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Private equity 私募股权融资 TAX planners at private-equity firms are having anunusually busy summer. A fiscal ruling in Sweden and a court case in America arethreatening to upend the arrangements that buy-out firms use to minimise their tax bills. 私募股权公司的税务规划师这个夏天非一般的忙碌。瑞典的金融管制以及美国的一起案件有可能颠覆收购公司用于最小化其税收单的安排。 Both cases relate to a tax loophole used by private-equity firms in America and much ofEurope. Under carried interest rules, buy-out executives pay capital-gainstaxes on profits made from buying and selling companies, in the same way investors orentrepreneurs do. This is odd, given that the money wagered on private-equity deals comesoverwhelmingly from outside investors, not the executives themselves. It would makemore sense for these profits to be taxed like salaries, or bankers bonuses, at the income-tax rate. 这两起事件都与一个税收漏洞有关，这个漏洞在美国和欧洲大部分地区的私募股权公司被利用。根据附带权益规则，控制股权收购的主管跟投资者和企业家一样支付相对较低的资本利得税，这项税是针对公司买卖获利所征收。鉴于押在私募股权融资交易中的资金大部分来自外部投资者，而不是主管，所以这项规则很奇怪。这些利润应该按照工资税或者银行家的红利，征收更高的所得税更合理。 | 
