natgillin/translations-raw huggingface dataset:
Thus, for any avoidance of doubt, the arm's length principle that the Commission applies in its State aid assessment is not that derived from Article 9 of the OECD Model Tax Convention, which is a non-binding instrument, but is a general principle of equal treatment in taxation falling within the application of Article 107(1) of the TFEU, which binds the Member States and from whose scope the national tax rules are not excluded [114].
V primerjavi z ostalimi štirimi metodami, opisanimi v smernicah OECD za določanje transfernih cen, je metoda CUP najbolj neposredna in bi, če bi bila uporabljena, zagotovila najzanesljivejši približek tržno naravnanega izida.
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.
Kljub temu Komisija ob upoštevanju informacij, poslanih v formalnem postopku preiskave, sprejema trditev družbe FFT, v skladu s katero v primeru družbe FFT metoda CUP morda ni najustreznejša.
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.
Iz teh informacij je razvidno, da družba FFT sklepa transakcije z različnimi nasprotnimi strankami iz skupine Fiat ter da se uporabljene obrestne mere, oblika in roki odobrenih posojil in obveznic, ki jih izdaja družba FFT, spreminjajo, čeprav se zdi, da se nadrejenost ustreznih instrumentov ne razlikuje.
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’.
Ker bi bilo treba za uporabo metode CUP za namene transfernih cen najti primerljive transakcije za vsako posamezno posojilo, ki ga je odobrila družba FFT, se zato zdi, da je davčni svetovalec za oceno plačila po tržnem načelu za naloge, ki jih opravlja družba FFT, in tveganje, ki ga prevzema, uporabil ustrezno metodo, to je MTMN.
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.
Poleg tega Komisija priznava, da analiza transfernih cen za družbo FFT temelji na donosu lastnega kapitala, ki je sprejemljiv kazalnik uspešnosti za finančni sektor, in da je naloge, ki jih opravlja družba FFT, mogoče primerjati z nalogami finančnih institucij.
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.
Kompleksna struktura sredstev in obveznosti družbe FFT namreč potrjuje, da opravlja tudi nalogo spremembe ročnosti in nalogo finančnega posredništva, saj se s pomočjo zunanjih vlagateljev odziva na potrebe po financiranju v skupini [122].
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.
Zato Komisija meni, da je uporaba metode MTMN za namene transfernih cen v primeru družbe FFT ustrezna izbira.
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.
Znesek lastnega kapitala, ki ga je treba poplačati
Preliminary observation: doubt expressed on the existence of a fixed tax base
Čeprav Komisija meni, da je bilo primerno, da je davčni svetovalec v primeru družbe FFT uporabil metodo MTMN, pa meni, da se je davčni svetovalec pri uporabi metode odločil za več metodoloških izbir, izbir parametrov in prilagoditev […], ki niso ustrezne za izračun davčne osnove družbe FFT v Luksemburgu.
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.
Uporaba hipotetičnega regulativnega kapitala družbe FFT kot kazalnika dobičkonosnosti
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.
Komisija meni, da regulativni kapital kot kazalnik dobičkonosnosti, ki ga je izbral davčni svetovalec, ni ustrezen kazalnik, ki bi se uporabil v metodi MTMN za oceno plačila po tržnem načelu za naloge, ki jih opravlja družba FFT.
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.
Ker je davčni svetovalec izbral metodo MTMN v povezavi z donosom lastnega kapitala, ocenjenega z modelom MEDAF, Komisija meni, da je treba kot kazalnik dobičkonosnosti uporabiti računovodski lastni kapital, za katerega se uporabi donos lastnega kapitala, da se izračuna to plačilo, če se išče zanesljiv približek tržno naravnanega izida.
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.
Natančneje, da bi zagotovili, da je davčna osnova družbe FFT izraz zanesljivega približka tržno naravnanega izida, skladnega z neodvisnim tržnim načelom, mora biti metoda, ki se uporabi za izračun plačila po tržnem načelu za opravljene naloge z računovodskega vidika metodološko skladna, kar pa ne velja za izbire davčnega svetovalca.
Methodological choices, parameters and adjustments underlying the contested tax ruling
V poročilu o transfernih cenah je navedeno, da je ocenjena davčna osnova sestavljena iz dveh elementov: iz „plačila za tveganje“ in „plačila za naloge“ [123].
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.
Davčni svetovalec prvi element, to je plačilo za tveganje družbe FFT, določi tako, da oceno lastnega kapitala, ki ga je treba poplačati, izračunano po analogiji na podlagi okvira Basel II kot hipotetični regulativni kapital [124], pomnoži z zahtevanim donosom lastnega kapitala, ocenjenim z modelom MEDAF.
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.
Vendar se ocena z modelom MEDAF nanaša na teoretično stopnjo zahtevanega donosa kapitalskih naložb, količnik beta, uporabljen za ta izračun, pa temelji na spremembi donosa cen delnic družb (ali donosov lastnega kapitala) [125].
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.
Zato je rezultat izračuna z modelom MEDAF po svoji zasnovi donos lastnega kapitala, ne pa donos katere koli druge vrste kapitala, kot je hipotetični regulativni kapital, določen po analogiji z uporabo okvira Basel II [126].
The OECD Guidelines also discuss choice (ii) of a profit level indicator when using the TNMM.
Donos lastnega kapitala je stopnja donosnosti.
However, subsequent methodological choices (iii) and (iv) are not covered by the OECD Guidelines.
Lastni kapital se poplača s čistim dobičkom družbe, to so prihodki, od katerih se odštejejo vsi odhodki, ki nastanejo z opravljanjem dejavnosti, in vse finančne dajatve, plačane upnikom.
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)).
Ta čisti dobiček je torej dobiček, ki ostane družbi, da poplača svoje delničarje; pomeni donos lastnega kapitala, ki se bodisi porazdeli bodisi poveča vrednost družbe.
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.
Zaradi skladnosti mora biti donos lastnega kapitala enak čistemu dobičku v računovodskem smislu, ki po plačilu vseh ostalih obveznosti ostane delničarjem, deljenemu z vrednostjo delnic v računovodskem smislu (to je lastnega kapitala), ki jih dobiček poplača.
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].
Nasprotno pa ni skladno, če se za poplačilo regulativnega kapitala upošteva čisti računovodski dobiček družbe.
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].
Regulativni kapital je regulatorjeva ocena minimalne kapitalizacije, ki jo mora vzdrževati banka ali druga finančna institucija; sam po sebi ne daje pravice do sorazmernega deleža dobička regulirane osebe.
Those choices, however, do not seem to be a choice of parameters.
Poleg tega morajo finančne institucije ves čas vzdrževati to stopnjo lastnega kapitala; kar dejansko pomeni, da lastni kapital na splošno presega stopnjo zahtevanega regulativnega kapitala, tako da imajo kapitalsko rezervo, ki preprečuje, da bi kršile minimalne kapitalske zahteve v primeru izgub, s čimer se zmanjša razpoložljivi lastni kapital.
Rather, they seem to introduce adjustments in the methodology for determining profit allocation to FFT which do not correspond to any commonly used methods.
Ves lastni kapital, ki se doda k minimalni zahtevani ravni, mora biti z vidika vlagateljev enako poplačan.
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.
Zato bi moral davčni svetovalec družbe FFT za računovodski lastni kapital družbe FFT uporabiti donos lastnega kapitala, izračunanega z modelom MEDAF, da bi zagotovil računovodsko skladno metodologijo in s tem zanesljiv približek tržnega rezultata.
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.
Vodoravne puščice v spodnji preglednici kažejo, kateri pristopi bi bili metodološko skladni; diagonalna puščica pa kaže pristop davčnega svetovalca družbe FFT:
The choice of the TNMM and the functional analysis in the transfer pricing report
Merila donosa
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].
Kapitalske osnove
That choice is a choice of one of the five methods described and discussed in detail in the OECD TP Guidelines.
Donos lastnega kapitala (RCP) = Dobiček / Lastni kapital MSRP
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].
Ocenila družba FFT z modelom MEDAF, β temelji na vzorcu 66 družb
The use of a method further requires the use of one or more parameters, so that the method can result in an actual outcome.
Lastni kapital MSRP
The choice of method and the choice of parameters cannot be an arbitrary choice.
Na voljo v bilanci stanja družbe FFT
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.
Tveganju prilagojeni donos kapitala (RARoC) = Dobiček / Regulativni lastni kapital
Those choices must therefore be guided by the objective of achieving an arm's length price for intra-group transactions.
Ni predloženih ocen
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.
Regulativni kapital Basel II
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.
Oceno, sicer nepravilno, regulativnega lastnega kapitala je predložila družba FFT
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.
S tem ko je davčni svetovalec družbe FFT uporabil neskladno metodologijo in donos lastnega kapitala uporabil za hipotetični regulativni kapital družbe FFT, je izračunal ocenjeno stopnjo plačila za naloge, ki jih opravlja družba FFT, in tveganja, ki jih prevzema, kar pa ni zanesljiv približek tržno naravnanega izida.
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.
Pomanjkanje skladnosti ima namreč precejšen učinek za obdavčljivi dohodek družbe FFT v Luksemburgu.
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.
Drugače povedano, metodološke izbire davčnega svetovalca povzročijo zmanjšanje davčne osnove družbe FFT v Luksemburgu v primerjavi z davčno nepovezanimi družbami, katerih obdavčljivi dobiček določajo tržni pogoji.
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.
Ker je stopnjo lastnega kapitala družbe FFT mogoče opazovati in ker se z modelom MEDAF oceni donos lastnega kapitala, bi moral davčni svetovalec pri uporabi metode MTMN namesto hipotetičnega regulativnega kapitala uporabiti računovodski lastni kapital družbe FFT, da bi določil davčno osnovo družbe FFT v Luksemburgu v skladu z neodvisnim tržnim načelom.
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.
Komisija zavrača trditev družbe FFT v zvezi s tem, v skladu s katero za določitev transfernih cen ni treba upoštevati dejanske stopnje lastnega kapitala, saj je ta stopnja rezultat predhodnih odločitev [128].
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.
Iz te trditve izhaja, da je stopnja računovodskega lastnega kapitala družbe FFT previsoka zaradi zgodovinskih razlogov in da ga zato ni treba poplačati.
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.
Vendar ta trditev ni skladna s tržnimi zahtevami, saj stopnja lastnega kapitala, ki ne dosega optimalne ravni, na konkurenčnem trgu ni donosna.
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].
Za družbe je namreč poplačilo lastnega kapitala dražje kot poplačilo terjatev.
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.
V smernicah OECD za določanje transfernih cen pa je navedeno, da je donos kapitala lahko dober kazalnik dobičkonosnosti, kadar se metoda MTMN uporabi za kapitalsko intenzivne finančne dejavnosti [129].
The use of FFT's hypothetical regulatory capital as profit level indicator
Te smernice se sklicujejo tudi na „naložbeni kapital“ kot možni ustrezni kazalnik dobičkonosnosti pri uporabi metode MTMN [130].
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.
Čeprav v smernicah OECD pojem „naložbeni kapital“ ni natančneje opredeljen, se zdi, da se ne ujema z izrazom regulativni kapital, uporabljenim v okvirih Basel II in Basel III ali ustreznih direktivah o prenosu.
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.
Kapital, ki ga je treba uporabiti kot kazalnik dobičkonosnosti pri uporabi metode MTMN, tudi v okrožnici ni natančneje opredeljen [131].
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.
V okrožnici se razlikujeta dve možni podlagi za plačilo finančne naloge in nalog zakladništva, to sta vrednost odobrenih posojil in obseg sredstev v upravljanju [132].
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].
S tem ko je družba FFT izbrala metodo MTMN in hipotetični regulativni kapital kot podlago, se ni odločila za plačilo neposredno na podlagi vrednosti odobrenih posojil, medtem ko se sredstva v upravljanju nanašajo na sredstva, ki se hranijo v imenu tretje osebe (na primer pri upravljavcih skladov), to pa je naloga, ki je družba FFT načeloma ne opravlja.
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.
Čeprav se v finančnem sektorju računovodski lastni kapital splošno uporablja kot podlaga za izračun donosnosti družbe, Komisija vsekakor sprejema, da se pri uporabi metode MTMN za namene transfernih cen načeloma lahko uporabi drugačna kapitalska osnova, če je metodologija, ki se uporabi za izračun plačila za transakcije znotraj skupine, skladna.
However, the CAPM estimates a theoretical required rate of return on equity investments and the beta used in that calculation is based on a variation of the return on companies' share price (or returns on equity) [125].
Vendar v posebnem primeru družbe FFT Komisija zaradi razlogov, opisanih v nadaljevanju, meni, da s tega vidika izbira davčnega svetovalca, to je, da je uporabil hipotetični regulativni kapital družbe FFT, ni primerna za izračun zanesljivega približka tržno naravnanega izida.
Therefore, the result of a CAPM calculation is by construction a return on equity, rather than a return on any other capital measure, such as a hypothetical regulatory determined through an application of the Basel II framework by analogy [126].
Prvič, ker družba FFT ni reguliran finančni subjekt, za katerega se uporablja okvir Basel II, kadar se uporablja za davčne namene, je težko preveriti njegovo uporabo za oceno hipotetičnega regulativnega kapitala.
A return on equity is a profitability ratio.
V okviru Basel II je zahtevani regulativni kapital namreč opredeljen kot delež sredstev v lasti institucije, tehtan s povezanim tveganjem vsakega sredstva.