スペイン企業は、アルゼンチンなどのラテン・アメリカに投資し稼げるが、利潤を本国に持ち出すのが難しい
Empresas con la caja ‘atrapada’
Las compañías reinvierten los beneficios del exterior en vez de repatriarlos
Miguel Ángel García Vega 30 DIC 2012 - 00:00 CET
Companies with the box 'trapped'
Companies outside reinvest profits rather than repatriate
Miguel Ángel García Vega 30 DIC 2012 - 00:00 CET
They call box trapped. English has become successful as trapped cash. And it is a real sudoku for many Spanish companies that make the Americas more urgently than preparation. It is very well leave, creating wealth, earning money, but you have to know him back. At least one part. "A lot of companies say that in Argentina we do very well, do business, make cash. The problem is that the benefits that accrue bag repatriarla fail ", tells Jaime Llopis, partner at law firm Cuatrecasas, Gonçalves Pereira. This country is a clear example of a country that gives few facilities. However, it is one voice among a thousand others.
Like it or not, we are going into a world where the lands are increasingly jealous of their capitals. At least as long as the crisis hitting. "There are very few countries that allow dividends without tax them out," says Javier García Pita, tax partner responsible for the firm Linklaters. And this maximum trace their strategies.
It is true that Spain has a lot of agreements to avoid double taxation (taxation in the country of origin and the destination), or that 72 nations have already signed agreements with Spain Promotion and Reciprocal Protection of Investments (BIT) to shielding such repatriation. And on paper, "the Agreements" shells Antonio Hernandez, a member of Foreign Investment and Internationalisation of KPMG, "ensure the free transfer of income and interest and capital disinvestment without problems." But if you look at the detail we see that Venezuela, China, Argentina and even Bolivia (which, incidentally, reported this commitment with Spain on 4 January) have also signed these BIT. So, some of the world's most troubled nations when repatriating money say stick to the rules.
China, Argentina and Brazil are among the states that put more restrictions
Repsol opine? Same after living in Argentina? "Many Spanish companies complain that these agreements are not met", reveals the head of the legal department of a large consultancy who asked to remain anonymous. Moreover, Brazil, the latest Arcadia discovered for Spanish investments, has not signed any. Is your excuse? Foreign funds and capital repatriation are guaranteed by the Constitution.
Although there own burdens, as supervening international vocation, or hit, the Spanish company, which leads to mistakes. Large companies tend to have this issue more or less tied through its treasury department, but small and medium-which are the most commonly installed now out-what easily forgotten. And it has consequences. "In Brazil, if not stated investment may take years to repatriate dividends," says Andoni Hernandez, managing partner of the São Paulo office of Cuatrecasas. "One problem is avoided by knowing the rules and planning". In fact, this expert places the Portuguese-speaking giant, Peru, Colombia and Mexico as the territories of the region with fewer obstacles to the flow of money. But since Brazil is a geography of contrasts should be aware that it can take more than three months of opening an account at a bank. Therefore, this land of water, light and music are not, of course, a place for beginners. Like China.
When repatriate income, Luis Manuel Viñuales clears, International Tax Partner Garrigues, Chinese banks require a certificate stating that the tax has been paid the taxes that apply to the non-resident will be paid. These taxes depend on the rating given the local authority (eg, technical assistance, royalties). The problem is that this assessment does not always match China to the agreement signed with Spain to avoid double taxation. So porfiar touch with the authorities to avoid paying twice.
The most troubled countries for repatriation say stick to the rules
Across the world, Venezuela is the paradigm trapped cash. For four years, due to the strict exchange controls, foreign companies repatriating money to its parent with dropper. The Cadivi (Foreign Exchange Administration Commission), the public authority authorizes such payments, has been closing the tap. If approved in 2009 out of 565 million dollars last year just over 100 million. Gustavo Marturet, president of the Venezuelan American Chamber of Commerce and Industry (Venamcham), estimated at 9,000 million dollars (6.814 million euros) money dammed in the country. Some 3,000 million (2,271 million euros), according to several media reports, correspond to Telefónica.
And then there's the inevitable tax derived. In an environment of free movement of capital, as the European Union, there is no tax for them. But those who do pay taxes are income (eg dividends) of the Spanish subsidiaries abroad. If those dividends come from OECD countries (with whom we have double taxation agreements) are taxed in the country of origin. But if they are repatriated to Spain have to pay the nominal rate that corresponds to the parent company. In the case of a large company-think-Telefónica and Santander would pay 30% on major total. This percentage varies depending on the size and type of company.
However, the Government, in the same decree that approved the tax amnesty, lowered the 30% to 8%, but only until 31 December. "This measure has that Spanish companies have the most favorable conditions to repatriate dividends (something we are not required)," says José María Mollinedo, Gestha Secretary General (Technical Ministry of Finance). In the background is an evidence of how much we need to reach revenues. What is working? In October this special charge pyrrhic raised about 4,000 euros, according to the Tax Agency (AEAT).
Venezuela left out $ 565 million in 2009, in 2012, only 100 were
This lack confronts us with the mirror of reality. "Spain is a mature market. Many companies are not repatriating the money because there are no investment opportunities. It would not make an exit, but is, for example, to cover an ERE [file redundancy] or other extraordinary situation. So prefer reinvest outside or taken to reserves, "said Alberto Echarri frankly, managing partner of Ernst & Young Legal Counsel.
So much so that if we look at the balance of payments in 2010 and 2011, and so far this year-one can extrapolate that the reduction of rental income that can be seen in the current account is that these flows generated abroad, which are increasing, are reinvested rather than brought back. What's more, repatriate capital is always a problem because it costs money and has its fine print. In some Latin American countries there is a maximum percentage of royalties that can be extracted per year. This affects, and much, franchise chains.
While it is true that in this, as reminds Jaime Llopis, partner at Cuatrecasas, "there are no shortcuts or miracles within the law", flirting with fuzzy edges of legality, some companies tested strategies to avoid complicating countries exits capital or taxed too much. Faced with these situations, normal-explains the head of a popular tax-American law is to make a treaty shopping. "Search for exploiting intermediate jurisdictions money target initial territory," he says. An example. If Argentina Spain dividends taxed at 15%, then looking for a territory that has signed with the South American country an agreement more favorable, which may well be Holland opens there a society, and through it the funds are repatriated. Yes, "are risk structures, which may raise suspicions in the country of origin," says the expert.
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