钟昊申：特朗普《One Big Beautiful Bill Act》中关于受控外国企业（CFC）的相关修订

A controlled foreign corporation (CFC) is a non-US (foreign) corporation in which 10% US shareholders own more than 50% of the shares by value or voting power.[1] The 10% US shareholders of a CFC must include certain kinds of income of the CFC in their own taxable income, even if the CFC does not distribute dividends.

受控外国公司（CFC）是指由“10%美国股东”在价值或投票权上持有超过50%股份的非美国（外国）公司。即使CFC不分红，CFC的10%美国股东的应税收入也包括CFC的某些收入。

Under US tax law, a foreign corporation is any corporation that is not organized in the US or under US laws.[2] A Chinese gufen youxian gongsi is a foreign corporation.[3] A Chinese limited liability company (youxian zeren gongsi) is a foreign corporation by default, but it can elect to be classified as a partnership or disregarded entity under US tax law.[4] Chinese companies generally do not elect their US tax classification, so they are classified as foreign corporations.

美国税法定义的外国公司指未在美国或根据美国法律成立的公司。中国的股份有限公司被视为外国公司。中国的有限责任公司默认被视为外国公司，但可以选择根据美国税法被视为合伙企业或 disregarded entity。中国公司通常不会选择其美国税务分类，因此默认被视为外国公司。

A 10% US shareholder is a US person who owns at least 10% of the shares of a foreign corporation by voting power or value.[5] Attribution rules prevent US persons from reducing their shares through holding structures or family. Below is a non-exhaustive list of attribution rules.

1. A US person is deemed to own shares owned by their spouse, children, grandchildren, and parents, but only if the relatives are also US persons.[6]

2. When a US person owns a part of an upper-level corporation, partnership, trust, or estate, they are deemed to own indirectly proportional shares of lower-level corporations.[7]

3. Shares are attributed between corporations, partnerships, trusts, and estates and their owners and beneficiaries.[8]

“10%美国股东”是指持股的投票权或价值达到外国公司的10%的美国人。归属规则防止美国人通过控股结构或亲戚减少持股比例。以下是一些常见的归属规则：

1. 美国人被视为拥有其配偶、子女、孙子女和父母持有的股份，但前提是这些亲戚也是美国人。

2. 当美国人持有上层公司、合伙企业、信托或遗产的一部分时，被视为间接持有下层公司的相应股份。

3. 股份在公司、合伙企业、信托、遗产及其所有者或受益人之间归属。

Subpart F income is imputed to 10% US shareholders of CFCs.[9] Subpart F income includes several categories of income that are easily shifted between taxpayers and jurisdictions:

1. Investment type income such as dividends, rent, interest, royalties, gains from sale of property that generates the above income, commodities gains, and notional principal contract gains.[10]

2. Profit shifting income, where a corporation in jurisdiction A buys from a related person in jurisdiction B and sells in jurisdiction C; or where a corporation in jurisdiction A provides services to a related person in jurisdiction B.[11]

3. Insurance income.[12]

CFC的subpart F收入直接算入其10%美国股东的收入。Subpart F收入包括以下几类容易转移的收入：

1. 投资类收入，如股息、租金、利息、特许权使用费、出售产生上述收入的财产所得、商品收益及名义本金合同收益。

2. 利润转移收入，例如在A管辖区的公司从B管辖区的关联方购买并在C管辖区销售，或在A管辖区的公司向B管辖区的关联方提供服务。

3. 保险收入。

A CFC’s GILTI (Global intangible low-taxed income) is imputed to its 10% US shareholders.[13] GILTI is essentially profits other than subpart F income.[14] OBBBA changed the imputed income from GILTI to NCTI (net CFC tested income). A following section will explore the differences.

CFC的GILTI（Global intangible low-taxed income）收入直接算入其10%美国股东的收入。GILTI包括除Subpart F收入以外几乎所有的利润。OBBBA把归属10%美国股东的收入从GILTI改成了NCTI（net CFC tested income）。以下的文段之一解释二者的区别。

Under the old law, if a foreign parent owns 50% or more of the shares of a US subsidiary, then the US subsidiary is deemed to own all shares of foreign subsidiaries that the foreign parent owns.[15] This is known as a “downward attribution rule”.

Assume a corporate group where all subsidiaries are 100% owned. If a foreign common parent owned at least 1 US subsidiary, then all foreign subsidiaries are considered CFCs. If a US person owned at least 10% of the foreign parent, then the subpart F income and GILTI of all foreign subsidiaries are imputed to the US person, even if there were no other US beneficial owners.[16]

根据旧法，若某外国母公司持有美国子公司50%或以上股权，则该美国子公司被视为持有该外国母公司所有的外国子公司股权。此项规定被称为“向下归属规则”。

假设某企业集团所有子公司均为100%控股。若某外国共同母公司拥有至少1家美国子公司，则其所有外国子公司均被视为受控外国企业（CFC）。若某美国人持有该外国母公司至少10%股权，即使不存在其他美国实际受益人，则所有外国子公司的Subpart F income及GILTI（全球无形资产低税收入）均将归算至该10%美国股东。

The new law prevents downward attribution from applying when the parent is a foreign corporation.[17] This means when a corporate group includes a US subsidiary, the foreign subsidiaries are no longer considered CFCs merely because of the US subsidiary.

The new law introduces new concepts to address a situation where a US subsidiary owns a portion of a foreign subsidiary: foreign controlled foreign corporation (FCFC) and foreign controlled US shareholder (FCUSS).[18]

A FCUSS is a US person who owns more than 50% of the shares of a foreign corporation, applying attribution rules that include downward attribution.[19] A FCFC is a foreign corporation in which FCUSS owns more than 50% of the shares.[20] If a FCUSS owns shares of a FCFC directly or indirectly (without applying attribution rules), then the FCFC’s subpart F income and NCTI are imputed to the FCUSS.[21]

Under the new law, when a foreign parent owns a US subsidiary, all foreign subsidiaries are classified as foreign controlled foreign corporations (FCFC). If the US subsidiary owns any share of a foreign subsidiary directly or indirectly, then the foreign subsidiary’s subpart F income and NCTI are imputed to the US subsidiary. The foreign subsidiary’s income is not imputed to an unrelated 10% US shareholder of the parent.

若母公司为外国公司，新法规取消向下归属规则。当企业集团包括美国子公司时，其外国子公司将不再仅因为美国子公司而被认定为受控外国企业（CFC）。

新法规引入两个新概念以应对美国子公司持有外国子公司部分股权的情况：外国控制型受控外国企业（FCFC）及外国控制型美国股东（FCUSS）。

FCUSS是持有外国公司超过50%股权的美国人（包括因为股权归属规则和向下归属规则而被视为持有的股权）。FCFC则指FCUSS持有超过50%股权的外国公司。若FCUSS直接或间接（不适用股权归属规则）持有FCFC股权，则该FCFC的Subpart F income及net CFC tested income（NCTI）将归算至FCUSS。

根据新法规，当外国母公司控股美国子公司时，所有外国子公司均被归类为外国控制型受控外国企业（FCFC）。若美国子公司直接或间接持有外国子公司任何股权，则该外国子公司的Subpart F income及NCTI将归算至美国子公司。但是外国子公司的收入不再归算向与母公司无关联的10%美国股东。

Under the old law, a CFC’s global intangible low-taxed income (GILTI) is imputed to its 10% US shareholders.[22] GILTI is the 10% US shareholder’s share of the CFC’s net CFC tested income (NCTI) minus its share of the CFC’s net deemed tangible income return.[23]

The net deemed tangible income return is the 10% US shareholder’s share of the difference between 10% of the CFC’s qualified business asset investment and the interest expense used to determine NCTI.[24] Qualified business assets are tangible assets used in producing tested income.[25]

The effect of subtracting the net deemed tangible income return is that a CFC with significant tangible business assets—such as a factory—imputes less GILTI to the 10% US shareholders than a CFC that has few tangible business assets—such as a software company.

根据旧法规，受控外国企业（CFC）的全球无形资产低税收入（GILTI）需归算至其10%美国股东。GILTI的计算公式为：10%美国股东所占net CFC tested income（NCTI）份额，减去该股东所占CFC的net deemed tangible income return份额。

Net deemed tangible income return指：10%美国股东所占（CFC的qualified business asset investment的10%与用于计算NCTI的利息支出之差）的份额。Qualfied business asset investment指用于产生 tested income 的有形资产。

扣除net deemed tangible income return的效果是：拥有大量有形业务资产（如工厂）的CFC，其归算至10%美国股东的GILTI，将远少于仅有少量有形业务资产（如软件公司）的CFC。

The new law eliminates the deduction of the net deemed tangible income return and requires 10% US shareholders to include NCTI.[26] There is now very little difference in the income imputed to 10% US shareholders of manufacturing CFCs and software CFCs.

新法规取消了net deemed tangible income return的扣除项，要求10%美国股东全额计入NCTI。如今，制造业CFC与软件业CFC归算至10%美国股东的收入差异几乎消失了。

The old law had different formulas for 2018 – 2025 and 2026 and later.

From 2018 to 2025, a corporate 10% US shareholder may deduct 50% of its GILTI when calculating its taxes.[27] It may use 80% of the foreign income tax the CFC paid to offset the US tax.[28] A corporate 10% US shareholder of a CFC pays nearly no US tax on GILTI if the CFC pays foreign income tax at an effective rate of 13.125%.

Human taxpayers normally may not use the GILTI deduction or claim a foreign tax credit for the foreign income tax paid by the CFC, but they may elect to calculate taxes like corporations.[29]

From 2026 onward, the deduction drops to 37.5%.[30] The CFC would need to pay effective foreign income tax rate of 16.4% for a corporate 10% US shareholder to pay nearly no US tax.

旧法规对2018-2025年和2026年及以后设置了不同计算公式。

2018至2025年期间，企业型10%美国股东在计算税款时可扣除50%的GILTI，并可使用CFC已缴纳外国所得税的80%进行抵免。若CFC实缴的外国所得税率达到13.125%，企业型10%美国股东就几乎无需因GILTI缴纳美国税款。

个人纳税人通常不得适用GILTI扣除或用CFC缴纳的外国企业所得税作为抵免，但可选择按企业方式计税。

自2026年起，扣除比例降至37.5%。此时CFC需达到16.4%的实缴外国所得税率，企业型10%美国股东方可实现近乎免缴美国税款。

The new law sets the deduction against NCTI at 40% and allows 90% of the foreign income tax paid by the CFC as a credit.[31] The CFC would need to pay effective foreign income tax rate of 14% for a corporate 10% US shareholder to pay nearly no US tax.

新法规将NCTI的扣除比例设定为40%，并允许抵免CFC已缴纳外国所得税的90%。在此规则下，当CFC实缴外国所得税率达到14%时，企业型10%美国股东即可实现近乎免缴美国税款。

Under the old law, subpart F income and GILTI are imputed to 10% US shareholders based on share ownership on the last day of the tax year.[32] Thus, if there were a transfer of sharers during the year, the shareholders on the last day of the year are responsible for imputed income for the entire year.

根据旧法规，Subpart F所得及GILTI的归算以纳税年度最后一天的持股情况为准。因此，若年度内发生股权转让，全年归算收入责任均由年末10%美国股东承担。

Under the new law, subpart F income and NCTI of a CFC are imputed to all persons who were 10% US shareholders at any point during the year.[33] Thus, if there were a transfer of shares during the year, subpart F income and NCTI may be imputed to both the transferor and transferee.

The change significantly complicates accounting requirements, because income must be traced to the periods during which the US persons were 10% US shareholders of the CFC.

新法规定，CFC的Subpart F income及NCTI将归算至年度内任何时点曾持有10%股权的美国股东。若年度内发生股权转让，Subpart F income及NCTI可能同时归算至转让人与受让人。

此项变更明显地增加了会计处理复杂度，因收入必须追溯至相关美国人作为CFC 10%股东的具体持股期间。