发布背景       新企业所得税法及其实施条例规定，权益性投资资产转让所得按照被投资企业所在地划分是否属于来源于中国境内的所得，以确定是否应该在中国大陆境内缴纳企业所得税。但是对于外国企业间接持有中国境内企业的股权，外国企业通过转让境外控股公司的方式间接转让中国大陆境内企业的股权的所得，是否属于来源于中国境内的所得，是否需要在中国缴纳企业所得税，国家税务总局一直没有明确规定。       国税函 2009 （698）号的颁布       2009年12月10日，国家税务总局（SAT）颁布国税函〔2009〕698号文（以下简称698号文）。       698号函明确为避免外国企业通过滥用组织形式等安排间接转让中国居民企业股权，以达到规避中国所得税的义务。第698号函规定境外投资方间接转让中国居民企业股权，存在以下两种情况下：       （1）被转让的境外控股公司所在国（地区）实际税负低于12.5%；或       （2）被转让的境外控股公司所在国（地区）对其居民境外所得不征收所得税。       应自股权转让合同签订之日起30日内，向被转让股权的中国居民企业所在地主管税务机关提供以下资料，以证明前述间接转让行为具有合理商业目的：       （一）股权转让合同或协议；       （二）境外投资方与其所转让的境外控股公司在资金、经营、购销等方面的关系；       （三）境外投资方所转让的境外控股公司的生产经营、人员、账务、财产等情况；       （四）境外投资方所转让的境外控股公司与中国居民企业在资金、经营、购销等方面的关系；       （五）境外投资方设立被转让的境外控股公司具有合理商业目的的说明；       （六）税务机关要求的其他相关资料。       如果主管税务机关对境外投资方提交的资料审核后，对股权转让的商业目的产 生异议的，层报税务总局审核后，可以按照经济实质对该股权转让交易重新定性，否定被用作税收安排的境外控股公司的存在，对该股权转让所得征收10%的企业所得税。       非居民企业向其关联方转让中国居民企业股权，其转让价格不符合独立交易原则而减少应纳税所得额的，税务机关同样有权按照合理方法进行调整。       698号文同时对股权转让所得进行了明确。规定股权转让所得是指股权转让价减除股权成本价后的差额。其中股权转让价包括股权转让人转让股权所收取的各种形式的金额。同时如果被投资企业有尚未分配的利润或税后提存的各项基金等，上述留存收益金额不能从股权转让价中扣除。股权成本价是股权转让人投资入股时向中国居民企业实际交付的出资金额，或购买该项股权时向该股权的原转让人实际支付的股权转让金额。       对未来企业海外上市的影响       由于698号函自2008年1月1日起追溯执行，新的通知不可避免的对大量用离岸公司在中国境内投资的境外投资者，产生新的管理和披露的义务。因此对于境外投资者在上述期间发生有转让中国居民企业股权行为的，应重新审视境外投资者所取得的股权转让所得是否已经按照本通知的规定计算并申报企业所得税（直接转让）或向被转让股权的中国居民企业所在地主管税务机关提交了相关的证明资料（间接转让）。然而，如何698号函仍有许多地方是模糊的，如：界定国外国家和地区的实际税负少于12.5%、SAT如何知道境外企业的股权转让等。我们仍需观察针对上述问题的具体实施措施。       Interpretation of Circular No.698       Background       In accordance with provisions of the new Law of Enterprise Income Tax (2008) and Implementing Regulations (2008)， whether the income from equity investment asset transfer is derived from PRC shall be classified by the domicile of the invested enterprise， so as to decide whether should pay the income tax in PRC jurisdiction. Whereas， the State Administration of Taxation of PRC (SAT) has not clearly addressed the condition that whether the income from foreign enterprises' transfer of Chinese domestic enterprises shares they indirectly held by the transfer of offshore holding companies falls into Chinese jurisdiction or should pay income tax in PRC.       The promulgation of Circular No.698 Guoshuihan 2009       On December 10， 2009， the State Administration of Taxation (SAT) promulgated the Circular on Regarding Strengthening the Administration of Income Tax of Sale of Shares by Non-Resident Enterprises〔y1〕(Guoshuihan 〔2009〕698) .       Provisions in Circular No.698 clearly addresses that prevent the foreign enterprises from evading income tax obligation by indirect transfer of shares of Chinese resident enterprises through arrangements like abusing the corporate governance.       In accordance with the provisions in Circular No.698， foreign investor whose indirect transfer of Chinese residence enterprises falling into the following two catalogues:       (1) The real tax burden rate of the jurisdiction where the offshore holding company transferred is incorporated is less than 12.5%; or       (2) The jurisdiction where the offshore holding company transferred is incorporated does not acquire income tax from foreign-sourced income.       shall submit the relevant documents as below to the local taxation bureau where the Chinese domestic enterprises being transferred located within 30 days after the execution of Share Transfer Agreement to prove the aforesaid indirect share transfer is for reasonable commercial purpose.       (1) Share Transfer Contract or Agreement.       (2) The relationship between Foreign Investors and Offshore Holding Companies transferred by Foreign Investors regarding finance， operation， purchase and sale， etc;       (3) The situation of the operation， personnel， finance， property of the offshore holding companies transferred by foreign investors;       (4) The relationship of the offshore holding companies transferred by foreign investors and Chinese domestic enterprises regarding finance， operation， purchase and sale， etc.       (5) The Explanations of reasonable commercial objectives of establishment of offshore holding companies by foreign investors.       (6)  Other relevant documents required by Taxation Authorities.       Where administrating tax authorities， upon review and examination of the documents submitted by foreign investors， deem such offshore holding company to be a vehicle incorporated for the purpose of tax evasion， it has the power to re-classify the share transfer transaction in according to the nature of economies， deny the existence of offshore holding company and impose 10% income tax to the transfer of shares after the examination by the State Administration of Taxation.       In the second place， when non-resident enterprises transfer Chinese resident enterprises to affiliated parties in the unfair price compared to the fair and independent transaction to reduce the taxable income， tax authorities have the power to adjust the income by proper methods.       In the third place， provisions contained in Circular 698， share transfer income refers to difference between share transfer price and share cost. Share transfer price includes all sum received by share transfer assignors. In the event of invested enterprises have non-allocated profit or various funds after tax profit drawing， the invested enterprises shall not deduct aforesaid income sum from share transfer price. Cost of shares refers to real contribution sum paid by share transfer assignor to Chinese domestic company， or transfer sum paid to original assignors in the time when assignors purchased these shares.       Influence to the Oversea IPO's and M&A       As the Circular 698 enforced from January 1， 2008， the new rule will significantly impact a great number of foreign investor which use the offshore vehicle to invest in PRC as it potentially imposes the new onerous administrative and disclosure obligation on foreign non-resident investors. Non-resident enterprises shall review the transfer condition of Chinese domestic enterprises to decide the next step whether to calculate and submit the enterprise income tax (direct transfer) or to submit the relevant document to Local Tax Authorities in the place where Chinese domestic enterprises located (indirect transfer). However， some issues in Circular 698 still remain to be clarified such as， how to define an “actual tax burden being lower than 12.5%”， how will SAT become aware of a share transfer which take place offshore. We need some time to observe the measures implemented in the future to clarify the above issues. Sun Jian