Porezni aspekti spajanja i preuzimanja

master's thesis

• Title (english): Tax aspects of mergers and acquisitions
• Author: Ante Primorac
• Mentor: Nika Šimurina (mentor)
• Committee member: Nika Šimurina (predsjednik povjerenstva)
• Committee member: Hrvoje Šimović (član povjerenstva)
• Committee member: Dajana Barbić (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2022-07-11, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Prekogranična spajanja i preuzimanja jesu vrsta izravnih stranih ulaganja koja imaju mnogobrojne pozitivne učinke (porast javnih prihoda, porast zaposlenosti, uvoz kapitala, novih tehnologija i vještina) za domaće gospodarstvo. Zbog spomenutih pozitivnih učinaka države nastoje privući izravna strana ulaganja poreznim poticajima, a pri tome se javlja porezna konkurencija između država koja u konačnici rezultira smanjenjem poreznih prihoda država. U današnjem globaliziranom svijetu prekogranična spajanja i preuzimanja dovode do veće mogućnosti korištenja statusnih promjena za porezne uštede i ostvarivanja poreznih poticaja za izravne strane investicije. Porezne uštede pri spajanjima i preuzimanjima mogu se ostvariti putem iskorištavanja poreznih gubitaka društva mete, prekomjernog iskorištavanja kamatnog poreznog štita te potkapitaliziranosti društva preuzimatelja. Takve prakse nastoje se umanjiti i svesti na prihvatljivu razinu putem pravila i standarda izdanih u OECD-ovoj publikaciji „Erozija porezne osnovice i premještanje dobiti“ i putem „Paketa protiv praksi izbjegavanja poreza na razini Europske unije“. Promjene na svjetskoj razini i europskoj utječu na procese poreznog dubinskog snimanja i poreznog strukturiranja transakcija u pogledu zahtjeva za većom usklađenošću sa navedenima. Poreznim dubinski snimanje društvo preuzimatelj želi spoznati porezne rizike koji postoje kod društva mete, a procesom strukturiranja transakcije društvo preuzimatelj želi dizajnirati porezno efikasnu strukturu preuzimanja. Predmet ovoga diplomskog rada jesu porezni aspekti odabranih statusnih promjena spajanja i pripajanja. Primarni cilj diplomskog rada je istražiti i objasniti procese dubinskog snimanja i strukturiranja transakcije koje je potrebno poduzeti prije statusne promjene za smanjenje poreznog rizika kojemu može preuzimatelj biti izložen. Uz navedeno, dodatni cilj jest istražiti i objasniti povezanost prekograničnih spajanja i preuzimanja i međunarodnog i europskog okvira za sprječavanje izbjegavanja poreza pri spajanjima i preuzimanjima te njihov utjecaj na hrvatsko zakonodavstvo.
Metoda korištena pri izradi rada je analiza kvalitativnih podataka iz relevantne literature tj. povezivanje i istraživanje tema i
koncepata poreznih aspekata spajanja i preuzimanja.

Abstract (english)

Cross-border mergers and acquisitions are a type of foreign direct investment that has many positive effects on the domestic economy such as an increase in public revenues, an increase in employment and import of capital, new technologies, and skills. Due to the positive effects, the states try to attract foreign direct investments through tax incentives which can result in tax competition between them and ultimately in a decrease in tax revenues. In today's globalized world, cross-border mergers and acquisitions lead to greater opportunities to use status changes for tax savings and utilization of tax incentives for foreign direct investment. Tax savings on mergers and acquisitions can be achieved through the exploitation of tax losses of the target company, excessive exploitation of the interest tax shield, and undercapitalization of the acquiring company. Such practices are sought to be reduced to an acceptable level through the rules and standards published in the OECD's publication "Action Plan on Base Erosion and Profit Shifting" and through the "Anti-tax avoidance package at European Union Level". Changes at the global and European level affect the processes of tax due diligence and tax structuring of transactions in terms of requirements for greater compliance with the above-stated publications. Through the process of tax due diligence, the acquiring company wants to know the tax risks that exist within the target company, and in the process of structuring the transaction, the acquiring company wants to design a tax-efficient takeover structure.
The subject of this master thesis is the tax aspects of selected status changes of mergers and acquisitions. The primary goal of the master thesis is to investigate and explain the processes of due diligence and structuring of the transaction that needs to be undertaken before the status change to reduce the tax risk to which the acquirer may be exposed. Furthermore, the additional objective is to investigate and explain the connection between cross-border mergers and acquisitions and the international and European framework for the prevention of tax evasion in mergers and acquisitions and their impact on Croatian legislation. The method used in the preparation of this master thesis is the analysis of qualitative data from the relevant literature, i.e. connecting and researching topics and concepts of tax aspects of mergers and acquisitions.

• Keywords: porezni aspekt statusnih promjena; spajanje i preuzimanje; porezni rizici; porezno dubinsko snimanje; strukturiranje transakcije
• Keywords (english): tax aspect of status changes; mergers and acquisitions; tax risks; tax due diligence; structuring of transactions
• Language: croatian
• URN:NBN: urn:nbn:hr:148:472231
• Study programme: Title: Business Economics; Study programme type: university; Study level: graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2022-07-12 00:05:21