Налоговая система Нидерландов - Налоги - Скачать бесплатно
Министерство Образования Украины
Херсонский Государственный Технический Университет
Отчет
для студенческой конференции кафедры «Финансы и кредит» на тему:
Налоговая система Нидерландов
Выполнил: студент гр. 3 ФК 3,
Баранов Юрий
Руководитель: Химченко С.Н.
Херсон 2000
Введение. 4
Организационная структура. 4
2. Общая информация о налогах, присутствующих в системе налогообложения
Нидерландов. 4
3. Налог на прибыль корпораций(Corporation Tax). 7
3.1 Taxpayers 7
3.2 Tax base and rates 7
3.2.1. General 7
3.2.2. Tax rates 7
3.2.3. Determination of profits according to sound business practice 7
3.2.4. Depreciation of fixed assets 8
3.2.5. Stock valuation 8
3.2.6. Tax-deductible expenses; mixed expenses 8
3.2.7. Reserves 9
3.2.8. Investment allowance 9
3.2.9. Education allowance 10
3.2.10. Tax-deductible donations 10
3.2.11. Offsetting of losses 10
3.3. Participation exemption 10
3.3.1. General 10
3.3.2. Shareholdings 10
3.3.3. Gains 11
3.3.4. Costs 11
3.3.5. Converting a permanent establishment into a subsidiary 12
3.3.6. Losses resulting from liquidation 12
3.3.7. Directive on parent companies and subsidiaries 12
3.4. Fiscal unity; consolidation for tax purposes 12
3.5. Investment institutions 13
3.5.1. General 13
3.5.2. Conditions 13
3.5.3. Reserves 14
3.5.4. Allowance for foreign withholding tax 14
4. Подоходный налог(Income Tax) 14
4.1 Taxpayers: residents and non-residents 14
4.2 Taxbase and rates 15
4.2.1. Taxable income of residents 15
4.2.2. Tax rates and personal allowances 15
4.2.3. Total gross income 16
4.2.4. Non-source-related deductions 20
4.3. Employee savings and profit-sharing schemes 21
4.3.1. Employee savings schemes 21
4.3.2. Profit-sharing schemes 21
4.4. Foreign employees: the 35% rule 22
5. Налог на богатство(Wealth Tax) 22
5.1. Taxpayers: residents and non-residents 22
5.2. Tax base and rates 23
5.2.1. Exemptions 23
5.2.2. Tax rates 24
5.2.3. Special allowances 24
5.3. Tax returns and assessments 24
6. Налог на добавленную стоимость(Value Added Tax and Excise Duty) 25
6.1. Taxable persons 25
6.2. Tax base 25
6.3. Exemptions 26
6.4. Special arrangements for small businesses (persons) and the
agricultural sector 26
6.5. Tax rates 27
6.6. The new VAT system in the single European market 27
6.7. Tax returns and assessments 28
7. Налоги на охрану окружающей среды(Environmental Taxes) 28
7.1. Fuel tax 28
7.2. Tax on groundwater 29
7.3. Tax on tap water 29
7.4. Tax on tap water 29
7.5. Regulatory energy tax 30
8. Избежание двойного налогообложения на доход, прибыль и
богатство(Avoidance of Double Taxation for Taxes on Income, Profits and
Wealth) 30
8.1. General 30
8.2. Methods 31
8.2.1. The exemption with progression method 31
8.2.2. The credit method 31
8.2.3. Deduction as costs 31
Введение.
Причины, побудившие меня к написанию доклада относительно голландского
налогообложения, весьма просты. Я побывал в Голландии, где имел ряд
контактов «коллегами» родственной специальности и от них услышал о весьма
тяжелом бремени налогов, воочию же было видно лишь повсеместное процветание
и социальная защищенность. Такой феномен не мог не заинтересовать, и тема
доклада вполне закономерна.
1. Организационная структура.
Верховным органом, принимающим и дополняющим налоговое
законодательство, являются Генеральные штаты, законодательный аналог
Верховной Рады. Генеральные штаты, точнее представители 2-3 самых крупных
партий, победивших на выборах, формируют Кабинет Министров. Отличительной
особенностью голландского способа управления налоговой ситуацией является
то, что органы контроля и регулирования входят в структуру Министерства
Финансов. Существует 2 департамента – Генеральный директорат по налогам,
таможенной политике и законодательному обеспечению, а так же Генеральный
директорат по налоговому и таможенному администрированию.
Первый из выше упомянутых департаментов занимается корректировкой
процесса налогообложения, например, при неэффективности некоего налога
подает аналитический доклад в Генеральные штаты с пропозицией изменить,
отменить, ограничить действие какого-либо пункта в законодательстве, также
директорат участвует в фискальной части составления бюджета.
Генеральный директорат по налоговому и таможенному администрированию
непосредственно следит за выполнением налогового законодательства, собирает
перечисленные средства, решает конфликты на почве налогообложения,
принимает меры в случае нарушений налогового законодательства.
Если провести аналогию с нашей ситуацией первый Директорат
соответствует Комитету по налогообложению и налоговой политике в нашей ВР,
а Генеральный директорат по налоговому и таможенному администрированию
может быть соотнесен со структурами ГНАУ.
2. Общая информация о налогах, присутствующих в системе налогообложения
Нидерландов.
* Категория налогов на прибыль, доход и чистое богатство(taxes on
income, profits and net wealth)
Income tax.
Income tax is a tax on a person's natural annual income. It is levied at a
progressive rate. Personal circumstances are taken into account when making
the assessment of the amount of tax to be paid, and certain expenses are
tax-deductible. The scheme provides for a personal allowance, the amount of
which is dependent on the individual circumstances. There are four tax
rates, 33.90%, 37.95%, 50% and 60%. The first two rates include both tax
and social security contributions; the last two rates consist solely of
tax.
Salaries tax
Income tax has two advance levies, which are a salaries tax, and a dividend
tax. The salaries tax and the social security contributions are levied
jointly on earned income or benefits. The employer or body paying the
benefit deducts the tax and contributions directly from the salary or
benefit, and pays these to the Tax Department. Many natural persons pay
only salaries tax, and are not subject to income tax. For natural persons
with a high income or many tax-deductible items, the salaries tax serves as
an advance levy, and they are subsequently issued with an income tax return
and an assessment.
Dividend tax
The other second advance levy for income tax is the dividend tax. The
corporation paying the dividend withholds dividend tax at a rate of 25% and
pays the tax to the Tax Department. Shareholders are liable for income tax
on the gross dividend they receive. An amount of this dividend is exempted
from income tax, NLG 1,000 for single persons and NLG 2,000 for married
persons. For non-residents the dividend tax levied on a dividend is in
principle a final levy. Tax conventions generally provide for a lower rate
than the 25% mentioned above.
Corporation tax
Corporation tax is levied on the taxable profit of both private and public
companies. Foundations (in Dutch 'stichtingen') may also be liable for
corporation tax. An important feature of the corporation tax is the
participation exemption, which ensures that corporation tax is levied only
once on the profit obtained within a group. This means that a company
receiving dividends does not have to pay corporation tax on these dividends
since the tax has already been paid by the company distributing the
dividends. Corporation tax is levied at a rate of 35%. The first NLG 50,000
taxable profit is levied at a rate of 30%.
Wealth tax
Wealth tax is levied on a natural person's total net wealth. The net wealth
is the value of the assets less any liabilities. In principle the assets
include all property and possessions, for example the person's own home,
shares, bonds and savings, together with the capital invested in the
person's own business. There are several personal allowances and
exemptions. For instance the personal allowance for married couples is NLG
250,000. The tax rate is 0.7%.
Inheritance tax
The Inheritance Tax Act has two forms of tax, which are inheritance tax and
gift tax. These taxes are, in general, to be paid by the recipient. There
are substantial exemptions from both inheritance tax and gift tax. There
are no exemptions from inheritance tax payable upon the inheritance or
donation of specific assets, for example property. The rates are the same
for these taxes, and depend on the value of the assets that have been
received and the relationship between the giver and the recipient. There is
a minimum and maximum rate.
Tax on games of chance
The tax on games of chance is levied on prizes that exceed NLG 1,000. The
rate is 25%. The organisation awarding the prize generally pays the tax,
and the winner receives a net prize.
* Категория налогов и пошлин на товары и услуги(taxes and duties on goods
and services)
Import duty.
Import duty is levied on imported goods. This usually amounts to a
percentage of the value of the goods being imported. Various rates are
applicable, which are determined by the EU. The rates are usually lower for
minerals or raw materials, and higher for finished products. Import duty is
levied on goods, which are imported from countries outside the EU. The
revenue is destined for the EU.
Value added tax
Value added tax (VAT) is a general consumer tax included in the price
consumers pay for goods and services. Consumers pay this tax indirectly,
and companies remit the tax to the Tax Department. All companies pay VAT,
although there are a few exceptions. The VAT paid by one company to another
may be reclaimed from the VAT to be paid to the Tax and Customs
Administration. There are three rates for VAT:
. a general rate of 17.5%;
. a lower rate of 6%, applicable mainly to food and medicines;
. a zero rate, applicable mainly to goods and services in international
trade, so that goods can be exported free from VAT.
Excise duty
Excise duty is levied on certain consumer goods, i.e. petrol and other
mineral oils, tobacco products, and alcohol and alcoholic beverages. A
special consumer tax is levied on non-alcoholic beverages. Excise duty,
like VAT, is included in the price consumers pay for these goods. The tax
is remitted by the manufacturers and importers of the goods liable to
excise duty.
Taxes on legal transactions
Three taxes on legal transactions are levied in the Netherlands. These are
transfer tax, insurance tax and capital duty. Transfer tax is levied on the
acquisition of property located in the Netherlands. The rate is 6% of the
market value of the property. Insurance tax is levied on insurance premiums
at a rate of 7%. The following insurances are exempted from insurance tax:
life insurance, accident insurance, invalidity insurance, disablement
insurance, medical insurance, unemployment insurance and transport
insurance. Capital duty is levied when capital is contributed to companies
located in the Netherlands when the capital is comprised of shares. The
rate is 0.9% and the tax due is calculated on the value contributed (assets
less liabilities), or on the nominal value of the shares, whichever is
higher. In certain circumstances an exemption is made for mergers or
reorganisations.
Motor vehicle tax
Motor vehicle tax is paid on vehicle ownership, except for buses, for which
vehicles the tax is paid for the use of the roads. The amount depends on
the type and weight (sometimes gross) of the vehicle and for private cars
also on the type of fuel the vehicle uses. Furthermore, for private cars
and motorcycles, the amount is dependent on the province in which the
person/owner is resident or the company/owner is established.
Tax on heavy vehicles
The tax on heavy vehicles (also known as the eurovignette) is a tax on
vehicles with a gross weight of maximum 12.000 kg or more. It is levied for
the use of motorways in the Netherlands. The tax has to be paid before the
vehicle uses the motorway. There are two rates of tax, which are based on
the number of axles of the vehicle; one rate is for three axles or less,
the other for four axles or more. The tax can be paid daily, weekly,
monthly or annually. A similar tax, based on a directive of the European
Union and a Treaty, is levied in Belgium, Denmark, Germany, Luxembourg and
Sweden.
Tax on private cars and motorcycles
The tax is included in the price paid by the buyer on the purchase of a
private car or motorcycle. It is usually paid by the manufacturer or
importer. The tax is dependent on the net listed value of the private car
or motorcycle. The minimum tax rate is 10% of the net listed value of the
vehicle, unless it is 25 years of age or older.
Environmental taxes
There are several environmental taxes in the Netherlands. Fuel tax is to be
paid by suppliers or users of mineral oil and other fuels. Since 1 January
1995 taxes are liable for the withdrawal of ground water and the disposal
of waste. A regulatory energy tax came into force on 1 January 1996.
3. Налог на прибыль корпораций(Corporation Tax).
3.1 Taxpayers
Corporation tax is levied on companies established in the Netherlands
(resident taxpayers) and by certain companies not established in the
Netherlands, which receive income in the Netherlands (non-resident
taxpayers). In this context the term 'company' includes corporations with a
capital consisting of shares, co-operatives, and other legal entities
conducting business. The main types of companies referred to in the
Corporation Tax Act are the public company (NV) and the private company
with limited liability (BV).
Whether a company is deemed to be established in the Netherlands depends on
the individual circumstances. Factors of relevance include the location of
the effective management, the location of the head office, and the location
of the shareholders' general meeting. Under the Corporation Tax Act all
companies incorporated under Dutch law are regarded as being established in
the Netherlands.
3.2 Tax base and rates
3.2.1. General
Corporation tax is levied on the taxable amount, which is the taxable
profits made by the company in a particular year less deductible losses.
The taxable profits are the profits less tax-deductible donations. In
principle the profits should be calculated in accordance with the
provisions laid down in the Income Tax Act to determine the business
profits of natural persons. In certain cases additional stipulations made
in the Corporation Tax Act are also applicable. Under certain conditions it
will be permitted to taxpayers to compute their taxable profit in currency
other than the guilder (the ‘functional currency’) for a period of at least
10 years.
3.2.2. Tax rates
Corporation tax is levied at a rate of 30% of taxable profits.
3.2.3. Determination of profits according to sound business practice
The profits should be determined according to sound business practice and
consistent accounting methods. The concept of sound business practice has
mainly been developed in case law. For example unrealized losses may be
taken into consideration, while unrealized profit may be ignored. The
requirement of consistent accounting methods means that the method of
determining profits may be changed only if this is compatible with sound
business practice. Companies exploiting sea-going vessels may opt for a
tonnage-based profit determination, providing that certain requirements are
met. An important requirement is that the decision is binding for a period
of ten years.
3.2.4. Depreciation of fixed assets
The depreciation of fixed assets for tax purposes is a statutory
requirement. In principle taxpayers are free to choose a depreciation
method. The method chosen must be in accordance with sound business
practice. The linear method of depreciation is generally used. A less
common method of calculating depreciation is the declining balance method.
In case law, the latter method is accepted only for fixed assets with a
steadily declining use with age. A combination of both methods, i.e.
depreciation according to a declining percentage, may also be used.
Goodwill may only be depreciated if the goodwill has been purchased from a
third party; goodwill generated by the company itself cannot be
depreciated. An accelerated depreciation is permitted for certain fixed
assets, of which the most important are:
. energy-saving fixed assets and other environmentally-friendly fixed
assets;
. sea-going vessels;
. intangible assets, providing these belong to a business that has been
purchased which was not established in the Netherlands.
This is subject to restrictions.
3.2.5. Stock valuation
The following stock valuation methods are permitted: valuation based on
cost, valuation based on cost or market value (whichever is lower), or the
base stock method. Valuation at cost is in accordance with sound business
practice, unless the market value is significantly lower than the cost. In
this system unrealized profit is ignored, while unrealized losses can be
taken into account directly. The value of the stock can be determined by
either the FIFO or LIFO method. Subject to certain conditions, case law
also permits the use of the base stock system.
3.2.6. Tax-deductible expenses; mixed expenses
The basic principle of the determination of the profits is that all
expenses associated with business operations are tax-deductible. If an
expense can be regarded as commercially sound then its value is not of
importance. However, the deductibility of certain business expenses is
subject to restrictions. This concerns mixed expenses, which are business
expenses with a private element. Non-deductible expenses include costs
connected with pleasure craft used for entertainment purposes and fines.
The limitations on deductibility of expenses are more strict for companies
with one or more natural persons holding a substantial interest in the
company, who also work(s) for the company. Basically, a natural person has
a substantial interest if he holds 5% or more (direct or indirect) of the
share-capital of the company. In that case 10% of the company's costs in
connection with food, drinks, tobacco, representation including receptions
and entertainment, seminars, excursions etc., are not deductible. The
company can opt for a fixed amount of NLG 3,200 per substantial interest
holder, who also works for the company, to be treated as non-deductible.
The Corporation Tax Act gives an inexhaustive list of deductible and non-
deductible expenses. The following expenses are always deductible:
. profit shares paid to directors and other staff as remuneration for
employment;
. profit shares paid to creditors other than founders, shareholders or
other persons entitled to shares in the corporation;
. profit shares paid in connection with licences, patents, etc., to persons
other than founders, shareholders or persons otherwise entitled to shares
in the corporation;
. profit shares paid by an insurance company to its policyholders;
. the costs of incorporation and of alterations in the capital.
In the Netherlands no thin capitalization rules exist. Since January 1997
limitations on the deductibility of intercompany interest expenses have
been introduced in the Corporate Income Tax Act. The (interest) expenses on
intercompany loans are not deductible in basically two types of situations:
(interest) expenses arising from indebtness in the shareholder/susidiary
relation, e.g. in connection with dividends, reduction of capital and
capital contributions. However, (interest) expenses remain deductible, if
the tax payer can demonstrate that both the transaction and the loan were
entered into for sound business reasons;
(interest) expenses related to artificial conversion of equity into debt
within the group. However, expenses related to these schemes remain
deductible, if the tax payer can demonstrate that either both the
transaction and the loan were entered into for sound business reasons or
that the interest paid is effectively subject to a reasonable level of
profits tax in the hands of the recipient.
The following expenses are never deductible:
. profit distributions other than those specifically designated as
deductible in the Corporation Tax Act (see above);
. corporation tax, dividend tax and tax on games of chance.
3.2.7. Reserves
Certain reserves may be formed by making a deduction from the profits. In
order to qualify for this deduction the business must keep regular annual
accounts. Three reserves are legally permitted, which are the cost
equalisation reserve, the replacement reserve and since January 1997 the
reserve for financial risks for multinational companies.
The cost equalisation reserve enables recurrent costs to be spread
uniformly over a period of time.
A replacement reserve may be created if fixed assets are lost, damaged, or
sold, when the payment received exceeds the book value. To be eligible for
this reserve there must be plans to replace or repair the assets. The
reserve should generally be terminated in the fourth year following the
year in which it was formed.
Under certain conditions a reserve may be formed for the special risks
involved in operating as an international group. The risks aimed at concern
financing and holding activities. One of the main conditions to qualify is
that the financing activities must comprise financing of group companies in
at least four countries or on two continents. In principle, the entity that
forms the reserve may charge to this reserve 80% of its income derived from
financing activities before tax. The tax inspector will grant the regime
for ten years upon a request filed by the tax payer, in wich the tax payer
states the relevant factual circumstances. The Dutch tax inspector can
impose additional conditions.
3.2.8. Investment allowance
This scheme allows a certain percentage of the sum invested in fixed assets
in a particular year to be deducted when calculating the taxable profits.
Investments are divided into nine tranches, where the percentage of the
allowance decreases with increase in investment. In 1999 the lowest tranche
is applicable to investments between NLG 3,900 and NLG 65,000, and the
highest tranche is applicable to investments between NLG 503,000 and NLG
566,000. The corresponding percentages are 27% and 3% respectively. Certain
fixed assets are excluded from the investment allowance. If fixed assets
for which an investment allowance was obtained in the past are sold within
five years of being purchased then the investment allowance is withdrawn
either wholly or in part.
Furthermore, there is an investment allowance in respect of investments in
energy saving business assets, placed on an Energylist. For investments
over NLG 3,900 up to NLG 65,000 the allowance is 52%. The percentage of the
allowance declines as the amount of the investment increases. The maximum
allowance is 40% of NLG 208 mln.
3.2.9. Education allowance
This scheme allows an additional percentage of the costs of education of
employees to be deducted when calculating the taxable profits. The
percentage of the allowance varies between 20% and 80%.
3.2.10. Tax-deductible donations
Within certain limits donations to religious, ideological, charitable,
cultural or academic institutions or other bodies serving the public good
are tax-deductible. The donations must be more than a total of NLG 500. The
maximum deduction is 6% of the profits.
3.2.11. Offsetting of losses
A loss may be offset against the taxable income of the three preceding
years (carry back) and against taxable income of all years to come (carry
forward).
If a corporation discontinues its business either wholly, or in part, then
any losses that have not been offset may be compensated with future
profits, provided that at least 70% of its shares continue to be held by
the same natural persons
3.3. Participation exemption
3.3.1. General
The Corporation Tax Act has always provided for a participation exemption,
which is applicable to both domestic and foreign shareholdings. This
exemption is one of the main pillars of the Dutch Corporation Tax Act, and
it is motivated by the desire to prevent double taxation when the profits
of a subsidiary are distributed to its parent company which is also liable
to corporation tax. The main features of this scheme are as follows: all
gains from shareholdings are exempted, the costs associated with a
shareholding are not deductible, and losses arising from liquidation of the
corporation are deductible only under certain conditions. The corporation
distributing dividends does not have to pay dividend tax if the
distribution of profits falls under the participation exemption enjoyed by
the company receiving the dividend.
The most important elements are as follows.
3.3.2. Shareholdings
The participation exemption is applicable to both domestic and foreign
shareholdings. A shareholding is deemed to exist if the taxpayer:
1. holds at least 5% of the nominal paid-up capital (a shareholding
includes the related possession of 'jouissance' rights); or
2. holds less than 5%, but ownership of the shares is part of the normal
business conducted by the taxpayer, or the acquisition of the shares
served a general interest; or
3. is a member of a cooperative; or
4. holds at least 5% of the share certificates in a mutual fund based in
the Netherlands.
The participation exemption is not applicable if the taxpayer or subsidiary
company is a fiscal investment institution. The concept of an investment
institution is explained in section 3.6. The participation exemption is not
applicable when the shares are held as stock.
The participation exemption does not apply internationally when shares in
the foreign corporation are held as a portfolio (passive) investment.
Another requirement for the exemption to be granted is that the foreign
company in which the shares are held is subject to a tax on profits levied
by the central government in the country in which it is established (see
also 3.3.7.). Furthermore, the participation exemption is not applicable
for participations in foreign 'passive' finance companies.
In principle a Dutch company cannot credit any foreign withholding tax on
dividends received from foreign subsidiaries to which the participation
exemption is applicable. However, the Dutch dividend tax which has to be
transferred by the Dutch company in the event of the redistribution of
foreign dividends received can be partly reduced, subject to certain
conditions. The reduction amounts to a maximum of 3% of the foreign
dividends received.
3.3.3. Gains
Gains from shareholdings are ignored when calculating the profits. In
principle the term 'gains' includes both profits and losses. Profits, of
course, include both official and disguised dividends received. Exempted
gains also include profits made by the sale of a participation (including
exchange rate differences). Since January 1997, it is possible to opt for
application of the participation exemption to currency results arising from
financial instruments which are used to hedge the translation risks on
investments in foreign subsidiaries. Accordingly losses from sales are not
deductible. If the participation declines in value as a result of losses
suffered, then a write-off by the parent company is in principle non-
deductible. An important exception is losses resulting from liquidation
(see 3.3.6.).
However, since January 1997 a company may claim a tax deduction for start-
up losses of a subsidiary, in which it holds at least 25% of the share-
capital. The rules allow the parent company to depreciate the book value of
the subsidiary in the first 5 years after the acquisition if and to the
extent that the value of the subsidiary has declined below cost price. When
the subsidiary becomes profitable, a taxable appreciation has to be made up
to the amount of the cost of the investment. To the extent the depreciation
has not been reversed during the first 5 years, the balance will then have
to be reversed in the next 5 years in equal steps.
If the depreciated debts of a subsidiary to a parent company are converted
into share capital then a special provision prevents tax claims being lost.
In such cases an amount equal to the depreciation of the debt is, in
principle, again regarded as part of the profits of the parent company.
This is also applicable when the debt is sold to an affiliated company or
if it is discharged.
3.3.4. Costs
Shareholdings may give rise to costs as well as gains. In principle such
costs are not deductible. However an exception is made when these are
indirectly conducive to making profits taxed in the Netherlands. With
foreign shareholdings this may occur if the foreign subsidiary has a
permanent establishment in the Netherlands. In practice the main non-
deductible costs are the costs of financing the participation. The taxpayer
must also show that the costs are conducive to making domestic taxable
profits.
3.3.5. Converting a permanent establishment into a subsidiary
As losses incurred by foreign subsidiaries cannot be offset against profits
made by the Dutch parent company, foreign activities from which profits are
not directly expected are often undertaken through a permanent
establishment. Foreign losses can then be directly deducted from the
profits of the Dutch company. To prevent losses being deducted from the
profits in the Netherlands whilst later profits in this country are not
taxed, it is stipulated that when a permanent establishment is converted
into a subsidiary then the profit made by the subsidiary up to the amount
of the losses deducted from the Dutch profit is not exempted from taxation.
This obligation to compensate profits made by a subsidiary with earlier
losses incurred by the permanent establishment is applicable to the eight
years preceding the conversion, and is subject to the condition that the
losses have not been offset against other foreign profits.
3.3.6. Losses resulting from liquidation
In principle losses from participations cannot be taken into account by the
parent company. An exception is those losses resulting from liquidation.
The liquidated subsidiary cannot be compensated for these losses in the
future. For this reason these losses may be taken into account by the
parent company, under certain conditions, in the year in which the
liquidation of the subsidiary is completed. The loss resulting from
liquidation is the difference between the liquidation payments and the sum
paid to acquire the participation (the 'sacrificed amount'). Special rules
apply if a tax deduction has been claimed for this participation (see
3.3.3.).
There are additional requirements for taking account of the losses
resulting from the liquidation of foreign participations. One requirement
is that the holding must be at least 25%, and that it must have been held
during the five years preceding the discontinuation
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