經濟實質法案對企業境外投資架構及避稅之影響

The Effects of Economic Substance Act on Offshore Investment Structures and Tax Avoidance

本文探討自2019年起各租稅天堂頒布並實施經濟實質法案後，對公司投資架構及企業避稅行為之影響。本文以我國2016年至2021上市櫃公司進行分析。實證結果顯示，經濟實質法案實施後，公司傾向減少於租稅天堂設立子公司，反映企業因經濟實質法案而精簡其股權投資架構並降低透過租稅天堂之交易安排；最後，經濟實質法案實施後，企業透過境外租稅天堂架構之避稅活動減少，企業現金有效稅率顯著增加。研究結果建議，在租稅天堂稅務誘因降低的環境下，企業應調整其核心收入活動，回歸到實質經濟價值創造地。

This study investigates the effects of the Economic Substance Act, which was enacted since 2019, on corporate offshore investment structures and tax avoidance behaviors, particularly as they pertain to tax havens. Regression analysis of data on Taiwan Stock Exchange and Taipei Exchange companies in Taiwan (2016-2021) is conducted. The results indicate that the Economic Substance Act has discouraged companies from establishing subsidiaries in tax havens, with existing subsidiaries in such jurisdictions being more likely to be liquidated or relocated to non-tax haven areas. Furthermore, the act has led to reductions in the maximum number of ownership layers in offshore investment structures and in revenues reported by tax haven-based subsidiaries. These findings reflect the streamlining of corporate offshore investment structures and a decline in transactions conducted in tax havens. Finally, after the implementation of the act, tax avoidance activities through tax havens decreased, as evidenced by a considerable increase in corporate effective cash tax rates. The findings suggest that in an environment where tax incentives in tax havens are diminishing, companies should relocate core income-generating activities to locations where firms’economic value is created.