮ࣟࣂ࡛ࣝࡢᑐᛂࡀồࡵࡽࢀࡿ࡜ࡇࢁ࡛࠶ࡿࡀࠊ⣮தゎỴᡭẁ࡟㛵㐃ࡍࡿ஦㡯࡟ࡘ࠸࡚ࡣࠊOECD ࢞࢖ࢻࣛ࢖ࣥ➨ 4 ❶㸦┦஫༠㆟ࠊࢭ࣮ࣇࣁ࣮
ࣂ࣮ࠊ஦๓☜ㄆ㸦APA㸧ࠊ௰⿢㸧ཬࡧ➨ 5 ❶㸦ᩥ᭩໬㸧࡛㏙࡭ࡽࢀ࡚࠸ࡿࡀࠊ↓ᙧ㈨⏘ࢆᕠࡿ⣮தゎỴࡢᅔ㞴ᛶࢆࡳࢀࡤࠊ࡛ࡁࡿࡔࡅ⣮தࡢⓎ⏕ࢆ㜵Ṇࡍࡿࡓࡵࡢᡭẁࢆྛᅜ࡛ྜពࡍࡿࡇ࡜ࡀᮃࡲࢀࡿࠋࡑࡢព࿡࡛ࡣࠊࢭ࣮ࣇࣁ࣮ࣂ࣮ࡢά⏝ࡀ⪃࠼ࡽࢀࠊࡇ
ࢀ࡟࠿࡞ࡾྰᐃⓗ࡞➨ 4 ❶࡛ࡢグ㏙ࡣࠊ᭦࡟ࣂࣛࣥࢫࡢ࡜ࢀࡓࡶࡢ࡟ᨵᐃࡍࡿࡇ࡜ࡀ
ồࡵࡽࢀࡿࠋࡓࡔࠊලయⓗ࡞ྜព࡟ࡣ࠿࡞ࡾᅔ㞴ࡀక࠺ࡇ࡜ࡶ⪃࠼ࡽࢀࠊࢭ࣮ࣇࣁ࣮ࣂ࣮ࢆタࡅࡿࡇ࡜ࡀ㐺ᙜ࡞ศ㔝ࡸྲྀᘬ㢮ᆺ➼࡟ࡘ࠸࡚ࠊఱࡽ࠿ࡢᙧ࡛ᩚ⌮ࡍࡿࡇ࡜ࡶ
⪃࠼ࡽࢀࡿࠋ
ࡲࡓࠊ஦๓☜ㄆࡢά⏝ࡶ᭷⏝࡜⪃࠼ࡽࢀࡿࠋࡓࡔࠊ↓ᙧ㈨⏘ྲྀᘬࡢᑗ᮶࡬ࡢᙳ㡪࡟ࡼࡿ㛵ಀᙜᒁ㛫ྜពࡢᅔ㞴ᛶࡶᣦ᦬ࡉࢀࠊࡸࡣࡾ OECD ࡛ࡢ࡛ࡁࡿࡔࡅࡢᇶᮏⓗ࡞ྜពࡀᨵࡵ࡚ᙉࡃồࡵࡽࢀࡿࠋ㏆᫬⡆᫆࡞ၥ㢟ゎỴᡭẁ࡜ࡋ࡚ࠊ୍᪉ࡢᙜᒁ࡜ࡢ⡆᫆ APA➼ࡶᣦྥࡉࢀ࡚࠸ࡿࡀࠊࡇࢀࢆㄆࡵࡿሙྜ࡟ࡣࠊ┦ᡭᅜ࡜ࡢ㛵ಀ࡛ၥ㢟ࡀ⏕ࡌࡿࡤ࠿ࡾ࡛࡞ࡃࠊ≉࡟↓ᙧ㈨⏘࠿ࡽ⏕ࡌࡿண᝿฼ᚓ࡜ࡢ㛵ಀ࡛ࠊ࠸ࢃࡺࡿᚋ▱ᜨࡢᑟධࡀ⪃៖ࡉࢀࡿࡇ࡜ࡶ⪃࠼ࡽࢀࠊὀព῝ࡃ᳨ウࡍࡿᚲせࡀ࠶ࢁ࠺ࠋ
᭦࡟ࡣࠊ⤖ᒁࡢ࡜ࡇࢁࠊྛᅜ࡛ࡢྜពࡣᴟࡵ࡚ᅔ㞴࡛࠶ࡿࡇ࡜࠿ࡽࠊᙉไ௰⿢࡬ࡢ
⛣⾜ࢆ᭱⤊ⓗ࡟☜ಖࡍࡿࡇ࡜ࢆ⪃៖ࡍࡿ࡭ࡁ࡛࠶ࡿ࡜ࡢ⪃࠼ࡶ࠶ࢁ࠺ࡀࠊ↓ᙧ㈨⏘࡟ಀࡿᡤᚓࡢ⟬ᐃࡀၥ㢟࡜࡞ࡗ࡚࠸ࡿሙྜ࡛࠶ࢀࡤ᱁ูࠊ↓ᙧ㈨⏘ࡢ⠊ᅖ㸦ᐃ⩏㸧ཬࡧᡤᚓᖐᒓࡢ᭷↓࡟ࡘ࠸࡚ࡣࠊࡲࡎྛᅜ㛫࡛ࡢᇶᮏⓗྜពࡀᚲせ࡛࠶ࡾࠊࡑࢀ࡞ࡃࡋ࡚
௰⿢ࢆᑟධࡍࡿࡇ࡜ࡣ༷ࡗ࡚ΰ஘ࢆᣍࡁ࠿ࡡ࡞࠸ࡶࡢ࡜⪃࠼ࡽࢀࡿࠋ㸵 ࠾ࢃࡾ࡟
㸦㸯㸧ࢃࡀᅜ௻ᴗࢆྲྀࡾᕳࡃ⎔ቃࡢᩚഛࢃࡀᅜ௻ᴗࡢᾏእᒎ㛤ࡀ㑊ࡅࡽࢀ࡞࠸≧ἣࡢ୰࡛ࠊ⛣㌿౯᱁⛯ไ࡟ࡘ࠸࡚ࡣࠊ࠸ࢃ
ࡺࡿ⊂❧௻ᴗཎ๎ࡀୡ⏺ⓗ࡟ཷࡅධࢀࡽࢀ࡚࠸ࡿࠋࡋ࠿ࡋ࡞ࡀࡽࠊࡑࡢලయⓗෆᐜࡣྛᅜࡀ⨨࠿ࢀ࡚࠸ࡿ❧ሙ࡟ࡼࡾᚲࡎࡋࡶྠࡌ࡛ࡣ࡞ࡃࠊࢃࡀᅜ௻ᴗࡀᾏእάືࢆάⓎ໬ࡉࡏࡿࡓࡵࡢ⎔ቃᩚഛࡢ୍⎔࡜ࡋ࡚ࠊ≉࡟⛣㌿౯᱁⛯ไࡢᅜ㝿ⓗᩚഛࡣ㔜せ࡛࠶ࡿࠋ௒ࡸࠊ㈨ᮏ㍺ฟᅜ࡜ࡋ࡚ࡢ❧ሙࡀ኱ࡁࡃ࡞ࡗ࡚࠸ࡿࢃࡀᅜ࡜ࡋ࡚ࠊ〇㐀㸦◊✲㛤Ⓨ㸧ࡢ↓ᙧ㈨⏘ࡢ㔜せᛶࢆᨵࡵ࡚ㄆ㆑ࡍࡿ୍᪉࡛ࠊ❧ሙࡢ␗࡞ࡿᅜࡢ୺ᙇ࡟ᑐࡋ࡚ࡣࠊ⛣57

㌿౯᱁ࡢᮏ᪨࡟❧ࡕ㏉ࡗ࡚㆟ㄽࢆ㐍ࡵ࡚࠸ࡃࡇ࡜ࡀồࡵࡽࢀࡼ࠺ࠋ
ࠕ௻ᴗࡢᾏእ㐍ฟࡀ㐍ࡴ࡜ࠊ⏘ᴗࡢ✵Ὕ໬࡛ᅜෆࡢ㞠⏝ࡀῶࡿ࡜ࡢぢ᪉ࡀ࠶ࡿࠋࡔࡀࠊࡑࢀࡣᚲࡎࡋࡶᙜ
ࡓࡗ࡚࠸࡞࠸ࠋࠖࠕࢢ࣮ࣟࣂࣝᕷሙ࡛฼┈ࢆ⏕ࡵࡤࠊ᪥ᮏ࡟άຊࢆࡶࡓࡽࡍࠋᅜࡶ௻ᴗ
ࡶࠊࡑࡢࡓࡵࡢᨻ⟇ࡸ⤒Ⴀࢆࡉࡽ࡟᥎ࡋ㐍ࡵࡿ࡜ࡁࡔࠋࠖ
㸦ὀ 4㸧࡜ࡢពぢ࡟ᑐࡋ࡚ࠊࡲ
ࡎᅜ࡜ࡋ࡚ࠊ௻ᴗࡢᾏእάືࡢ㜼ᐖ࡜࡞ࡽ࡞࠸ࡼ࠺࡞ᅜ㝿⛯ົ⎔ቃࡢ㔊ᡂ࡟ྥࡅ࡚᭦
࡞ࡿᨻ⟇㐙⾜࡟ົࡵࡿࡇ࡜ࡀồࡵࡽࢀ࡚࠸ࡿࠋ
㸦㸰㸧ᅜ㝿ⓗ࡟⤫୍ⓗ࡞࣮ࣝࣝ⟇ᐃཬࡧゎ㔘ࡢ᫂☜໬ྛᅜ௻ᴗࡀࠊᅜ㝿ⓗ࡞⛯ົ⣮தࠊ࡜ࡾࢃࡅ⛣㌿౯᱁ၥ㢟࡟ᖖ࡟┤㠃ࡋ࡚࠸ࡿࡇ࡜ࢆ
⪃࠼ࢀࡤࠊ≉࡟↓ᙧ㈨⏘ࢆᕠࡿ࣮ࣝࣝࡀ୙☜ᐇ࡛ࠊࡑࡢࡓࡵ࡟௒ᚋ⣮தࡀቑ኱ࡍࡿྍ
⬟ᛶࡸࡑࡢᙳ㡪ࡢ኱ࡁࡉࢆ⪃࠼ࢀࡤࠊ᪩ᮇ࡟ᅜ㝿ⓗ࡟⤫୍ࡋࡓ↓ᙧ㈨⏘ࡢ᫂☜࡞࣮ࣝࣝࡢ⟇ᐃཬࡧࡑࢀࡽࡢゎ㔘ࡢ᫂☜໬࣭⤫୍໬ࡀ୙ྍḞ࡛࠶ࡿࠋOECD ࢞࢖ࢻࣛ࢖ࣥ➨ 6❶ࢆ୰ᚰ࡜ࡋࡓ㛵㐃つᐃࡢᩚഛ඘ᐇࢆᅗࡿ୍᪉࡛ࠊྠ௜㘓ࡢ➨ 6 ❶࡟㛵ࡍࡿタ౛➼ࢆ඘ᐇࡉࡏࡿࡢࡀᮃࡲࡋࡃࠊࡑࡢࡓࡵ࡟ࡶࠊྛᅜ௻ᴗࡀᐇ㝿࡟┤㠃ࡋ࡚࠸ࡿ஦౛ࢆ OECD࡛㞟⣙ࡋ࡚ࠊఱࡽ࠿ࡢ⤫୍ⓗゎ㔘ᣦ㔪ࢆᥦ♧ࡍࡿࡇ࡜ࡶᚲせ࡛࠶ࢁ࠺ࠋࡑࡢࡓࡵࡢࢃ
ࡀᅜࡢ✚ᴟⓗ࡞㈉⊩ࡶồࡵࡽࢀࡿ࡜ࡇࢁ࡛࠶ࡿࠋ
㸦㸱㸧ࢢ࣮ࣝࣉ௻ᴗ඲య࡬ࡢᑐᛂ
↓ᙧ㈨⏘࡟ࡘ࠸࡚ࡣࠊ௻ᴗഃ࡛ࠊࡑࡢ⟶⌮࣭ᡤ᭷࡟ࡘ࠸࡚ࠊᶵືⓗ࡟㞟୰࡞࠸ࡋศ
ᩓࡉࡏࡿࡼ࠺࡟࡞ࡗ࡚࠾ࡾࠊ㛵㐃ࡍࡿ஦㇟࡟ࡘ࠸࡚ࠊ⛣㌿౯᱁㠃࡛኱ࡁ࡞ၥ㢟࡜࡞ࡾࡘࡘ࠶ࡿࠋࢃࡀᅜ࡛ࡣࠊ㈝⏝ศᢸዎ⣙ࢆ⾜࠺௻ᴗࡀᮍࡔᑡ࡞࠸ࡀࠊ↓ᙧ㈨⏘㛤Ⓨ࣭⟶⌮ࢆ௻ᴗࢢ࣮ࣝࣉ࡜ࡋ࡚㐍ࡵࡿࡇ࡜ࡣ௒ᚋࡢࢃࡀᅜ௻ᴗ࡟࡜ࡗ࡚㔜せ࡞ࡇ࡜࡛࠶ࡾࠊ
ࡑࡢࡓࡵ࡟ࡶࠊ㈝⏝ศᢸዎ⣙࡟ಀࡿᅜ㝿ⓗ࡞࣮ࣝࣝࡢ୍ᒙࡢ᫂☜໬ࠊ࡞ࡽࡧ࡟ᅜෆつᐃࡢ඘ᐇཬࡧᐇົⓗ࡞㐍ᒎࡀᮃࡲࢀࡿࠋ᭦࡟ࠊ௒᪥ࡢ㐍ࢇࡔᢏ⾡࣭ྲྀᘬᙧែࠊ࢖ࣥࢱ࣮
ࢿࢵࢺ➼ࡢⓎ㐩ࠊࢆࡳࡓሙྜ࡟ࠊࢢ࣮ࣝࣉ௻ᴗ඲య࡜ࡋ࡚」㞧໬࣭㧗ᗘ໬ࡋࡓྲྀᘬᙧ
ែࡸ஦ᴗᐇែ࡟ᑐᛂ࡛ࡁࡿࡼ࠺࡞ࠊᰂ㌾࡛ከゅⓗᛮ⪃ࢆ㐺ᐅྲྀࡾ㎸ࢇࡔᑐฎ᪉ἲࡀࠊ
௒ᚋࡣࠊ⛣㌿౯᱁ࡢศ㔝࡟ࡶᚲせ࡛ࡣ࡞࠸࠿࡜⪃࠼ࡽࢀࡿࠋ㸦ὀ 1㸧 ͆ᖹᡂ 22 ஦ົᖺᗘࡢࠕ┦஫༠㆟ࡢ≧ἣࠖ࡟ࡘ࠸࡚͇㸦2011 ᖺ 10 ᭶ 14 ᪥ࠊᅜ⛯ᗇ
Ⓨ⾲㸧ࡼࡾࠋ
㸦ὀ 2㸧 ͆ࠕ⛣㌿౯᱁஦ົ㐠Ⴀせ㡿ࡢไᐃ࡟ࡘ࠸࡚ࠖ
㸦ᅜ⛯ᗇ஦ົ㐠Ⴀᣦ㔪㸧ࠊࠕู෉ ⛣㌿౯᱁⛯ไࡢ㐺⏝࡟ᙜࡓࡗ࡚ࡢཧ⪃஦౛㞟ࠖ
͇஦౛ 22㸦ṧవ฼┈➼ࡢศ๭せᅉ㸧ࢆཧ↷ࠋ㸦ὀ 3㸧 㜿㒊ጤဨ࡟ࡼࡿ͆↓ᙧ㈨⏘ࢆࡵࡄࡿᅜ㝿ྲྀᘬ࡟ಀࡿ⛯ົୖࡢྲྀᢅ࠸ࡢ⌧≧࡜ㄢ㢟͇ࢆཧ↷ࠋ㸦ὀ 4㸧 2012 ᖺ 1 ᭶ 4 ᪥௜ࠊ᪥⤒᪂⪺♫ㄝࠋ

58

[ཧ↷]
‫ࠕۑ‬⡿ᅜෆᅜṓධἲ➨ 482 ᮲㸦⛣㌿౯᱁㸧࡟㛵ࡍࡿ㈈ົ┬つ๎ࠖ㸦1995 ᖺ 12 ᭶ࠊ㟷ᒣ៞஧┘ヂ㸧㸦♫ᅋἲே᪥ᮏ⛒⛯◊✲༠఍㸧‫ۑ‬Transfer Pricing and Intangibles: Scope of the OECD Project㸦OECD࣭CTPAࠊ2011 ᖺ 1 ᭶
25 ᪥㸧‫ۑ‬Public Comments on the Transfer Pricing Aspects of Intangibles㸦OECDࠊ2010 ᖺ 9 ᭶㸧㸦ྵࠊ♫ᅋἲே᪥ᮏ㈠᫆఍ࢥ࣓ࣥࢺ㸦2010 ᖺ 9 ᭶ 14 ᪥௜㸧㸧‫ྠۑ‬㸦2010 ᖺ 11 ᭶㸧‫ྠۑ‬㸦2011 ᖺ 3 ᭶㸧‫ྠۑ‬㸦2011 ᖺ 11 ᭶㸧59➨㸳❶ ↓ᙧ㈨⏘ࢆࡵࡄࡿᅜ㝿ྲྀᘬ࡟ಀࡿ⛯ົୖࡢྲྀᢅ࠸ࡢ⌧≧࡜ㄢ㢟㜿㒊 Ὀஂ

ࡣࡌࡵ࡟⛯ไㄪᰝ఍ᑓ㛛ᐙጤဨ఍ࠕᅜ㝿ㄢ⛯࡟㛵ࡍࡿㄽⅬᩚ⌮ࠖ㸦ᖹᡂ 22 ᖺ 11 ᭶ 9 ᪥ࠊ௨ୗࠕㄽ
Ⅼᩚ⌮ࠖ㸧࡛ࡣࠊᅜ㝿ㄢ⛯࡟㛵ࡍࡿ୰ᮇⓗ࡞ㄢ㢟ࡢ୍ࡘ࡜ࡋ࡚ࠊࠕ↓ᙧ㈨⏘ࡢㄢ⛯ୖࡢホ౯ࡢᢅ࠸ࠖࢆᣲࡆࡓ࠺࠼࡛ࠊᅜ㝿ⓗ⛒⛯ᅇ㑊ࡢ㜵Ṇ࡟ྥࡅࡓ௒ᚋࡢㄢ㢟ࡢ୰࡛ࠊࠕ㉸㐣㈨⏘ࡢ※Ἠ࡛࠶ࡿ↓ᙧ㈨⏘ࢆᾏእ࡟⛣㌿ࡉࡏࡿࡼ࠺࡞஦ᴗ෌⦅࡟ᑐࡋ࡚ㄢ⛯ࡢ࠶ࡾ᪉ࢆ᳨ウࠖࡍࡿࡇ࡜ࢆᥦ㉳ࡋ࡚࠸ࡿࠋ
ࡑࡇ࡛ࠊᮏ❶࡛ࡣࠊࡇࡢၥ㢟ᥦ㉳࡟ᑐࡍࡿᅇ⟅࡟ྥࡅࡓ୰㛫ሗ࿌࡜ࡋ࡚ࠊ⌧⾜⛯ไ࡟࠾ࡅࡿ↓ᙧ㈨⏘࡟ಀࡿ᪤ᐃࡢḞⴠ➼ࢆᣦ᦬ࡋࡘࡘࠊࢃࡀᅜࡢᅜ㝿ㄢ⛯ไᗘ࡟࠾ࡅࡿ↓ᙧ㈨⏘ࡢྲྀᢅ࠸ࡢ⌧≧ࢆ☜ㄆࡋࡓୖ࡛ࠊ⤒῭⏺ࡢ❧ሙ࠿ࡽࠊࡑࡢၥ㢟Ⅼࢆᣦ᦬ࡋ࡚࠸ࡁࡓ࠸ࠋ
࡞࠾ࠊ⛣㌿౯᱁࡟㛵ࡍࡿ↓ᙧ㈨⏘ࢆࡵࡄࡿၥ㢟࡟ࡘ࠸࡚ࡣࠊᒸ⏣ጤဨ࡟ࡼࡿヲ⣽࡞ㄽ㏙ࡀ࡞ࡉࢀ࡚࠸ࡿࡢ࡛㸦➨㸲❶㸧ࠊᮏ❶࡛ࡣࠊࡑࢀ௨እࡢሙ㠃࡟↔Ⅼࢆᙜ࡚࡚࠸ࡁࡓ࠸ࠋ㸯 ᅜ㝿ྲྀᘬ࡟࠾ࡅࡿ↓ᙧ㈨⏘ࢆࡵࡄࡿၥ㢟㸦㸯㸧⛯ไㄪᰝ఍ᑓ㛛ᐙጤဨ఍ࡼࡾࡢၥ㢟ᥦ㉳ࠕㄽⅬᩚ⌮ࠖ
㸦ᖹᡂ 22 ᖺ 11 ᭶ 9 ᪥㸧࡛ࡣࠊࠕከᅜ⡠௻ᴗࢢ࣮ࣝࣉࡀ஦ᴗ෌⦅ࢆ㏻ࡌ࡚
↓ᙧ㈨⏘ࢆ㍍ㄢ⛯ᅜ࡟⛣㌿ࡍࡿࡇ࡜࡛⛯㈇ᢸࡢ㍍ῶࢆᅗࡿࢱࢵࢡࢫ࣭ࣉࣛࣥࢽࣥࢢࠖ
ࡀࢃࡀᅜ࡛ၥ㢟࡜࡞ࡾᚓࡿ࡜ࡋ࡚ࠊࡼࡾලయⓗ࡟ࡣࠊ௨ୗࡢࡼ࠺࡟ᣦ᦬ࡋ࡚࠸ࡿࠋ
ࠕᡃࡀᅜ࡟࠾࠸࡚ࡶࠊ࢖ࣥࣂ࢘ࣥࢻ㸦ᑐෆᢞ㈨㸧ཬࡧ࢔࢘ࢺࣂ࢘ࣥࢻ㸦ᑐእᢞ㈨㸧ࡢ୧㠃࡟࠾࠸࡚ࠊ஦ᴗ෌⦅࡟క࠺↓ᙧ㈨⏘ࡢ⛣㌿࡟క࠺ᡤᚓ⛣㌿ࡢࣜࢫࢡࡀ㧗ࡲࡾࡘࡘ࠶ࡿࠋ౛࠼ࡤࠊᡃࡀᅜࡢ௻ᴗ࡟ࡘ࠸࡚ࡶࠊ࢔ࢪ࢔࡞࡝ప⛯⋡ᅜ࡟タ❧ࡋࡓ⤫ᣓ఍♫࡞࡝࡟⤒Ⴀࣀ࢘ࣁ࢘࡞࡝↓ᙧ㈨⏘ࢆ⛣㌿ࡍࡿࡇ࡜࡛ࠊᡃࡀᅜࡢ⛯㈇ᢸࢆ㍍ῶࡍࡿࢱࢵࢡ
ࢫ࣭ࣉࣛࣥࢽࣥࢢࡢࣜࢫࢡࡀ㧗ࡲࡗ࡚ࡁ࡚࠸ࡿࠋ௒ᚋࠊ౛࠼ࡤࠊᡃࡀᅜ࡟࠾࠸࡚ࠊἲ
ே⛯⋡ࡢᘬୗࡆ࡜࠶ࢃࡏ࡚ㄢ⛯࣮࣋ࢫࡢᣑ኱ࡀ᳨ウࡉࢀࡿ㝿࡞࡝ࡢᶵ఍ࢆᤊ࠼࡚ࠊ
OECD ࡟࠾ࡅࡿ௒ᚋࡢᅜ㝿ⓗ࡞㆟ㄽࡢ㐍ᒎࡸ⤒῭άືࡢᐇែ࡞࡝ࡶぢᴟࡵࡘࡘࠊ㉸㐣㈨⏘ࡢ※Ἠ࡛࠶ࡿ↓ᙧ㈨⏘ࢆᾏእ࡟⛣㌿ࡉࡏࡿࡼ࠺࡞஦ᴗ෌⦅࡟ᑐࡋ࡚ㄢ⛯ࡢ࠶ࡾ᪉ࢆ᳨ウࡋ࡚ࡣ࡝࠺࠿ࠋࠖ
ࡉࡽ࡟ࠊࠕㄽⅬᩚ⌮࡛ࠖࡣࠊ⡿ᅜࠊࢻ࢖ࢶ࡟࠾ࡅࡿࠕᡤᚓ┦ᛂᛶᇶ‽ࠖࡢᑟධࢆ⤂௓ࡋࡓୖ࡛ࠊࠕ㉸㐣཰┈ࡢ※Ἠ࡛࠶ࡿ↓ᙧ㈨⏘ࢆᾏእ࡟⛣㌿ࡉࡏࡿ௻ᴗ࡟ᑐࡋ࡚ࠊ࡝ࡇࡲ࡛⛣㌿౯᱁⛯ไ࡛ᡤᚓ⛣㌿ࢆ㜵Ṇ࡛ࡁࡿࡢ࠿ࠖ࡜ࡋ࡚ࠊከᅜ⡠௻ᴗࢢ࣮ࣝࣉࡀ஦ᴗ෌
⦅ࢆ㏻ࡌ࡚↓ᙧ㈨⏘ࢆ㍍ㄢ⛯ᅜ࡟⛣㌿ࡍࡿࡇ࡜࡛⛯㈇ᢸࡢ㍍ῶࢆᅗࡿࡇ࡜ࢆ㜵ࡄࡓࡵ
࡟ࠊࠕ㏥ฟ⛯ࠖࡸྵࡳ┈ࡢ࠶ࡿ㈨⏘ࡢᾏእ⛣㌿࡟ᑐࡍࡿࠕࢺ࣮࣭ࣝࢳ࣮ࣕࢪࠖⓗㄢ⛯ࢆ᳨ウࡍ࡭ࡁࡇ࡜ࡀ♧၀ࡉࢀ࡚࠸ࡿࡼ࠺࡛࠶ࡿࠋ

60㸦㸰㸧↓ᙧ㈨⏘࡟㛵ࡍࡿつᐃࡢ୙ഛ⌧⾜⛯ไ࡛ࡣ↓ᙧ㈨⏘ࡢᐃ⩏ࠊホ౯ࠊ฼┈ࡢᖐᒓ࡟㛵ࡍࡿつᐃࡣᴟࡵ࡚ஈࡋ࠸ࠋᐃ
⩏࡟ࡘ࠸࡚ࡣࠊἲே⛯ἲ᪋⾜௧࡛ࡣࠊලయⓗ࡞ᶒ฼ࡲࡓࡣࡇࢀ࡟㢮ࡍࡿࡶࡢࢆᐃࡵࠊ
Ⴀᴗୖࡢࣀ࢘ࣁ࢘ࡸࣈࣛࣥࢻ౯್➼ࡢ࠸ࢃࡺࡿࢯࣇࢺ࣭࢖ࣥࢱࣥࢪࣈࣝ࡟ᑐࡋ࡚ࡣつᐃࡀ࡞ࡃࠊ஦ᐇୖࠕႠᴗᶒࠖࡢ࡞࠿࡟ໟᦤࡉࢀࡿࡶࡢ࡜ࡋ࡚ゎ㔘ࡉࢀ࡚࠸ࡿ࡟ࡍࡂ࡞࠸ࠋホ౯࡟ࡘ࠸࡚ࡢලయⓗつᐃࡣࠊ㈈⏘ホ౯ᇶᮏ㏻㐩࡟ࡋ࠿࡞ࡃࠊࡇࢀࡀἲே⛯ࡢୖ࡛࡝ࡢࡼ࠺࡞఩⨨࡙ࡅ࡛࠶ࡿ࠿ࡣ᭕᫕࡛࠶ࡿࠋࡲࡓࠊ▱ⓗᡤ᭷ᶒࡢἲⓗᡤ᭷⪅௨እࡢ㛵㐃⪅࡬ࡢ฼┈ࡢ㓄ศࡸࠊேⓗᙺົࡢᥦ౪࡟ࡼࡿ↓ᙧ㈨⏘ࡢ⛣㌿ࡣࠊࡑࡶࡑࡶἲ௧ୖࡢつᐃࡀᏑᅾࡋ࡞࠸ࠋ
୍᪉࡛ࠊ⛣㌿౯᱁ㄢ⛯࡟㛵ࡋ࡚ࡣࠊOECD ࢞࢖ࢻࣛ࢖ࣥ➼࡜ࡢᩚྜᛶࢆ࡜ࡿࡓࡵ࡜ࡋ
࡚ࠊ஦ົ㐠Ⴀせ㡿➼ࡢᨵゞࡸཧ⪃஦౛㞟࡟࠾࠸࡚↓ᙧ㈨⏘ྲྀᘬ࡟ࡘ࠸࡚ヲ⣽࡞つᐃࡀ⨨࠿ࢀࡿࡼ࠺࡟࡞ࡗ࡚࠾ࡾࠊ௒ᚋࡢ OECD ࡟࠾ࡅࡿ↓ᙧ㈨⏘ࢆࡵࡄࡿ᳨ウࡢ㐍ᒎ࡟ᛂࡌ࡚ࠊࡉࡽ࡞ࡿᨵゞࡀᚲ⮳࡛࠶ࢁ࠺ࠋ
ἲ௧ୖࡢ᰿ᣐࢆḞࡁ࡞ࡀࡽࠊᇶᮏ㏻㐩ࡸ஦ົ㐠Ⴀせ㡿➼࡟ࡼࡾつᐃࡉࢀ࡚࠸ࡿ࡟ࡍ
ࡂ࡞࠸ࡇ࡜ࡣࠊ↓ᙧ㈨⏘ࢆࡵࡄࡿᾏእྲྀᘬ࡟㛵ࡍࡿணᮇࡏࡊࡿㄢ⛯ࡢࣜࢫࢡࢆ㧗ࡵ࡚࠸ࡿࠋ㸦㸱㸧⛣㌿౯᱁⛯ไ࡟࠾ࡅࡿၥ㢟⛣㌿౯᱁⛯ไ࡛ࡣࠊᖹᡂ 23 ᖺ࡟ OECD ࢞࢖ࢻࣛ࢖ࣥᨵゞ࡟‽ᣐࡋࡓᙧ࡛⊂❧௻ᴗ㛫౯᱁ࡢ⟬ᐃ᪉ᘧࡀᢤᮏⓗ࡟ᨵṇࡉࢀࠊ஦᱌ࡈ࡜࡟᭱ࡶ㐺ࡋࡓ᪉ἲࢆ㐺⏝ࡍࡿࡇ࡜࡜ࡉ
ࢀࡓࡇ࡜࡟ࡼࡾࠊᚑ᮶ࡣᇶᮏ୕ἲ࡟ຎᚋࡍࡿࡶࡢ࡜ࡉࢀ࡚࠸ࡓ฼┈ศ๭ἲ≉࡟ṧవ฼┈ศ๭ἲࡸࠊྲྀᘬ༢఩Ⴀᴗ฼┈ἲࡢඃඛᗘࡀ㧗ࡵࡽࢀ࡚࠾ࡾࠊ↓ᙧ㈨⏘ࢆࡵࡄࡿ⛣㌿౯᱁⛯ไࡢ㐺⏝ࡣᚑ᮶௨ୖ࡟㢧ⴭ࡟࡞ࡿࡇ࡜࡜ᛮࢃࢀࡿࠋ
୍᪉࡛ࠊ⣡⛯⪅࡛࠶ࡿ௻ᴗഃ࡟ࡍࢀࡤࠊ⤒῭ⓗ࡞ྜ⌮ᛶ࠶ࡿ࠸ࡣᚲ↛ᛶࡀ࠶ࡿᾏእ
ᒎ㛤࡟ᑐࡋ࡚ࡲ࡛ࠊ↓ᙧ㈨⏘ࡢ⛣㌿ࢆక࠺࡞ࡽࡤㄢ⛯ࡉࢀࡿࣜࢫࢡࡀᾋୖࡋࡘࡘ࠶ࡿࠋ
᪤࡟ࠊ୰ᅜ➼ࡢ࢔ࢪ࢔ㅖᅜ࡬ࡢ〇㐀ᴗࡢ⛣㌿࡟ᑐࡋ࡚ࠊ≉チᶒ➼ࡢ▱ⓗ㈈മᶒࡢᑐ౯
ࡢ㐺ṇᛶࡸ౑⏝ᩱࡢጇᙜᛶࡢほⅬ࠿ࡽࡢ⛯ົㄪᰝࡀᙉ໬ࡉࢀ࡚࠾ࡾࠊࡲࡓࠊ㐣ཤ࡟࠾࠸࡚ࡣ㇦ᕞ࡬ࡢ㈨※ᢞ㈨࡟㛵ࡋ࡚ࡣࠊࣀ࢘ࣁ࢘ࡸேⓗᙺົࡢᥦ౪࡟ࡼࡿᡤᚓ⛣㌿ࡀၥ㢟࡜ࡉࢀࡓ஦౛ࡀ⏕ࡌ࡚࠸ࡿࠋ
㸦㸲㸧እᅜᏊ఍♫ྜ⟬⛯ไ࡟࠾ࡅࡿၥ㢟ᖹᡂ 22 ᖺᗘ⛯ไᨵṇ࡟࠾ࡅࡿእᅜᏊ఍♫ྜ⟬⛯ไ㸦ࢱࢵࢡࢫ࣭࣊࢖ࣈࣥ⛯ไ㸧ࡢᨵṇࡢ୰࡛ࠊ≉ᐃእᅜᏊ఍♫ࡀ㐺⏝㝖እᇶ‽ࢆ‶ࡓࡍሙྜ࡛࠶ࡗ࡚ࡶࠊෆᅜἲே➼ࡢᡤᚓ࡟ྜ⟬ࡋ࡚ㄢ⛯ࡉࢀࡿࠕ㈨⏘ᛶᡤᚓࠖ࡟ࠊᕤᴗᡤ᭷ᶒཬࡧⴭసᶒ㸦ฟ∧ᶒཬࡧⴭస
㞄᥋ᶒࢆྵࡴ㸧ࡢᥦ౪࡟ࡼࡿᡤᚓ㸦≉ᐃእᅜᏊ఍♫➼࡟ࡼࡾ㛤Ⓨࡉࢀࡓࡶࡢ➼࠿ࡽ⏕61ࡎࡿᡤᚓࢆ㝖ࡃ㸧ࡀつᐃࡉࢀ࡚࠸ࡿࠋࡇࢀ࡟ࡼࡾࠊ஦ᐇୖࡢࠕ↓ᙧ㈨⏘ࢆᾏእ࡟⛣㌿ࡉࡏࡿࡼ࠺࡞஦ᴗ෌⦅ࠖ࡟ࡼࡿ⛒⛯ᅇ㑊⾜Ⅽ࡬ࡢᑐᛂࡀ㛤ጞࡉࢀ࡚࠸ࡿࠋ
㸦㸳㸧᪥ᮏ௻ᴗࡀ㛵ࢃࡿᾏእ࡛ࡢ↓ᙧ㈨⏘ྲྀᘬࢆࡵࡄࡿၥ㢟⌧ᐇ࡟ࠊࢃࡀᅜㄢ⛯ᙜᒁࡶࠊ↓ᙧ㈨⏘࡟㛵ࢃࡿྲྀᘬ࡟ᑐࡍࡿㄢ⛯ࢆᙉࡵ࡚࠾ࡾࠊ࡜ࡃ࡟⛣㌿౯᱁ㄢ⛯࡛ࡣࠊᾏእ㛵㐃఍♫࠿ࡽ᪥ᮏࡢぶ఍♫࡟ᨭᡶࢃࢀࡿ౑⏝ᩱࡢከᐻࡀ
ၥ㢟࡜ࡉࢀࡿ஦౛࠿ࡽࠊᾏእ㛵㐃఍♫ࡢタ❧ࡸᴗែኚ᭦࡟⤡ࡴ஦౛ࠊ࠶ࡿ࠸ࡣᕤᴗᡤ
᭷ᶒ➼ࡢᶒ฼࡟⮳ࡽ࡞࠸ࣀ࢘ࣁ࢘➼ࡢࢯࣇࢺ࣭࢖ࣥࢱࣥࢪࣈࣝࡸேⓗᙺົᥦ౪ࡀၥ㢟࡜ࡉࢀࡿ஦౛ࡶ⌧ࢀ࡚࠸ࡿࠋ
ࡲࡓࠊ᪥ᮏ௻ᴗࡀᾏእ࡛↓ᙧ㈨⏘ࢆࡵࡄࡿㄢ⛯ࢺࣛࣈࣝ࡟㐼࠺஦౛ࡶᛴቑࡋ࡚࠸ࡿࠋ
࡜ࡃ࡟୰ᅜ࡛ࡣࠊ⌧ᆅ〇㐀఍♫ࡢ୰ᅜᕷሙྥࡅࡢ㈍኎࡟ಀࡿᡤᚓ㔠㢠ࡢィ⟬ࡢ୰࡛ࠊ᪥ᮏぶ఍♫࡟ᨭᡶ࠺౑⏝ᩱࡀ㧗㢠࡛࠶ࡾ⌧ᆅἲேࡢᡤᚓࡀ౵ᐖࡉࢀ࡚࠸ࡿ࡜ࡍࡿ஦౛
ࡔࡅ࡛࡞ࡃࠊ㏫࡟పᗮ࡛࠶ࡿ࡜ࡉࢀࡿ஦౛ࡶ⌧ࢀࡿ࡞࡝ΰ㏞ࡋ࡚࠸ࡿࠋᚋ⪅ࡣࠊࣇࣝࢥࢫࢺ࣐࣮ࢡ࢔ࢵࣉ࡟ࡼࡾྲྀᘬ༢఩Ⴀᴗ฼┈ἲࢆ㐺⏝ࡍࡿ㝿ࡢࢥࢫࢺࢆᘬࡁୖࡆ࡚⌧ᆅ〇㐀఍♫ࡢႠᴗ฼┈㢠ࢆቑ㢠ㄪᩚࡍࡿࡓࡵࠊ࠾ࡼࡧ౑⏝ᩱ࡟ಀࡿ※Ἠᚩ཰⛯㢠ࢆ☜ಖࡍࡿࡓࡵ࡜ᛮࢃࢀࡿࠋ
ࡲࡓࠊ࢖ࣥࢻ➼ࡢ௚ࡢ࢔ࢪ࢔ㅖᅜ࡟࠾ࡅࡿ↓ᙧ㈨⏘㛵㐃ࡢ஦౛ࡶቑຍࡋ࡚࠸ࡿࠋ
㸦21ୡ⣖◊ࠕᅜ㝿⛒⛯ไᗘࡢືྥ࡜࢔ࢪ࢔࡟࠾ࡅࡿࢃࡀᅜ௻ᴗࡢㄢ⛯ၥ㢟ࠖཧ↷㸧࠙⥲ྜၟ♫ 2 ♫ࡢ࣮࢜ࢫࢺࣛࣜ࢔࡟࠾ࡅࡿᾮ໬ኳ↛࢞ࢫ஦ᴗ࡟ಀࡿ஦౛ࠚ
ᮏ௳ࡣࠊᾏእࡢ㈨※㛤Ⓨ࡟࠾࠸࡚ࠊぶ఍♫ࡢ᭷ࡍࡿࣀ࢘ࣁ࢘➼ࢆࡶ࡜࡟ㄢ⛯ࡉࢀࡓ஦౛࡛࠶ࡾࠊ᪂⪺ሗ㐨➼࡟ࡶྲྀࡾୖࡆࡽࢀ࡚࠸ࡿࡢ࡛ࠊබ⾲ࡉࢀࡓ᝟ሗ࡟ᇶ࡙ࡁᴫ␎
ࢆ⤂௓ࡍࡿࠋ
୕⳻ၟ஦࡜୕஭≀⏘ࡣࠊ1985 ᖺ࡟ྛ 50㸣ࡢฟ㈨࡟ࡼࡾ࣮࢜ࢫࢺࣛࣜ࢔࡟ྜᘚ఍♫Japan Australia LNG (MIMI) Pty. Ltd. ࢆタ❧ࡋࠊྠ♫ࡣ᪥ᮏ࡬ LNGࠊ࣮࢜ࢫࢺࣛࣜ࢔ᅜ
ෆྥࡅ࡟ኳ↛࢞ࢫࠊࡑࡢ௚ࡢᅜ㝿ᕷሙ࡟ࢥࣥࢹࣥࢭ࣮ࢺࠊཎἜࠊLPG ࢆ㈍኎ࡋ࡚࠸ࡓ
ࡀࠊ2006 ᖺ 6 ᭶௨㝆ࠊ㡰ḟࠊ௨ୗࡢ᭦ṇฎศࢆཷࡅࡓࠋ
ᮏ௳࡛ၥ㢟࡟ࡉࢀࡓࡢࡣࠊ࣮࢜ࢫࢺࣛࣜ࢔ྜᘚ఍♫࠿ࡽ᪥ᮏࡢぶ఍♫࡛࠶ࡿ୧♫࡟ᨭᡶࢃࢀࡓ᝟ሗᥦ౪ࡸ⤒Ⴀᣦᑟ࡟㛵ࡍࡿᑐ౯ࡀጇᙜ࡛࡞࠸࡜ᅜ⛯ᒁࡀㄆᐃࡋࡓⅬ࡛࠶ࡿࠋྜᘚ఍♫࡜୧♫࡜ࡢ㛫࡛ࡢ〇ရྲྀᘬࡢ࢚࢘࢖ࢺࡀᑡ࡞ࡃࠊ㏻ᖖࡢ⛣㌿౯᱁ㄢ⛯࡛ࡣ୙༑ศ࡛࠶ࡿࠋࡑࡇ࡛ࠊ᪥ᮏぶ఍♫ࡀᮏ௳஦ᴗཧධ๓࠿ࡽ LNG ஦ᴗཧධ࡟ᚲせ࡞◊✲㛤Ⓨࡸ᝟ሗ཰㞟సᴗࢆ⾜ࡗ࡚ࣀ࢘ࣁ࢘ࢆ⵳✚ࡋ࡚࠸ࡓࡶࡢ࡜⪃࠼ࠊ᝟ሗᥦ౪ࡸ⤒Ⴀᣦᑟᩱࡢᑐ౯ࡀపࡍࡂࡿ࡜ࡋ࡚ㄢ⛯ࡋࡓࡶࡢ࡜ᛮࢃࢀࡿࠋ

62

୕஭≀⏘

୕⳻ၟ஦

ᡤᚓ㔠㢠

㏣ᚩ⛯㢠

ᡤᚓ㔠㢠

㏣ᚩ⛯㢠

2006/6㸦2000/3 ᭶ᮇ㸧 49 ൨෇

 25 ൨෇

 ୙᫂

 22 ൨෇

2007/6㸦2001/3 ᭶ᮇ㸧 82 ൨෇

 39 ൨෇

 89 ൨෇

 36 ൨෇

2008/6㸦2002/3 ᭶ᮇ㸧

100 ൨෇

 47 ൨෇

116 ൨෇

 48 ൨෇

୧♫ࡣᮾிᅜ⛯ᒁ࡟ᑐࡋ࡚␗㆟⏦❧ࢆ⾜࠺࡜ඹ࡟ࠊ᪥㇦⛒⛯᮲⣙࡟ᇶ࡙ࡁ┦஫༠㆟ࡢ⏦❧ࢆ⾜࠸ࠊ᪥㇦୧ᙜᒁࡣࠊ2006 ᖺ 9 ᭶࠿ࡽ஧ᅜ㛫༠㆟ࢆ㛤ጞࡋࠊ2008 ᖺ 12 ᭶࡟ྜព࡟⮳ࡗࡓࠋࡑࡢ⤖ᯝࠊྜᘚ఍♫ࡀ࣮࢜ࢫࢺࣛࣜ࢔࡟ᨭᡶ࠺⛯㔠ࡀῶ㢠ࡉࢀࡿ୍᪉
࡛ࠊ᪥ᮏഃ࡛ࡶ㏣ᚩ⛯㢠ࡀῶ㢠᭦ṇࡉࢀࡓᶍᵝ࡛࠶ࡿࠋ㸰 ⌧⾜⛯ไ࡟࠾ࡅࡿ↓ᙧ㈨⏘࡟㛵ࡍࡿつᐃ⌧⾜⛯ไ࡟࠾ࡅࡿ↓ᙧ㈨⏘ࡢつᐃࠊ≉࡟ࡑࡢホ౯࡟㛵ࡍࡿつᐃࡣᴟࡵ࡚ஈࡋ࠸ࠋ୍᪉ࠊ
⛣㌿౯᱁஦ົ㐠Ⴀせ㡿࡛ࡣࠊ↓ᙧ㈨⏘ࡢᐃ⩏ࠊホ౯ࠊ฼┈ࡢᖐᒓ࡞࠸ࡋ㓄ศ࡟ࡘ࠸࡚ࡢつᐃࡀ࠶ࡿࡀࠊἲ௧ୖࡢ᰿ᣐࡀ࡞࠸ࡇ࡜࡟ࡘ࠸࡚ၥ㢟ࡀ⏕ࡌᚓࡼ࠺ࠋ
㸦㸯㸧↓ᙧ㈨⏘ࡢᐃ⩏࡟㛵ࡍࡿつᐃ↓ᙧ㈨⏘⮬యࡢᐃ⩏ࡣࠊἲே⛯࡛ࡣࠊῶ౯ൾ༷㈨⏘ࡢ⠊ᅖࢆᐃࡵࡿἲே⛯ἲ᪋⾜௧➨ 13 ᮲ࡢ➨ඵྕ࡟࠾࠸࡚ࠊἲᚊୖࡢᶒ฼ཪࡣᶒ฼࡟‽ࡌ࡚࠸ࡿࡇ࡜ࡀ☜ᐇ࡟ㄆ㆑ࡉࢀ
ࡿࡶࡢ࡜ࡋ࡚ࠊ㖔ᴗᶒࠊ⁺ᴗᶒࠊࢲ࣒౑⏝ᶒࠊỈ฼ᶒࠊ≉チᶒࠊᐇ⏝᪂᱌ᶒࠊព໶ᶒࠊ
ၟᶆᶒࠊࢯࣇࢺ࢚࢘࢔ࠊ⫱ᡂ⪅ᶒࠊබඹ᪋タ➼㐠ႠᶒࠊႠᴗᶒࠊᑓ⏝ഃ⥺฼⏝ᶒࠊ㕲㐨㌶㐨㐃⤡㏻⾜᪋タ฼⏝ᶒࠊ㟁Ẽ࢞ࢫ౪⤥᪋タ฼⏝ᶒࠊ⇕౪⤥᪋タ฼⏝ᶒࠊỈ㐨᪋タ฼⏝ᶒࠊᕤᴗ⏝Ỉ㐨᪋タ฼⏝ᶒࠊ㟁Ẽ㏻ಙ᪋タ฼⏝ᶒࡢ 19 ࡀิᣲࡉࢀ࡚࠸ࡿࡀࠊࣀ࢘
ࣁ࢘ࡸ㢳ᐈྡ⡙࡞࡝ࡣࠕႠᴗᶒࠖࡢ࠺ࡕ࡟ྵࡲࢀࡿሙྜ௨እ࡟ࡣ⌧ࢀ࡚࠸࡞࠸ࠋ
୍᪉ࠊ⛣㌿౯᱁஦ົ㐠Ⴀせ㡿࡛ࡣࠊㄪᰝ࡟࠾࠸᳨࡚ウࡍ࡭ࡁ↓ᙧ㈨⏘࡜ࡋ࡚ࠕ㔜せ࡞౯್ࢆ᭷ࡋᡤᚓࡢ※Ἠ࡜࡞ࡿࡶࡢࠖ࡜ࡋ࡚ࠊ௨ୗࡀ♧ࡉࢀ࡚࠸ࡿ㸦2㸫11㸧ࠋ࢖ ᢏ⾡㠉᪂ࢆせᅉ࡜ࡋ࡚ᙧᡂࡉࢀࡿ≉チᶒࠊႠᴗ⛎ᐦ➼ࣟ ᚑᴗဨ➼ࡀ⤒ႠࠊႠᴗࠊ⏕⏘ࠊ◊✲㛤Ⓨࠊ㈍኎ಁ㐍➼ࡢ௻ᴗάື࡟࠾ࡅࡿ⤒㦂➼ࢆ㏻ࡌ࡚ᙧᡂࡋࡓࣀ࢘ࣁ࢘➼ࣁ ⏕⏘ᕤ⛬ࠊ஺΅ᡭ㡰ཬࡧ㛤Ⓨࠊ㈍኎ࠊ㈨㔠ㄪ㐩➼࡟ಀࡿྲྀᘬ⥙➼ࡉࡽ࡟ࠊ⛣㌿౯᱁஦ົ㐠Ⴀせ㡿࡛ࡣࠊᙺົᥦ౪࡟↓ᙧ㈨⏘ࡀ౑⏝ࡉࢀ࡚࠸ࡿሙྜࡢ
ᙺົᥦ౪࡜↓ᙧ㈨⏘ࡢ㛵ಀ࡟ࡘ࠸࡚ࡣࠊ
ࠕᙺົࡢᥦ౪࡜↓ᙧ㈨⏘ࡢ౑⏝ࡣᴫᛕⓗ࡟ࡣูࡢࡶࡢ࡛࠶ࡿࡇ࡜࡟␃ពࡋࠊᙺົࡢᥦ౪⪅ࡀᙜヱᙺົᥦ౪᫬࡟࡝ࡢࡼ࠺࡞↓ᙧ㈨⏘ࢆ⏝࠸࡚࠸ࡿ࠿ࠊᙜヱᙺົᥦ౪ࡀᙺົࡢᥦ౪ࢆཷࡅࡿἲேࡢάືࠊᶵ⬟➼࡟࡝ࡢࡼ࠺࡞
ᙳ㡪ࢆ୚࠼࡚࠸ࡿ࠿➼࡟ࡘ࠸᳨࡚ウࢆ⾜࠺㸦2-8(1)ࡢ㸦ὀ㸧㸧ࡇ࡜࡜ࡉࢀ࡚࠸ࡿࠋ

63㸦㸰㸧↓ᙧ㈨⏘ࡢホ౯࡟㛵ࡍࡿつᐃ↓ᙧ㈨⏘ࡢホ౯࡟㛵ࡍࡿつᐃࡣἲே⛯࡟ࡣ࡞ࡃࠊ㈨⏘⛯࡟࠾࠸࡚ࡣ㈈⏘ホ౯ᇶᮏ㏻
㐩࡟ලయⓗ࡞ィ⟬つᐃࢆྵࡵࡓつᐃࡀ࠶ࡿࠋ ࡓ࡜࠼ࡤ≉チᶒཬࡧࡑࡢᐇ᪋ᶒࡢホ౯㸦140㸧ࡣࠊࠕ145㸦㸦ᶒ฼⪅ࡀ⮬ࡽ≉チⓎ᫂ࢆᐇ᪋ࡋ࡚࠸ࡿሙྜࡢ≉チᶒཬࡧᐇ᪋ᶒࡢホ౯㸧㸧ࡢᐃࡵ࡟ࡼࡾホ౯ࡍࡿࡶࡢࢆ㝖ࡁࠊࡑࡢᶒ฼࡟ᇶ࡙ࡁᑗ᮶ཷࡅࡿ⿵ൾ㔠ࡢ㢠ࡢᇶ‽ᖺ฼⋡࡟ࡼࡿ」฼⌧౯ࡢ㢠ࡢྜィ㢠࡟ࡼࡗ࡚ホ౯ࡍࡿࠋࠖ࡜つᐃࡉࢀ࡚࠸ࡿࠋࡑࡢ⟬ᘧࡣ 141 ࡟࠾࠸࡚♧ࡉࢀ࡚࠸ࡿࠋ
ࡋ࠿ࡋࠊࠕ≉チᶒཪࡣࡑࡢᐇ᪋ᶒࡢྲྀᚓ⪅ࡀ⮬ࡽࡑࡢ≉チⓎ᫂ࢆᐇ᪋ࡋ࡚࠸ࡿሙྜ࡟
࠾ࡅࡿࡑࡢ≉チᶒཪࡣࡑࡢᐇ᪋ᶒࡢ౯㢠ࡣࠊࡑࡢ⪅ࡢႠᴗᶒࡢ౯㢠࡟ྵࡵ࡚ホ౯ࡍࡿࠖࡇ࡜࡜ࡉࢀ࡚࠾ࡾ㸦145㸧ࠊ஦ᐇୖࡣᨺᨈࡉࢀ࡚࠸ࡿ࡟➼ࡋ࠸ࠋࡲࡓࠊᐇ⏝᪂᱌ᶒࠊព໶ᶒཬࡧࡑࢀࡽࡢᐇ᪋ᶒ㸦146㸧ࠊၟᶆᶒཬࡧࡑࡢ౑⏝ᶒࡢホ౯㸦147㸧࡟ࡘ࠸࡚ࡣࠊ≉チᶒཬࡧࡑࡢᐇ᪋ᶒࡢホ౯࡟‽ࡎࡿࡶࡢ࡜ࡉࢀ࡚࠸ࡿࠋ
㸦㸱㸧↓ᙧ㈨⏘࠿ࡽ⏕ࡌࡿ฼┈ࡢᖐᒓ࡟㛵ࡍࡿつᐃ⌧⾜ἲே⛯࡛ࡣࠊ↓ᙧ㈨⏘ࡣἲᚊୖࡢᶒ฼ཪࡣᶒ฼࡟‽ࡌ࡚࠸ࡿࡇ࡜ࡀ☜ᐇ࡟ㄆ㆑ࡉࢀࡿࡶࡢ࡜ࡉࢀ࡚࠸ࡿࡇ࡜࠿ࡽࠊ↓ᙧ㈨⏘࠿ࡽ⏕ࡌࡿ฼┈ࡣࡑࡢᶒ฼➼ࡢἲⓗ࡞ᡤ᭷⪅࡟ᖐᒓࡍࡿࡶࡢ࡜⪃࠼ࡽࢀࡿࠋ
୍᪉ࠊ⛣㌿౯᱁஦ົ㐠Ⴀせ㡿࡛ࡣࠊࠕ↓ᙧ㈨⏘ࡢ౑⏝チㅙྲྀᘬ➼࡟ࡘ࠸࡚ㄪᰝࢆ⾜࠺ሙྜ࡟ࡣࠊ↓ᙧ㈨⏘ࡢἲⓗ࡞ᡤ᭷㛵ಀࡢࡳ࡞ࡽࡎࠊ↓ᙧ㈨⏘ࢆᙧᡂࠊ⥔ᣢཪࡣⓎᒎ㸦௨ୗࠕᙧᡂ➼ࠖ࡜࠸࠺ࠋ㸧ࡉࡏࡿࡓࡵࡢάື࡟࠾࠸࡚ἲேཪࡣᅜእ㛵㐃⪅ࡢ⾜ࡗࡓ㈉⊩ࡢ⛬ᗘࡶ຺᱌ࡍࡿᚲせࡀ࠶ࡿࡇ࡜࡟␃ពࡍࡿࠋࠖ࡜ࡋࡓୖ࡛ࠊࠕ↓ᙧ㈨⏘ࡢᙧᡂ➼࡬ࡢ㈉⊩ࡢ⛬ᗘࢆุ᩿ࡍࡿ࡟ᙜࡓࡗ࡚ࡣࠊᙜヱ↓ᙧ㈨⏘ࡢᙧᡂ➼ࡢࡓࡵࡢពᛮỴᐃࠊᙺົࡢ
ᥦ౪ࠊ㈝⏝ࡢ㈇ᢸཬࡧࣜࢫࢡࡢ⟶⌮࡟࠾࠸࡚ἲேཪࡣᅜእ㛵㐃⪅ࡀᯝࡓࡋࡓᶵ⬟➼ࢆ⥲ྜⓗ࡟຺᱌ࡍࡿࠋࠖ㸦2㸫12 ↓ᙧ㈨⏘ࡢᙧᡂࠊ⥔ᣢཪࡣⓎᒎ࡬ࡢ㈉⊩㸧࡜ࡉࢀ࡚࠸ࡿࠋ
ࡍ࡞ࢃࡕࠊ⡿ᅜ⛣㌿౯᱁⛯ไ࡟࠾ࡅࡿ Economic Ownership㸦⤒῭ⓗᡤ᭷⪅㸧ᴫᛕ࡜ྠᵝ࡟ࠊ↓ᙧ㈨⏘ࡢᙧᡂ➼࡟㈉⊩ࡋࡓᅜእ㛵㐃⪅࡟ࠊἲⓗᡤ᭷⪅࡛ࡣ࡞ࡃ࡜ࡶ୍ᐃ⛬ᗘࡢ฼┈ࡢᖐᒓࢆㄆࡵࡿࡶࡢ࡜⪃࠼ࡽࢀࡿࠋࡓࡔࡋࠊ㓄ศ᪉ἲ࡟ࡘ࠸࡚ࡣලయⓗ࡞つᐃࢆḞ࠸࡚࠸ࡿࠋ
୍᪉࡛ࠊ࢖ࣥࢻࠊ୰ᅜ➼࡛ࡣࠊࣈࣛࣥࢻ࡟ࡘ࠸࡚ࡢἲⓗᡤ᭷ᶒࢆぶ఍♫ࡀᡤ᭷ࡋ࡚
࠸ࡿሙྜ࡟ࡣࠊ⌧ᆅᏊἲே࡟ࡼࡿࣈࣛࣥࢻᗈ࿌ᐉఏ㈝ࡢ㈇ᢸ࡟ࡘ࠸࡚ᦆ㔠⟬ධࢆྰㄆࡍࡿᅜࡶ࠶ࡾࠊ᪥⡿㛫ࠊ᪥Ḣ㛫࡛ࡣ୍⯡ⓗ࡜࡞ࡗ࡚࠸ࡿ⌧ᆅ㈍኎Ꮚἲே࡟ࡼࡿᗈ࿌ᐉ
ఏάື㸦㈝⏝㈇ᢸࢆྵࡴ㸧ࡢᐇ᪋࡜ᩚྜᛶࡀྲྀࡾ࡙ࡽࡃⱞ៖ࡋ࡚࠸ࡿ௻ᴗࡶከ࠸ࠋ

64Ӑ⿵ㄽ㸯㸫ᐇົ࡟࠾ࡅࡿ↓ᙧ㈨⏘ࡢホ౯ӑ⛯௨๓ࡢၥ㢟࡜ࡋ࡚ࠊ௻ᴗ఍ィ࡟࠾࠸࡚ࡶ↓ᙧ㈨⏘ࡢホ౯࡟㛵ࡍࡿᇶ‽ࡣᮍᩚഛ࡛࠶ࡿࠋ
ᅜ㝿㈈ົሗ࿌ᇶ‽㸦IFRS㸧࡜ࡢࢥࣥࣂ࣮ࢪ࢙ࣥࢫసᴗࡣ㡻᣸ࡋ࡚࠾ࡾࠊᨵࡵ࡚᪥ᮏ⊂⮬ࡢᇶ‽సᡂࡀᶍ⣴ࡉࢀ࡚࠸ࡿࠋ࡞࠾ࠊ⡿ᅜ఍ィᇶ‽㸦FAS㸧࡜ᅜ㝿㈈ົሗ࿌ᇶ‽࡜ࡢ㛫ࡶᩚྜᛶࡀ࡞࠸ࠋ௻ᴗ఍ィ࡟࠾࠸࡚ࡶ↓ᙧ㈨⏘ࡢබṇ౯್ホ౯ࡀ㞴ၥ࡛࠶ࡿ≧ἣࡣᙜ㠃ࡣゎᾘ࡛ࡁ࡞࠸࡛࠶ࢁ࠺ࠋ
ᙜ↛ࠊᐇົ࡟࠾࠸࡚ࡶࠊ↓ᙧ㈨⏘ࡢホ౯࡟㛵ࡍࡿᐃࡲࡗࡓᡭἲࡣᏑᅾࡏࡎࠊሙ㠃ࡈ࡜࡟ᵝࠎ࡞ᡭἲࡀ⏝࠸ࡽࢀ࡚࠸ࡿࡀࠊ௦⾲ⓗ࡜ࡉࢀ࡚࠸ࡿࡢࡣࠊࢥࢫࢺ࢔ࣉ࣮ࣟࢳࠊ࣐࣮ࢣࢵ
ࢺ࢔ࣉ࣮ࣟࢳࠊ࢖࣒ࣥ࢝࢔ࣉ࣮ࣟࢳࡢ 3 ᡭἲ࡛࠶ࡿࠋ
ձࢥࢫࢺ࢔ࣉ࣮ࣟࢳホ౯ᑐ㇟ࡢ㈨⏘ࢆ෌ྲྀᚓࡲࡓࡣ෌⏕⏘ࡍࡿࡓࡵ࡟せࡍࡿࢥࢫࢺࢆᙜヱ↓ᙧ㈨⏘ࡢホ౯㢠࡜ࡍࡿ᪉ἲࠋ༢࡟ࢥࢫࢺࢆྜィࡍࡿࡢ࡛ࡣ࡞ࡃࠊ࢖ࣥࣇࣞせ⣲ࡸῶ౯せ⣲ࠊ࣐࣮ࢣࢵ
ࢺࡢ≧ἣ࡞࡝ࡶ⪃៖ࡉࢀࡿࠋ
ղ࣐࣮ࢣࢵࢺ࢔ࣉ࣮ࣟࢳ
↓ᙧ㈨⏘ࡢ኎㈙஦౛ࡸࠊ㢮ఝࡢࣛ࢖ࢭࣥࢫዎ⣙ࡢࣟ࢖ࣖࣜࢸ࢕࣮ࣞࢺ࠿ࡽ⟬ฟࡍࡿ᪉ἲࠋࡋ࠿ࡋ࡞ࡀࡽࠊ኎㈙஦౛➼࠿ࡽ㢮ఝ஦౛ࢆぢฟࡍࡇ࡜ࡣᅔ㞴࡛࠶ࡿࡇ࡜࠿ࡽࠊᐇ㝿࡟ࡣࠊ㢮ఝࡢࣛ࢖ࢭࣥࢫዎ⣙ࡢࣟ࢖ࣖࣜࢸ࢕཰ධ➼࡟ಀࡿᑗ᮶࢟ࣕࢵࢩࣗࣇ࣮ࣟࡢ⌧ᅾ౯್ྜィ㢠ࢆ↓ᙧ㈨⏘ࡢ౯್࡜ࡍࡿሙྜࡀከࡃࠊᐇ㉁ⓗ࡟ࡣ࢖࣒ࣥ࢝࢔ࣉ࣮ࣟࢳ࡜ኚࢃ
ࡿ࡜ࡇࢁࡣᑡ࡞࠸ࠋ
ճ࢖࣒ࣥ࢝࢔ࣉ࣮ࣟࢳホ౯ᑐ㇟ࡢ↓ᙧ㈨⏘ࡀᑗ᮶⏕ࡳฟࡍ࢟ࣕࢵࢩࣗࣇ࣮ࣟࡸ฼┈ࡢ⌧ᅾ౯್ྜィ㢠ࢆࠊᙜヱ↓ᙧ㈨⏘ࡢ౯್࡜ࡍࡿ᪉ἲࠋ㉸㐣཰┈ἲࠊ௻ᴗ౯್ᕪ㢠ἲࡢ 2 ࡘࡢᡭἲࡀ࠶ࡿࠋ㉸㐣཰┈ἲࡣᮇᚅ཰┈ࢆ㉸㐣ࡋࡓ཰┈ศࡢ⌧ᅾ౯್ࢆ↓ᙧ㈨⏘ࡢ౯್࡜ࡍࡿࡢ࡟ᑐࡋࠊ௻ᴗ
౯್ᕪ㢠ἲࡣ᫬౯ࡢ㈨⏘౯್ࢆ㉸㐣ࡋࡓศࡢ౯್ࢆ↓ᙧ㈨⏘࡜ᤊ࠼ࡿࠋࡍ࡞ࢃࡕࠊ㉸㐣཰┈ἲ࡛ࡣࠊඛ࡟཰┈ࡢᕪ㢠ࢆ⟬ฟࡋࠊᚋ࡛ᕪ㢠ࢆ⌧ᅾ౯್࡟ᡠࡋࠊ௻ᴗ౯್ᕪ㢠ἲ࡛ࡣࠊඛ࡟࢟ࣕࢵࢩࣗࣇ࣮ࣟࡢ⌧ᅾ౯್࡛࠶ࡿ஦ᴗ౯್ࢆ⟬ฟࡋࠊᚋ࡛ᕪ㢠ࢆ⟬ฟࡍࡿⅬࡀ␗࡞ࡿࠋձ㉸㐣཰┈ἲ
㸸ᐇ㝿཰┈࠿ࡽᮇᚅ཰┈ࢆ᥍㝖ࡋࡓࡶࡢࢆ㉸㐣཰┈࡜ࡋࠊ㉸㐣཰┈ࢆ㈨ᮏ㑏ඖ⋡࡛㝖ࡋࡓࡶࡢࢆ↓ᙧ㈨⏘ࡢ౯್࡜ࡍࡿ᪉ἲࠋ㸺⟬ᘧ㸼ᐇ㝿཰┈㸫ᮇᚅ཰┈㸦ᙜヱ↓ᙧ㈨⏘௨እࡢᢞୗ㈨ᮏᮇᚅ཰┈⋡㸧65㸻㉸㐣཰┈㉸㐣཰┈¹㈨ᮏ㑏ඖ⋡㸻↓ᙧ㈨⏘ղ௻ᴗ౯್ᕪ㢠ἲ㸸࣐࣮ࢣࢵࢺ࢔ࣉ࣮ࣟࢳࡸ࢖࣒ࣥ࢝࢔ࣉ࣮ࣟࢳ࡟ࡼࡾ⟬ฟࡉࢀࡓ஦ᴗ౯್࠿ࡽ᫬౯
㈨⏘㢠ࢆ᥍㝖ࡋࡓ㢠ࢆ↓ᙧ㈨⏘࡜ࡍࡿ᪉ἲࠋ
㸺⟬ᘧ㸼࢟ࣕࢵࢩࣗࣇ࣮ࣟࡢ⌧ᅾ౯್ྜィ㸻஦ᴗ౯್஦ᴗ౯್㸫᫬౯㈨⏘㸦᭷ᙧ㈨⏘ࡢ᫬౯㸩ホ౯ᑐ㇟እࡢ↓ᙧ㈨⏘ࡢ᫬౯㸩㐠㌿㈨ᮏ
ࡢ᫬౯㸧㸻↓ᙧ㈨⏘Ӑ⿵ㄽ㸰㸫↓ᙧ㈨⏘ホ౯࡜ࡋ࡚ࡢࠕᡤᚓ┦ᛂᛶᇶ‽ࠖӑᡤᚓ┦ᛂᛶᇶ‽㸦Commensurate With Income Standard㸧ࡣࠊ⡿ᅜ࡟࠾࠸࡚ 1986 ᖺ࡟ᑟධࡉ
ࢀࡓ⪃࠼᪉࡛࠶ࡿࠋ
⡿ᅜ࡛ࡣࠊ1960 ᖺ௦ᚋ༙ࡼࡾࠊከᅜ⡠௻ᴗࡀ㍍ㄢ⛯ᅜ࡟㛵㐃Ꮚ఍♫➼ࢆタ❧ࡋࡓ࠺࠼࡛ࠊ
≉チᶒ➼ࡢ↓ᙧ㈨⏘ࢆ⛣㌿࠶ࡿ࠸ࡣ౑⏝チㅙࡍࡿࡇ࡜࡛ࠊ㛵㐃Ꮚ఍♫➼࡟ᡤᚓࢆ⛣㌿ࡉࡏࡓ࡜ࡍࡿ஦௳ࡀ┦ḟࡂࠊᙜึࠊෆᅜṓධᗇ㸦IRS㸧ࡣ⛣㌿౯᱁⛯ไࢆ㐺⏝ࡋ࡚ㄢ⛯ࢆヨࡳࡓࡀࠊ1980 ᖺ௦௨㝆ࡢ⛒⛯⿢ุᡤࡢุỴ࡟࠾࠸࡚ࠊ࠸ࡎࢀࡢ஦᱌࡟ࡘ࠸࡚ࡶ IRS ᩋッࡢุ᩿ࡀ♧ࡉࢀࡓࠋ
ࡑࡇ࡛ࠊ1986 ᖺ࡟ࠊෆᅜṓධἲ㸦IRC㸧➨ 482 ᮲࡟ࠊࠕ↓ᙧ㈨⏘ࡢㆡΏࡲࡓࡣ౑⏝ᶒࡢチㅙࡀ࡞ࡉࢀࡓሙྜ࡟ࡣࠊࡑࡢㆡΏࡲࡓࡣ౑⏝ᶒࡢチㅙ࡟ಀࡿᡤᚓࡢ㔠㢠ࡣࠊᙜヱ↓ᙧ㈨⏘࡟ᖐᒓࡍࡿᡤᚓ࡜┦ᛂࡍࡿࡶࡢ࡛࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋࠖ࡜ࡢつᐃࡀ㏣ຍࡉࢀࡓࠋ
ࡉࡽ࡟ࠊ1993 ᖺ࡟ࡣ㈈ົ┬つ๎ 1.482.4 ᮲࡟ࠊ↓ᙧ㈨⏘ࡢㆡΏᚋ࡟↓ᙧ㈨⏘࡟ᖐᒓࡍࡿᡤ
ᚓ࡟኱ᖜ࡞ኚືࡀ࠶ࡿሙྜ࡟ࡣࠊ↓ᙧ㈨⏘⛣㌿ᚋࡢྛㄢ⛯ᖺᗘ࡟࠾࠸࡚ᑐ౯ࡢಟṇࢆồࡵࡿࡇ࡜࡜ࡋࠊ⏦࿌ᙜึࡢホ౯ࡀ㐺ṇ౯᱁࡛࠶ࡗࡓ࡜ࡋ࡚ࡶࠊᚋᖺᗘ㸦5 ᖺ㛫㸧࡛ࡢᑐ౯ࡢಟ
ṇࢆጉࡆ࡞࠸࡜ࡍࡿࠕᐃᮇⓗㄪᩚࠖ㸦Periodic adjustments㸧ࡢつᐃࡀタࡅࡽࢀࡓࠋࡲࡓࠊ1993ᖺ࡟฼┈ẚ‽ἲࡀࠊ1994 ᖺ࡟฼┈ศ๭ἲࡀࠊࡑࢀࡒࢀ㈈ົ┬つ๎࡟つᐃࡉࢀࡓࡀࠊࡇࢀࡽࡶ↓ᙧ㈨⏘⛣㌿ᚋࡢྛㄢ⛯ᖺᗘ࡟࠾ࡅࡿᑐ౯ࡢಟṇ㢠ࢆỴᐃࡍࡿࡓࡵࠊྛㄢ⛯ᖺᗘ࡟࠾࠸࡚↓ᙧ㈨⏘࡟ᖐᒓࡍࡿᐇ㝿ࡢ฼┈ࢆ⟬ᐃࡍࡿ᪉ἲ࡜ࡋ࡚⪃᱌ࡉࢀࡓࡶࡢ࡛࠶ࡿࠋ
ࢻ࢖ࢶ࡟࠾࠸࡚ࡶ 2008 ᖺ௻ᴗ⛯ไᨵ㠉࡟ࡼࡿἲே⛯⋡ࡢᘬୗࡆ㸦25㸣Ѝ15㸣㸧ࡢ௦᭰㈈※ࡢࡦ࡜ࡘ࡜ࡋ࡚ࡢ⛣㌿౯᱁⛯ไᙉ໬ࡢ࡞࠿࡛ࠊࢻ࢖ࢶ௻ᴗࡀ஦ᴗ෌⦅➼࡟ࡼࡾᅜእ࡟㏨
㑊ࡍࡿࡇ࡜࡟ᑐࡍࡿㄢ⛯⟇࡜ࡋ࡚ᡤᚓ┦ᛂᛶᇶ‽ࡀᑟධࡉࢀࡓࠋලయⓗ࡟ࡣࠊ஦ᴗ෌⦅࡟
ࡼࡿࠕᶵ⬟ࡢ⛣㌿ࠖ࡟ᑐࡋ࡚ࠊᐈほⓗࢹ࣮ࢱࡀ฼⏝୙ྍ⬟࡛࠶ࡿሙྜ࡟ࡣࠕ㈼᫂࡞௻ᴗ⤒Ⴀ⪅ཎ๎ࠖ࡟ᇶ࡙ࡃ௬᝿ⓗ⊂❧௻ᴗ㛫ࢸࢫࢺ㸦Hypothetical Arm's-Length Test㸧ࢆ⾜࠸⊂❧௻ᴗ㛫౯᱁ࢆỴᐃࡋࡓ࠺࠼࡛ࠊࡑࡢᚋ 10 ᖺ㛫࡟ࢃࡓࡾࠊ⊂❧௻ᴗ㛫౯᱁Ỵᐃࡢᇶᮏⓗ௬ᐃ࠿66ࡽᐇ㝿ࡢ≧ἣࡀ஋㞳ࡋࡓሙྜ࡟ࡣࠊ⊂❧௻ᴗ㛫౯᱁ࢆ䭧ཬㄪᩚࡋ࡚⣡⛯㢠ࢆỴᐃࡍࡿࡶࡢ
࡛࠶ࡿࠋᡤᚓ┦ᛂᛶᇶ‽࡜ࡣࠊ↓ᙧ㈨⏘ࡢㆡΏࡲࡓࡣ౑⏝チㅙ᫬Ⅼ࡟࠾ࡅࡿண᝿཰┈࡟ᇶ࡙ࡃ⤯ᑐ㢠࡜ࡋ࡚ࡢホ౯ࢆᅇ㑊ࡋ࡚ࠊࡑࡢᚋࡢᙜヱ↓ᙧ㈨⏘࠿ࡽ⏕ࡌࡿᐇ㝿฼┈࡜࠸࠺ᐈほⓗ࡞ࢹ࣮ࢱ࡟ࡼࡗ࡚ᙜヱ↓ᙧ㈨⏘࡟ᖐᒓࡍࡿᡤᚓࢆ⟬ᐃࡍࡿࡇ࡜࡟ྜ⌮ᛶࡀ࠶ࡿ࡜ࡍࡿࡶࡢ࡛
࠶ࡿࠋࡋ࠿ࡋࠊ↓ᙧ㈨⏘ࡢㆡΏࡀ࡞ࡉࢀࡓᚋ࡟ࠊㆡΏඛ࡟࠾࠸࡚↓ᙧ㈨⏘࠿ࡽ⏕ࡌࡿᡤᚓ࡟ࡼࡾ↓ᙧ㈨⏘ࢆホ౯ࡍࡿ࡜ࡢ⪃࠼࡟ᑐࡋ࡚ࡣࠊ⡿ᅜࡀᑟධࡋࡓᙜึ࡟ࡣḢᕞㅖᅜ➼࠿ࡽࠕᚋ▱ᜨࠖ㸦hindsight㸧࡟ࡍࡂ࡞࠸࡜ࡢᙉ࠸ᢈุࡀ࡞ࡉࢀ࡚࠸ࡓࠋࡲࡓࠊOECD ⛣㌿౯᱁࢞࢖ࢻࣛ࢖ࣥ࡟࠾࠸࡚ࡶᮍࡔཷࡅධࢀࡽࢀࡿࡶࡢ࡜ࡣࡉࢀ࡚࠸࡞࠸ࠋ㸱 㺀ᅜෆ※Ἠᡤᚓࠖ࡟࠾ࡅࡿ↓ᙧ㈨⏘ࡢᢅ࠸እᅜἲேࡀ᪥ᮏᅜෆ࡟ᜏஂⓗ᪋タࢆ᭷ࡍࡿሙྜ࡟ࡣࠊ⛒⛯᮲⣙࡟࠾࠸࡚␗࡞ࡿᐃࡵࡀ
࡞ࡉࢀ࡚࠸࡞࠸㝈ࡾࠊྛ஦ᴗᖺᗘࡢᡤᚓࡢ࠺ࡕᅜෆ※Ἠᡤᚓ࡟ࡘ࠸࡚ἲே⛯ࡀㄢ⛯ࡉࢀࡿ㸦ἲே⛯ἲ➨ 4 ᮲㸧ࠋࡇࡢࠕᅜෆ※Ἠᡤᚓࠖ࡟㛵ࡋ࡚ࡣἲே⛯ἲ➨ 138 ᮲ࡀලయⓗ࡟ᐃࡵ࡚࠸ࡿࡀࠊࡑࡢ୰࡛ࠊ↓ᙧ㈨⏘࠿ࡽ⏕ࡌࡿᡤᚓࠊ࠾ࡼࡧேⓗᙺົࡢᥦ౪ࢆ୺ࡓࡿෆᐜ
࡜ࡍࡿ஦ᴗ࡟ࡘ࠸࡚ࠊἲே⛯ἲୖ࡜ࡋ࡚ࡣ၏୍ࡢつᐃࡀ⨨࠿ࢀ࡚࠸ࡿࠋ
↓ᙧ㈨⏘࡟㛵ࡋ࡚ࡣࠕᅜෆ࡟࠾࠸࡚ᴗົࢆ⾜࠺⪅࠿ࡽཷࡅࡿḟ࡟ᥖࡆࡿ౑⏝ᩱཪࡣᑐ౯࡛ᙜヱᴗົ࡟ಀࡿࡶࡢ㸦➨୐ྕ㸧ࠖ࡜ࡋ࡚௨ୗࡢつᐃࡀ⨨࠿ࢀ࡚࠸ࡿࠋ࢖ ᕤᴗᡤ᭷ᶒࡑࡢ௚ࡢᢏ⾡࡟㛵ࡍࡿᶒ฼ࠊ≉ูࡢᢏ⾡࡟ࡼࡿ⏕⏘᪉ᘧⱝࡋࡃࡣࡇࢀ
ࡽ࡟‽ࡎࡿࡶࡢࡢ౑⏝ᩱཪࡣࡑࡢㆡΏ࡟ࡼࡿᑐ౯ࣟ ⴭసᶒ㸦ฟ∧ᶒཬࡧⴭస㞄᥋ᶒࡑࡢ௚ࡇࢀ࡟‽ࡎࡿࡶࡢࢆྵࡴࠋ
㸧ࡢ౑⏝ᩱཪࡣࡑ
ࡢㆡΏ࡟ࡼࡿᑐ౯ࣁ ᶵᲔࠊ⿦⨨ࡑࡢ௚ᨻ௧࡛ᐃࡵࡿ⏝ලࡢ౑⏝ᩱࡲࡓࠊࠕᅜෆ࡟࠾࠸࡚ேⓗᙺົࡢᥦ౪ࢆ୺ࡓࡿෆᐜ࡜ࡍࡿ஦ᴗ࡛ᨻ௧࡛ᐃࡵࡿࡶࡢࢆ⾜࠺ἲேࡀཷࡅࡿᙜヱேⓗᙺົࡢᥦ౪࡟ಀࡿᑐ౯ࠖࡀࠕᅜෆ※Ἠᡤᚓࠖ࡟ྵࡲࢀࡿࡇ࡜ࢆ
᫂グࡋ㸦ྠ➨஧ྕ㸧ࠊ ලయⓗ࡟ࡣࠊἲே⛯ἲ᪋⾜௧ 179 ᮲࡟࠾࠸࡚ࠕேⓗᙺົࡢᥦ౪ࢆ
୺ࡓࡿෆᐜ࡜ࡍࡿ஦ᴗࡢ⠊ᅖࠖࢆࠊ௨ୗࡢࡼ࠺࡟つᐃࡋ࡚࠸ࡿࠋ୍ ᫎ⏬ⱝࡋࡃࡣ₇๻ࡢತඃࠊ㡢ᴦᐙࡑࡢ௚ࡢⱁ⬟ேཪࡣ⫋ᴗ㐠ືᐙࡢᙺົࡢᥦ౪ࢆ
୺ࡓࡿෆᐜ࡜ࡍࡿ஦ᴗ஧ ᘚㆤኈࠊබㄆ఍ィኈࠊᘓ⠏ኈࡑࡢ௚ࡢ⮬⏤⫋ᴗ⪅ࡢᙺົࡢᥦ౪ࢆ୺ࡓࡿෆᐜ࡜ࡍࡿ஦ᴗ୕ ⛉Ꮫᢏ⾡ࠊ⤒Ⴀ⟶⌮ࡑࡢ௚ࡢศ㔝࡟㛵ࡍࡿᑓ㛛ⓗ▱㆑ཪࡣ≉ูࡢᢏ⬟ࢆ᭷ࡍࡿ⪅ࡢᙜヱ▱㆑ཪࡣᢏ⬟ࢆά⏝ࡋ࡚⾜࠺ᙺົࡢᥦ౪ࢆ୺ࡓࡿෆᐜ࡜ࡍࡿ஦ᴗ㸦ᶵᲔタഛࡢ㈍኎ࡑࡢ௚஦ᴗࢆ⾜࠺⪅ࡢ୺ࡓࡿᴗົ࡟㝃㝶ࡋ࡚⾜ࢃࢀࡿሙྜ࡟࠾ࡅࡿᙜヱ஦ᴗཬࡧἲ➨ 141 ᮲➨஧ྕ㸦እᅜἲே࡟ಀࡿἲே⛯ࡢㄢ⛯ᶆ‽㸧࡟つᐃࡍࡿᘓタࠊࡍ࠼67௜ࡅࠊ⤌❧࡚ࡑࡢ௚ࡢసᴗࡢᣦ᥹┘╩ࡢᙺົࡢᥦ౪ࢆ୺ࡓࡿෆᐜ࡜ࡍࡿ஦ᴗࢆ㝖ࡃࠋ㸧࡞࠾ࠊ➨୕ྕ࡟つᐃࡍࡿࠕᶵᲔタഛࡢ㈍኎ࡑࡢ௚஦ᴗࢆ⾜࠺⪅ࡢ୺ࡓࡿᴗົ࡟௜㝶ࡋ࡚⾜ࢃࢀࡿሙྜ࡟࠾ࡅࡿᙜヱ஦ᴗࠖ࡜ࡣࠊḟ࡟ᥖࡆࡿࡼ࠺࡞⾜Ⅽ࡟ಀࡿ஦ᴗ࡜ࡉࢀ࡚࠸
ࡿ㸦ἲே⛯ἲᇶᮏ㏻㐩 20㸫1㸫14㸧ࠋ(1) ᶵᲔタഛࡢ㈍኎ᴗ⪅ࡀᶵᲔタഛࡢ㈍኎࡟క࠸ࡑࡢ㈍኎ඛ࡟ᑐࡋᙜヱᶵᲔタഛࡢᤣ௜ࡅࠊ⤌❧࡚ࠊヨ㐠㌿➼ࡢࡓࡵ࡟ᢏ⾡⪅➼ࢆὴ㐵ࡍࡿ⾜Ⅽ(2) ᕤᴗᡤ᭷ᶒࠊࣀ࣮ࣁ࢘➼ࡢᶒ฼⪅ࡀࡑࡢᶒ฼ࡢᥦ౪ࢆ୺ࡓࡿෆᐜ࡜ࡍࡿᴗົࢆ⾜࠺ࡇ࡜࡟క࠸ࡑࡢᥦ౪ඛ࡟ᑐࡋࡑࡢᶒ฼ࡢᐇ᪋ࡢࡓࡵ࡟ᢏ⾡⪅➼ࢆὴ㐵ࡍࡿ⾜Ⅽἲே⛯ἲ➨ 138 ᮲➨୐ྕࡢ౑⏝ᩱ࣭ᑐ౯࡟ࡘ࠸࡚ࡣࠊࡉࡽ࡟ࠊἲே⛯ἲᇶᮏ㏻㐩 20㸫1
㸫20㸦ᅜෆᴗົ࡟ಀࡿ౑⏝ᩱ➼㸧㹼20㸫1㸫23㸦ேⓗᙺົ➼ࡢᥦ౪ࡢᑐ౯࡜౑⏝ᩱ࡜ࡢ༊ศ㸧ࡀ⨨࠿ࢀ࡚࠸ࡿࠋ
࡜ࡃ࡟ࠊ20㸫1㸫22㸦ᕤᴗᡤ᭷ᶒ➼ࡢព⩏㸧࡛ࡣࠊࠕᕤᴗᡤ᭷ᶒ➼ࠖ࡜ࡋ࡚ࠕ≉チᶒࠊᐇ⏝᪂᱌ᶒࠊព໶ᶒࠊၟᶆᶒࡢᕤᴗᡤ᭷ᶒཬࡧࡑࡢᐇ᪋ᶒ➼ࡢ࡯࠿ࠊࡇࢀࡽࡢᶒ฼ࡢ┠ⓗ࡟ࡣ࡞ࡗ࡚࠸࡞࠸ࡀࠊ⏕⏘ࡑࡢ௚ᴗົ࡟㛵ࡋ⧞ࡾ㏉ࡋ౑⏝ࡋᚓࡿࡲ࡛࡟ᙧᡂࡉࢀࡓ๰
సࠊࡍ࡞ࢃࡕࠊ≉ูࡢཎᩱࠊฎ᪉ࠊᶵᲔࠊჾලࠊᕤ⛬࡟ࡼࡿ࡞࡝⊂⮬ࡢ⪃᱌ཪࡣ᪉ἲࢆ
⏝࠸ࡓ⏕⏘࡟ࡘ࠸࡚ࡢ᪉ᘧࠊࡇࢀ࡟‽ࡎࡿ⛎ࡅࡘࠊ⛎ఏࡑࡢ௚≉ู࡟ᢏ⾡ⓗ౯್ࢆ᭷ࡍ
ࡿ▱㆑ཬࡧព໶➼ࢆ࠸࠺ࠋࡋࡓࡀࡗ࡚ࠊࣀ࣮ࣁ࢘ࡣࡶࡕࢁࢇࠊᶵᲔࠊタഛ➼ࡢタィཬࡧᅗ㠃➼࡟໬యࡉࢀࡓ⏕⏘᪉ᘧࠊࢹࢨ࢖ࣥࡶࡇࢀ࡟ྵࡲࢀࡿ㺁࡜ࡍࡿ୍᪉࡛ࠊࠕᾏእ࡟࠾ࡅ
ࡿᢏ⾡ࡢືྥࠊ〇ရࡢ㈍㊰ࠊ≉ᐃࡢရ┠ࡢ⏕⏘㧗➼ࡢ᝟ሗཪࡣᶵᲔࠊ⿦⨨ࠊཎᮦᩱ➼ࡢᮦ㉁➼ࡢ㚷ᐃⱝࡋࡃࡣᛶ⬟ࡢㄪᰝࠊ᳨ᰝ➼ࠖࡣࠊࡇࢀ࡟ヱᙜࡋ࡞࠸࡜ࡍࡿࠋ
ࡲࡓேⓗᙺົ➼ࡢᥦ౪ࡢᑐ౯࡜౑⏝ᩱ࡜ࡢ༊ศ࡟ࡘ࠸࡚ࡣ 20㸫1㸫23 ࡟࠾࠸࡚ࠊ
ࠕᕤᴗᡤ᭷ᶒ➼ࢆᥦ౪ࡋཪࡣఏᤵࡍࡿࡓࡵ࡟ᅗ㠃ࠊᆺ⣬ࠊぢᮏ➼ࡢ≀ཪࡣேⓗᙺົࢆᥦ౪ࡋࠊ
࠿ࡘࠊࡑࡢᥦ౪ཪࡣఏᤵࡢᑐ౯ࡢࡍ࡭࡚ࢆࡑࡢᥦ౪ࡋࡓ≀ཪࡣேⓗᙺົࡢᥦ౪ࡢᑐ౯࡜
ࡋ࡚ᨭᡶࢆཷࡅࡿሙྜ࡟ࡣࠊᙜヱᑐ౯࡜ࡋ࡚ᨭᡶࢆཷࡅࡿࡶࡢࠖࡢ࠺ࡕࠊḟࡢ࠸ࡎࢀ࠿
࡟ヱᙜࡍࡿࡶࡢࡣἲ➨ 138 ᮲➨ 7 ྕ࢖࡟ᥖࡆࡿ౑⏝ᩱ࡟ヱᙜࡋࠊࡑࡢ௚ࡢࡶࡢࡣᙜヱ≀ཪࡣேⓗᙺົࡢᥦ౪ࡢᑐ౯࡟ヱᙜࡍࡿࡶࡢ࡜ࡍࡿࠋ
(1) ᙜヱᑐ౯࡜ࡋ࡚ᨭᡶࢆཷࡅࡿ㔠㢠ࡀࠊࡑࡢᥦ౪ࡋཪࡣఏᤵࡋࡓᕤᴗᡤ᭷ᶒ➼ࢆ౑⏝ࡋࡓᅇᩘࠊᮇ㛫ࠊ⏕⏘㧗ཪࡣࡑࡢ౑⏝࡟ࡼࡿ฼┈ࡢ㢠࡟ᛂࡌ࡚⟬ᐃࡉࢀࡿࡶࡢ
(2) (1)࡟ᥖࡆࡿࡶࡢࡢ࡯࠿ࠊᙜヱᑐ౯࡜ࡋ࡚ᨭᡶࢆཷࡅࡿ㔠㢠ࡀࠊᙜヱᅗ㠃ࡑࡢ௚ࡢ≀ࡢసᡂཪࡣᙜヱேⓗᙺົࡢᥦ౪ࡢࡓࡵ࡟せࡋࡓ⤒㈝ࡢ㢠࡟㏻ᖖࡢ฼₶ࡢ㢠ࢆຍ⟬ࡋࡓ㔠㢠࡟┦ᙜࡍࡿ㔠㢠ࢆ㉸࠼ࡿࡶࡢ࡞࠾ࠊ≀ࡲࡓࡣேⓗᙺົࡢᥦ౪ࡢᑐ౯࡟ヱᙜࡍࡿࡶࡢࡣࠊ㏻ᖖࡑࡢᅗ㠃➼ࡀసᡂࡉࢀࠊ

68ࡲࡓࡣேⓗᙺົࡢᥦ౪ࡀ⾜ࢃࢀࡓሙᡤ࡟※Ἠࡀ࠶ࡿᡤᚓ࡜࡞ࡿ࡜ࡍࡿࠋ㸲 ᅜ㝿ⓗ஦ᴗ෌⦅࡟࠾ࡅࡿ↓ᙧ㈨⏘ㄢ⛯ࡢၥ㢟㸦㸯㸧ࢥ࣮࣏࣮ࣞࢺ࣭࢖ࣥࣂ࣮ࢪࣙࣥᑐ⟇⛯ไࢥ࣮࣏࣮ࣞࢺ࣭࢖ࣥࣂ࣮ࢪࣙࣥ㸦Corporate inversion㸧࡜ࡣࠊ⊃⩏࡟ࡣࠊ㍍ㄢ⛯ᅜ࣭ᆅᇦ➼࡟ぶ఍♫࡜࡞ࡿ㛵㐃఍♫ࢆタ❧ࡋࠊࡇࡢእᅜぶ఍♫࡟ᰴᘧࡸ↓ᙧ㈨⏘➼ࡢಖ᭷㈨⏘ࢆ⛣㌿ࡍࡿࡇ࡜࡟ࡼࡾ⛯㈇ᢸࡢ㍍ῶࢆᅗࡿ⾜Ⅽࢆᣦࡍࡶࡢ࡛࠶ࡿࡀࠊᮏ❶࡛ࡣࠊእᅜぶ఍♫ࡢタ❧࡟㝈ࡽࡎࠊࠕㄽⅬᩚ⌮ࠖࡢᣦ᦬ࡍࡿࠕከᅜ⡠௻ᴗࢢ࣮ࣝࣉࡀ஦ᴗ෌⦅ࢆ
㏻ࡌ࡚↓ᙧ㈨⏘ࢆ㍍ㄢ⛯ᅜ࡟⛣㌿ࡍࡿࡇ࡜࡛⛯㈇ᢸࡢ㍍ῶࢆᅗࡿࢱࢵࢡࢫ࣭ࣉࣛࣥࢽ
ࣥࢢࠖ࡜ࡋ࡚⪃ᐹࡍࡿࠋࡲࡓࠊ᪂ࡓ࡟እᅜ㛵㐃఍♫ࢆタ❧ࡍࡿሙྜࡢࡳ࡛࡞ࡃࠊ᪤Ꮡ
ࡢእᅜ㛵㐃఍♫࡟↓ᙧ㈨⏘➼ࢆㆡΏࡍࡿሙྜࢆࡶᑐ㇟࡜ࡍࡿࠋ
ලయⓗ࡟ࡣࠊ௨ୗࡢࡼ࠺࡞஦౛ࡀ⪃࠼ࡽࢀࡿࠋձ ᾏእࡢ㈍኎Ꮚ఍♫ࡢᴗົᙧែࢆࢥ࣑ࢵࢩࣙࢼ࣮࡟ኚ࠼ࡓ࠺࠼࡛ࠊ㍍ㄢ⛯ᅜ࡟タ❧ࡋࡓᾏእ㛵㐃఍♫࡜ࡢ㛫࡛ၥᒇዎ⣙ࢆ⥾⤖ࡍࡿࡇ࡜࡛ࠊྲྀᘬࡢ㛫࡟௓ᅾࡉࡏࡓ㍍ㄢ
⛯ᅜࡢᾏእ㛵㐃఍♫࡟฼┈ࢆ⛣㌿ࡉࡏࡿࠋղ ㍍ㄢ⛯ᅜ࡟タ❧ࡋࡓᾏእ㛵㐃఍♫࡟ࢧࣉࣛ࢖ࢳ࢙࣮ࣥᶵ⬟➼ࡢ↓ᙧ㈨⏘ࢆ㞟⣙ࡋࡓ࠺࠼࡛ࠊ〇㐀Ꮚ఍♫࡜ࡢ㛫࡛ጤク〇㐀ዎ⣙ࢆ⥾⤖ࡍࡿࡇ࡜࡛ࠊ㍍ㄢ⛯ᅜࡢᾏእ㛵㐃఍♫࡟ࢢ࣮ࣝࣉࡢ฼┈ࢆ⛣㌿ࡉࡏࡿࠋճ ぶ఍♫ࡀᾏእ࡟࠾࠸࡚㖔≀㈨※➼ࡢ㛤Ⓨࢆ⾜࠸ࠊ஦ᴗ໬ࡀ࡞ࡗࡓ᫬Ⅼ࡛ࠊ⌧ᆅ࡟タ❧ࡋࡓᾏእᏊ఍♫࡟᥇᥀ᶒࢆබṇ౯᱁࡛ㆡΏࡋࡓ࠺࠼࡛ࠊᾏእ㛵㐃఍♫࠿ࡽ㖔≀㈨※ࢆ㉎ධࡍࡿࡇ࡜࡛ࠊᾏእ㛵㐃Ꮚ఍♫࡟ᡤᚓࢆࣉ࣮ࣝࡍࡿࠋձ ⡿ᅜࡢࢥ࣮࣏࣮ࣞࢺ࣭࢖ࣥࣂ࣮ࢪࣙࣥᑐ⟇⛯ไࢥ࣮࣏࣮ࣞࢺ࣭࢖ࣥࣂ࣮ࢪࣙࣥࡀ⛯ົୖࡢၥ㢟࡜ࡋ࡚᫂☜࡟ព㆑ࡉࢀࡿࡼ࠺࡟࡞ࡗ
ࡓࡢࡣ 1990 ᖺ௦ࡢ⡿ᅜ࡛࠶ࡾࠊࡑࡢ㜵Ṇࢆពᅗࡋࡓ⛯ไᥐ⨨ࡶ 2004 ᖺ࡟ᩚഛࡉࢀࡓࠋ
⡿ᅜ࡛ࡣࠊᚑ᮶ࡼࡾࠕ㏻⾜⛯ࠖ㸦toll charge㸧࡜ࡋ࡚ࠊᅜቃࢆ㉺࠼ࡓ௻ᴗ⤌⧊෌⦅࡟ࡼ
ࡾ⡿ᅜἲேࡀಖ᭷ࡍࡿᅜෆ㈨⏘ࡀእᅜἲே࡟⛣㌿ࡉࢀࡓሙྜ࡟ࡣࠊࡑࡢ⤌⧊෌⦅ᡂࡀ
୍ᐃࡢᇶ‽㸦㈨⏘ࡢᒓᛶࠊᰴᘧಖ᭷๭ྜཬࡧ฼⏝ᙧែ➼㸧ࢆ඘ࡓࡉ࡞࠸㝈ࡾࠊᅜእ࡟
⛣㌿ࡉࢀࡿ㈨⏘ࡢㆡΏ┈࡟ᑐࡋ࡚ㄢ⛯⧞ᘏ࡭ࢆㄆࡵ࡞࠸࡜ࡍࡿつᐃ㸦ෆᅜṓධἲ➨ 367᮲㸧ࡀ⨨࠿ࢀ࡚࠸ࡓࠋ
ࡋ࠿ࡋࠊࡇࢀ࡛ࡣᐇ㝿ࡢࢥ࣮࣏࣮ࣞࢺ࣭࢖ࣥࣂ࣮ࢪࣙࣥ࡟ᑐࡍࡿ≌ไ࡜ࡋ࡚୙༑ศ
࡜ࡉࢀࠊ2004 ᖺ࡟ࠊᮏ᱁ⓗ࡞ࢥ࣮࣏࣮ࣞࢺ࣭࢖ࣥࣂ࣮ࢪࣙࣥᑐ⟇ࡀᑟධࡉࢀ࡚࠸ࡿ㸦ෆᅜṓධἲ➨ 7874 ᮲㸧ࠋලయⓗ࡟ࡣࠊ⡿ᅜἲேࡀࠊᅜእ࡛タ❧ࡉࢀࡓ᪂タぶἲேࡢᏊ఍
♫࡟࡞ࡾࠊࡲࡓࡣ㈨⏘ࡢ࡯࡜ࢇ࡝඲࡚ࡀᙜヱእᅜἲே࡟⛣㌿ࡉࢀࡿࡇ࡜࡞࡝࡟ࡼࡾࠊ
⡿ᅜෆᅜἲேࡢᰴ୺ࡀࠊࢥ࣮࣏࣮ࣞࢺ࣭࢖ࣥࣂ࣮ࢪࣙࣥࡢᚋࠊ᪂タእᅜぶἲேᰴᘧࡢ
㆟Ỵᶒࡲࡓࡣ౯್ࡢ 80㸣௨ୖࢆಖ᭷ࡍࡿࡇ࡜࡜࡞ࡾࠊ࠿ࡘࠊ᪂タእᅜぶἲேࡀタ❧ᅜ69࡛┦ᙜ⛬ᗘࡢ஦ᴗάືࢆ⾜ࡗ࡚࠸࡞࠸ሙྜ࡟ࡣࠊᙜヱ᪂タእᅜぶἲேࡣࠕ௦⌮እᅜἲேࠖ࡜ࡉࢀࠊ⡿ᅜἲே࡜ࡳ࡞ࡋ࡚ㄢ⛯ࡉࢀࡿࠋຍ࠼࡚ࠊእᅜ⛯㢠᥍㝖ไᗘࢆᨵṇࡋࠊᚑ᮶ࡣ 9 ศ㢮ࡢᡤᚓẖ࡟᥍㝖㢠ࢆィ⟬ࡍࡿ᪉
ᘧࢆ 2 ศ㢮࡟๐ῶࡋࠊไᗘࢆ⡆⣲໬ࡋ࡚ᅜእ஦ᴗᡤᚓ࡟ᑐࡍࡿᅜ㝿ⓗ஧㔜ㄢ⛯ࡢ᤼㝖ࢆᐜ᫆࡟ࡋ࡚࠸ࡿࠋղ ࢻ࢖ࢶࠕ㏥ฟ⛯ࠖࢻ࢖ࢶ࡛ࡣࠊ2008 ᖺ௻ᴗ⛯ไᨵ㠉࡟࠾࠸࡚ࠊᡤᚓ┦ᛂᛶᇶ‽ࢆࠕᶵ⬟ࡢ⛣㌿ࠖ࡟㐺⏝ࡍࡿ࡜ࡢつᐃࢆᑐእྲྀᘬㄢ⛯ἲ➨ 1 ᮲ 3 㡯࡟ᐃࡵ࡚࠸ࡿࡀࠊࡇࢀࡣ୍⯡࡟ࠕ㏥ฟ⛯ࠖ㸦exit charge㸧࡜ࡋ࡚⌮ゎࡉࢀ࡚࠸ࡿࠋ
㻌㸦㸰㸧⌧⾜⛯ไ࡟࠾ࡅࡿ㛵ಀࡍࡿつᐃࢃࡀᅜ࡟࠾࠸࡚ࡶࠊᅜ㝿ⓗ࡞஦ᴗ෌⦅࡟ࡼࡿ⛒⛯ᅇ㑊⾜Ⅽ࡟ᑐࡋ࡚ࡣࠊ௨ୗࡢࡼ࠺࡞つᐃࡀ⨨࠿ࢀ࡚࠸ࡿࠋձ ≉Ṧ㛵ಀᰴ୺➼࡛࠶ࡿෆᅜἲே࡟ಀࡿ≉ᐃእᅜἲேࡢㄢ⛯ᑐ㇟㔠㢠ࡢ┈㔠⟬ධ㸦⛒⛯≉ูᥐ⨨ἲ➨ 66 ᮲ࡢ 9 ࡢ 2㸧ෆᅜἲேࡢᰴ୺㸦≉Ṧ㛵ಀᰴ୺➼㸧ࡀࠊ୕ゅྜే➼ࡢ⤌⧊෌⦅ᡂ࡟ࡼࡾࠊ㍍ㄢ⛯ᅜ࡟ᡤᅾࡍࡿእᅜἲே㸦≉ᐃእᅜἲே㸧ࢆ㏻ࡌ࡚ࡑࡢෆᅜἲே㸦≉Ṧ㛵ಀෆᅜἲே㸧ࡢⓎ⾜῭ᰴᘧ➼ࡢ 80㸣௨ୖࢆ㛫᥋ಖ᭷ࡍࡿࡇ࡜࡜࡞ࡗࡓሙྜ࡟ࡣࠊࡑࡢ≉ᐃእᅜἲேࡀ
ྛ஦ᴗᖺᗘ࡟࠾࠸࡚␃ಖࡋࡓᡤᚓࢆࡑࡢᣢᰴ๭ྜ࡟ᛂࡌ࡚ࠊࡑࡢ≉ᐃእᅜἲேࡢ≉Ṧ㛵ಀᰴ୺➼࡛࠶ࡿෆᅜἲேࡢ཰┈ࡢ㢠࡜ࡳ࡞ࡋ࡚ࠊ┈㔠ࡢ㢠࡟⟬ධࡍࡿࠋղ ⛒㐺᱁ྜే➼ࡢ⠊ᅖ࡟㛵ࡍࡿ≉౛㸦⛯≉ูᥐ⨨ἲ➨ 68 ᮲ࡢ 2 ࡢ 3㸧
୕ゅྜేࢆ฼⏝ࡋࡓ୍ᐃࡢᅜ㝿ⓗ⛒⛯ᅇ㑊➼࡟ࡘ࠸࡚ࡣࠊ㐺᱁せ௳ࢆ‶ࡓࡉ࡞࠸ྜ
ే࡜ࡋ࡚ᰴᘧㆡΏ┈ࡢㄢ⛯⧞ᘏ࡭ࢆㄆࡵ࡞࠸ࠋճ ࡑࡢ௚
ࡉࡽ࡟ࠊ⛒⛯≉ูᥐ⨨ἲ➨ 40 ᮲ࡢ 7㸦≉Ṧ㛵ಀᰴ୺➼࡛࠶ࡿᒃఫ⪅࡟ಀࡿ≉ᐃእᅜἲேࡢㄢ⛯ᑐ㇟㔠㢠ࡢ⥲཰ධ㔠㢠⟬ධ㸧ࠊྠἲ➨ 66 ᮲ࡢ 4㸦ᅜእ㛵㐃⪅࡜ࡢྲྀᘬ࡟ಀࡿ
ㄢ⛯ࡢ≉౛㸧
ࠊἲே⛯ἲ➨ 132 ᮲ࡢ 2㸦⤌⧊෌⦅ᡂ࡟ಀࡿ⾜Ⅽࡲࡓࡣィ⟬ࡢྰㄆつᐃ㸧➼ࡢつᐃࡶᅜ㝿ⓗ࡞஦ᴗ෌⦅࡟ࡼࡿ⛒⛯ᅇ㑊⾜Ⅽ࡟ᑐᛂࡋᚓࡿつᐃ࡛࠶ࡿࠋ
㸦㸱㸧እᅜᏊ఍♫ྜ⟬⛯ไ࡟࠾ࡅࡿ㈨⏘ᛶᡤᚓྜ⟬ㄢ⛯ᅜ㝿ⓗ࡞஦ᴗ෌⦅ᡂࢆకࢃ࡞࠸↓ᙧ㈨⏘ࡢㆡΏ➼࡟ࡼࡿἲே㈨⏘➼ࡢᅜእ⛣㌿࡟ᑐࡋ࡚ࡣࠊ⛣㌿౯᱁⛯ไࡢ㐺⏝ࡸᐤ௜㔠ㄢ⛯㸦඲㢠ᦆ㔠୙⟬ධ㸧࡟ࡼࡿᑐᛂࡀྍ⬟࡛࠶

70ࡿࡀࠊࡉࡽ࡟ᖹᡂ 22 ᖺᗘᨵṇ࡛๰タࡉࢀࡓእᅜᏊ఍♫ྜ⟬⛯ไ࡟࠾ࡅࡿ㈨⏘ᛶᡤᚓྜ⟬ㄢ⛯ࡢつᐃࡶࠊ⛒⛯ᅇ㑊⾜Ⅽࡢ㜵Ṇࡢഃ㠃ࢆᙉㄪࡋࡘࡘࡶࠊ஦ᴗ෌⦅࡟ࡼࡿᾏእ㛵㐃⪅࡬ࡢ↓ᙧ㈨⏘ࡢ⛣㌿࡟ᑐࡍࡿ≌ไ࡜ࡋ࡚ࡢຠᯝࢆ᫂☜࡟᭷ࡍࡿࡶࡢ࡛࠶ࡿࠋ
ᖹᡂ 22 ᖺᗘ⛯ไᨵṇ࡛ࡣࠊእᅜᏊ఍♫ྜ⟬⛯ไ࡟ࡘ࠸࡚ࠊձ≉ᐃእᅜᏊ఍♫➼࡟ヱᙜࡍࡿࡇ࡜࡜ࡉࢀࡿⴭࡋࡃప࠸⛒⛯㈇ᢸ๭ྜࡢᇶ‽㸦ࢺ࣮ࣜ࢞⛯⋡㸧ࡢ 25㸣௨ୗ࠿ࡽ
20㸣௨ୗ࡬ࡢᘬୗࡆࠊղእᅜᏊ఍♫ྜ⟬⛯ไࡢ㐺⏝ࢆཷࡅࡿෆᅜἲே➼ࡢ┤᥋ཬࡧ㛫᥋ࡢእᅜ㛵ಀ఍♫ᰴᘧ➼ࡢಖ᭷๭ྜせ௳ࡢ 5㸣௨ୖ࠿ࡽ 10㸣௨ୖ࡬ࡢᘬୖࡆࠊճ≉ᐃእᅜᏊ఍♫➼ࡢ㐺⏝㝖እᇶ‽࡟㛵ࡍࡿ⤫ᣓ఍♫࣭⿕⤫ᣓ఍♫ᴫᛕࡢᑟධࠊմ≉Ṧ㛵ಀᰴ୺➼࡛࠶ࡿෆᅜἲே➼࡟ಀࡿ≉ᐃእᅜἲே࡟ಀࡿᡤᚓࡢㄢ⛯ࡢ≉౛ࡢぢ┤ࡋ࡞࡝࡜
࡜ࡶ࡟ࠊ㈨⏘ᛶᡤᚓ࡟ᑐࡍࡿྜ⟬ไᗘࡀ๰タࡉࢀࡓ㸦⛒⛯≉ูᥐ⨨ἲ➨ 66 ࡢ 6մ㸧ࠋࡍ࡞ࢃࡕࠊ㐺⏝㝖እᇶ‽ࢆ‶ࡓࡍ≉ᐃእᅜᏊ఍♫࡛࠶ࡗ࡚ࡶࠊ୍ᐃࡢ๫వ㔠ࡢ㓄ᙜ➼ࠊ฼Ꮚࠊൾ㑏ᕪ┈ࠊㆡΏᑐ౯ࠊ౑⏝ᩱཪࡣ㈚ࡋ௜ࡅ࡟ࡼࡿᑐ౯࡟ಀࡿᡤᚓ㸻ࠕ≉ᐃᡤᚓࠖ㸦ᥐ⨨௧➨ 37 ࡢ 19 ࡢ 2㸧ࢆ᭷ࡍࡿሙྜ࡟ࡣࠊ≉ᐃᡤᚓࡢ㔠㢠ࡢྜィ㢠ࡢ࠺ࡕෆᅜἲே➼ࡢ᭷ࡍࡿᰴᘧ➼࡟ᑐᛂࡍࡿ㒊ศ࡜ࡋ࡚ィ⟬ࡋࡓ㔠㢠㸦㒊ศ㐺⏝ᑐ㇟㔠㢠㸧ࢆࠊ཰┈ࡢ㢠࡜ࡳ࡞ࡋ࡚ᙜヱෆᅜἲே➼ࡢᡤᚓࡢ㔠㢠ࡢィ⟬ୖ㸪┈㔠ࡢ㢠࡟⟬ධࡍࡿࡇ࡜
࡜ࡉࢀࡓࠋࡓࡔࡋࠊ㒊ศ㐺⏝ᑐ㇟㔠㢠ࡀ 1,000 ୓෇௨ୗࡢሙྜࠊ≉ᐃእᅜᏊ఍♫ࡢᡤᚓࡢ 5㸣௨ୗࡢሙྜ࡟ࡣ㐺⏝㝖እ࡜ࡍࡿࢹ࣑ࢽ࣐ࢫᇶ‽ࡀタࡅࡽࢀ࡚࠸ࡿࠋ
࡞࠾ࠊ㈈ົ┬ᢸᙜ⪅࡟ࡼࡿᨵṇ࡛ࡣࠊࢃࡀᅜ࡜ẚ࡭࡚ⴭࡋࡃ⛯㈇ᢸࡀప࠸እᅜᏊ఍
♫࡟࠾࠸࡚ࠊ㈨⏘㐠⏝ⓗ࡞ᡤᚓࢆక࠺ྲྀᘬࢆ⾜࠺ࡇ࡜࡟ࡣ✚ᴟⓗ࡞⤒῭ⓗ࡞ྜ⌮ᛶࡣ࡞ࡃࠊእᅜᏊ఍♫࡬ࡢᡤᚓࡢ௜ࡅ᭰࠼࡟ࡼࡿ⛒⛯ᅇ㑊⾜Ⅽ࡛࠶ࡿ࡜᩿ࡌ࡚࠸ࡿࠋ
ࡇࡢ≉ᐃᡤᚓ࡟ࡣࠊ≉チᶒ➼ࡢ౑⏝ᩱࡢྜィ㢠࠿ࡽᙜヱ౑⏝ᩱࢆ┤᥋ᚓࡿࡓࡵ࡟せࡋࡓ㈝⏝ࢆ᥍㝖ࡋࡓṧ㢠ࡀྵࡲࢀ࡚࠾ࡾࠊ≉チᶒ➼࡟ࡣࠊ≉チᶒࡢ࡯࠿ࠊᐇ⏝᪂᱌ᶒࠊព໶ᶒⱝࡋࡃࡣၟᶆᶒཪࡣⴭసᶒ㸦ฟ∧ᶒཬࡧⴭస㞄᥋ᶒࢆྵࡴ㸧ࡢ౑⏝ᩱࡀヱᙜࡍࡿࠋࡲࡓࠊ௨ୗࡢ౑⏝ᩱ࡟ࡘ࠸࡚ࡣࠊ⛒⛯ᅇ㑊ⓗ࡞ពᅗࡀ࡞࠸ࡇ࡜ࡀ᫂ࡽ࠿࡛࠶ࡿࡓ
ࡵࠊෆᅜἲேࡀࡑࢀ࡟ヱᙜࡍࡿࡶࡢ࡛࠶ࡿࡇ࡜ࢆド᫂ࡍࡿ᭩㢮ࢆಖᏑࡍࡿࡇ࡜ࢆせ௳࡜ࡋ࡚ࠊ㝖እࡉࢀ࡚࠸ࡿ㸦ᥐ⨨௧➨ 37 ࡢ 19 ࡢ 2տ㸧ࠋձ ≉ᐃእᅜᏊ఍♫➼ࡀ⮬ࡽ⾜ࡗࡓ◊✲㛤Ⓨࡢᡂᯝ࡟ಀࡿ≉チᶒ➼ ᙜヱ≉ᐃእᅜᏊ఍♫➼ࡀᙜヱ◊✲㛤Ⓨࢆ୺࡜ࡋ࡚⾜ࡗࡓሙྜࡢᙜヱ≉チᶒ➼ࡢ౑⏝ᩱղ ≉ᐃእᅜᏊ఍♫➼ࡀྲྀᚓࢆࡋࡓ≉チᶒ➼ ᙜヱ≉ᐃእᅜᏊ఍♫➼ࡀᙜヱྲྀᚓ࡟ࡘࡁᑐ౯ࢆᨭᡶ࠸ࠊ࠿ࡘࠊᙜヱ≉チᶒ➼ࢆࡑࡢ஦ᴗࡢ⏝࡟౪ࡋ࡚࠸ࡿሙྜࡢᙜヱ≉チᶒ➼ࡢ౑⏝ᩱճ ≉ᐃእᅜᏊ఍♫➼ࡀ౑⏝ࢆチㅙࡉࢀࡓ≉チᶒ➼ ᙜヱ≉ᐃእᅜᏊ఍♫➼ࡀᙜヱチㅙ࡟ࡘࡁᑐ౯ࢆᨭᡶ࠸ࠊ࠿ࡘࠊᙜヱ≉チᶒ➼ࢆࡑࡢ஦ᴗࡢ⏝࡟౪ࡋ࡚࠸ࡿሙྜࡢᙜ
ヱ≉チᶒ➼ࡢ౑⏝ᩱ71㸳 ௒ᚋࡢ᳨ウㄢ㢟࡟ࡘ࠸࡚ᮏሗ࿌ࡣࠊ࠶ࡃࡲ࡛ࡶ୰㛫ẁ㝵࡛ࡢࡶࡢ࡜ࡋ࡚ࠊ↓ᙧ㈨⏘ࢆࡵࡄࡿᅜ㝿ྲྀᘬ࡟ಀࡿ⛯ົୖࡢၥ㢟ࢆᣦ᦬ࡋࡓࡶࡢ࡟㐣ࡂ࡞࠸ࠋ௒ᚋࠊᚋ༙ࡢ᳨ウసᴗ࡟⨨࠸࡚ࡣࠊ௨ୗࡢࡼ࠺
࡞ㅖⅬࢆ᥀ࡾୗࡆ࡚ࠊලయⓗ࡞ᥦ᱌ࢆྵࡵࡓゎỴ⟇ࡢᥦ♧࡟⮳ࡿࡇ࡜ࡀ㔜せ࡛࠶ࡿࠋձ ↓ᙧ㈨⏘ࡢᐃ⩏ࡢ᫂☜໬⛯ἲ࠶ࡿ࠸ࡣ᪋⾜௧࡟࠾࠸࡚↓ᙧ㈨⏘ࡢᐃ⩏ࢆࡼࡾ᫂☜࡟ࡍ࡭ࡁ࡛࠶ࡿࠋἲே⛯ἲୖࠊ↓ᙧ㈨⏘࡜ࡉࢀ࡚࠸ࡿࡢࡣ≉チᶒࠊᐇ⏝᪂᱌ᶒࡸⴭసᶒ➼ࡢἲᚊୖࡢᶒ฼࠾ࡼࡧ
ࡑࢀ࡟‽ࡎࡿࡶࡢ࡛ࡋ࠿࡞ࡃࠊ⛣㌿౯᱁஦ົ㐠Ⴀせ㡿࡛♧ࡉࢀ࡚࠸ࡿࣀ࢘ࣁ࢘ࠊ⏕⏘ᕤ⛬ࠊ஺΅ᡭ㡰ཬࡧ㛤Ⓨࠊ㈍኎ࠊ㈨㔠ㄪ㐩➼࡟ಀࡿྲྀᘬ⥙➼࠶ࡿ࠸ࡣࣈࣛࣥࢻ➼ࡀ↓ᙧ㈨⏘࡟ྵࡲࢀࡿ࠿ྰ࠿ࢆࠊἲ௧ୖ᫂☜࡟ࡍ࡭ࡁ࡛ࡣ࡞࠸࠿ࠋղ ↓ᙧ㈨⏘ࡢホ౯᪉ἲ↓ᙧ㈨⏘ࡢホ౯᪉ἲ࡜ࡋ࡚ࡣ㈈⏘ホ౯ᇶᮏ㏻㐩࡟ࡋ࠿つᐃࡀ࡞ࡃࠊἲே⛯࡟࠾࠸࡚ࡣලయⓗ࡞ホ౯᪉ἲࡣᐃࡵࡽࢀ࡚࠸࡞࠸ࠋලయⓗ࡟☜ᐃⓗ࡞ホ౯᪉ἲࢆ♧ࡍࡇ࡜ࡣᅔ
㞴࡛ࡶ࠶ࡿࡀࠊᐇົୖ࡛⏝࠸ࡽࢀ࡚࠸ࡿྛᡭἲࢆ๓ᥦ࡜ࡋ࡚ࠊ↓ᙧ㈨⏘ࡢ㢮ᆺࡈ࡜࡟฼⏝࡛ࡁࡿホ౯᪉ἲࢆࠊᑡ࡞ࡃ࡜ࡶ౛♧࡜ࡋ࡚ලయⓗ࡟ิᣲࡍ࡭ࡁ࡛ࡣ࡞࠸࠿ࠋճ ↓ᙧ㈨⏘ࡢ౑⏝࡟ࡼࡾ⏕ࡌࡓ฼┈ࡢᖐᒓཬࡧ㓄ศ↓ᙧ㈨⏘ࡢἲⓗᡤ᭷⪅௨እ࡟」ᩘࡢ㛵㐃⪅ࡀ↓ᙧ㈨⏘ࡢᙧᡂ࡟㈉⊩ࡋ࡚࠸ࡿ࡜ࡉࢀ
ࡿሙྜ࡟ࡣࠊ↓ᙧ㈨⏘ࡢ౑⏝࡟ࡼࡾ⏕ࡌࡓ฼┈ࡀ㛵㐃⪅࡟ࡶᖐᒓࡍ࡭ࡇ࡜ࢆἲᚊୖ᫂
☜࡟ࡋࠊࡲࡓࠊ฼┈ࢆ㛵㐃⪅㛫࡛ྜ⌮ⓗ࡟㓄ศࡍࡿࡓࡵࡢලయⓗᡭἲ࡟ࡘ࠸࡚ࡢつᐃࢆᨻ௧࠶ࡿ࠸ࡣᇶᮏ㏻㐩࡟⨨ࡃ࡭ࡁ࡛ࡣ࡞࠸࠿ࠋմ ⛣㌿౯᱁⛯ไࡢᩚഛ➼OECD ࡟࠾࠸࡚↓ᙧ㈨⏘࡟㛵ࡋ࡚⛣㌿౯᱁࢞࢖ࢻࣛ࢖ࣥࡀᨵゞࡉࢀࡿሙྜࡣᙜ↛ࠊ⛣㌿౯᱁⛯ไ࡟㛵ࡍࡿつᐃᮏయࢆᨵṇࡍ࡭ࡁ࡛࠶ࡿࡀࠊࡑࢀࢆᚅࡘࡇ࡜࡞ࡃࠊOECD ࡟࠾ࡅࡿ᳨ウࡢ㐍䬖ࢆ㋃ࡲ࠼ࡘࡘࠊᚲせ࡞⠊ᅖ࡛஦ົ㐠Ⴀせ㡿ࡢᨵṇࢆ㐍ࡵࡿ࡭ࡁ࡛ࡣ࡞
࠸࠿ࠋ72ǰȭȸȐȫ଺ˊƴƓƚǔૼƨƳ‫׎‬ᨥᅽᆋСࡇƷƋǓ૾Ტᄂᆮɼ࠴ ᩷‫ ޛ‬অʚᲣ ࠰  உႆᘍ ɭኔ૎ሊᄂᆮ৑
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