Definitions #
A company financed with a high proportion of debt relative to equity, often to gain tax advantages from deducting interest.
Technical A tax avoidance scenario where a company's debt-to-equity ratio is excessive, causing interest deductions to be limited under thin-cap rules (e.g., IRC §163(j)).
Example The subsidiary's thin capitalisation ratio exceeded the safe harbor, leading to an interest deduction limit.
In corporate tax, a situation where a company uses debt from related parties rather than equity to shift profits to low-tax countries.
Technical A transfer pricing concern under BEPS Action 4, where excessive related-party debt distorts taxable income; earnings stripping rules cap deductible interest at a fixed percentage of EBITDA.
Example The thin capitalisation rules disallowed part of the interest paid to the parent company.
Etymology #
From 'thin' (meaning weak or insufficient) + 'capitalisation' (financing); the term arose in corporate tax literature to describe insufficient equity funding.
Collocations #
- thin capitalisation rules 资本弱化规则，限制债务利息扣除
- earnings stripping 利润转移：通过支付利息减少税基
- debt-to-equity ratio 负债权益比，衡量资本结构
Real Business Examples #
- The thin capitalisation rules applied because the debt-to-equity ratio exceeded 1.5:1.
- Under the earnings stripping rules, interest deductions were limited to 30% of EBITDA.
Register & Variants #
- Register: formal
- BrE/AmE: 全球通用，常见于国际税收与 OECD 指引（英式拼写 capitalisation，美式 capitalization）
Synonyms & Antonyms #
- Synonyms: thin capitalization, earnings stripping, leverage anti-abuse rules
- Antonyms: adequate capitalization
Common Errors #
- 将 thin capitalisation 与一般财务杠杆混淆，视为正常融资 thin capitalisation 专指为避税而过度使用债务，需遵循特定税法限制。
- 忽略集团内关联方债务测试，只关注外部债务 相关税法（如 IRC §163(j)）同时覆盖关联方与非关联方债务，需全面计算利息扣除上限。
Confusable Terms #
- profit shifting vs Thin Capitalisation
- 利润转移是更广的概念，薄资本化是利润转移的一种具体方式。
Frequently Asked Questions
为什么公司会采用 thin capitalisation？?
因为利息支出可税前扣除，而股息不能，从而减少税基、降低有效税率。
如何避免 thin capitalisation 限制？?
保持合理的债务权益比例，或调整融资为股权，并遵循 BEPS 建议的 EBITDA 限制。
Published: 2026-09-23 Category: Taxation