Objectives 目标
? When tax planning the financing structure options for AA, a primary goal is to maximise debt pushdown to the An companies. The debt pushdown objectives include:
? 在做税务计划时，确定公司整体AA的财务结构，一个主要的目的是使公司向所有子公司An的债务下推最大化。债务下推的目标包括：
― Maximising tax deductible interests for the An companies to setoff against their taxable income in A.
― 使所有子公司An的税收抵扣利益最大化，以抵消母公司A的所得税应税收入。
― Reducing withholding tax payable on unfranked dividends by more effectively repatriating profits by way of interest or returns on debt interests
― 减少通过股利发放引起的所得税扣交，改用更加有效的债务利息或回报形式返还利润。
― Mitigating future potential CGT upon disposal of shareholdings in the AA investments where the selldown is undertaken as a disposal of shares in C A or NewCo Si. The appropriate debt funded structure could result in the following:
― 减轻未来潜在的对处置公司AA的股权投资的CGT（注：参考附录中CGT的定义）限制，按照CGT的规定，减持股份作为转让在子公司CA或新设子公司Si 的股票处理。适当的债务资金结构可以产生以下作用：
? Reducing the proportion of TARP1 assets held by the underlying entities disposed of.
? 减少安排中的下属公司所持有的TARP1资产的比例。
? Including financing costs in the investment cost base for CGT purposes.
? 包括减少基于CGT目的的投资成本中的融资成本。
We will elaborate on the CGT planning issues in the following pages.
我们将在下面专门讨论CGT规划问题。
1 Refer to Appendix for TARP definition.
1 见附件中关于TARP的定义。
2
CGT issue (1): Diluting the asset base for TARP purposes
CGT问题（1）：冲淡合并财务报表资产基数的目的
Where it is proposed to undertaken a selldown of shares in either C A or NewCo Si, A’s non-resident CGT rules could have application, having regard to the following funding structure:
当公司A 决定减少在子公司CA或新公司Si中的股份时，如果是A的非控股子公司，CGT规则可以运用，取决于以下融资结构：
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― [1] C Si will provide funding to C A in the form of interest bearing loans (subject to thin capitalisation requirements) and equity.
― [1] 公司Si向公司A提供带息借款（受简化资本结构要求限制）和权益性资金。
― [2] C A will then on-lend these funds to the respective operating companies (i.e. M and R) to fund the AA operations. This will create an inter-company loan receivable in C A’s accounts. The intercompany receivable will be treated as a non-TARP asset when considering whether TARP assets exceed non-TARP assets. Thus, the loan asset has the effect of “diluting” the proportion that TARP assets represent of the total assets of the three An entities.
― [2]公司A马上把这笔资金借给相应的运营公司（即M和R）以为公司整体AA的运营提供资金。这样在公司A的帐户中就产生公司间应收借款。当考虑合并财务报表资产是否多于非合并财务报表资产时，公司间借款将当作非合并财务报表资产来处理。于是，借款具有“冲淡”合并报表资产所代表的三个公司的总资产比例的效果。
3
CGT issue (1): Diluting the asset base for TARP purposes (cont)
CGT问题（1）：冲淡合并财务报表资产基数的目的（内容）
? Where non-TARP assets held are more than 50% of the total assets of the An entities, the An entities will not be regarded as TAP and sale of shareholdings in these entities would not be subject to CGT in A.
? 当非合并报表资产多于子公司An的总资产的50%时，子公司An就不再被视作控股子公司TAP，出售这些子公司的股份就不再受制于CGT规则。
? Note that the above issues are not relevant should selldown occur by way of sale of the shares in NewCo A R or through a UJV/Partnership selldown.
? 注意，上述问题不适用于出售新设子公司AR的股份或通过有限合伙形式所持的股份。
? However there is a possibility that the dilution may not be successful i.e. the non-TARP assets held are less than 50% of the total assets of the An entities. As such, the proposed financing structure may operate to increase the cost base of the shares in both NewCo Si and C A for CGT purposes. This will be discussed in the following page.
? 不过，有可能这种冲淡效果并不成功，即所持非合并报表资产低于子公司总资产的50%。果真如此，拟议中的融资结构就可以通过增加在新设子公司Si和公司CA中所分摊的股份成本来达到CGT的目的。这一点将在下面讨论。
