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美国许多大型公司利用公司拆分免税规则以及REIT的税收优惠制度,以REIT为载体将不动产进行剥离。考虑到可能的税基侵蚀和效率损失,美国政府在2015年末出台法案禁止了免税的REIT拆分行为。然而这一概括禁止规则有“因噎废食”之嫌。虽然实践中确实可能存在公司通过REIT拆分交易从事避税活动的可能,但以REIT形式持有不动产,通过提高公司税后收入分配的比例,不仅可能增加税收财政收入,而且可以给股东一个更好的税后回报。此外,REIT拆分无论是对商业主体还是对社会还能产出不可忽视的非税收益。过于武断地普遍禁止规则会扰乱税法整体设计的逻辑体系和制度构建,相关规则需要更精细化的设计。
Many large US companies use corporate spin-off rules and REIT tax incentives to spin off real estate on a REIT basis. Taking into account possible tax base erosion and efficiency losses, the U.S. government introduced a tax avoidance REIT split in late 2015. However, this general prohibition of the rules have Although there may indeed be a possibility that companies may engage in tax avoidance activities through REIT spin-offs, holding REITs as real estate may not only increase tax revenues but also improve shareholders’ After-tax return. In addition, REIT splits into non-tax benefits that can not be neglected both for commercial entities and for society. Excessive and arbitrary prohibition of rules will disrupt the logic of the overall design of tax law and system construction, the rules require a more elaborate design.