natgillin/translations-raw huggingface dataset:
Egenkapitalen forrentes i forhold til et selskabs nettofortjeneste, dvs. indtægter minus alle udgifter forbundet med udøvelse af selskabets virksomhed, men ligeledes minus alle finansielle omkostninger til kreditorer.
Consequently, in response to Luxemburg's argument that the Commission, in undertaking such an assessment, replaces the national tax authorities in the interpretation of Luxembourg law [115], the Commission recalls that is not examining whether the contested ruling complies with the arm's length principle as laid down in Article 164(3) L.I.R. or the Circular, but whether the Luxembourg tax administration conferred a selective advantage on FFT for the purposes of Article 107(1) of the TFEU by issuing a tax ruling that endorses a profit allocation that departs from the amount of profit that would have been taxed under the general Luxembourg corporate income tax system if the same transactions had been executed by independent companies negotiating under comparable circumstances at arm's length.
Denne nettofortjeneste er således den fortjeneste, som selskabet kan anvende som udbytte til aktionærerne.
Finally, in response to the argument of Luxembourg and FFT that, because transfer pricing is not an exact science, the assessment by the Commission of the transfer pricing arrangement agreed in the contested tax ruling should necessarily be limited, the Commission recalls that the approximation component of transfer pricing has to viewed in the light of its objective.
Der er tale om et kapitalafkast i form af udlodning eller forøgelse af selskabets værdi.
While the OECD TP Guidelines do indeed acknowledge that transfer pricing is not an exact science in paragraph 1.13 thereof, that same point first explains that ‘[i]t is important not to lose sight of the objective to find a reasonable estimate of an arm's length outcome based on reliable information’.
Af konsekvenshensyn skal afkastet af egenkapitalen således svare til den bogførte nettofortjeneste, der udloddes til aktionærerne efter betaling af alle andre udgifter, divideret med aktiernes bogførte værdi (dvs. egenkapitalen), der forrentes med fortjenesten.
The objective of the OECD TP Guidelines is to develop, for the benefit of tax administrations and multinational enterprises, the most appropriate methods for estimating arm's length prices of cross-border transactions between associated enterprises for taxation purposes.
Det er derimod inkonsekvent at forrente den lovbestemte egenkapital på grundlag af selskabets bogførte nettofortjeneste.
The pursuit of that objective would be impossible if the approximative nature of the transfer pricing exercise could be used to disregard the consensus on appropriate transfer pricing methodologies which those guidelines represent.
Den lovpligtige kapital er lovgiverens fastsættelse af minimumskapitalgrundlagskravet til banker eller andre finansieringsinstitutter, og den giver ikke i sig selv ret til en forholdsmæssig andel af den regulerede enheds fortjeneste.
The approximative nature of the arm's length principle can therefore not be invoked to justify a transfer pricing analysis that is either methodologically inconsistent or based on an inadequate comparables selection.
Finansieringsinstitutter skal desuden opretholde dette kapitalgrundlag til enhver tid, og generelt er deres kapitalgrundlag i praksis således større end den lovpligtige kapital, således at de har en buffer, der sikrer, at de kan opfylde minimumskapitalgrundlagskravene i tilfælde af tab, hvilket derfor reducerer deres disponible kapital.
In conclusion, if it can be shown that the methodology accepted by the Luxembourg tax administration by way of the contested ruling for the determination of FFT's taxable profits in Luxembourg departs from a methodology that leads to a reliable approximation of a market-based outcome and thus from the arm's length principle, that ruling will be found to confer a selective advantage on FFT for the purposes of Article 107(1) of the TFEU, in so far as it leads to a lowering of FFT's tax liability under the general Luxembourg corporate income tax system as compared to non-integrated companies whose tax base is determined by the profits they generate under market conditions.
Hele den egenkapital, der indgår i minimumskapitalgrundlaget, skal forrentes ens i forhold til investorerne.
Preliminary observation: doubt expressed on the existence of a fixed tax base
For at sikre en regnskabsmæssigt konsekvent metode og således en pålidelig tilnærmelse til et markedsbaseret resultat burde FFT's skatterådgiver have beregnet egenkapitalafkastet ved hjælp af CAPM med udgangspunkt i FFT's bogførte egenkapital.
The first doubt expressed by the Commission in the Opening Decision was that FFT's tax base as agreed to by the contested tax ruling appeared to constitute a fixed range.
De horisontale pile i nedenstående tabel angiver de regnskabsmæssigt konsekvente metoder, og den diagonale pil viser den tilgang, som FFT's skatterådgiver har anvendt:
In addition, the documents submitted during the formal investigation show that FFT's tax base had been fixed at EUR 2 million annually before the contested tax ruling was issued.
Mesures du rendement
Although the Circular required FFT to renew its previous ruling request on the basis of a transfer pricing report, the transfer pricing report prepared for the contested tax ruling reached an outcome in terms of tax base, which is practically identical to the previously agreed lump sum amount.
Bases de capital
However, on the basis of a clarification provided by Luxembourg during the administrative procedure, explaining that the contested tax ruling agrees on a methodology and not on a fixed range [116], as well as data demonstrating that for 2012 and 2013 FFT's tax base was lower than the lower bound of the range that was allegedly agreed in that ruling [117], the Commission considers that doubt to have been adequately resolved.
Rendement des capitaux propres (RCP) = Bénéfices / Capitaux propres IFRS
Methodological choices, parameters and adjustments underlying the contested tax ruling
Estimé par FFT au moyen du MEDAF, le β étant sur un échantillon de 66 sociétés
The contested tax ruling accepts a methodology for determining a profit allocation to FFT, which is based on a transfer pricing analysis prepared by the latter's tax advisor that calculates a remuneration for the intra-group financing and treasury functions performed and the risk borne by FFT.
Capitaux propres IFRS
Several methodological choices underlie that transfer pricing analysis: (i) the choice to use the TNMM to estimate FFT's taxable profit in Luxembourg; (ii) the choice of capital as profit level indicator in the application of the TNMM; (iii) the choice of the Basel II framework to calculate that capital and (iv) the choice of the CAPM based on equity prices to determine a required return on that capital.
Disponible dans le bilan de FFT
As explained in the following sections, in recitals 241 to 301, choice (i) is a choice between the five methods described and discussed in detail in the OECD Guidelines.
Rendement des fonds propres réglementaires = Bénéfices / Fonds propres réglementaires
The OECD Guidelines also discuss choice (ii) of a profit level indicator when using the TNMM.
Aucune estimation fournie.
However, subsequent methodological choices (iii) and (iv) are not covered by the OECD Guidelines.
Fonds propres réglementaires au titre de Bâle II
FFT's tax advisor then proceeds to a selection of several parameters, i.e. actual figures, for use in estimating the amount of capital to be remunerated (in relation to choice (iii)) and the level of required return to be applied to that capital (in relation to choice (iv)).
Une estimation - incorrecte - des fonds propres réglementaires a été fournie par FFT.
As regards the amount of capital to be remunerated, the tax advisor selects parameters for the risk weighting and the minimum capital requirement to estimate FFT's hypothetical regulatory capital.
FFT's skatterådgiver har anvendt en inkonsekvent metode, hvor afkastet af egenkapitalen baseres på FFT's hypotetiske lovbestemte egenkapital, og når således frem til en anslået betaling for FFT's funktioner og risici, der ikke er en pålidelig tilnærmelse til et markedsbaseret resultat.
As regards the level of required return to be applied to that capital, the tax advisor selects parameters for a risk-free rate, a beta and a market premium that are required for using the CAPM [118].
Den manglende konsekvens har rent faktisk en betydning indvirkning på FFT's skattepligtige fortjeneste i Luxembourg.
Finally, the tax advisor chooses to disregard FFT's total level of equity for the purposes of calculating an arm's length remuneration, by deducting from that equity FFT's participations in FFNA and FFC and calculating on that remaining amount a remuneration for the functions performed [119].
I 2011 beløb FFT's egenkapital sig til 287,5 mio. EUR, men skatterådgiveren anvender FFT's hypotetiske lovbestemte egenkapital — 28,5 mio. EUR — som indikator for fortjenestens størrelse i forbindelse med anvendelsen af TNMM.
Those choices, however, do not seem to be a choice of parameters.
Ved at anvende det forventede afkast af egenkapitalen, som skatterådgiveren har beregnet ved hjælp af CAPM, på FFT's hypotetiske lovbestemte egenkapital i stedet for på den bogførte egenkapital, divideres FFT's skattepligtige fortjeneste i Luxembourg med 10 [127].
Rather, they seem to introduce adjustments in the methodology for determining profit allocation to FFT which do not correspond to any commonly used methods.
Skatterådgiverens valg af metoder nedsætter med andre ord FFT's beskatningsgrundlag i Luxembourg i forhold til skattemæssigt ikke-integrerede selskaber, hvis skattepligtige fortjeneste bestemmes på markedsvilkår.
Based on these methodological choices, choices of parameters for their implementation and […] adjustments, the tax advisor arrives at a level of remuneration for FFT's intra-group financing and treasury activity that is accepted by the contested tax ruling as respecting the Circular and the arm's length principle.
Da størrelsen af FFT's egenkapital er beregnet, og da egenkapitalafkastet er anslået i CAPM, burde FFT's skatterådgiver have anvendt FFT's egenkapital i forbindelse med anvendelsen af TNMM i stedet for den hypotetiske lovbestemte egenkapital ved fastsættelsen af FFT's beskatningsgrundlag i Luxembourg i overensstemmelse med armslængdeprincippet.
In the following sections, in recitals 241 to 301, the Commission will explain why it considers several of those methodological choices, choices of parameters and […] adjustments to result in a lowering of FFT's tax liability under the general Luxembourg corporate income tax system as compared to non-integrated companies whose taxable profits are determined by transactions concluded on market terms and, thus, that the contested tax ruling, by accepting those choices and adjustments, confers a selective advantage on FFT for the purposes of Article 107(1) of the TFEU by deviating from the arm's length principle.
Kommissionen bestrider i denne forbindelse FFT's argument om, at der ikke skal tages udgangspunkt i selskabets faktiske egenkapitalniveau ved fastsættelse af koncerninterne afregningspriser, da dette niveau er resultatet af tidligere afgørelser [128].
The choice of the TNMM and the functional analysis in the transfer pricing report
Det følger af dette argument, at FFT's bogførte egenkapital er for høj af historiske årsager, og at den derfor ikke bør forrentes.
As regards choice (i), the remuneration accepted by the contested tax ruling for the functions performed and the risk borne by FFT is estimated by the tax advisor by using the TNMM [120].
Dette argument er imidlertid ikke i overensstemmelse med kravene på markedet, da et suboptimalt egenkapitalniveau ikke er bæredygtigt på et marked med fri konkurrence.
That choice is a choice of one of the five methods described and discussed in detail in the OECD TP Guidelines.
Det er rent faktisk dyrere for selskaberne at forrente egenkapital end fordringer.
As a general matter, the OECD TP Guidelines require that the most appropriate method is aimed at when estimating an arm's length price in the context of transfer pricing [121].
Hvis et selskab, der opererer på et marked med fri konkurrence, var overkapitaliseret af historiske årsager, som FFT påstår, ville det tilbageføre den overskydende egenkapital til aktionærerne (f.eks. ved aktietilbagekøb eller aktieuddeling), da denne kapital kunne anvendes mere effektivt i andre investeringsprojekter.
The use of a method further requires the use of one or more parameters, so that the method can result in an actual outcome.
Ved beregningen af beskatningsgrundlaget for selskaber, der opererer på et marked med fri konkurrence, skal disse selskaber forrente hele egenkapitalen tilført af aktionærerne på et niveau, der kan betragtes som værende i overensstemmelse med kravene på markedet.
The choice of method and the choice of parameters cannot be an arbitrary choice.
I henhold til OECD's retningslinjer for koncerninterne afregningspriser kan egenkapitalafkastet være en god indikator for fortjenestens størrelse ved anvendelsen af TNMM i forbindelse med kapitalintensive finansieringsaktiviteter [129].
Leaving those choices to the sole discretion of the taxpayer would advantage integrated cross-border groups over companies that transact on the market, the former being given the choice of method and parameters for pricing intra-group transactions to determine their tax base, while the latter transact on market terms without any possibility to adjust their tax base.
Den kapital, der skal være indikator for fortjenestens størrelse i forbindelse med anvendelsen af TNMM, defineres heller ikke nærmere i cirkulæret [131].
Those choices must therefore be guided by the objective of achieving an arm's length price for intra-group transactions.
Der skelnes mellem to mulige grundlag for betaling for finansierings- og likviditetsfunktioner, nemlig værdien af bevilligede lån og mængden af forvaltede aktiver [132].
However, when estimating an arm's length price for transfer pricing purposes, the use of a second-best method does not automatically give rise to an advantage for integrated cross-border groups.
Ved at anvende TNMM og tage udgangspunkt i den hypotetiske lovbestemte egenkapital vælger FFT imidlertid ikke en betaling, der er direkte knyttet til værdien af de bevilligede lån, og de forvaltede aktiver er aktiver, der opbevares i tredjemands navn (f.eks. fondsforvaltere), en funktion, der i princippet ikke udøves af FFT.
For example, where such a method is chosen, but that method is used in combination with an overly conservative set of parameters, the remuneration arrived at might nevertheless result in an outcome which is in that specific case equal to a market-based outcome or it might result in an overestimated tax burden, in which case a tax ruling accepting that second-best method would not give rise to an advantage for the purposes of Article 107(1) of the TFEU.
Selv om egenkapitalen anvendes generelt i finanssektoren som grundlag for beregning af et selskabs afkast, accepterer Kommissionen under alle omstændigheder, at der i princippet kan anvendes et andet grundlag i TNMM-modellen med henblik på fastsættelse af koncerninterne afregningspriser, hvis den anvendte metode til beregning af betalingen for koncerninterne transaktioner er konsekvent.
By contrast, even if the most appropriate method is chosen, when it is used in combination with overly favourable parameters the remuneration arrived at using that method might nevertheless underestimate the tax liability of the taxpayer and thus give rise to an advantage for the purposes of Article 107(1) of the TFEU.
I den konkrete FFT-sag mener Kommissionen imidlertid af nedenstående årsager, at det valg, som skatterådgiveren har foretaget i denne forbindelse, dvs. at tage udgangspunkt i FFT's hypotetiske lovbestemte egenkapital, ikke er en egnet metode, der fører til pålidelig tilnærmelse til et markedsbaseret resultat.
In the Opening Decision, the Commission expressed a doubt that the TNMM might not be the most appropriate method for determining an arm's length remuneration and thus the taxable profit of FFT.
Da FFT ikke er en reguleret finansiel enhed omfattet af Basel II-regelsættet, når selskabet udelukkende anvendes skattemæssigt, er det for det første vanskeligt at kontrollere anvendelsen for at anslå den hypotetiske lovbestemte egenkapital.
Compared to the other four methods described in the OECD TP Guidelines, the CUP method is more direct and would, if applicable, provide for a more reliable approximation of a market-based outcome.
I Basel II-regelsættet defineres den lovbestemte egenkapital rent faktisk som en del af selskabets aktiver vægtet i forhold til de enkelte aktivers underliggende risiko.
However, in light of the information submitted in the course of the formal investigation procedure, the Commission accepts FFT's argument that the CUP method might not be the most appropriate method in the case of FFT.
Risikovægten tillagt de enkelte aktiver i dette reguleringsøjemed afhænger konkret navnlig af modpartens kreditrating, men også af andre kriterier, der evalueres fra aktiv til aktiv.
That information shows that FFT concludes transactions with different counterparties of the Fiat group and that the applicable rates, the form and the maturity of the loans provided and the bonds issued by FFT vary, even if the seniority of the transactions does not seem to differ.
Skattemyndighedernes kontrol af risikovægten tillagt de enkelte aktiver foretages i henhold til den finansielle tilsynsramme, når denne vægtning indgår i beregningen af beskatningsgrundlaget med henblik på fastsættelse af koncerninterne afregningspriser og ikke lovbestemte minimumskapitalkrav.
Consequently, since using the CUP method for transfer pricing purposes would require finding comparable transactions for each individual loan FFT provides, the tax advisor's use of the TNMM to estimate an arm's length remuneration for the functions performed and the risk borne by FFT appears appropriate.
Det er derfor ikke særlig sandsynligt, at det ville være nemt for skattemyndighederne at kontrollere resultaterne af denne øvelse, og at de ville betragte dem som en pålidelig tilnærmelse til et markedsbaseret resultat i overensstemmelse med armslængdeprincippet.
Moreover, the Commission recognises that the transfer pricing analysis for FFT is based on a return on capital, which is an acceptable performance indicator for the financial industry, and that FFT's functions are comparable to financial institutions.
Da afkastet af den lovbestemte minimumskapital ikke er en almindeligt anvendt indikator i finanssektoren, bliver de gennemsnitlige afkast for det andet normalt ikke analyseret, og de er ikke almindeligt tilgængelige [133].
Indeed, the complexity of FFT's asset and liability structure confirms that it ensures a maturity transformation function, as well as a financial intermediation function, since FFT calls upon external investors for the funding of the group financing needs [122].
Ethvert resultat baseret på dette kapitalgrundlag vil derfor helt sikkert føre til en mindre pålidelig tilnærmelse til et markedsbaseret resultat, end hvis man anvendte den bogførte egenkapital som indikator for fortjenestens størrelse, på hvilken der anvendes et egenkapitalafkast, som er i overensstemmelse med standarderne i sektoren.
Thus, the Commission considers the use of the TNMM for transfer pricing purposes in the case of FFT to be an appropriate choice.
De 66 sammenlignelige selskaber, som skatterådgiveren har udvalgt med henblik på beregning af egenkapitalafkastet ved hjælp af CAPM, er for det tredje tydeligvis ikke et egnet grundlag for beregning af den gennemsnitlige lovbestemte egenkapital i sektoren eller afkastkravet til denne kapital.
The amount of capital to be remunerated
Flere af disse selskaber er rent faktisk ikke regulerede enheder omfattet af Basel-regelsættene (som børserne).
While the Commission considers the tax advisor's use of the TNMM in the case of FFT to be appropriate, the Commission considers several of the methodological choices, choices of parameters and […] adjustments employed by the tax advisor in the application of that method inappropriate for calculating FFT's tax base in Luxembourg.
Disse selskaber kan derfor ikke beregne deres lovpligtige kapitalkrav, og det vil ikke være muligt at beregne de lovbestemte minimumskrav til de enkelte ikke-regulerede institutter alene på grundlag af de offentliggjorte oplysninger.
The use of FFT's hypothetical regulatory capital as profit level indicator
Dette begreb er ikke defineret i rapporten om koncerninterne afregningspriser, og der er intet, der tyder på, at en sådan risiko som betegnet af skatterådgiveren er omfattet af en af de forskellige kategorier af lovbestemt egenkapital, f.eks. egenkapital til dækning af den operationelle risiko, og navnlig risikoen forbundet med processen, hvis skatterådgiveren havde vurderet FFT's hypotetiske lovbestemte egenkapital korrekt, hvilket ikke er tilfældet.
First and foremost, the Commission does not consider the tax advisor's choice of regulatory capital as an appropriate profit level indicator in the application of the TNMM for estimating an arm's length remuneration for the functions performed by FFT.
Der redegøres nedenfor i betragtning 277-289 nærmere for andre betænkeligheder vedrørende opdelingen af egenkapitalen i særskilte komponenter, der forrentes forskelligt, endog helt ned til nul.
Instead, the Commission considers that the tax advisor's choice of the TNMM, in combination with its use of a return on equity estimated through the CAPM, necessitates that FFT's accounting equity is used as the profit level indicator against which a return on equity is applied to calculate that remuneration if the outcome is to result in a reliable approximation of a market-based outcome.
Kommissionen konkluderer derfor, at den anfægtede skatteafgørelse ikke fører til et markedsbaseret resultat, der er i overensstemmelse med armslængdeprincippet, som følge af godkendelsen af skatterådgiverens valg, der indebærer, at FFT's hypotetiske lovbestemte egenkapital anvendes som indikator for fortjenestens størrelse i TNMM-modellen, og at afkastet af egenkapitalen beregnet ved hjælp af CAPM baseres herpå ved beregningen af FFT's skattepligtige fortjeneste i Luxembourg.
More specifically, to ensure that FFT's tax base reflects a reliable approximation of a market-based outcome in line with the arm's length principle, the method used to arrive at an arm's length remuneration for the functions it performs should be methodologically consistent from an accounting perspective, which the choices made by the tax advisor are not.
Da dette metodologiske valg indebærer en nedsættelse af den skat, som FFT skal betale ifølge de almindelige selskabsskatteregler i Luxembourg i forhold til skattemæssigt ikke-integrerede selskaber, som indgår transaktioner på markedsvilkår [134], bør den anfægtede skatteafgørelse anses for at give FFT en selektiv fordel efter artikel 107, stk. 1, i TEUF.
In the transfer pricing report, FFT's estimated tax base is said to consist of two components: a ‘risk remuneration’ and a ‘functions remuneration’ [123].
Inkonsekvent anvendelse af Basel II-regelsættet til beregning af kapitalen
The tax advisor determines the first component, FFT's risk remuneration, by multiplying an estimated amount of capital to be remunerated, which the tax advisor estimates by calculating FFT's hypothetical regulatory capital using the Basel II framework by analogy [124], by an estimated required return on that capital, which the tax advisor estimates by using the CAPM.