Lex专栏:美国也应下调预提所得税率

Are you watching, Washington? Beijing has halved withholding taxes to as low as 5 per cent for companies with whose governments it has applicable treaties. This move continues a long-running and welcome trend around the world of cutting withholding tax to help attract inward investment. Time for the US to get on board.

看到了吗，华府的官员们？针对总部设在与其签有税收条约的国家（或地区）的公司，中国政府已将预提所得税率下调至仅5%。该举措延续了长期以来世界各地一种广受欢迎的趋势：下调预提所得税率，以吸引更多外资流入。如今，美国也应追随这股潮流。

Before reductions for investors who benefit from existing tax treaties, the US currently withholds 30 per cent. Even before its cut, China took just 10 per cent. The US position has been built on being the world’s investment destination of choice for decades and therefore charging for the privilege. Really, Washington, that is just so 20th century. Just look at the numbers. The US share of world foreign direct investment fell a fifth in the decade to 2010, according to World Bank data. At 15 per cent, that leaves the country narrowly ahead of China, whose share has more than doubled. Put in nominal terms, the decline is even starker: as world FDI rose $50bn over that decade, US inflows fell $85bn. China, meanwhile gained $147bn.

不考虑对受益于现行税制投资者的税收减免，美国目前的预提所得税率为30%。而中国的预提所得税率在此次下调之前也仅为10%。数十年来，美国一直享有世界最佳投资目的地的优越地位，因此，美国政府凭借这种地位征收高税率。但说真的，华府的官员们，那都是20世纪时的老黄历了。只用几个数据即可说明问题。世界银行(World Bank)数据显示，在2000至2010年的十年间，美国在全球海外直接投资(FDI)中所占比重下降了20%。2010年美国的这一比重为15%，仅略高于中国，后者过去十年间这一比重增长超过一倍。按名义值计算，美国的这一比重降幅更为显著。过去十年间，全球FDI规模增长了500亿美元，中国的FDI流入增长了1470亿美元，而美国的FDI流入下降了850亿美元。

Corporate tax reform is moving up the US agenda as the presidential campaign heats up. That is a start, but only deserves half a nod compared with China’s nimble pragmatism. It is no coincidence China’s friendlier rate came as FDI was shown to have dropped 3 per cent in the first six months of this year. Withholding tax is not going to headline the US reform debate given it has a corporate rate – 39 per cent, including state levies – that only Japan comes anywhere near.

随着美国总统竞选活动日益升温，企业税改革正变得越来越受重视。这是个可喜的开端，但相比中国针对实际情况所做的迅速调整仍有很大差距。中国政府此次的下调并非偶然，数据显示，今年头六个月，中国的FDI同比下降了3%。但鉴于美国包括联邦税在内的企业所得税率高达39%（全球只有日本接近这一水平），预提所得税不会成为美国企业税改革辩论的重点。

Chinese companies face a headline rate of 25 per cent. At least a serious US tax debate is being had, finally. Now it is time for US companies themselves to wade in. They will not benefit from China’s move (UK, Hong Kong and Singapore-based groups are among those that will) but perhaps the fear of losing inward investment to friendlier jurisdictions might spur them to add withholding tax to the broader US debate.

中国企业所得税的统一比例税率为25%。不过，至少美国终于开始严肃地讨论税改问题了。如今，美国企业界加一把劲的时候到了。中国此次下调不会令美国企业受益（下调针对的是总部设在英国、香港和新加坡的企业），但美国企业有一种担心，本可能流入本国的投资可能流向税收更优惠的地区，这种担心可能促使它们将预提所得税问题纳入更广泛的美国税制改革讨论中来。