THE AREAS OF AN IMPROVEMENT THE BUSINESS MODELS OF HOLDING COMPANIES

НАПРАВЛЕНИЯ ПОСТРОЕНИЙ БИЗНЕС МОДЕЛЕЙ ХОЛДИНГОВ

Лукина Валентина Павловна

студент, факультет заочного образования, Российский государственный аграрный университет — МСXА им. К.А. Тимирязева,

РФ, г. Москва

Геращенко Наталья Михайловна

студент, факультет заочного образования, Российский государственный аграрный университет — МСXА им. К.А. Тимирязева,

РФ, г. Москва

Шелемех Надежда Николаевна

научный руководитель, к.э.н., доцент, кафедра налоги и налогообложение, Российский государственный аграрный университет — МСXА им. К.А. Тимирязева,

РФ, г. Москва

ABSTRACT

When structuring the holding it is important to understand the objectives, which an end beneficiary pursues: nоn-disclosure of   identity and an income, reducing of the taxes’ amount, entering the international market and an access to accounts abroad or all of those things. A construction of the holding and a choice of the jurisdiction will depend on them.

АННОТАЦИЯ

При структурировании холдинга важно понимание цели, которые преследует конечный бенефициар: нераскрытие информации о себе и своих доходах, уменьшение суммы уплачиваемых налогов, выход на международный рынок и доступ к счетам заграницей, или все сразу. От этого будет зависеть построение холдинга и выбор юрисдикций.

Keywords: a business model, a structuring of transnational holding, an offshore jurisdiction, dividends, Double Taxation Avoidance Agreement.

Ключевые слова: бизнес модель, структуризация транснационального холдинга, оффшорная юрисдикция, дивиденды, соглашение об избежании двойного налогообложения.

With the natural growth and the development of a business model, sooner or later a commercial enterprise faces with the problem of ordering its organizational structure. It frequently happens at the stage, when an existing business starts losing the manageability or at least the efficiency. Though, the most far-sighted businessmen reflect on the reorganization in advance. There is usually about that, it’s important to create a holistic holding structure, including international companies, from one legal person, going overboard, or from set dispersed organizations.

Let us consider the holding composed of 2 organizations OOO «X» and OOO «Y», and the optimal international structure for the optimization of a taxation on the income tax of an organization.

The value dynamics of the economic performance of OOO «X» is positive, except for a turnover of the net assets. This is due to the highest annual growth rate of revenue above the growth rate of the net assets. But in spite of the negative growth, the ratio of a turnover of assets shows that organization gets revenue 9531 times more than the value of its assets. In 2018 the revenue was 4 436 295 thousand of rubles.

Also the value dynamics of the investigated economic performance of OOO «x» is positive, except for the ratio of a current liquidity. This is due to the sharp increase of short-term loans, which is also related to reducing the rate below the norm, whose minimum starts from 1,5 %. The proceeds were 4 908 608 thousand rubles in 2018.

The above - mentioned characteristics permit to refer these organizations to medium enterprises, what must be taken into an account when structuring the international holding.

The structure is similar when ranking in a descending order of fiscal indicators of ООО «X» and ООО «Y». An income tax occupies the highest percentage in the tax structure. The insurance premiums are on the second place. Their rate of all paid taxes is 24 %. The value added is only 1 % in a structure. The reason of an existing activity, namely treating scrap ferrous metals, in which ООО «X» and ООО «Y» are tax agents.  All the other taxes are 3 %. [1]

In our view, the most appropriate will be the structure, stated below.

Figure 1. The structure of the holding company

Cash flows are marked with dashed arrows in figure1. Solid arrows point to an ownership.

In the jurisdiction of the Russian Federation there are 3 organizations: ООО «X» in Moscow, ООО «Y» in the town of Pushkino in Moscow Region and AO «М». AO «M» is a management company, which continuously owns the rights to property 50 % of shares of OOO «X» and 50 % of shares of OOO «Y» during at least 365 days.  In turn it gives the right for AO to receive dividends in each company, as a sum corresponding 50 % of the total amount of dividends paid by the organization. Dividends will be taxed at the rate of 1 % in this structure.

Cyprus company metal LTD owns AO «M». Each owns the 49 %. In accordance with Double Taxation Avoidance Agreement between Russia and Cyprus Metal LTD has invested 100 000 euros each into the authorized capital of AO «M» that will allow paying 5 % of the total amount of dividends.

In turn the Cyprus company belongs to the off-shore jurisdiction of the British Virgin Islands: 100 % of shares of TMET LTD belong to MET. The British Virgin Islands is the offshore zone, in which an income and dividends are tax- free.

References:

1. Zaruk N. F. Statistical assessment of tax control as a tool for tax monitoring. N. F. Zaruk, A.V. Tikhonova, V.P. Lukina. Bulletin of TvSU, Series "Economics and Management". -  2017. -  № 4 – 33-39 p.
2. Shelemekh N. N. Tax Administration: Tutorial. N. N. Shelemekh. - Moscow: Publishing house RGAU-MSKHA - 2016. 144 p.
3. Shadrina M. A. Tax Planning: Tutorial. M. A. Shadrina. - Moscow: Publishing house RGAU-MSKHA - 2016. 182 p.