The decision to invalidate intra-EU BITs in the Achema case has prompted thepossibility of treaty shopping as a workaround. This would allow foreign investorsseeking to rely on a previous intra-EU BIT to circumnavigate the decision througha strategic shift: by establishing subsidiary entities in a non-EU member state thatholds a BIT with another EU member state. Although the use of this practice isnot a fairly new phenomenon, no explicit prohibition prevails over the practice oftreaty shopping. However, the practice is far from a clear-cut strategy, as itdemands the harmonization of numerous intricate factors that together function asa hindrance for the application of treaty shopping. Factors such as the applicationof denial of benefits clauses and the concept of piercing the corporate veil and thetiming of the treaty shopping are all factors that add another layer of complexityand hinderse for the viability of treaty shopping.In spite of these intricacies, select arbitral awards have paved the way for treatyshopping. These verdicts offer a critical roadmap, underlining the pivotal factorsto be judiciously considered. As such, they have established a roadmap for theanalogous application of treaty shopping as an avenue to sidestep the decision inthe Achema decision.

This paper investigates the effects of double tax treaties (DTTs) on foreign direct investment (FDI) after controlling for their relevance in the presence of treaty shopping. DTTs cannot be considered a bilateral issue, but must be viewed as a network. We define tax distance as the cost of channelling corporate income from one country to another and, by considering treaty shopping through intermediate jurisdictions, we calculate the shortest (i.e. the cheapest) distance between any two countries. We show that relevant tax treaties-which reduce the direct tax distance both over domestic law and the entire existing treaty network-will increase FDI by about 18%.

För att skydda stater mot treaty shopping och annat missbruk av skatteavtal, har OECD utarbetat förslag till en rad åtgärder som begränsar rätten till skatteavtalets förmåner. De viktigaste åtgärderna som föreslås är en LOB-regel, en PPT-regel samt ändringar i skatteavtalets titel och preambel som anger att skatteavtalets syfte är att hindra skatteflykt. Alla länder är överens om att vidta minst någon eller några av dessa åtgärder dvs. ändringarna i skatteavtalets titel och preambel samt antingen 1) PPT-regeln och LOB-regeln eller 2) bara PPT-regeln eller 3) bara LOB-regeln. I skrivande stund arbetar Finansdepartementet för att avgöra vilka av dessa åtgärder Sverige bör implementera. Av analysen i denna uppsats framgår det att både LOB-regeln och PPT-regeln i sina nuvarande former riskerar att brista i kraven på förutsebarhet och rättssäkerhet. Med andra ord blir det svårt för skattebetalaren att förstå villkoren i dessa regler som berättigar till skatteavtalsförmåner. LOB-regeln innehåller till stor del objektiva kriterier som skulle kunna främja förutsebarheten men regelns komplexitet, omfattning och till viss del brist på riktlinjer vad gäller tolkning och tillämpning av vissa rekvisit påverkar förutsebarheten negativt. Det kan konstateras att vissa kriterier i LOB-regeln är för restriktiva och det uppstår en risk för att skattebetalaren vägras rätten till skatteavtalets förmåner även i de situationer när denne varit i god tro och inte haft för avsikt att bedriva treaty shopping eller på annat sätt missbruka skatteavtalet.Till skillnad från LOB-regeln som innehåller en uppräkning av objektiva kriterier, är PPT-regeln en generalklausul mot skatteflykt. PPT-regeln är därför allmänt utformad och har ett brett tillämpningsområde som avser att täcka alla skatteflyktssituationer som inte kunnat förutses av lagstiftaren. I likhet med många andra generalklausuler har PPT-regeln en mer subjektiv karaktär och är vag i vissa delar vilket drabbar rättssäkerheten och förutsebarheten. Slutsatsen är att, för att motverka treaty shopping, skulle det räcka med att tydligt ange i skatteavtalet ett syfte att motverka skatteflykt och skatteundandragande. PPT-regeln är också en lämplig åtgärd mot treaty shopping under förutsättning att vissa rekvisit förtydligas och mer vägledning ges om vilka situationer som regeln avser att träffa. Detta behövs i syfte att förbättra rättssäkerheten och förutsebarheten och motverka eventuellt godtycke och missbruk. I annat fall kan ett osäkert rättsläge skapa en risk för dubbelbeskattning som kan drabba internationell handel och tillväxt. Det kan däremot vara svårt att precisera de omständigheter som ska beaktas vid en prövning enligt PPT-regeln och samtidigt behålla regelns karaktär av generalklausul.

為研究地主國租稅環境對台灣跨國企業海外子公司區位選擇的影響，本文以巢式羅吉特模型研究 2001 年至 2013 年間台灣上市櫃公司海外關係企業（排除金融保險業和 F 股）的資料。相對於過去探討海外子公司區位選擇的文獻僅著重於地主國稅率和地主國是否有反避稅制度（移轉訂價制度和資本弱化條款），本文首度加入租稅協定相關的變數：「地主國是否與台灣簽訂租稅協定」和「地主國租稅協定網絡」，探討兩者與海外子公司區位選擇的關係。 本研究實證結果發現地主國與台灣簽訂租稅協定並不能增加海外子公司在該地設立的機率，反而可能因租稅協定中的資訊交換條款而降低在該地設立子公司的機率；地主國租稅協定網絡愈豐富則是會增加跨國企業在該地設立海外子公司的機率，表示跨國企業可能藉由設立在租稅協定網絡豐富國家的海外子公司，適用該國的租稅協定利益。其他與地主國租稅環境相關變數的實證結果為潛在地主國稅率愈低及無反避稅制度的國家會較吸引海外子公司的設立。 / Using nested logit model, the thesis examined the impact of international taxation on location choice of Taiwanese multinational firms from 2001 to 2013. Compared to previous studies that only focused on the impact of tax rate and anti-avoidance legislations (transfer pricing rule and thin capitalization prvision), the thesis focused on the impact of tax treaty, examining the relationship between location choice and bilateral or multilateral tax treaties. The results showed that countries which had tax treaty with Taiwan did not attract Taiwanese multinational firms, and the possible reason was the exchange of information article in tax treaties. The study also found that the more tax treaties one potential host country had, the higher probability of Taiwanese multinational enterprises setting up subsidiaries in that host country, which suggested that Taiwanese multinational enterprises may have the behavior of treaty shopping. Other results related to tax variables showed that potential host countries with lower tax rate or with no anti-avoidance legislations would attract Taiwanese multinational firms.

This paper investigates the effects of double tax treaties (DTTs) on foreign direct investment (FDI) after controlling for their relevance in the presence of treaty shopping. DTTs cannot be considered a bilateral issue, but must be viewed as a network, since FDI can flow from home to host country through one or more conduit countries. By accounting for treaty shopping, we calculate the shortest (i.e. the cheapest) tax distance between any two countries allowing the corporate income to be channelled through intermediate jurisdictions. We differentiate between relevant and neutral DTTs - i.e. tax treaties that offer investors a financial advantage - and irrelevant DTTs and use these data to derive two important results. First, only relevant and neutral tax treaties increase bilateral FDI, whereas irrelevant DTTs do not. We can quantify the increase of FDI due to a relvant DTT at around 22%. Second, significant tax reductions due to treaty benefits will lead to an increase in FDI. / Series: WU International Taxation Research Paper Series

TREATY SHOPPING IN INTERNATIONAL INVESTMENT LAW ABSTRACT Treaty shopping is a term used to describe a change of the corporate structure of an investor with the aim of falling within the scope of a chosen investment treaty that would otherwise not be accessible to the investor in order to take advantage of its benefits. This thesis offers a comprehensive overview and analysis of treaty shopping in international investment law with the aim of clarifying what the limits of treaty shopping are and whether they are currently taken into account by investment tribunals. The thesis first examines several related theoretical issues. After introducing the notion of treaty shopping and outlining the negative impacts it may have (Chapter 1), the attention is turned to the question of how to approach the nationality of legal persons in international law and under investment treaties, since nationality is the key concept that enables treaty shopping (Chapter 2). Different corporate nationality criteria - incorporation, seat, control and effective activities - are introduced and described. The chapter also strives to illuminate how nationality is understood under the ICSID Convention. The subsequent analysis focuses on the denial of benefits clauses (Chapter 3) that are inserted into some treaties to prevent treaty...

過去許多企業，將企業原本擁有的智慧財產（例如：專利、商標、營業祕密…）與企業的其他資產、負債，分離出來，成立智慧財產控股公司，並透過智慧財產供股公司的經營管理，獲取大量的租稅利益。此一租稅規劃工具雖然已引起稽徵機關的注意，但運用得當，仍可為企業創造可觀的利潤。 智慧財產控股公司的設立架構，母公司通常會在低稅率的國家或州，設立一完全控股的子公司，由智慧財產控股公司自行創設、或自母公司繼受智慧財產。智慧財產控股公司授權的對象，可能是母公司、亦可能為不相干的第三人。 智慧財產控股公司的租稅效益，來自智慧財產控股公司通常選在低公司稅率（甚至零稅率）的地區設立，對於權利金收入予以免稅的地區。母公司付給子公司的權利金費用，母公司可作為費用扣除，藉以降低母公司的所得稅。智慧財產控股公司可透過發放股利，或對母公司融資等方式，解決母公司的資金需求。 透過智慧財產控股公司進行租稅規劃，最重要面臨『移轉定價』與『避免濫用租稅協定』，因此智慧財產控股公司進行的關係人交易，不能是純為獲取租稅利益的假交易，必須有商業實質。 / Over the last decade or so, many businesses generating significant revenue from intellectual property such as patents, copyrights, trade names and marks, software and know-how (the IP Assets) have organized intellectual property holding companies (IPHCs) to reduce federal and state taxes while separating valuable IP Assets from other corporate liabilities. Recently, states have started to aggressively challenge this tactic. However, substantial state and federal tax savings can still be realized if IPHCs are organized and operated correctly. The structure of an IPHC is fairly simple. The parent corporation typically creates a corporate subsidiary in a state or in a foreign country where little or no taxes are imposed . IP Assets are created by or transferred to the subsidiary. The subsidiary enters into license agreements under which the parent corporation and non-related corporations agree to pay the IPHC royalties in exchange for an exclusive or non-exclusive right to use the IP Assets. Since most IPHCs are organized in jurisdictions with no income tax, the royalties received by the IPHC are generally tax-free. In addition, the parent corporation that paid the royalty typically can deduct the payment as a deductible expense, thereby reducing the parent's income or franchise tax liability. In some circumstances, IPHCs can make tax-free dividend distributions or loans to the parent corporation. The key issue IPHC should consider is “Transfer Price Issue” and “Anti Treaty Shopping Issue”. Transactions between related parties can’t be shame transaction, business substance is required.

La question de la mobilité des sociétés met principalement en cause deux ensembles normatifs étatiques. Tout d’abord, la société mobile rencontre en permanence la question des conflits de lois. Ainsi, la mobilité implique le passage par la question fondamentale de la reconnaissance, la mise en jeu des règles de conflit sur la loi applicable aux sociétés ainsi que, plus généralement, la nécessité de consulter en permanence toutes les règles délimitant la compétence normative de l’Etat en matière sociétaire, telles les règles de conflit (jurisprudentielles ou du droit positif) ou les lois de police susceptibles d’être mises en œuvre dans une opération de restructuration transfrontalière d’un groupe de sociétés ou dans une opération transfrontalière d’acquisition ou de prise de contrôle. Dans un second lieu, la mobilité met inéluctablement en jeu les règles formant les systèmes nationaux de fiscalité internationale des sociétés, à savoir les règles fiscales nationales ou internationales (émanant du droit fiscal interne ou des traités d’évitement de double imposition) applicables à des situations relevant des activités internationales des sociétés. Ces deux aspects de la question de la mobilité intra-communautaire des sociétés ne peuvent pas être traités indépendamment l'une de l'autre, puisque les deux corps de règles (règles de conflit et règles de compétence fiscale) obéissent plus ou moins aux mêmes impératifs hiérarchiquement supérieurs de nature politique, économique et sociale et, par conséquent, ils sont interdépendants. En outre, l’étude de leur évolution historique durant la période qui s’étend du début du XIXe siècle jusqu’à nos jours au sein des ordres juridiques analysés (français, anglais, allemand, belge) démontre qu'ils se sont réciproquement influencées pour atteindre leur état actuel. Au travers d’une analyse interdisciplinaire, nous mettons l'accent, dans une première partie, sur les points d'intersection des deux corps de règles afin d'exposer la mécanique complexe de la mobilité internationale des sociétés et afin de mettre en exergue les considérations juridiques et fiscales qui dominent la matière. Cela dit, les systèmes nationaux de fiscalité internationale et les systèmes nationaux de droit international des sociétés sont aujourd’hui en pleine transformation sous l’emprise du droit communautaire qui se veut un méta-ordre d’organisation des comportements des gouvernements nationaux et des agents économiques selon et vers un modèle nouveau de régulation du marché de nature à rendre la création d’un Marché unique au sein de l’UE possible. Dans la seconde partie de notre étude, nous explorons l’impact du droit dérivé et de la jurisprudence de la CJUE -qui agissent conjointement afin d’atteindre cet objectif- sur ces deux ensembles normatifs nationaux, afin de conclure que toutes les évolutions récentes et anticipées en matière de mobilité des sociétés, tant au niveau national qu’au niveau communautaire, s’inscrivent dans le contexte de l’évolution globale du processus de transition des ordres juridiques nationaux d’un modèle capitaliste traditionnel de régulation du marché inspiré par les travaux de M. Keynes à un modèle néo-libéral, accélérée par la pression de la vague contemporaine de la mondialisation économique. En se situant dans une perspective historique et interdisciplinaire de la question de la mobilité intra-communautaire des sociétés, nous nous efforçons d’en cerner les tendances et les configurations ainsi que d’en faire l’état des lieux des progrès effectués depuis le XIXe siècle. / Cross-border company mobility principally involves two main sets of State norms. Firstly, mobile companies continuously encounter conflict of laws questions. Therefore, mobility implies a necessary passage from the fundamental question of recognition of foreign companies, the application of conflict of laws rules determining the lex societatis and, more generally, the consultation of all the rules delineating the normative jurisdiction of the State in corporate matters, namely the conflict of laws rules (whether they stem from positive law or from judicial precedents) or the mandatory rules (lois de police) likely to be implemented in cross-border M&As, reorganizations and take-overs. Secondly, company mobility brings inevitably into play the national or international tax rules which constitute the national systems of international taxation of companies, namely tax rules emanating either from national tax legislation or from international treaties on avoidance of double taxation. These two aspects of the matter of company cross-border mobility shall not be examined separately, given that the formation of conflict of laws rules and tax jurisdiction rules that delineate a state’s tax jurisdiction depends on each State’s hierarchically superior imperatives of a political, economic and social nature, these two body of rules being, therefore, interdependent. The study of their historical evolution within the legal systems examined in our thesis (French, English, German and Belgian) from the early 19th century to date, demonstrates that their current state constitutes the result of their mutual influence. Through an interdisciplinary analysis, we emphasize, in the first part of our thesis, on the crossing points of these two sets of rules in order to explain the complex mechanics of cross-border mobility of companies and point out the legal and tax considerations that dominate the matter. We further explore their transformation by EU law which is intended as a meta-order aimed at orchestrating national government and economic agents’ behaviors according to and towards a new model of market regulation susceptible to the creation of a European single market. The second part of our thesis is dedicated to the study of the impact of secondary EU legislation and European Court of Justice jurisprudence –that act jointly to achieve the European single market objective- on the aforementioned bodies of national rules, that leads to the conclusion that the recent and anticipated developments on the mobility of companies within the EU both on national and European level, fall within the broader framework of the overall development of the transition process of national legal orders from a traditional capitalist model of market regulation inspired by the theories of M. Keynes towards a neo-liberal model which is accelerated by the pressure of the contemporary trend of economic globalization. Addressing the subject of cross-border mobility of companies within the EU both from a historical and an interdisciplinary perspective, we endeavor to identify trends and patterns and to assess the progress achieved since the early 19th century.

L’Asie est une des principales destinations, en termes de volume, des investissements mondiaux. Or, l’existence d’une sécurité tant juridique que fiscale est un paramètre majeur dans les choix des investisseurs étrangers. Quelques affaires récentes dans cette région, notamment « Lone Star Fund » en Corée du Sud et « Vodafone » en Inde, semblent remettre en question l’existence d’une telle sécurité. Les activités de nombreuses entreprises étrangères articulées autour d’opérations d’achat et de revente de parts de sociétés sont spéculatives. La Chine, la Corée du Sud et l’Inde, ayant constaté l’importance des profits générés par une telle pratique spéculative, ont choisi de les imposer, en tant qu’Etat de la source, soit avec l’adoption des règles dites « general anti-avoidance rules (GAAR) », soit avec l’interprétation extensive d’un principe découlant d’une loi fiscale, soit encore avec l’amendement des règles des revenus réputés de source. Ce faisant, elles n’ont pas tenu compte de l’existence de société-relais et n’ont pas nécessairement justifié cette imposition qui semble contrevenir à leurs conventions fiscales. La première partie de cette thèse consiste à étudier le droit interne et la pratique judiciaire de ces Etats. Dans un second temps, elle examine dans quelle mesure cette imposition s’articule avec leurs conventions fiscales. Enfin, elle cherche à comprendre pourquoi elles ont choisi une telle politique fiscale et propose quelques solutions pour rehausser le degré de prévisibilité de leur système juridique. / Asia is one of the main destinations in terms of global investment volume. But the existence of legal and fiscal certainties is an important factor for investors’ choices. Several recent cases in the region, including “Lone Star Fund” in South Korea and “Vodafone” in India, seem to question the existence of such certainties. Many foreign enterprises focus on the shares’ purchase and re-sale, which could be linked to speculation. China, South Korea and India, as source states, having identified speculative business which is making huge profits, decided to tax them, with adopting General Anti-Avoidance Rules (GAAR) or a broad interpretation of a tax law principle and also the rule amendment on income deemed to accrue. In so doing, they ignored the presence of conduit companies and did not justify this taxation which would seem to be a breach of their tax treaties.Firstly, this study examines domestic law and judicial practice of these states. In the second phase, it evaluates the extent to which this taxation relates to their tax treaties. Finally, it seeks to understand why they opt for such a tax policy and proposes some solutions to raise the level of predictability of their legal system.

This work entails a study of some of the schemes that are employed by country residents when companies and trusts are used as vehicles for investing in offshore tax-haven and low tax jurisdictions so as to avoid taxes. The study also entails a critical analysis of the effectiveness of the some of the laws in South Africa that curb such offshore tax avoidance schemes. Similar laws in the United Kingdom and in the United States are analysed in order to come up with some recommendations that could be considered for possible reform of the relevant South African laws where they are found wanting. Since offshore tax avoidance is an international issue, the effectiveness of the recommendations of some international organisations in preventing the depletion of countries' tax bases are also analysed. / JURISPRUDENCE / LLD