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1、Core technical trainings M&ATax Due DiligenceAgendasTax due diligence introductionTax due diligence procedure & approach AS2 package for tax due diligenceTax Due DiligenceTax due diligence introductionTax Due DiligenceTax due diligence introductionPurposes of tax ddMain features of tax ddTax dd team
2、 and organisationAsset vs. stock acquisitionsTop 5 areas to be covered by tax ddTax DD reportCommunication (client, target, FAS, other parties)ConclusionsTax Due DiligencePurposes of tax DD (buyer) report“If you know the enemy and know yourself, you need not fear the result of a hundred battles.知知 彼
3、彼 知知 己己 ， 百百 戰戰 不不 殆殆 ” - Sun Tzu To assess the influence of tax risks on valuationTo find (that there are no) deal breakers (e.g., penalties & interests)To aid the clients negotiation of the SPA price, warrantiesTo model (or to review) the tax charge of the target for the post acquisition periodTo
4、analyse the possibility of the post acquisition optimisation (structuring, debt-push-down, trapped cash, , etc.)Others?Tax Due DiligenceClosely related to financial, accounting and legal outputsVery important to communicate with team membersLimited information - focus on material issuesSome clients
5、may only need certain information Limited time focus on material issuesIt appears that PE people do not sleepHigher risk (dispute with a target or targets advisor)Follow-up SPA review, post-acquisition assistanceMain features of Tax DDTax Due DiligenceNeed for analytical and investigative peoplespec
6、ialists VAT, IAS/GES, industryDepends on scope, information available, timing, fees:Conflict of interest (auditor, advisor for the target before)Second review technical (local tax knowledge required), quality controlTax DD team and organisationTax Due DiligenceAsset vs. Stock AcquisitionsAsset Purch
7、aseGenerally require less due diligenceAllows Buyer to purchase specific assets free from contingent liabilitiesMore focus on structuring and tax planningEnhanced flexibility to implement optimal transaction structureEvaluate Target asset tax basis to estimate magnitude of tax basis step-upAnalyze e
8、stimated cash flow impact of tax depreciation and amortizationCash requirements of potential transaction taxes must be considered Stock PurchaseBuyer inherits all tax attributes and liabilitiesSpecifically includes known and unknown tax contingency itemsTax Due DiligenceTop 5 areas to be covered by
9、the tax DD1)Quantification of exposures which may fall on the purchaser 2)Tax attributes (losses, capital allowances etc) which will be available to the purchaser including any restrictions on their future use.3)Separation issues which may arise as a result of the transaction (e.g. exit charges, los
10、s carry forward).4) Identification of items which affect the targets effective tax rate to allow accurate modelling of the targets likely future tax rate.5) Suggesting solutions as well as identifying problems. There may be upside if the purchaser can get a price adjustment for an exposure identifie
11、d if we can subsequently ensure that the exposure does not crystallise.Tax Due DiligenceTax Due Diligence Focus AreasCurrent Legal Entity StructurePrior Acquisitions, Reorganizations, Disposals and RestructuringsIncome Tax Provision ConsiderationsOthers TaxTransfer PricingTax Audit History disputeTa
12、x Due DiligenceCurrent Legal Entity StructureAn overview of the targets legal entity structure:Target legal entity structure chartWhat is the purpose for each legal entity?Summary of business activity of each legal entityTax basis for each Target legal entityAn overview of financial statementWhere a
13、re the assets located (both tangible and intangible)Where does each legal entity have employees, sales, direct costs, EBITDA?Location of any third-party debtTax Due DiligencePrior Acquisitions, Reorganizations, Disposals and RestructuringsAll major prior acquisitions and disposals of the Target or i
14、ts subsidiaries should be evaluated for tax risks and exposures Acquisition agreements and disclosure schedulesTax opinion lettersTechnical memorandum prepared by Target or Target advisersDue diligence reports prepared by Target or Target advisersPurchase price allocationStatements needed to be atta
15、ched to tax returnsValuation or appraisal reportsWas the prior transaction taxable or non-taxable?What are the tax indemnifications (can Buyer inherit liability?)Tax Due DiligenceKey Tax Issues to ConsiderComplicated ownership structureUnder reporting: multi-sets of accounting records for tax “evasi
16、on” Validity of tax privilegesAggressive tax scheme adoptedTransfer pricing and business modelsTax considerations: equity vs. asset dealTax Due DiligenceRequirements on contents of tax DD reportOverall scope and assumptions (taxes, review period, Document availability, assumptions)“Disclaimers” - st
17、atutory limitationList of documents requested and providedTax loss carry-forwardFuture tax ratesFindings and quantification, conclusions, recommendationsOutstanding disputes and auditsDemanding on unification of document style, compatibility with financial part (or other), timely delivery; Clarity o
18、f reporting what is the issue, why is it an issue, how can it be dealt withTax DD reportTax Due DiligenceReport general tax positionTax compliance statusquality of the tax compliancepolicy of the company with respect to taxes Years opened for tax auditAudits conducted by tax authorities Tax clearanc
19、e letters, tax rulings obtained from tax authorities and their validitySignificant tax reorganisationsTransfer pricingOthers?Tax Due DiligenceSections: background, riskQuantification of riskMajor tax exposuresincrease of taxable incomeadditional penalties, interest surchargestax attributes future di
20、sallowanceassumptionswhat if quantification not possible non-quantifiableLegal advisoryLevel of riskLow Medium HighOther: Remote Real Substantial, Potential Probable LikelyReport risk descriptionTax Due DiligenceReport tax position & tax attributesSpecific information about main taxes (CIT, VAT, oth
21、er):historical tax chargesCIT: effective tax rate, CIT: main tax/accounting differences; deferred taxtax settlement period specifics (e.g. tax year different from the calendar year)Tax attributes (e.g. losses, VAT refunds) and limitation of their useTax Due DiligenceCommunication with the clientDire
22、ct vs. through FAS peopleRegular update during the process (evening conference calls, meetings)Respond quickly 24 hours may be too longImmediate information when potential deal breakers or other important issues identifiedRequest for feedback after the projectTax Due DiligenceCommunication with the
23、targetWhom we are allowed to contactBe on time, confirm meeting timeInformation received verbally and when to ask for written confirmation (summary of the meeting, etc.)Attitude of the target staff and whats behind it Treat the target staff with respect and be friendly it may help you to get more in
24、formation at work with them in the futureNo advisory to the target, anddiscuss with managers / seniors for any inquiries from the target/client before replyingConfidential no talks about the client and the planned transaction or its structure (unless asked by the client) in publicBe carefull what yo
25、u bring into data room (clients offices), do not leave any working papers (laptop) there unattended (overnight, meals)Communication with the targets advisorsTax Due DiligenceCommunication with other DD teamsDeloitte vs. external teamsSharing information, findings, concerns, clients requestsTry to co
26、ordinate, not ask the client to do itCoordination requests to target (for documents, information)Coordination of meetings with target representatives Agreeing the format of the reportLegal aspects of tax risks communication & coordination with legal teamTax Due DiligenceConclusionsWho the client is
27、and what are his needsInformation in the report must betrueimportant and relevantclear and to the pointstructuredrisk qualified and quantifiedThese projects always bear risk greater than normalproper documentation (QRR)proper procedures (data-room specifics, reviews) Tax Due Diligence Procedures & A
28、pproach Tax Due Diligence议议 程程税务尽职调查 与 税务复核之比较主要流程项目管理复核流程如何发现潜在税务风险主要复核证据Tax Due Diligence关于税务尽职调查流程的讨论关于税务尽职调查流程的讨论税务尽职调查税务尽职调查 VS 税务复核税务复核委托人法律责任（公众责任VS委托人责任，较大风险VS有限风险）查阅方法 （系统的审计方法VS以达到目的的有效方法）查阅对象（客户资料VS审计底稿）TDD的调查流程没有类似审计准则的规范性指引寻找其他税务服务机会，如与所发现税务风险相关的重组或咨询服务推荐其他DTT服务的可能性，如ERS、DC等Tax Due Dili
29、gence关于税务尽职调查流程的讨论关于税务尽职调查流程的讨论TDD 主要流程主要流程计划准备计划准备实地调查实地调查报告编写报告编写第一阶段第一阶段第二阶段第二阶段第三阶段第三阶段主要工作主要工作业务约定书项目预备会其他准备工作与客户及其他尽职调查团队访谈确认是否存在问题收集证明性资料完成报告项目总结会具体步骤具体步骤了解委托方目的了解目标企业的基本情况确定调查范围和重点制定时间安排计划制定人员安排计划及职责分工发出资料提供清单跟进及初步分析返回信息与目标企业管理人员初步访谈信息和资料收集资料复核、数据测算与样本抽查与相关人员访谈与其他审慎性调查团队交流和协作分析并编制工作底稿整理工作底稿问
30、题分析及汇总起草调查报告报告审阅、修改、定稿交付报告工作文档工作文档项目预备会之会议纪要项目时间及成本预算项目人员安排表资料收集清单税务复核范围访谈记录TDD工作底稿(As/2)客户财务及税务资料复印件法律法规及其他相关资料税务尽职调查报告项目总结会之会议纪要Tax Due Diligence了解委托方目的了解委托方目的并购方当事人（买方委托或卖方委托）交易类型（股权交易或资产交易、控股或参股）定价模型（未来收益折现法、现金流折现法等）其他计划准备阶段计划准备阶段Tax Due Diligence了解目标企业的基本情况了解目标企业的基本情况企业概况所处城市和特殊区域（如经济技术开发区，出口加工
31、区，等等）企业性质（如外商投资企业或内资企业，适用于2008年以前）所处行业、主要产品或业务范围主要市场、供应源及主要业务流程适用的税收优惠政策（行业或地域相关的税收减免政策）特殊税务处理（如建筑工程的转包和分包、公路项目收益权转让、期货交割等）股权结构和主要投资者准备目标公司的背景情况报告资料来源（报纸、期刊、网络等）计划准备阶段计划准备阶段Tax Due Diligence确定调查范围和重点确定调查范围和重点约定的调查范围和重点约定的重要性水平（如适用）企业主要业务类型和比重企业适用的主要税种企业潜在风险的业务类型计划准备阶段计划准备阶段Tax Due Diligence制定时间安排计划制
32、定时间安排计划资料清单发出时间资料准备与回收时间实地调查进场与离开时间问题汇总及报告编写时间初步制定项目预算计划准备阶段计划准备阶段Tax Due Diligence制定人员安排计划及职责分工制定人员安排计划及职责分工项目负责合伙人 总体项目控制项目风险控制合伙人 风险及质量控制项目负责经理 项目实施的总体管理、具体风险及质量控制项目具体负责人 项目实施的具体管理项目具体参与人 项目具体任务执行编制项目计划，包括行业背景、特殊税务问题、人员及时间安排、预算等情况计划准备阶段计划准备阶段Tax Due Diligence发出资料提供清单发出资料提供清单一般性资料（营业执照、税务登记证、组织结构图
33、、审计报告、科目余额表、应缴税金明细表等）评审各项税项所需资料（税务申报表、完税凭证、出口退税报表、进口报关单、税收优惠政策批文、合同样本等）其他资料（税务检查、未落实的税务处理等）*注：上述资料清单需根据目标公司的实际情况进行相应的修改。计划准备阶段计划准备阶段Tax Due Diligence跟进及初步分析返回信息（如已取得）跟进及初步分析返回信息（如已取得）跟进资料准备情况初步分析已取得资料，进一步确认调查重点对数据进行分析性测试并初步编制工作底稿整理测试中遇到的问题准备必要的相关资料（适用的法律依据等）计划准备阶段计划准备阶段Tax Due Diligence与目标企业管理人员初步访谈
34、与目标企业管理人员初步访谈熟悉目标企业相关人员，明确其工作职责和范围了解目标企业情况编制访谈记录清单了解企业财务状况和纳税情况讨论在计划准备阶段遇到的问题实地调查阶段实地调查阶段Tax Due Diligence信息和资料收集信息和资料收集根据掌握的资料和信息进行总体分析向DTT其他尽职调查团队了解资料获取情况，并分享其资料和信息根据实际需要向目标企业相关人员获取资料抽样并取得结论性资料对结论起支持性作用的资料尽量取得复印件或记录摘要实地调查阶段实地调查阶段Tax Due Diligence资料复核、数据测算与样本抽查资料复核、数据测算与样本抽查帐表、帐帐（总帐及明细帐）及帐证复核明细帐与税务
35、申报表复核税务申报表与完税凭证复核对税务相关科目进行数据测算（机械性测算、合理性测算等）根据资料复核及数据测算结果，抽查凭证和相关合同、协议，必要时扩大样本抽查量保留复核、测算和样本抽查过程中的相关记录，并取得证明性资料实地调查阶段实地调查阶段Tax Due Diligence与相关人员访谈与相关人员访谈了解目标具体涉税事项的处理方法（税务申报、收入确认、发票开具、成本核算、关联方往来、薪酬制度等）就复核中遇到的问题进一步寻求解释就无法取得满意解释的问题，与管理层进行沟通对相关问题进行确认实地调查阶段实地调查阶段Tax Due Diligence与其他尽职调查团队交流和协作与其他尽职调查团队交
36、流和协作交流调查过程中遇到的问题互相映证双方对同一事项的理解是否一致，避免重大误解或遗漏分析彼此的发现可能会给对方带来的影响实地调查阶段实地调查阶段Tax Due Diligence分析并编制工作底稿分析并编制工作底稿整理取得的信息和资料记录复核过程和结果（包括数据来源、复核方法、目标企业相关人员解释和结论）整理记录，形成AS/2工作底稿记录未解决问题清单，并进一步跟进实地调查阶段实地调查阶段Tax Due Diligence整理工作底稿整理工作底稿整理实地调查阶段取得的信息、资料和工作底稿跟进未解决问题取得财务尽职调查团队最新问题汇总和调整分录更新并完善工作底稿报告编写阶段报告编写阶段Tax
37、 Due Diligence问题分析及汇总问题分析及汇总整理所有未决问题查询相关的法律、法规或案例向当地主管税务机关进行映证寻求高级专业人员或DTT National Technical Center的专业意见问题及结论汇总确认量化和非量化风险 区分不同风险：少计应缴税金/少缴税金/未履行扣缴义务确认风险程度形成问题分类清单报告编写阶段报告编写阶段Tax Due Diligence起草调查报告起草调查报告重大事项汇总对委托方的影响我们的建议报告正文尽职调查的目标、期间及范围保护条款或声明Standard Caveat目标企业的基本纳税情况介绍问题汇总（量化VS非量化；纳税义务/扣缴义务;注意F
38、AS对数据进行引用） 问题的具体描述及风险报告编写阶段报告编写阶段Tax Due Diligence报告审阅、修改、定稿报告审阅、修改、定稿项目具体负责人起草报告项目负责经理审阅及修改项目经理需关注FAS报告中可能对税务有影响的描述或章节项目负责合伙人审阅及修改项目风险控制合伙人审阅及修改（并完成风险控制合伙人审阅表）报告定稿*注：在交由上级负责人审阅过程中，项目团队成员要与财务尽职调查团队保持必要的沟通，即时反馈任何可能对税务报告的影响。报告编写阶段报告编写阶段Tax Due Diligence交付交付报告报告将报告交由财务尽职调查团队合并（直接受委托方委托的除外）项目评估经验分享回顾预算的
39、执行情况及需改进的方面对特定行业涉税事项的分析总结并编制行业报告整理底稿其他与委托人沟通后续事项跟进寻找潜在业务机会报告编写阶段报告编写阶段Tax Due Diligence项目成员职责分工经理的职责高级顾问/顾问、助理的职责作为一个团队工作项目启动会议税务法规技术研究和搜集理解目标公司的情况和税务情况项目总结会议经验总结及分享预算与实际执行情况的比较和分析项目管理项目管理Tax Due Diligence技术问题总结常见的普遍问题如何吸取教训以避免在未来的项目中出现相同的错误与FAS协作沟通、沟通、再沟通理解FAS项目的需求分享对方的信息、避免重复问目标公司相同的问题项目评估项目结束后迅速进
40、行评估以坦诚和建设性的角度完成EPR表格项目管理项目管理Tax Due Diligence对于税务尽职调查，建议各税种的复核可按如下流程进行：复核流程复核流程了解目标企业的适用税率以及实际缴税情况核对审计报告、财务报表、明细帐以及纳税申报表，看是否一致否是请目标企业相关人员提供解释发现目标企业潜在的税务风险否结论：发现问题，由于目标企业提供的资料不足，暂时无法对可能产生的税务风险进行量化取得明细帐、发票、收付款凭证等资料，对存在的税务问题进行定量分析，匡算目标企业的应税所得根据目标企业适用的税率，匡算目标企业的应纳税额；并与目标企业实际已申报/缴纳的税额比较，得出潜在的税务风险否结论：未发现重
41、大税务问题取得合同、协议、相关凭证等资料，与目标企业进行访谈，对潜在税务风险进行定性分析，确认是否存在税务问题结论：发现问题，根据目标企业提供的资料，我们匡算潜在的少计提税款金额为/我们大致匡算潜在的少计提税款金额约为对目标企业的实际缴税情况进行复核测试，看是否与了解的情况一致是否是是是是否Tax Due Diligence主要的方法包括：q翻阅目标企业的审计报告、管理层报表、内部审计报告（若有）等，了解目标企业的基本情况（如业务范围、会计政策等），对潜在的税务风险有大致了解；q与目标企业的管理人员进行访谈，完成税务复核清单(Checklist)，找出潜在的税务风险；q取得明细帐等资料，对可疑
42、科目进行仔细复核，并抽查凭证和相关合同、协议以及发票，必要时扩大样本抽查量，以发现潜在的税务风险；q对税务相关科目进行数据的合理性测算，若存在重大差异，则可能存在潜在的税务风险；如何发现潜在税务风险如何发现潜在税务风险Tax Due Diligence在调查过程中，我们主要对以下资料进行复核：q财务资料（审计报告/管理层报告/分析报表/明细帐等）q合同及相关协议q发票q收付款凭证q地方减免税及执行政策的相关文件q纳税申报表、完税凭证主要复核证据种类主要复核证据种类Tax Due Diligence主要复核证据主要复核证据(续续)来源及其可靠性来源及其可靠性在调查过程中，我们的复核证据主要通过以
43、下途径获得：证据来源证据来源可靠性程度可靠性程度目标企业自己准备（管理帐套、凭证、报表等）外部取得（纳税申报表、税单、收付款凭证等）一般较高委托方较高其他尽职调查团队（如财务、法律调查团队）高主管税务机关高其他外部渠道（外部交易方、银行等）较高一般来说，我们的复核主要依赖于书面证据，以口头证据作为参考。 AS/2 package for Tax Due Diligence. Tax Due Diligence编制电子编制电子底底稿的目的稿的目的1.标准化底稿，降低风险2.提高效率，便于复核3.统一编号，便于底稿整理Tax Due Diligence电子底稿的主要特点电子底稿的主要特点根据流程对
44、项目进行控制实质性测试的完整性控制（编制底稿）基于AS/2系统，便于数据的勾稽审核流程的控制（电子签名）内嵌模板，便于参考Tax Due Diligence底稿编制的要求底稿编制的要求勾稽关系明确引用数据来源可验证底稿（Excel表格）公式正确，格式易于理解适当进行描述编号所有电子底稿和纸质底稿均需要署名每张纸质底稿都需要编号电子底稿同纸质底稿的编号要对应对于同电子底稿相对应的信息需要在纸质底稿中标出，便于复核Tax Due Diligence1. Final Reports and Sign-off sheet主要包括最后版本报告和质量控制文件2. Carryover or Carryfor
45、ward points and service opportunities主要包括潜在的服务机会3. Correspondence包括同FAS部门以及Target的往来邮件；底稿内容介绍底稿内容介绍Tax Due Diligence底稿内容介绍底稿内容介绍(续续)Tax Due Diligence底稿内容介绍底稿内容介绍(续续)4. Tax Due Diligence Working Papers主要是对各税种作的测试。Tax Due Diligence底稿内容介绍底稿内容介绍(续续)5. Research 主要是针对Target的实际情况作的研究6. Information provided
46、主要为从FAS和Target取得的资料7. Company and industry background information针对Target作的背景研究Tax Due Diligence底稿内容介绍底稿内容介绍(续续)Tax Due Diligence底稿内容介绍底稿内容介绍(续续)8. Other items包括会议记录等资料9. Engagement acceptance接收客户的QRR资料Tax Due Diligence底稿内容介绍底稿内容介绍(续续)Tax Due Diligence编制底稿中常用的编制底稿中常用的AS/2系统功能系统功能Tab RequirementOnly
47、Use Tab at Black Ink ReferencingUse Red Pencil to make referenceReferencing style EIT Return 1/10VAT Return 1/10Referencing method (envelop method) 2/10ContentContent 2/10It means the Content is referred to4110 from 2/10 It means the Content is referred from2/10 to Tax Due Diligence编制底稿中常用的编制底稿中常用的A
48、S/2系统功能系统功能1.Cross Reference（Alt+Ctrl+C, Alt+Ctrl+V）主要用于底稿之间有关联的数据之间的勾稽。2.Review notes（Alt+Ctrl+W）项目负责人和经理及合伙人再复核的时候如果对于底稿有疑问，可以通过Review Notes的形式提出问题。3.Sign Off在preparer 完成底稿后，需要作为preparer签名；在reviewer 复核完底稿以后，需要reviewer签名。Tax Due Diligence编制底稿中常用的编制底稿中常用的AS/2系统功能系统功能(续续)4.Transfer主要是为了保证每套底稿只有一个mast
49、er的版本，将底稿传给项目负责人和经理复核，复核者在看底稿的同时可以在master上出review notes。5.Import/ Export在复核的过程中有部分资料为从目标企业或CFS取得，可以利用该功能将这些文件变成底稿的一部分，并同税务部的底稿进行勾稽。同样，也可以将底稿的一部分传出，便于在AS2以外使用相关数据。Tax Due Diligence编制底稿中常用的编制底稿中常用的AS/2系统功能系统功能(续续)6.Backup该功能主要是当底稿都复核完成以后，可以作一个备份，以便存档。此外，需要养成定时备份的习惯，以减低万一底稿损坏可能带来的损失。 7.Tickmark（Alt+Ctrl+T）将需要对底稿内容所作的说明列在表格Tickmark中，且应当同被说明的对象作前后的勾稽。Tax Due Diligence编制底稿需要注意的问题编制底稿需要注意的问题尾数问题尾数问题项目开始以前与FAS的同事沟通，确定保留的数据的精确程度利用工具消除尾数差的问题公式及格式的修改公式及格式的修改如果对底稿的格式等有修改，需要重新检查原先公式的设置是否正确。纸质底稿纸质底稿对于取得的纸质底稿，可以直接编号并归入档案果，并同时在TDD PACK中增加相应的编号即可。Tax Due DiligenceQ & ATax Due Diligence
