日本財団 図書館

共通ヘッダを読みとばす


Top > 産業 > 運輸.交通 > 成果物情報

2002年度欧州造船政策動向調査

 事業名 造船関連海外情報収集及び海外業務協力事業
 団体名 シップ・アンド・オーシャン財団  


B.4 TAXATION PROGRAMMES
B.4.1 Introduction
With regard to the tax exemptions, the complaint alleges that the Korean Government has recently passed a law (the "Law on Limiting Special Tax Treatment") on a special tax bailout of companies under restructuring. CESA claims that this special tax treatment was made available to only 68 Korean companies, 12 of which are part of the Daewoo group of companies. It is thus limited to certain enterprises and, therefore, "specific" to a group of enterprises or industries within the meaning of Article 2.1(a) ASCM. CESA claims that tax relief would squarely fall under the definition of a subsidy. There is financial contribution in the form of government revenue that is otherwise due which is foregone (Article 1.1(a)(1)(ii) of the ASCM), and a benefit equal to the amount of the taxes not paid. Since the measure is limited to the companies under reorganisation it is specific and, therefore in accordance with Article 1.2 of the ASCM, actionable.
 
The complainant alleged that Korean shipyards benefited from a large number of tax incentives under the Tax Exemption and Reduction Control Law (TERCL) and the Special Tax Treatment Control Law (STTCL) . The first legislation provides for a number of tax incentives mainly regarding investment and development activities while the latter designed a package of tax incentives regarding the fiscal implications of the restructuring.
 
Under the TERCL, eligible companies can claim tax credits and tax reserves for certain expenses.
 
Pursuant to Articles 16, 17 and 19 of the TERCL, companies could claim reserves for export losses, overseas business losses and overseas market development. However, these programmes were abolished in 1997 and no longer conferred any benefits to the companies.
 
Under Articles 8 to 11 of the TERCL, companies claim tax credits for technology development manpower development and the transfer of patent rights. Companies could also claim a number of tax credits for investments in specific facilities, for increasing productivity, for increasing employee welfare and investments regarding the development of manpower.
 
Although a number of shipyards benefited from these programmes, it appears that these tax credits are generally available. Furthermore, since the benefits under the se programmes are very small, it is doubtful whether these tax credits may have contributed to any injury sustained by the European industry.
 
The purpose of these tax incentives is to facilitate corporate and financial restructuring by reducing the additional tax burden incurred in the restructuring process. Under the STTCL, 3 different types of tax incentives are available to the eligible companies:
 
- exemption on special additional tax on capital gain for financial restructure improvement
- special taxation on in-kind contribution
- special taxation on spin-off under workout plan
 
A. Special additional tax on capital gain
Pursuant to Article 37 of STTCL, the special additional tax on capital gain on the income obtained from the transfer of real estate is exempted.
 
In order to obtain the exemption, the company is required to transfer assets (which were acquired before June 1997) prior to 31 December 2000. In addition, the transfer needs to be approved by the Creditor Financial Institutions Committee of the company. Finally, the company is obliged to use the money received from the transfer to pay its debts to the financial institutions.
 
The verification revealed that Hanjin, Samsung and Hyundai Heavy benefited from this tax but the sums were negligible.
 
The programme constitutes a specific subsidy in the sense of Article 2.1(a) of the ASCM. The GOK has clearly limited access to the tax exemption to certain companies i.e. the companies that qualify for corporate restructuring in Korea. Furthermore , it appears that certain criteria cannot be qualified as objective and consequently, eligibility is not automatic. It seems that the approval process by the creditor banks renders the eligibility not automatic.
 
B. Special taxation on in-kind contribution
Pursuant to Article 38 of STTCL, a tax deferral benefit is granted to companies that made in-kind contributions of certain assets to a newly established company. In addition, the new company is exempt from acquisition and registration taxes pursuant to Article 119-7 and 120-6 of STTCL.
 
If a company makes an in-kind contribution, the company can defer the payment of corporate income taxes until the new company sells the assets.
 
Daewoo benefited from this programme.
 
This programme is only available for companies undergoing corporate workout. Therefore, the specificity assessment of this tax exemption is linked to the assessment regarding the corporate restructuring and workout.
 
C. Special tax incentive on spin-off under workout plan
Pursuant to Article 46 of the Corporate Tax Act and 45 STTCL, if a new company created after spin-off acquires the assets of the spun-off company, an amount equivalent to the gain on transfer of these assets is included as an expense in the computation of the corporate income tax.
 
The company is eligible to reduce its taxes through increased expense deduction if the spin-off meets following criteria:
 
- the old company has business operations for at least 5 years
- the shareholders of the old company receive the new company's shares in return
- the new company continues the business operations of the old company
- assets and liabilities are transferred to the new company
 
Furthermore, the spin-off should occur in accordance with the workout plan approved by Creditor Financial Institutions Council or the Corporate Restructuring Committee. If a company meets the criteria for eligibility, it is allowed to claim the gain on assets as an expense in the calculation of the taxable income for the purposes of corporate income taxes.
 
Daewoo benefited from this programme. The combined benefit from this scheme and the Special taxation on in-kind contribution is estimated at won 78 billion.
 
This programme is only available for companies undergoing corporate workout.
Therefore, the specificity assessment of this tax exemption is linked to assessment regarding the corporate restructuring and workout.
 
The evidence available leads to the conclusion that the KEXIM programmes led to the granting of subsidies within the meaning of Article 1 of the ASCM to Korean shipbuilders.
 
Furthermore, the investigation shows that Korea has granted through corporate restructuring subsidies within the meaning of Article 1 of the ASCM to the following shipyards:
 
- Halla Engineering and Heavy Industries (now called Samho Heavy Industries),
- Daedong Shipbuilding Co., and
- Daewoo Heavy Industries (now called Daewoo Shipbuilding Marine Engineering).
 
A subsidy has also been granted to Daewoo through taxation progpammes.
 
The KEXIM subsidies are de jure export contingent within the meaning of Article 3 of the ASCM and therefore, in accordance with Article 2.3, specific.
 
There is an indication that the corporate restructuring and taxation subsidies could be export contingent within the meaning of Article 3 of the ASCM and therefore, in accordance with Article 2.3, specific; they are in any event specific within the meaning of Article 2.1 of the ASCM.
 
The investigation will continue with a view to collect further information, in particular with regard to the export subsidies.







サイトに関するご意見・ご質問・お問合せ   サイトマップ   個人情報保護

日本財団会長笹川陽平ブログはこちら



ランキング
注目度とは?
成果物アクセスランキング
753位
(32,233成果物中)

成果物アクセス数
13,398

集計期間:成果物公開〜現在
更新日: 2020年5月23日

関連する他の成果物

1.Shipbuilding in Japan 2002
2.東南アジア造船関連レポート21
3.米国テロ事件後の海事セキュリティ対策の動向
4.中国造船業の概況<2001年>
5.米国における船舶のバリアフリー化推進に関する調査
6.米国のエネルギー政策が海事産業に与える影響に関する調査
7.米国における船舶のクリーン推進システム開発プロジェクトに関する調査
8.米国における造船関係研究開発助成制度の実施状況と成果活用等に関する調査
9.英国における統合的海洋管理政策に関する基礎調査
10.WTO加盟後の中国造船・舶用工業に関する調査
11.中東地域造船需要動向調査
12.タイ国におけるモーダルシフトに伴う新規造船需要に関する調査?実現に向けて?
13.船舶解撤の新たな進展と今後の展望
14.中国の造船・舶用工業政策に関する調査
15.海運・造船における電子商取引の現状と展望
16.中国造船業の概況(華北)
17.欧州における船舶からの排出ガス削減対策に関する動向調査
18.東南アジア造船関連レポート22
19.東南アジア・オセアニア地域における旅客船参入手法に関する調査
20.「海と船の企画展」統一ポスター
  [ 同じカテゴリの成果物 ]


アンケートにご協力
御願いします

この成果物は
お役に立ちましたか?


とても役に立った
まあまあ
普通
いまいち
全く役に立たなかった


この成果物をどのような
目的でご覧になりましたか?


レポート等の作成の
参考資料として
研究の一助として
関係者として参照した
興味があったので
間違って辿り着いただけ


ご意見・ご感想

ここで入力されたご質問・資料請求には、ご回答できません。






その他・お問い合わせ
ご質問は こちら から