企业合并分立案例的中国税务分析(英文).pdf

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1、SCGroupPRCTaxAnalysisontheProposedM&AProject23November,2010ContentI.OurUnderstandingII.PRCTaxImplications1)Merger2)Afterthemerger•OptionI–Spin-off•OptionII–TransferassetstoCMIII.OtherConsiderationIV.Appendix2I.OurUnderstandingSCGroupismainlyengagedinmanufact

2、uringbusinessandhasseveralPRCentitiesinChina.Currently,theManagementwouldliketorestructureitsholdingstructurewithintheGroup.Thecurrentholdingstructurecanbedepictedasfollows:TheGroupSCAsiaLimited(“SCAsia”)100%BSInternationalIndustrialLimitedSC(SouthChina)Limi

3、ted(“BS”)(“SCHK”)100%100%MKIndustrial(Shenzhen)LimitedSC(Shenzhen)Co.,Ltd(“MK”)(“SCSZ”)3I.OurUnderstandingBasedontheManagement’sdecision,SCSZwillbemergedwithMKinShenzhen.Undertheproposedmerger,SCSZwillbemergedintoMKbywayofabsorptionandMKwillbethesurvivingent

4、ity.Aftercompletionofthemerger,theManagementwillconsiderthefollowingoptions:OptionI:ThesurvivingMKwillbedividedintotwoseparateentities,namelyMKAandMKBshortlyafterthemerger.MKAwillholdthelanduserightandbuildingslocatedinShenzhen,relevanttrademarkandaMissionHi

5、llCountryClubMembership,whileMKBwillcontinuetoconductitsintendedbusinessasbeforethespin-off.Inthisconnection,theshareholderofMKBshallbechangedfromBStoanothergrouprelatedcompany,SCHK,andBSshallremainasthesoleshareholderofMKA.Oncethechangeofshareholdingiscompl

6、eted,MKAwillbesoldtoathirdpartythroughBSsubsequently.OptionII:ThesurvivingMKwillsellitstrademarkandaMissionHillCountryClubmembership,andthelanduserightandbuildinglocatedatShenzhentoaPRCsubsidiaryofCMseparatelywithoutdividingintotwoseparateentitiesafterthecom

7、pletionofthemerger.4II.PRCTaxImplications–MergerTheproposedrestructuringplancanbedepictedasfollows:SCAsiaSCAsiaSCHKBSSCHKBSSCSZ20%80%MergerMKNewMK5II.PRCTaxImplications–MergerFact:SCSZmergedintoMKPRCTaxImplications:1.SCSZisrequiredtopaybacktheexempted/reduce

8、dEITforprevioustaxholidaysasitsoperatingperiodislessthan10years2.Thenetoperatingloss(“NOL”)ofSCSZcanbeutilisedbyMKaccordingtoCaishui[2009]No.59.TheestimatedNOLtobeutilized=NetfairassetvalueofSCS