┠ ḟ ࡣࡌࡵ ····································································································· iv ࢱࢫࢡࣇ࢛࣮ࢫጤဨ୍ぴ ················································································ vi ➨㸯❶ ᖐᒓ⩏ᇶ࡙ࡃᡃࡀᅜእᅜἲேㄢ⛯ไᗘࡢᨵṇࡢㄽⅬᩚ⌮ ···················· 1 㸯 ࡣࡌࡵ ······························································································· 1 㸰 ᮏ௳ㄢ㢟㛵ࡍࡿၥ㢟タᐃ ······································································· 1 㸦㸯㸧ᅜ㝿ⓗᴗάືక࠺※Ἠᆅ⟶㎄ᶒ㔜ㄢ⛯ࡢ㝖ࡢᚲせᛶ ················· 1 㸦㸰㸧OECD ࡛ࡢྲྀ⤌ࡳ ············································································· 1 㸦㸱㸧ᡃࡀᅜᅜෆἲᨵṇࡼࡿᑐᛂࡢᚲせᛶ ·················································· 2 㸱 ᪂ OECD ࣔࢹࣝ᮲⣙ 7 ᮲࠾ࡅࡿ AOA㸦Authorized OECD Approach㸧ࡢព⩏ · 3 㸦㸯㸧᪂ 7 ᮲ㄌ⏕ࡢ⫼ᬒ ············································································· 3 㸦㸰㸧7 ᮲࠾ࡅࡿ AOA ᇶ࡙ࡃᖐᒓ⩏㔜ㄢ⛯ㄪᩚࡢ⤌ࡳ ··················· 4 㸦㸱㸧ᚋࡢ PE ᴫᛕࡢ᳨ウసᴗ ·································································· 5 㸲 ᅜෆἲᨵṇࡢ᪉ྥᛶ ················································································ 6 㸦㸯㸧᮲⣙㸦ᖐᒓ⩏㸧⌧⾜⛯ἲ㸦⥲ྜ⩏㸧ࡢ࠸㞳క࠺࣓ࣜࢵࢺࡢ᳨ウ 6 㸦㸰㸧᮲⣙࠾ࡅࡿ AOA ࡢ᥇⏝ࡢࣂࣛࣥࢫୖࠊᴗᡤᚓࡘ࠸࡚ᨵṇࡢవᆅࡢ࠶ ࡿᅜෆἲ㛵㐃᮲㡯 ············································································· 6 㸳 ලయⓗᨵṇ㡯┠ ······················································································ 7 㸦㸯㸧እᅜἲே࣭㠀ᒃఫ⪅ࡢㄢ⛯࣮࣋ࢫࡢ⤌ᵓ⠏ ········································· 7 㸦㸰㸧ᖐᒓ⩏࠾ࡅࡿእᅜ⛒⛯ࡢ㔜ㄢ⛯ㄪᩚ ········································· 9 㸴 ᮏ◊✲ᇶ࡙ࡃᚋࡢලయⓗᥦゝࡢ᪉ྥᛶ ·················································· 11 ➨㸰❶ 2010 ᖺ⛯ㄪཬࡧࢧ࣮ࣂ࣮PE ࢆࡁࡗࡅࡋࡓᡤᚓ⩏ࡽᖐᒓᡤᚓ⩏ ࡢ⛣⾜㛵ࡍࡿ⪃ᐹ ·········································································· 12 㸯 ᗎㄽ ····································································································· 12 㸰 ᖐᒓᡤᚓ⩏ᡤᚓ⩏ ······································································· 12 㸦㸯㸧※Ἠᆅᅜㄢ⛯ᶒࡢ㸱ࡘࡢ㛵㛛 ······························································ 12 㸦㸰㸧ᖐᒓᡤᚓ⩏ ··················································································· 13 㸦㸱㸧ᡤᚓ⩏ force of attraction ··························································· 13 㸱 ࢧ࣮ࣂ࣮PE ၥ㢟····················································································· 15 㸲 ❧ἲㄽࡢ๓㸸❧ἲᑐᛂࡀ᪥ᮏࡢᢞ㈨ࡧ㎸ࡳᚲ㡲㸽 ·························· 16 㸦㸯㸧ࢧ࣮ࣂ࣮PE ㄆᐃࡢྍྰ······································································ 16 㸦㸰㸧❧ἲᑐᛂྰᐃㄽ ················································································ 16 㸦㸱㸧ᡤᚓ⩏㐺⏝ᅇ㑊⟇❧ἲᑐᛂ⫯ᐃㄽ ··············································· 16 㸳 ᪉ྥࡢ❧ἲᑐᛂ ··················································································· 17 i 㸦㸯㸧ᜏஂⓗタࡢᐃ⩏ࡢぢ┤ࡋ ································································· 18 㸦㸰㸧ᖐᒓᡤᚓ⩏ࡢ⛣⾜ ······································································· 19 㸴 ࣓ࣜ࢝࠾ࡅࡿᡤᚓ⩏ࡽᐇ㉁ⓗ㛵㐃⩏ࡢ⛣⾜ ····························· 19 㸦㸯㸧1966 ᖺ௨๓㸸ᡤᚓ⩏ ··································································· 19 㸦㸰㸧1966 ᖺ௨ᚋ㸸ᐇ㉁ⓗ㛵㐃ᡤᚓ⩏ ······················································· 21 㸵 ᡤᚓ⩏ࡽᖐᒓᡤᚓ⩏ࡢ⛣⾜ࡢせྰ㛵㐃ࡍࡿၥ㢟 ·························· 22 㸦㸯㸧1966 ᖺᙜࡢ࣓ࣜ࢝ඹ㏻ࡍࡿᠱᛕࠊࡑࡋ࡚㠃ᩍᖌࡋ࡚ࡢ࣓ࣜ࢝ · 22 㸦㸰㸧ᜏஂⓗタᴫᛕཬࡧᜏஂⓗタ࡞ࡅࢀࡤㄢ⛯࡞ࡋ࣮ࣝࣝࡢᙳ㡪 ·············· 23 㸦㸱㸧ࡑࡢ ···························································································· 24 ➨㸱❶ እᅜἲேㄢ⛯ಀࡿᖐᒓ⩏ࡢ᥇⏝ලయⓗㄽⅬࠥྛㄽ ·························· 25 㸯 ࡣࡌࡵ ······························································································· 25 㸰 OECD ᢎㄆࣉ࣮ࣟࢳ ············································································· 25 㸦㸯㸧AOA ᇶ࡙ࡃᚓࡢ⟬ᐃㄢ⛬ ····························································· 25 㸦㸰㸧ලయᇶ࡙ࡃ᳨ウ ·········································································· 26 㸦㸱㸧௦⌮ே PE ࡢᚓࡢᖐᒓ ·································································· 31 㸦㸲㸧ㄢ⛯ᡤᚓࡢィ⟬እᅜ⛯㢠᥍㝖 ··························································· 32 㸦㸳㸧ᑠᣓ ······························································································· 33 㸱 ᖐᒓ⩏ࡢᅜෆἲక࠺ලయⓗㄽⅬ ························································ 33 㸦㸯㸧ἲே⛯࠾ࡅࡿ⥲ྜㄢ⛯ ···································································· 33 㸦㸰㸧AOA ࡢୗ࡛ࡢ⛒⛯ᅇ㑊 ······································································ 33 㸦㸱㸧⣲ ······························································································· 34 㸦㸲㸧AOA/ᖐᒓ⩏ᑟධಀࡿྛㄽ ····························································· 35 㸦㸳㸧ᖐᒓࡍࡿᡤᚓࡢ⠊ᅖ㛵ࡍࡿᇶ‽ ························································ 37 㸦㸴㸧㔜㸦㠀㸧ㄢ⛯ࡢㄪᩚ ······································································· 42 㸦㸵㸧⛣㌿౯᱁⛯ไࡢ㐃ᦠ ······································································· 43 㸲 ࠾ࢃࡾ ······························································································· 44 ➨㸲❶ ↓ᙧ㈨⏘ࢆᕠࡿ⛣㌿౯᱁ㄢ⛯ୖࡢㅖၥ㢟 ··············································· 45 㸯 ⫼ᬒ ····································································································· 45 㸦㸯㸧ᴗࡢᾏእ㐍ฟᙧែ ·········································································· 45 㸦㸰㸧⛣㌿౯᱁ၥ㢟ࡢⓎ⏕ ·········································································· 45 㸰 ↓ᙧ㈨⏘ಀࡿ⛣㌿౯᱁ࢆᕠࡿ⣮த ··························································· 45 㸦㸯㸧↓ᙧ㈨⏘ࡢᾏእ⛣㌿➼ ······································································· 45 㸦㸰㸧↓ᙧ㈨⏘ࡢᏑྰཬࡧホ౯ ···································································· 46 㸦㸱㸧ࢃࡀᅜ࡛ࡢ≧ἣ ················································································ 46 㸱 ↓ᙧ㈨⏘ྲྀᘬಀࡿ⛣㌿౯᱁ࡢ୍⯡ⓗᣦ㔪 ·················································· 46 㸦㸯㸧OECD ⛣㌿౯᱁࢞ࢻࣛࣥ ······························································ 46 㸦㸰㸧ࢃࡀᅜࡢつᐃ ··················································································· 47 㸦㸱㸧ᅜࡢ≧ἣ ······················································································ 47 ii 㸲 ⛣㌿౯᱁ㄢ⛯ୖࡢ↓ᙧ㈨⏘ࡢ⠊ᅖ㸦ᐃ⩏㸧 ·················································· 48 㸦㸯㸧OECD ࢞ࢻࣛࣥ ·········································································· 48 㸦㸰㸧ࢃࡀᅜ➼ࡢ≧ἣ ················································································ 48 㸦㸱㸧⌧⾜つᐃୖࡢၥ㢟 ············································································· 49 㸦㸲㸧ᑐᛂ ······························································································· 50 㸳 ↓ᙧ㈨⏘ࡼࡿᡤᚓࡢᖐᒓᡤᚓࡢ⟬ᐃ᪉ἲ࣭ホ౯ ······································ 50 㸦㸯㸧ᡤᚓࡢᖐᒓ ······················································································ 50 㸦㸰㸧ẚ㍑ྍ⬟ᛶ ······················································································ 51 㸦㸱㸧⟬ᐃ᪉ἲ ························································································· 52 㸦㸲㸧↓ᙧ㈨⏘ࡢホ౯ ················································································ 53 㸴 ᐇົⓗ࡞ၥ㢟 ························································································· 55 㸦㸯㸧↓ᙧ㈨⏘ࡢ⠊ᅖ ················································································ 55 㸦㸰㸧↓ᙧ㈨⏘ࡢホ౯ ················································································ 56 㸦㸱㸧㈝⏝ศᢸዎ⣙㸦CCA㸧 ······································································· 56 㸦㸲㸧㔜ㄢ⛯ࡢⓎ⏕⣮தゎỴ ································································· 57 㸵 ࠾ࢃࡾ ······························································································· 57 㸦㸯㸧ࢃࡀᅜᴗࢆྲྀࡾᕳࡃ⎔ቃࡢᩚഛ ························································ 57 㸦㸰㸧ᅜ㝿ⓗ⤫୍ⓗ࡞࣮ࣝࣝ⟇ᐃཬࡧゎ㔘ࡢ᫂☜ ······································ 58 㸦㸱㸧ࢢ࣮ࣝࣉᴗయࡢᑐᛂ ································································· 58 ➨㸳❶ ↓ᙧ㈨⏘ࢆࡵࡄࡿᅜ㝿ྲྀᘬಀࡿ⛯ົୖࡢྲྀᢅ࠸ࡢ⌧≧ㄢ㢟 ················· 60 ࡣࡌࡵ ····································································································· 60 㸯 ᅜ㝿ྲྀᘬ࠾ࡅࡿ↓ᙧ㈨⏘ࢆࡵࡄࡿၥ㢟 ····················································· 60 㸦㸯㸧⛯ไㄪᰝᑓ㛛ᐙጤဨࡼࡾࡢၥ㢟ᥦ㉳ ··············································· 60 㸦㸰㸧↓ᙧ㈨⏘㛵ࡍࡿつᐃࡢഛ ······························································ 61 㸦㸱㸧⛣㌿౯᱁⛯ไ࠾ࡅࡿၥ㢟 ································································· 61 㸦㸲㸧እᅜᏊ♫ྜ⟬⛯ไ࠾ࡅࡿၥ㢟 ························································ 61 㸦㸳㸧᪥ᮏᴗࡀ㛵ࢃࡿᾏእ࡛ࡢ↓ᙧ㈨⏘ྲྀᘬࢆࡵࡄࡿၥ㢟 ····························· 62 㸰 ⌧⾜⛯ไ࠾ࡅࡿ↓ᙧ㈨⏘㛵ࡍࡿつᐃ ····················································· 63 㸦㸯㸧↓ᙧ㈨⏘ࡢᐃ⩏㛵ࡍࡿつᐃ ······························································ 63 㸦㸰㸧↓ᙧ㈨⏘ࡢホ౯㛵ࡍࡿつᐃ ······························································ 64 㸦㸱㸧↓ᙧ㈨⏘ࡽ⏕ࡌࡿ┈ࡢᖐᒓ㛵ࡍࡿつᐃ ········································· 64 㸱 㺀ᅜෆ※Ἠᡤᚓࠖ࠾ࡅࡿ↓ᙧ㈨⏘ࡢᢅ࠸ ···················································· 67 㸲 ᅜ㝿ⓗᴗ⦅࠾ࡅࡿ↓ᙧ㈨⏘ㄢ⛯ࡢၥ㢟 ··············································· 69 㸦㸯㸧ࢥ࣮࣏࣮ࣞࢺ࣭ࣥࣂ࣮ࢪࣙࣥᑐ⟇⛯ไ ··············································· 69 㸦㸰㸧⌧⾜⛯ไ࠾ࡅࡿ㛵ಀࡍࡿつᐃ ··························································· 70 㸦㸱㸧እᅜᏊ♫ྜ⟬⛯ไ࠾ࡅࡿ㈨⏘ᛶᡤᚓྜ⟬ㄢ⛯ ··································· 70 㸳 ᚋࡢ᳨ウㄢ㢟ࡘ࠸࡚ ·········································································· 72 iii ࡣࡌࡵ ᅜቃࢆ㉺࠼࡚ேࠊ≀ࠊ㔠ࡀάⓎ ᮶ࡍࡿ⤒῭ࡢࢢ࣮ࣟࣂࣝక࠸ࠊ㏆ᖺࠊᅜቃࢆ㉺ ࠼ࡓྲྀᘬࢆつไࡍࡿ♫ࣥࣇࣛᑐࡍࡿࢥࣥࣂ࣮ࢪ࢙ࣥࢫࡢἼࡀḟࠎᡃࡀᅜࢆく࠸ࡘ ࡘ࠶ࡿࠋ࠼ࡤࠊィࡢศ㔝࡛ࡣᅜ㝿㈈ົሗ࿌ᇶ‽㸦IFRS㸧ྥࡅࡓྛᅜࡢ༠ㄪ࡛࠶ࡾࠊ ࢥ࣮࣏࣮ࣞࢺ࢞ࣂࢼࣥࢫࡢศ㔝࡛ࡣ⊂❧ྲྀ⥾ᙺࢆຍ࠼ࡓᰴ୰ᚰ⩏ࡢせㄳࡢᑐᛂ࡛ ࠶ࡿࠋᶒᅜᐙࡢ㈈ᨻࢆᨭ࠼ࡿ࠸࠺ࢆᣢࡘࡀࡺ࠼ྛᅜࡢ⊂⮬ᛶࡀᙉࡃᫎࡉࢀ࡚ ࡁࡓ⛯ไࣥࣇࣛࡶࠊࡇࡢἼࡽ⮬⏤࡞ࡿࡇࡣ࡛ࡁ࡞࠸ࠋ ᚑ᮶ࠊᴗᡤᚓࢆㄢ⛯≀௳ࡍࡿἲே⛯ไࡘ࠸࡚ࡣࠊྛᅜࡣㄢ⛯ᶒᇶ࡙ࡁᅜෆྲྀ ᘬ࣭ᅜ㝿ྲྀᘬࡢ᪉ࢆᑐ㇟ࡋ࡚ㄢ⛯せ௳⛯⋡ࢆ⊂⮬ᐃࡵࡓ࠺࠼࡛ࠊ」ᩘᅜࡼࡿ 㔜ㄢ⛯ࡢᴟᑠࢆᅗࡿࡓࡵࠊู㏵ᅜ㛫⛒⛯᮲⣙ࢆ⥾⤖ࡋ࡚ᡤᚓ✀㢮ูࡢㄢ⛯ᶒࡢศ㓄 Ⓨ⏕ࡋࡓ㔜ㄢ⛯ࡢゎᾘࢆᅗࡗ࡚ࡁࡓࠋἲே⛯ไࡢᅜ㝿༠ㄪࡣࠊ࠸ࢃࡤ࣑ࢽ࣐ࣜࢫࢺ ࣉ࣮ࣟࢳࢆ᥇ࡿࡇࡀఏ⤫ⓗ࡞ࢥࣥࢭࣥࢧࢫ࡞ࡾࠊࢥࣥࣂ࣮ࢪ࢙ࣥࢫࡢືࡁࡣࡢ♫ ࣥࣇࣛẚᚲࡎࡋࡶάⓎ࠸࠼ࡿࡶࡢ࡛ࡣ࡞ࡗࡓࡢ࡛࠶ࡿࠋࡇࡢ≧ἣࢆ୍㌿ࡉࡏࡓ ࡢࡣࠊ20 ୡ⣖⤊┙ࡽࡢከᅜ⡠ᴗࡢ✚ᴟⓗ࡞ M&A ࡶྵࡵࡓᛴ㏿࡞┤᥋ᢞ㈨ࡢᣑ࡛࠶ ࡾࠊᴗ⤒Ⴀ༨ࡵࡿᅜእᡤᚓࡢ㣕㌍ⓗ࡞ᣑ࡛࠶ࡿࠋ OECD ⛒⛯ጤဨࢆ୰ᚰࡋ࡚ 1990 ᖺ௦௨㝆ࠊᅜ㝿ㄢ⛯࣮ࣝࣝࡢࢥࣥࣂ࣮ࢪ࢙ࣥࢫࡢື ࡁࡀຍ㏿ࡋࡘࡘ࠶ࡿࠋ1995 ᖺࡢ OECD ⛣㌿౯᱁࢞ࢻࣛࣥ㸦2010 ᖺᨵᐃ㸧 2010 ᖺ OECD ࣔࢹࣝ᮲⣙ᨵᐃ㸦ᴗᡤᚓ᮲㡯ࡢᖐᒓ⩏ࡢ᫂☜㸧ࡣࡑࡢ௦⾲ⓗ࡞ࡶࡢ࠸࠼ࡼ࠺ࠋ ᡃࡀᅜࡶࡇࢀࡽࡢࢥࣥࣂ࣮ࢪ࢙ࣥࢫࡢືྥࡶ㋃ࡲ࠼࡞ࡀࡽࠊ㏆ᖺάⓎ࡞ᅜ㝿ㄢ⛯ἲไࡢᨵ ṇྲྀࡾ⤌ࢇ࡛࠸ࡿࠋ ᮏ◊✲ࡣࠊࡇࡢࡼ࠺࡞⫼ᬒࡢࡶࠊᡃࡀᅜࡢከᅜ⡠ᴗࡢᅜቃࢆ㉺࠼ࡓ࣮࢜࣌ࣞࢩࣙ ࣥࢆᨭ࠼ࡿࣥࣇࣛࡋ࡚ᮃࡲࡋ࠸ᅜ㝿⛯ไࡢ࠶ࡾ᪉ࡣࡢࡼ࠺࡞ࡶࡢࢆ◊✲ࡍࡿࡇ ࢆࡋ࡚ 2009 ᖺࢫࢱ࣮ࢺࡋࡓࠋ㐣ཤ 2 ᖺ㛫ࡣࠊᡃࡀᅜᴗࡀ⌧ᐇ┤㠃ࡍࡿ⛣㌿౯ ᱁⛯ไࠊእᅜᏊ♫ྜ⟬⛯ไࠊᜏஂⓗタࡢㄢ⛯ၥ㢟ࢃࡿࢆᛕ㢌⨨࠸࡚ࠊၥ 㢟Ⅼࡢᢳฟㄢ⛯⌮ㄽࡢᇶᮏⓗࣜࢧ࣮ࢳࢆᐇࡍࡿࡶࠊࡑࢀࢆ㋃ࡲ࠼㐍ฟඛࡢࢪ ㅖᅜ࡛┤㠃ࡍࡿㄢ⛯⣮தࡢᑐᛂ⟇ࡢ᳨ウࢆ⾜࠸ࠊ᭷┈࡞ᡂᯝࢆⓎ⾲ࡍࡿࡇࡀ࡛ࡁࡓࠋ ࡑࡇ࡛ࠊ㐣ཤ 2 ᖺࡢᥦゝࡀᫎࡉࢀࡓ⛣㌿౯᱁⛯ไཬࡧእᅜᏊ♫ྜ⟬⛯ไ㛵ࡍࡿ㔜 せᨵṇ୪ࡧእᅜᏊ♫㓄ᙜ┈㔠⟬ධไᗘࡢᑟධ➼ࡀ୍ᕠࡋࡓࢱ࣑ࣥࢢࢆࡽ࠼ࠊᙜ ◊✲ࡣᮏᖺᗘࠊ✚ࡳṧࡉࢀࡓ 2 ࡘࡢ㔜せࢸ࣮࣐㸦OECD ࣔࢹࣝ᮲⣙᪂ 7 ᮲ࡢᖐᒓ⩏ᇶ ࡙ࡃᅜෆἲᨵṇၥ㢟ࠊ↓ᙧ㈨⏘ྲྀᘬ㛵ࡍࡿ⛣㌿౯᱁ࢆ୰ᚰࡋࡓᅜ㝿ㄢ⛯ၥ㢟࡛࠶ࡾࠊ ࠸ࡎࢀࡶᖹᡂ 23 ᖺᗘ⛯ไᨵṇ⥘࡛ᚋࡢ㔜せㄢ㢟ࡋ࡚≉ᥖࡉࢀࡓࡶࡢ㸧ࢆ㑅ࡧࠊ2 ᖺ ᚋࡢ⛯ไᨵṇせᮃᥦࢆど㔝ධࢀࡓ◊✲ྲྀࡾ⤌ࡴࡇࡋࡓࠋᮏ✏ࡣࠊࡑࡢ୰㛫ሗ࿌ ࡛࠶ࡿࠋ ࡞࠾ࠊୖグ 2 ࢸ࣮࣐ࡢ࠺ࡕᖐᒓ⩏ྥࡅࡓᨵṇࡢࡓࡵࡢㄽⅬᩚ⌮ࡘ࠸࡚ࡣࠊࢻࣛࣇ ࢸࣥࢢࡢࡓࡵࡢࢧࣈࢢ࣮ࣝࣉࢆタࡅ᳨࡚ウࢆ㛤ጞࡋࡓࠋࡇࢀࡣࠊᡃࡀᅜᅜෆἲࡢ㐺⏝ᑐ iv ㇟ࡣእᅜἲே࡛࠶ࡾࠊᴗጤဨࡽࡢ㇏ᐩ࡞ࣥࣉࢵࢺࡀᮃࡳࡃ࠸࠸࠺⌮⏤ࡼࡿࡶ ࡢ࡛࠶ࡗࡓࠋࡓࡔࡋࠊࢫࢸ࣮ࢡ࣮࣍ࣝࢲ࣮࡛࠶ࡿእ㈨⣔ᴗࡢᑓ㛛ᐙࡢཧຍࢆồࡵࠊࣄ ࣜࣥࢢࡸពぢࢆ⾜ࡗ࡚࠸ࡿࠋࡇࡢࢸ࣮࣐㛵ࡋ࡚ࡣ◊✲⪅ጤဨ㸦ὸጔࠊ୍㧗ࠊ㟷ᒣࡢ ྛጤဨ㸧ࡀ୰㛫ሗ࿌ࡢᇳ➹ࢆᢸᙜࡋࡓࠋ ࡲࡓࠊ↓ᙧ㈨⏘㛵ࡍࡿࢸ࣮࣐ࡣࠊ⌧ᅾ OECD ⛒⛯ጤဨ࡛⛣㌿౯᱁࢞ࢻࣛࣥᨵᐃ ྥࡅ᳨࡚ウࡀ㐍ࢇ࡛࠸ࡿࡓࡵࠊࡑࢀࡽࡢࣇ࢛࣮ࣟࢵࣉ OECD ࢻࣛࣇࢺᩥ᭩ᑐࡍࡿ ࢥ࣓ࣥࢺᥦฟࢆ୰ᚰㄢ㢟ࡋ࡚◊✲࡛ྲྀࡾ⤌ࢇࡔࠋ↓ᙧ㈨⏘ࡢᐃ⩏ࠊホ౯᪉ἲ࡞ࡘ ࠸࡚ࠊᮏ㑥ᴗࡀ┤㠃ࡍࡿㅖㄢ㢟ࢆ OECD ⛒⛯ጤဨ࡛ࡢ㆟ㄽᫎࡉࡏࡿࡇࡀ㔜せ⪃ ࠼ࠊᴗጤဨࡽࡢከᵝ࡞ࢥ࣓ࣥࢺࢆ㋃ࡲ࠼࡚ᐇົᐙጤဨ㸦㜿㒊ࠊᒸ⏣୧ጤဨ㸧ࡀ୰㛫ሗ ࿌ࢆྲྀࡾࡲࡵࡓࠋ ࡞࠾ࠊ➨ 1 ࡢࢸ࣮࣐ࡘ࠸࡚ࡣࠊᖺᗘࡣ᮶ᖺᗘࡢලయⓗ࡞ᨵṇᥦゝࡢࡓࡵࡢᇶ♏⌮ㄽ ࢆᩚ⌮ࡍࡿࡓࡵࠊ࡛ࡁࡿࡔࡅᖜᗈ࠸ࣜࢧ࣮ࢳࢆ⾜࠺᪉ྥ࡛ࢻࣛࣇࢺࡀ⾜ࢃࢀ࡚࠸ࡿࠋࡑ ࡢ⤖ᯝࠊྛጤဨࡢྲྀࡾࡲࡵࡢ୰ࡽࡣࠊᨻ⟇ㄽࡋ࡚࠸ࡃࡘࡢᨵṇ᪉ྥࡢ࢜ࣉࢩࣙࣥ ࡀ♧၀ࡉࢀ࡚࠸ࡿࡀࠊࡇࢀࡽࡘ࠸࡚ࡣ 2 ᖺ┠ᴗጤဨࢆ࠼࡚ࡢ᳨ドࡼࡾࠊ୍ࡘࡢ ᪉ྥᛶ㞟⣙ࡍࡿணᐃ࡛࠶ࡿࠋࡲࡓࠊࡇࡢࢸ࣮࣐ࡣࠊ⌧ᅾ㐍⾜୰ࡢ᪥⡿᮲⣙ᨵᐃࢆྵࡵࡓ ⛒⛯᮲⣙΅ࡶ῝ࡃ㛵㐃ࡍࡿࡶࡢ࡛࠶ࡿࡓࡵࠊᙜ◊✲ࡣࠊලయⓗ࡞࢜ࣉࢩࣙࣥࡢ⤠ࡾ ㎸ࡳࡢᡂᯝࡘ࠸࡚ࠊ㸦᮶ᖺᗘᨵṇせᮃࢆᚅࡓࡎ㸧ᚋᚲせᛂࡌ࡚᮲⣙΅ᙜᒁࡶࢱ ࣒࣮ࣜࣥࣉࢵࢺ࡛ࡁࢀࡤ⪃࠼࡚࠸ࡿࠋ ࡲࡓࠊ➨ 2 ࡢࢸ࣮࣐ࡘ࠸࡚ࡣࠊ᪤୍㒊ࡢሗ࿌᭩ࡢෆᐜࡘࡁ OECD ࣅࢪࢿࢫࢻࣂ ࢨ࣮ࣜጤဨࢆ㏻ࡋ࡚ OECD ⛒⛯ጤဨࣥࣉࢵࢺ῭ࡳ࡛࠶ࡿࠋOECD ࡛ࡢ᳨ウ᪥⛬ ࡀணࡼࡾ㛗ࡧࡃྍ⬟ᛶࡶ࠶ࡿࡀࠊ࢞ࢻࣛࣥࡢࢻࣛࣇࢺᑐࡋ࡚ᮏ㑥ᴗࡢලయⓗ ࢣ࣮ࢫࡢゎỴᙺ❧ࡘࢥ࣓ࣥࢺࢆᫎࡉࡏࡿ࠸࠺᪉ྥᛶࢆሀᣢࡋ࡚࠸ࡃࡇ࡞ࢁ࠺ࠋ 21 ୡ⣖ᨻ⟇◊✲ᡤ◊✲ᖿ 㟷ᒣ ͤᮏሗ࿌᭩ࡣ 21 ୡ⣖ᨻ⟇◊✲ᡤࡢ◊✲ᡂᯝ࡛࠶ࡾ⤒ᅋ㐃ࡢぢゎࢆ♧ࡍࡶࡢ࡛ࡣ࡞࠸ࠋ v ࢱࢫࢡࣇ࢛࣮ࢫጤဨ୍ぴ ◊✲ᖿ 㟷 ᒣ ⟃ἼᏛᏛ㝔ࣅࢪࢿࢫ⛉Ꮫ◊✲⛉ᩍᤵ ጤဨ㸦㡰ྠ㸧 ὸ ጔ ❶ ዴ ❧ᩍᏛἲᏛ㒊ᩍᤵ Ⳮ ⵦ 㟼 ኵ ࢟ࣖࣀࣥᰴࢢ࣮ࣟࣂࣝ㈈ົ⤒⌮⤫ᣓࢭࣥࢱ࣮⛯ົᢸᙜ㒊㛗 ▼ ᶫ ୕⳻㟁ᶵᰴ⤒⌮㒊⛯ົィㄢᑓ௵ ಟ ୍ 㧗 㱟 ྖ 㛵すᏛ㝔ᏛἲᏛ㒊ᩍᤵ ᒸ ⏣ ⮳ ᗣ ⛯⌮ኈἲேࣉࣛࢫ࢛࣮࢘ࢱ࣮ࣁ࢘ࢫࢡ࣮ࣃ࣮ࢫ㢳ၥ ྜ 㛫 ⠜ ྐ ᪂᪥ᮏ〇㚩ᰴ㈈ົ㒊㒊㛗௦⌮ ᑠ⃝⏣ ᑑ Ṋ⏣⸆ရᕤᴗᰴ⤒⌮㒊㸦⛯ົ㸧ᖍ㒊ဨ 㛵 㝯୍㑻 ୕≀⏘ᰴࢭࢢ࣓ࣥࢺ⤒⌮㒊ᶵᲔ⤒⌮ᐊ㛗 㧗 ᔱ ୍ KPMG ⛯⌮ኈἲேࣃ࣮ࢺࢼ࣮ 㧘 ᶫ ⾜ ⛯⌮ኈἲேࣉࣛࢫ࢛࣮࢘ࢱ࣮ࣁ࢘ࢫࢡ࣮ࣃ࣮ࢫࣃ࣮ࢺࢼ࣮ ෆ ⸨ ᮏ⏣ᢏ◊ᕤᴗᰴ⤒⌮㒊⛯ົᐊ⛯ົࣈࣟࢵࢡ࣮ࣜࢲ࣮ ᵐ ᾈ ♸ ࢺࣚࢱ⮬ື㌴ᰴ⤒⌮㒊ᅜ㝿⛯ົ࣭ᰴᘧᢸᙜᰝ Ᏻ Ṋ ᖿ 㞝 ᰴ୕⳻ᮾி UFJ 㖟⾜⏬㒊ィᐊḟ㛗 㜿 㒊 Ὀ ஂ ♫᪥ᮏ⤒῭ᅋయ㐃ྜ⤒῭ᇶ┙ᮏ㒊㛗 ෆ ᯘ ᑦ ஂ 21 ୡ⣖ᨻ⟇◊✲ᡤ◊✲ဨ 㸦2012 ᖺ 3 ᭶Ⅼ㸧 vi ➨㸯❶ ᖐᒓ⩏ᇶ࡙ࡃᡃࡀᅜእᅜἲேㄢ⛯ไᗘࡢᨵṇࡢㄽⅬᩚ⌮ 㟷ᒣ 㸯 ࡣࡌࡵ ᮏࢸ࣮࣐㛵ࡋ࡚ࡣࠊᨻᗓ⛯ไㄪᰝࡢ 23 ᖺᗘ⛯ไᨵṇ⥘࠾࠸࡚ࠊ㏆ᖺࡢ⤒῭ྲྀ ᘬࡸᴗάືࡢࢢ࣮ࣟࣂࣝᑐᛂࡋࡓᅜ㝿ㄢ⛯ࡢㄢ㢟㛵ࡍࡿ⛯ไㄪᰝᑓ㛛ᐙጤဨ ࠾ࡅࡿࠕᅜ㝿ㄢ⛯㛵ࡍࡿㄽⅬᩚ⌮ࠖࡢྲྀࡾࡲࡵ࡛ᑐᛂࢆせࡍࡿ㔜せ࡞ㄢ㢟ࡢ ⨨࡙ࡅࡀ⾜ࢃࢀࡓ1ࠋࡍ࡞ࢃࡕࠊᡃࡀᅜࡢ㠀ᒃఫ⪅ཬࡧእᅜἲேᑐࡍࡿㄢ⛯ཎ๎ࡘ ࠸࡚ࠊ ࠗ⯡ࡢ OECD ࣔࢹࣝ⛒⛯᮲⣙ࡢᨵᐃࢆ㋃ࡲ࠼ࠊᚋࠊᅜෆἲࢆ࠸ࢃࡺࡿࠕ⥲ྜ ⩏ࠖࡽࠕᖐᒓ⩏ࠖぢ┤ࡍࡶࠊࡇࢀᛂࡌࡓ㐺ษ࡞ㄢ⛯ࢆ☜ಖࡍࡿࡓࡵᚲ せ࡞ἲᩚഛࢆ᳨ウࡍࡿᚲせᛶ࠘ࡀ࠶ࡿࡉࢀࡓࡢ࡛࠶ࡿࠋࡇࢀࢆཷࡅ 21 ୡ⣖ᨻ⟇◊✲ᡤ ࡣࠊᮏᖺᗘࡢᅜ㝿ㄢ⛯◊✲ࡢせࢸ࣮࣐ࡢ୍ࡘࡋ࡚ᡃࡀᅜእᅜἲேㄢ⛯ไᗘࡢᨵṇ ྥࡅࡓ◊✲ᥦゝࢆྲྀࡾୖࡆࡿࡇࡋࠊእᅜ⛯ไࡢࣜࢧ࣮ࢳࢆ㋃ࡲ࠼ࡓពぢ㞟⣙ࢆ⾜ ࠺ࡇࡋࡓࠋ࡞࠾ࠊᮏࣉࣟࢪ࢙ࢡࢺࡣ࢝ࣂ࣮ࡍࡿ㡿ᇦࡶᗈࡃࠊࡲࡓᥦゝࡢࡓࡵࡣ⏘ ᴗ⏺ࡢពぢ㞟⣙ࢆ⾜࠺ᚲせᛶࡀ࠶ࡿࡇࡽࠊ2 ᖺࡅ᳨࡚ウࡍࡿࡇࡋࠊึᖺᗘࡣᇶ ♏ⓗ࡞እᅜไᗘࡢㄪᰝᥦゝ㡯┠ࡢ☜ᐃ࠾ࡼࡧࡑࡢෆᐜࡢ᪉ྥᛶࡢ᳨ウ㈝ࡸࡉࢀࡓࠋ ᮏ✏ࡣࠊࡑࡢᡂᯝࢆྲྀࡾࡲࡵࡓ୰㛫ሗ࿌࡛࠶ࡿࠋ࡞࠾ࠊࢸ࣮࣐ࡢලయⓗ᳨ウࡣࠊᑡே ᩘࡢᏛ⪅࣭ᐇົᐙࡽ࡞ࡿࢧࣈࢢ࣮ࣝࣉࢆタࡅ࡚⾜ࢃࢀ࡚࠸ࡿࡀࠊࡑࡇࡣࠊᚑ᮶ࡢᙜ ◊✲࣓ࣥࣂ࣮࡛࠶ࡿᮏ㑥ᴗࡢᅜ㝿ㄢ⛯ᑓ㛛ᐙࡢࠊࢸ࣮࣐ࡢᛶ᱁ୖᐖ㛵ಀࡢ ࠶ࡿእ㈨⣔ᴗࡢᑓ㛛ᐙࡶཧຍࡋ࡚࠸ࡓࡔࡁ㈗㔜࡞ࣥࣉࢵࢺࢆ㡬࠸࡚࠸ࡿࠋ 㸰 ᮏ௳ㄢ㢟㛵ࡍࡿၥ㢟タᐃ 㸦㸯㸧ᅜ㝿ⓗᴗάືక࠺※Ἠᆅ⟶㎄ᶒ㔜ㄢ⛯ࡢ㝖ࡢᚲせᛶ ⤒῭ࡢࢢ࣮ࣟࣂࣝࡀ㐍ᒎࡍࡿ୰࡛ࠊᅜ㝿ᢞ㈨ࡢቑ㐍ࢆᨭ࠼ࡿᇶᮏⓗࣥࣇࣛࡋ ࡚ࡢᅜ㝿ㄢ⛯࣮ࣝࣝࡢ㔜せᛶࡀᙉࡃㄆ㆑ࡉࢀࡿࡼ࠺࡞ࡗ࡚࠸ࡿࠋࡑࡢ㝿ᅜ㝿ㄢ⛯ ࣮ࣝࣝᮇᚅࡉࢀࡿᙺࡣࠊᅜ㝿ᢞ㈨άືᚑࡍࡿಶே࣭ἲேࡢᒃఫᆅᅜ࠾ࡅࡿ ᭱⤊ⓗ࡞ㄢ⛯ᶒࢆ๓ᥦࡋࡘࡘࠊձ⤒῭άືࡢᣐⅬ࠾࠸࡚✌ᚓࡉࢀࡿㄢ⛯ᑐ㇟ᡤᚓ ࢆ㢮ᆺูᐃ⩏ࡋࡓ࠺࠼࡛ࠊࡑࢀᑐࡍࡿ※Ἠᆅᅜㄢ⛯ᶒࡢែᵝࢆ᫂ࡽࡍࡿࡇ ࠊղ※Ἠᆅᅜ࣭ᒃఫᆅᅜࡢ᪉ࡢㄢ⛯ᶒ⾜ࡼࡾⓎ⏕ࡍࡿ㔜ㄢ⛯ࢆᒃఫᆅᅜࡀ ㈐௵ࢆࡶࡗ࡚㝖ࡍࡿࠊ࠸࠺ 2 Ⅼ࡛࠶ࡿࠋ 㸦㸰㸧OECD ࡛ࡢྲྀ⤌ࡳ ㄢ⛯ᶒࡢ㓄ศ㔜ㄢ⛯ࡢ㝖࠸࠺ࡣࠊᅜෆἲ⛒⛯᮲⣙ࡢ༠ാࡼࡾᇶᮏ ⓗࡣ㐩ᡂࡉࢀ࡚ࡁࡓࡀࠊከᅜ⡠ᴗࡢᴗάືࡼࡿᡤᚓ㛵ࡋ࡚ࡣࠊᅜ㝿ⓗࢥࣥ 1 ᖹᡂ 22 ᖺ 11 ᭶ 9 ᪥ࠊ⛯ไㄪᰝᑓ㛛ᐙጤဨࠕᅜ㝿ㄢ⛯㛵ࡍࡿㄽⅬᩚ⌮ࠖP.11-12ࠋ ෆ㛶ᗓ Web site㸦www.cao.go.jp/zei-cho/etc/2010/㸧 1 ࢭࣥࢧࢫࡉࢀ࡚ࡁࡓ࠸ࢃࡺࡿ PE ࡢᖐᒓ⩏㸦ࣔࢹࣝ᮲⣙ 7 ᮲㸧㛵ࡍࡿ㛵ಀᅜ㛫 ࡢゎ㔘ࡢ⤫୍ࡼࡾࠊᮇᚅࡉࢀࡓㄢ⛯ᶒࡢ᫂☜࡞㓄ศ㔜ㄢ⛯ࡢ㝖࠸࠺┠ⓗ ࡀ༑ศ㐩ᡂ࡛ࡁ࡚࠸࡞࠸≧ἣࡀ⥅⥆ࡋ࡚࠸ࡓࠋ༶ࡕࠊእᅜἲேࡢ PE ᖐᒓᡤᚓࢆࠊἲ ேయࡀ᭱⤊ⓗᐇ⌧ࡋࡓᡤᚓࡢᯟෆ࡛ࡽ࠼࡚ࡑࡢ୍㒊ศ㓄ࡽ࠼ࡿ❧ሙ㸦㛵㐃 ᴗࣉ࣮ࣟࢳ㸧ࠊἲேయࡢᐇ⌧┈ࢆ㝈ᗘࡏࡎࠊᮏᗑ࣭ᨭᗑࡢྛࣘࢽࢵࢺࡀ ⊂❧ᴗ࡛࠶ࡿࡋࡓሙྜࡑࢀࡒࢀᖐᒓࡍࡿᡤᚓ࠶ࡿ࠸ࡣᦆኻࢆᖐᒓࡉࡏࡿࡁ ࡍࡿ❧ሙ㸦ᶵ⬟ⓗศ㞳ᴗࣉ࣮ࣟࢳ㸧ࡀࠊᑐ❧ࡋ࡚࠸ࡓࡢ࡛࠶ࡿࠋ ࡇࡢၥ㢟㛵ࡋࠊOECD ⛒⛯ጤဨࡣ 10 ᖺ௨ୖࢃࡓࡿ᳨ウࢆ㋃ࡲ࠼࡚ࠊᖺ 7 ᭶ OECD ࣔࢹࣝ᮲⣙ 7 ᮲ࢆࠊᶵ⬟ⓗศ㞳ᴗࣉ࣮ࣟࢳᇶ࡙ࡃࡇࢆ᫂☜ࡋࠊPE ࡢᖐᒓᡤᚓ⟬ᐃࡘ࠸࡚ࡣࠊ㛵㐃♫㛫㐺⏝ࡉࢀࡿ⊂❧ᴗཎ๎㸦ࣔࢹࣝ᮲⣙ 9 ᮲㸧 ࡼࡿࡍࡿ᮲ᩥᨵṇࢆ⾜࠺ࡶࠊලయⓗ࡞㐺⏝࣭ゎ㔘ᇶ‽ࢆヲ⣽࡞ࢥ࣓ࣥࢱ࣮ࣜ ཬࡧྠ᥇ᢥࡉࢀࡓࠕPE ࡢᖐᒓᚓ࣏࣮ࣞࢺࠖࡼࡾබ⾲ࡋࡓ2ࠋࡇࡢ⤖ᯝࠊOECD ࣔࢹࣝࡀᚑ᮶ᢎㄆࡋ࡚ࡁࡓㅖཎ๎ࠊ༶ࡕࠊෆ㒊ྲྀᘬࡣㄢ⛯ୖ࡞࠸ࡶࡢࡍࡿ๓ᥦ࡛ࡢ ⤒㈝㓄㈿ࡸ័⾜ࡼࡿᚓ㓄ศࢆㄆࡵࡿ᮲㡯ࠊࡉࡽࡣ༢⣧㉎ධ㠀ㄢ⛯ཎ๎ࢆᐃࡵࡿ ᮲㡯࡞ࡣ⊂❧ᴗཎ๎㐺ྜࡋ࡞࠸ࡋ࡚ᗫṆࡉࢀࡓࠋ 㸦㸱㸧ᡃࡀᅜᅜෆἲᨵṇࡼࡿᑐᛂࡢᚲせᛶ ࡇࢁ࡛ࠊᡃࡀᅜࡢ⌧⾜ᅜෆἲࡣࠊ㠀ᒃఫ⪅࣭እᅜேࡘ࠸࡚ࡣࠊᅜෆ※Ἠᡤᚓ ᑐࡋ࡚ࡢࡳ⣡⛯⩏ົࢆ㈇࠺ࡇࢆ๓ᥦࡋࠊࡉࡽලయⓗ࡞ㄢ⛯ᶆ‽ࡉࢀࡿᅜෆ※ Ἠᡤᚓࡢ⠊ᅖࡘ࠸࡚ࡣࠊࢃࡀᅜ࡛ࡢᜏஂⓗタ㸦PE㸧ࡢᏑྰཬࡧᏑᅾࡍࡿሙྜࡢࡑ ࡢែᵝࡼࡾ༊ศࡍࡿ᪉ἲࢆࡗ࡚࠸ࡿࠋࡑࡢ㝿ࠊࡾࢃࡅᨭᗑ࣭ᕤሙ➼ࡢ≀⌮ⓗ PE 㸦1 ྕ PE㸧ࢆ᭷ࡍࡿሙྜࡣࠊᴗᡤᚓࢆྵࡵࡓ࠶ࡽࡺࡿᅜෆ※Ἠᡤᚓࡘࡁ PE ࡢ ᖐᒓࡢ᭷↓ࢆၥࢃࡎᡤᚓ⛯࣭ἲே⛯ࡢ⥲ྜㄢ⛯ࡢᑐ㇟ྵࡵࡿࡍࡿ࠸ࢃࡺࡿ୍⯡ⓗ ྾ᘬຊ㸦force of attraction㸧ࢆㄆࡵࡓࠕ⥲ྜ⩏ࠖࢆ㛗ᖺ᥇⏝ࡋ࡚ࡁ࡚࠸ࡿ3ࠋࡇࡢ⥲ྜ ⩏ࡣࠊᡃࡀᅜࡀ⛒⛯᮲⣙ୖྜពࡋ࡚ࡁࡓ PE ᖐᒓࡍࡿࡶࡢࡔࡅࢆ⥲ྜㄢ⛯ࡢᑐ㇟ ࡍࡿࠕᖐᒓ⩏ࠖ4ࡣ┦ᐜࢀ࡞࠸ࡶࡢ࡛࠶ࡿࠋ᮲⣙⥾⤖ᅜࡢ㛫࡛ࡣᖐᒓ⩏ࡀඃඛ 㐺⏝ࡉࢀࡿࡢ࡛ࠊ᮲⣙⥙ࡢᣑక࠸ᖐᒓ⩏ࡢ㐺⏝ࢆཷࡅࡿእᅜἲே➼ࡣᣑࡋ࡚ ࠾ࡾࠊୖグࡢඖయไࡢ⥔ᣢࡢᚲせᛶࡘ࠸࡚ࡢᛕࡣቑࡋ࡚࠸ࡿ≧ἣ࠶ࡗࡓࠋ ࡉࡽࠊ⌧⾜ᅜෆἲ࡛ࡣࠊୖグ⥲ྜ⩏ࡢࡶࠊOECD ᪂ 7 ᮲ࡀᗫṆࡋࡓෆ㒊ྲྀᘬ ࡢㄆ㆑ࡸ༢⣧㉎ධ㠀ㄢ⛯ࡢཎ๎࡞ࡀつᐃࡉࢀ࡚࠸ࡿࠋ ࡑࡇ࡛ᅇࡢࠊPE ᖐᒓ⩏ࡢෆᐜࢆ⊂❧ᴗཎ๎ࡢࡶ࡛᫂☜ࡋࡓ OECD ࣔࢹࣝ ᮲⣙ 7 ᮲ࡢᨵᐃࡣࠊᚋࡢᡃࡀᅜࢆྵࡵࡓ OECD ຍ┕ᅜࡢ᮲⣙⥾⤖࣭ᨵᐃ΅ࡢࣔࢹ 2 3 4 OECD ࣔࢹࣝ᮲⣙㸦2010㸧7 ᮲ 2 㡯ཬࡧྠ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 16-17ࠋ ᡤἲ 164 ᮲ձ1 ྕࠊἲἲ 141 ᮲ձ1 ྕࠋ PE ᖐᒓࡍࡿྛ✀ᡤᚓࡢࡳࡀᡤᚓ⛯࣭ἲே⛯ࡢ⥲ྜㄢ⛯ࡢᑐ㇟࡞ࡿࡍࡿཎ๎࡛࠶ࡾࠊ࠼ࡤࠊ᪥ ⡿᮲⣙ 7 ᮲ձ࣭շࠊ10 ᮲շࠊ11 ᮲նࠊ12 ᮲ճࠊ21 ᮲ղࠋ 2 ࣝ࡞ࡿࡓࡵࠊࡑࡢࡼ࠺࡞ᨵゞࡀ㐍ࡵࡤ㐍ࡴ5ࠊୖグᅜෆἲࡢ㛫ࡢඖయไࡢᣢ ࡘࡦࡎࡳࡣࡁࡃ࡞ࡿ⪃࠼ࡽࢀࡿࠋ⛯ไㄪᰝᑓ㛛ᐙጤဨࡢ⛯ไᨵṇྥࡅࡓ๓ グᥦゝࡣࠊࡲࡉࡇࡢၥ㢟ព㆑ࢆᫎࡋࡓࡶࡢ࡛࠶ࡾࠊࡇࡑᅜෆἲࢆ⥲ྜ⩏ࡽ ᖐᒓ⩏ᨵᐃࡍࡁዎᶵᙇࡋ࡚࠸ࡿࠋ ᮏ❶࠾࠸࡚ࡣࠊࡲࡎࠊᴗᡤᚓࡢᖐᒓ⩏ࢆ᫂☜ࡋࡓᅇࡢ OECD ࣔࢹࣝ᮲⣙ ᨵᐃࢆᴫほࡋࡓୖ࡛ࠊࡑࢀࢆ㋃ࡲ࠼ࡓᅜෆἲᨵṇࡢᇶᮏⓗ᪉ྥᛶࢆ㆟ㄽࡍࡿࡇࡋ ࡓ࠸ࠋᨵṇࡢ᪉ྥᛶࡘ࠸࡚ࡣࠊᅜෆ※Ἠᡤᚓࢆᐃࡵࡿࢯ࣮ࢫ࣮ࣝࣝࢆ୰ᚰࡋࡓ㠀 ᒃఫ⪅࣭እᅜἲேࡢㄢ⛯࣮࣋ࢫࡢつᐃࡢ᪉ᖐᒓ⩏ࢆ᥇⏝ࡋࡓሙྜࡢ㔜ㄢ⛯ㄪ ᩚࡢ࠶ࡾ᪉ࢆ୰ᚰࠊணഛⓗ࡞⪃ᐹࢆ⾜࠺ࡇࡍࡿࠋ 㸱 ᪂ OECD ࣔࢹࣝ᮲⣙ 7 ᮲࠾ࡅࡿ AOA㸦Authorized OECD Approach㸧ࡢព⩏ 㸦㸯㸧᪂ 7 ᮲ㄌ⏕ࡢ⫼ᬒ ከᅜ⡠ᴗࡀࢃࡿୡ⏺㈠᫆ࡢࢩ࢙ࡀ᪤㈠᫆㔞ࡢ 3 ศࡢ 2 ࢆ༨ࡵࠊࡑࡢ࠺ ࡕࢢ࣮ࣝࣉᴗ㛫ྲྀᘬࡀ⣙༙ศ㐩ࡍࡿࡶ࠸ࢃࢀࡿ≧ἣࡢୗ࡛ࠊᴗᡤᚓࡢㄢ⛯ࡣ ※Ἠᆅᅜࡗ࡚ࡶᒃఫᆅᅜࡗ࡚ࡶ⛯ࡢ☜ಖୖᴟࡵ࡚㔜せ࡞ࡶࡢ࡞ࡗ࡚࠸ ࡿࠋࡋࡋࠊPE ࡢᖐᒓ⩏ࡢ㐺⏝ࢆࡵࡄࡗ࡚ࡣࠊᚑ᮶ࡢࣔࢹࣝ᮲⣙ 7 ᮲ࡢᩥゝࡽ ࠕ㛵㐃ᴗࣉ࣮ࣟࢳࠖࢆ᥇ࡿゎ㔘 9 ᮲ࡢ⛣㌿౯᱁⛯ไࡢ⊂❧ᴗཎ๎ᘬࡁᐤࡏࡓ ࠕᶵ⬟ⓗศ㞳ᴗࣉ࣮ࣟࢳࠖࢆ᥇ࡿᅜࡀేᏑࡋࠊㄢ⛯ࡢᏳᐃࡦ࠸࡚ࡣ㔜ㄢ⛯ࡢゎᾘ ࠸࠺᮲⣙ࡢ┠ⓗࢆࡁࡃ㜼ᐖࡋ࡚࠸ࡿᣦࡉࢀ࡚ࡁࡓࠋ㛵㐃ᴗࣉ࣮ࣟࢳࡣࠊ ᴗ༢࡛ࡢ⥲ᚓࡢྛࣘࢽࢵࢺࡢ㓄ศࢆ㔜どࡍࡿࡶࡢ࡛ࠊᚓࡢࣇ࢛࣮࣑ࣗࣛ ࡼࡿ័⾜ⓗ㓄ศࢆㄆࡵࡓࡾࠊෆ㒊ྲྀᘬࢆㄆࡵ࡞࠸㈝⏝㓄ศ࣮ࣝࣝࢆチᐜࡍࡿࣔࢹࣝ᮲ ⣙ᪧ 7 ᮲ࡢᚋ⥆᮲㡯ᩚྜᛶࡀ࠶ࡿゎ㔘ࡋ୍࡚ᐃࡢᨭᣢࢆཷࡅ࡚࠸ࡓࠋ୍᪉ࠊࡇࡢ ࣉ࣮ࣟࢳࡣࠊPE ᖐᒓ㝿ࡋ࡚ࡢ⊂❧ᴗཎ๎ࡢ㐺⏝⠊ᅖࡀ 9 ᮲ཝᐦ࡛ࡣ࡞ࡃࠊ ࡑࡢ⤖ᯝࠊᨭᗑ࣭Ꮚ♫ࡢᴗᙧែ㑅ᢥᑐࡋᚲせ࡞୰❧ⓗᑐᛂࢆḞࡃྜ⌮࡞ඖ యไࢆࡶࡓࡽࡍࡶᢈุࡉࢀ࡚ࡁࡓࠋ ᅇࡢ 7 ᮲ᨵṇࡣࡇࢀ⟅࠼ࡿࡶࡢ࡛࠶ࡿࡀࠊ⚾ぢ࡛ࡣࠊࡇࡢࡼ࠺࡞ᨵṇࢆಁ㐍ࡍ ࡿ 3 ࡘࡢᇶᮏ᮲௳ࡀࠊ㏆ᖺࢢ࣮ࣟࣂࣝࣅࢪࢿࢫࡢ㐍ᒎࡢ୰࡛㊊ࡉࢀ࡚ࡁࡓࡇࡀࠊ ࡁ࡞せᅉ⪃࠼ࡿࠋ 1 ␒┠ࡣࠊᖐᒓࡉࡏࡿࡁ PE ᴫᛕࡘ࠸࡚ࡢ᩿ࡢぢ┤ࡋࡢ⥅⥆࡛࠶ࡿࠋPE ࡣ※Ἠ ᆅ࠾࠸࡚ᴗࡀ⏕ࡳฟࡍᡤᚓࢆ⣧ᡤᚓ࣮࣋ࢫ࡛ㄢ⛯ࡍࡿࡓࡵࡢ㜈್࡛࠶ࡿࠋࢢ࣮ࣟ ࣂࣝࣅࢪࢿࢫࡣࠊIT ࣭ࢯࣇࢺక࠸※Ἠᆅ࡛ࡢᴗ࣮࢜࣌ࣞࢩࣙࣥ࠾࠸࡚ఏ⤫ ⓗ࡞≀⌮ⓗタ㢗ࡿᗘྜ࠸ࢆῶᑡࡉࡏ࡚࠾ࡾࠊࡑࡢࡼ࠺࡞࠸ࢃࡤ PE ᙧែࡢከᵝ⌧ ㇟ᚑ᮶ࡢ PE ᴫᛕࢆࡢࡼ࠺ゎ㔘࣭㐺⏝ࡍࡁࡘࡁࠊ⣡⛯⪅࣭ㄢ⛯ᙜᒁࡢ᪉ ࡽ㔜࡞㛵ᚰࡀᐤࡏࡽࢀ࡚ࡁࡓࠋOECD ࡛ࡣࠊ㏆ᖺࠊ⾨ᫍࣅࢪࢿࢫࡸ㟁Ꮚၟྲྀᘬ࡛ࡢ PE ㄆᐃ୪ࡧࢧ࣮ࣅࢫ PE 㛵ࡍࡿྜពࡢ≉๎࡞ࠊ୍ᐃࡢࢱ࣒࣮ࣜ࡞ࢥ࣓ࣥࢱ࣮ࣜ 5 ᮏᖺ㈈ົ┬ࡣࠊ๓ᅇ 2003 ᖺᨵᐃࡋࡓ᪥⡿᮲⣙ࡢᨵᐃ΅ࢆጞࡵࡓⓎ⾲ࡋ࡚࠸ࡿࠋ 3 ᩚഛࢆ㐍ࡵ࡚ࡁࡓࡀ6ࠊࡉࡽ⌧ᅾࠊPE ᮲㡯 5 ᮲ࡢࢥ࣓ࣥࢱ࣮ࣜࡢ㠃ぢ┤ࡋࢆసᴗ୰ ࡛࠶ࡿ7ࠋ 2 ␒┠ࡣࠊ㧗ᗘ࡞↓ᙧ㈨⏘ࡢࢢ࣮ࣝࣉෆ⏝ࡸࢩࢼࢪ࣮ࡢᏑᅾࡀ⊂❧ᴗཎ๎ᑐࡋ ✺ࡁࡅ࡚ࡁ࡚࠸ࡿㅖၥ㢟ᑐฎࡍࡿ㐣⛬࡛ࠊ9 ᮲ࡢ⊂❧ᴗཎ๎ࡢ⌮ㄽཬࡧ㐺⏝࢞ ࢲࣥࢫࡀࠊ༑ศ࡛ࡣ࠶ࡿࡀ୍ᐃࡢ๓㐍ࢆ㐩ᡂࡋ࡚ࡁ࡚࠸ࡿࡳࡽࢀ࡚࠸ࡿࡇ࡛࠶ ࡿ8ࠋぶᏊ♫㛫ࡢᚓ㓄ศಀࡿ⊂❧ᴗཎ๎ࡢไᗘタィᇳ⾜㛵ࡍࡿࣁ࣮ࣔࢽ ࢮ࣮ࢩࣙࣥࡀ㐍ᒎࡋࢢ࣮ࣟࣂࣝ࡞ಙ௵ࢆཷࡅ࡚࠸ࡿ࠸࠺≧ἣࡣࠊྠ➼ࡢ⊂❧ᴗཎ ๎ࢆᚓ㓄ศつᐃࡋ࡚ෆᅾࡉࡏ࡚࠸ࡿᮏ࣭ᨭᗑ㛫ㄢ⛯࣮ࣝࣝࡢ᫂☜ᬑཬࡗ ࡚ྍḞ࡞⎔ቃ࠸࠼ࡼ࠺ࠋ7 ᮲ࡀࠊ༢⣧㉎ධ㠀ㄢ⛯ࡢཎ๎ࡸ័⾜ࡼࡿ㓄ศ࠸ࡗࡓ 㠀⊂❧ᴗཎ๎ⓗ࡞ྲྀᢅ࠸ࡽ᧔㏥ࡍࡿࡁࡗࡅࢆ࠼ࡿࡇ࡞ࡗࡓホ౯ࡉࢀࡿ9ࠋ 3 ␒┠ࡣࠊᚓ㓄ศᇶ‽ࡋ࡚ࡢ⊂❧ᴗཎ๎ࢆᨭ࠼ࡿࣥࣇࣛࡋ࡚㔜どࡉࢀ࡚ࡁ ࡓศ㞳ィ⩏ࡘ࠸࡚ࠊࢥ࣮࣏࣮ࣞࢺ࢞ࣂࢼࣥࢫࡢほⅬࡽࡢไᗘⓗ࡞ᯟ⤌ࡳࡢ㐍 ᒎ୪ࡧ⛯ົୖࡢࢻ࣓࢟ࣗࣥࢸ࣮ࢩ࣮ࣙࣥࣝࣝࡢไᐃ࣭ᐇࡀ㐍ࢇࡔࡇ࡛࠶ࡿࠋ ࡇࢀࡽ 3 ᮲௳ࡢ㊊ࡣࠊᮏᖺ 7 ᭶ࡢ OECD ⌮࠾ࡅࡿ᪂⛣㌿౯᱁࢞ࢻࣛࣥ ᥇ᢥྠࠊࣔࢹࣝ᮲⣙᪂ 7 ᮲ࡀ᥇ᢥࡉࢀࡓ⫼ᬒࡶ࠸࠼ࡼ࠺ࠋ 㸦㸰㸧7 ᮲࠾ࡅࡿ AOA ᇶ࡙ࡃᖐᒓ⩏㔜ㄢ⛯ㄪᩚࡢ⤌ࡳ ᪂ 7 ᮲ࡣࠊᖐᒓ⩏ࡢෆᐜࢆつᐃࡍࡿ➨ 2 㡯࠾࠸࡚ࠊḟࡢࡼ࠺つᐃࡋ࡚࠸ࡿࠋ ࠕᮏ᮲ཬࡧ 23 ᮲ A ࡞࠸ࡋ 23 ᮲㹀ࡢ┠ⓗୖࠊ➨ 1 ᮲つᐃࡍࡿྛ⥾⣙ᅜ࠾ࡅࡿ PE ᖐᒓࡍࡿᚓࡣࠊ≉ᙜヱᴗࡢࡢᵓᡂ㒊ศࡢྲྀᘬ㛵ࡋࠊྠ୍ཪࡣ㢮 ఝࡢ≧ἣୗ࠾࠸࡚ࠊྠ୍ཪࡣ㢮ఝࡢάືᚑࡍࡿศ㞳ࡉࢀ⊂❧ࡋࡓᴗ࡞ࡽࡤ ✌ᚓࡋࡓ࡛࠶ࢁ࠺ᚓࡍࡿࠋࡑࡢ㝿ࡣࠊᙜヱ PE ཬࡧ PE ௨እࡢᴗᵓᡂ㒊ศࡢ ࡑࢀࡒࢀࢆ㏻ࡌ࡚ᴗࡀᯝࡓࡋࡓᶵ⬟ࠊ⏝ࡋࡓ㈨⏘ཬࡧᘬࡁཷࡅࡓࣜࢫࢡࢆ᩵㓃 ࡍࡿࠖ ࡇࡇ࡛ࡣࠊᖐᒓ⩏ࢆ㐺⏝ࡋ࡚※Ἠᆅ㓄ศࡉࢀࡿᚓࢆࠊPE ࢆ⊂❧ᴗᨃไࡋ 6 7 8 9 㟁Ꮚၟྲྀᘬࡘࡁ 5 ᮲ࢥ࣓ࣥࢱ࣮ࣜࡢࣃࣛ 42.1-42.10ࠊࢧ࣮ࣅࢫ PE 㛵㐃ࡘࡁྠ 42.11-42.48ࠊ⾨ᫍࣅ ࢪࢿࢫࡘࡁྠ 5.5ࠊ࣮࣑ࣟࣥࢢࢧ࣮ࣅࢫࡘࡁྠ 9.1ࠋ OECD Discussion Draft: Interpretation and application of Art.5, (2011.10.12)ࠋ࡞࠾ࠊᙜࢻࣛࣇࢺࡣ 5 ᮲ࡢ᮲ ᩥ⮬యࡢኚ᭦ࡣࡩࡃࢇ࡛࠾ࡽࡎࠊከᒱΏࡿࢥ࣓ࣥࢱ࣮ࣜࡢᨵṇࢆෆᐜࡋ࡚࠸ࡿࠋ2012.2 ࡲ࡛ࣃࣈࣜࢵ ࢡࢥ࣓ࣥࢺࢆཷࡅࠊࡑࡢᚋࣔࢹࣝ᮲⣙ࡢࢵࣉࢹ࣮ࢺྵࡵࡽࢀࡿぢ㎸ࡳࠋ OECD ⛣㌿౯᱁࢞ࢻࣛࣥ㸦2010㸧࠾ࡅࡿ┈ἲࡢᐇ㉁ⓗ᱁ୖࡆࡸࠊ┈ἲ㛵ࡍࡿ࢞ࢲࣥࢫ ࡢ⢭⦓ࠊࡉࡽࡣᅜቃࢆ㉺࠼ࡿᴗ⦅ࡢ㐺⏝࢞ࢲࣥࢫ࡞ࠋ ࡋࡋࠊබᖹୡ⏺ࢆぢΏࡏࡤࠊᚲࡎࡋࡶ⊂❧ᴗཎ๎ࡀᏳᐃࡢ᪉ྥྥࡗ࡚࠸ࡿࡣホ౯࡛ࡁ ࡞࠸ࠋᮏᖺ 3 ᭶ḢᕞጤဨࡀᥦࡋࡓࠊEU ࡢࠕඹ㏻⤫ྜἲே⛯ㄢ⛯࣮࣋ࢫ㸦CCCTB㸧ᣦ௧࡛ࠖࡣࠊ ୍ᐃ௨ୖࡢᨭ㓄㛵ಀࡢୗ࠶ࡿἲேࢢ࣮ࣝࣉࡘ࠸࡚ࠊᵓᡂᅜ㛫࡛ྜពࡉࢀࡓඹ㏻ἲே⛯ㄢ⛯࣮࣋ࢫィ ⟬᪉ᘧࡼࡾᇦෆ㛵㐃ἲேࡢ㐃⤖ᡤᚓィ⟬ࢆ⾜ࡗࡓ࠶ࠊࡑࢀࢆᐃᘧ㓄ศࣇࢡࢱ࣮㸦ປാࠊ㈨⏘ࠊ㈍ ࡢ 3 ࡘࢆྠ୍ࡢ࢙࢘ࢺ࡛⪃៖㸧࡛ྛᵓᡂᅜ㓄ศࡍࡿ࠸࠺᪉ἲ㸦⣡⛯⪅ࡢ㑅ᢥไ㸧ࡀᥦࡉࢀ࡚ ࠾ࡾࠊࡇࡢ᪉ᘧࡢୗ࡛ࡣࠊᇦෆ࡛ࡢ⊂❧ᴗཎ๎༶ࡋࡓ⛣㌿౯᱁⛯ไࡣせ࡞ࡿࡋ࡚࠸ࡿࠋ࡞࠾ࠊ ⡿ᅜ࠾࠸࡚ࡶࠊ㐃㑥࣮࣋ࢫ࡛ࡢᐃᘧ㓄ศࡢ⛣⾜ࡀᖖၥ㢟ᥦ㉳ࡉࢀࡿ≧ἣ࠶ࡿࠋ 4 ࡚⋓ᚓࡉࢀࡿᚓࡍࡿ᪨ᐉゝࡍࡿࡶࠊࡑࡢࡓࡵࡣࠊ➨୍ẁ㝵ࡋ࡚ PE ࢆᶵ ⬟࣭㈨⏘࣭ࣜࢫࢡࡢ 3 せ⣲ࡢศᯒࡼࡾูಶࡘ⊂❧ࡋࡓᴗㄆ㆑ࡍࡿࡇࠊ➨ 2 ẁ㝵ࡋ࡚ᙜヱ PE ࡘ࠸࡚⛣㌿౯᱁࢞ࢻࣛࣥࡢᣦ㔪ࢆ㢮᥎㐺⏝ࡋ࡚ࠊᖐᒓᡤᚓࢆ ⟬ฟࡍࡿࡇࡀ࠺ࡓࢃࢀ࡚࠸ࡿࠋࡑࡢࡓࡵࠊ࠸ࢃࡺࡿ᭷ᙧ࣭↓ᙧࡢ㈨⏘ཬࡧࢧ࣮ࣅࢫ ࡘ࠸࡚ෆ㒊ྲྀᘬࡢㄆᐃࡀᚲせ࡞ࡾࠊేࡏ࡚↓ൾ㈨ᮏࡢ PE ࡢ㓄㈿ࡶᚲせࡉࢀࡿࠋ ࡇࢀࡽࢆᨭ࠼ࡿᇶ┙ࡋ࡚ࠊ୍ᐃࡢ PE ࡢ࣮࢜࣌ࣞࢩࣙࣥ㛵ࡍࡿࢻ࣓࢟ࣗࣥࢸ࣮ࢩࣙ ࣮ࣥࣝࣝࡀ᫂ࡽࡉࢀ࡚࠸ࡿࠋᮏᨵṇࡼࡾࠊAOA ᩚྜᛶࢆࡶࡓ࡞࠸ᪧ 7 ᮲ 3 㡯 㸦㈍⟶⌮㈝ࡢ PE 㓄㈿㸧ࠊ4 㡯㸦័⾜ࡼࡿᚓ㓄ศ㸧ࠊ5 㡯㸦༢⣧㉎ධ㠀ㄢ⛯ࡢཎ๎㸧ࠊ 6 㡯㸦ẖᖺྠ୍᪉ἲ㸧ࡣᗫṆࡉࢀ࡚࠸ࡿࠋ ḟࠊᒃఫᆅᅜ࠾ࡅࡿ㔜ㄢ⛯ㄪᩚࡢ࠶ࡾ᪉㛵ࡋ࡚ࡣࠊ➨ 3 㡯࠾࠸࡚ࠊḟࡢ ࡼ࠺つᐃࡋ࡚࠸ࡿࠋ ࠕ➨ 2 㡯ᚑࡗ୍࡚᪉ࡢ⥾⣙ᅜࡢᴗࡢ PE ᖐᒓࡍࡿᚓࡀㄪᩚࡉࢀࠊࡍ࡛ ᪉ࡢ⥾⣙ᅜ࡛ㄢ⛯῭ࡳࡢᚓᑐࡋㄢ⛯ࡀ⾜ࢃࢀࡓሙྜࡣࠊᙜヱ᪉ࡢ⥾⣙ᅜࡣࠊ ᙜヱᚓᑐࡍࡿ㔜ㄢ⛯ࢆ㝖ࡍࡿࡓࡵᚲせ࡞⠊ᅖෆ࡛ࠊ᪤ㄢ⛯῭ࡳࡢ⛯㢠 ࡘ࠸࡚㐺ษ࡞ㄪᩚࢆ⾜ࢃ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋࡑࡢࡼ࠺࡞ㄪᩚࢆỴᐃࡍࡿࡓࡵ⥾⣙ᅜ ࡢᶒ㝈࠶ࡿᙜᒁࡣᚲせᛂࡌ࡚┦༠㆟ࡏࡡࡤ࡞ࡽ࡞࠸ࠋࠖ ࡇࡢⅬࡘ࠸࡚ࡣࠊ≉↓ൾ㈨ᮏࡢ㓄㈿᪉ἲࡘ࠸࡚ࠊOECD ࢥ࣓ࣥࢱ࣮ࣜཬࡧࣞ ࣏࣮ࢺࡀ༢୍ࡢ᪉ᘧ㞟⣙࡛ࡁ࡞ࡗࡓࡇࡶ࠶ࡗ࡚ࠊ㔜ㄢ⛯ࡢⓎ⏕ࡀ༴ࡉࢀࡑ ࢀᑐࡍࡿ≉ูᥐ⨨ࡢᚲせᛶࡀ㆟ㄽࡉࢀࡓࡀࠊ⤖ㄽⓗࡣ 3 㡯࠾࠸࡚ᒃఫᆅᅜ࠾ ࡅࡿᑐᛂⓗㄪᩚ⩏ົࢆ᫂グࡍࡿࡶࠊゎ㔘ࡢ㐪࠸ࡼࡿ⣮தࡣ┦༠㆟࡛ᑐᛂ ࡍࡿࡢ୍⯡ཎ๎ࡀつᐃࡉࢀࡓࠋ 㸦㸱㸧ᚋࡢ PE ᴫᛕࡢ᳨ウసᴗ OECD ࡛ࡣࠊ7 ᮲ࡢᨵᐃࡢࡢࡕࠊ5 ᮲ࡢ PE ᐃ⩏ࡘ࠸࡚ࡶྲྀᘬࡢ⌧≧ࢆᫎࡍࡃ 㠃ⓗ࡞᳨ウసᴗࢆ㛤ጞࡋ࡚࠸ࡿࠋPE ㄆᐃࡘ࠸࡚ࡣࠊ㟁Ꮚၟྲྀᘬ࡞ࡘ࠸࡚ࡢ㏆ ᖺࡢ᳨ウຍ࠼࡚ࠊ᭦ከᵝࡍࡿேⓗᙺົᥦ౪ࡢᙧែࡸࠊࢧࣈࢥࣥࢺࣛࢡࢱ࣮ࡢྲྀ ᢅ࠸ࠊࢥ࣑ࢵࢩࣙࢿዎ⣙࡞ከࡃࡢㄢ㢟ࡀṧᏑࡋ࡚࠾ࡾࠊ7 ᮲ࡢ AOA ࡢྜពࡀᚓࡽ ࢀ࡚ࡶࠊ᪂つࡢ PE ㄆᐃၥ㢟ࡀゎỴࡉࢀ࡞ࡃ࡚ࡣࠊ5 ᮲࣭7 ᮲ࡢ㐃ᦠࡼࡾ⣡⛯⩏ົࡢ ☜ᐃࡍࡿ⣡⛯⪅ࡗ࡚ண ྍ⬟ᛶࡣᨵၿࡉࢀ࡞࠸ሙྜࡶ࠶ࡿ10ࠋࡲࡓࠊ⌧⾜ 5 ᮲ࡣࠊ ࡓ࠼ࡤᪧ 7 ᮲ࡢ༢⣧㉎ධ㠀ㄢ⛯ཎ๎ㄪࡍࡿᙧ࡛ࠊධࡢࡳࢆᢸᙜࡍࡿタࡣ PE ࢆᵓᡂࡋ࡞࠸ࡋ࡚࠸ࡿࡀࠊ7 ᮲ᨵᐃᚋࡶࡑࡢࡲࡲ࡛ࡼ࠸ࡢ࠺࡞ࠊ9 ᮲ࡢ㐺 ⏝ࣂࣛࣥࢫࡢほⅬࡽ᳨ウࡍࡁⅬࡀᣦࡉࢀ࠺ࡿ11ࠋࡑࡢព࡛ࠊ5 ᮲ 7 ᮲ࡢ᳨ウ 10 ࢃࡀᅜ࠾ࡅࡿ᭱㏆ࡢྲྀᘬࢆᫎࡋࡓ PE ㄆᐃ㛵ࡍࡿ⛯ົᙜᒁࡢᅇ⟅ࡘ࠸࡚ࡣࠊᮾドࡢྲྀᘬᡤෆ ࢧ࣮ࣂࢆ⏝ࡍࡿࢥࣟࢣ࣮ࢩࣙࣥࢧ࣮ࣅࢫᑐࡍࡿࡶࡢࡀ࠶ࡿࠋH.23.6.16 ᮾドබ㛤ሗࠋ 11 ๓ᥖὀ 7 ࡼࢀࡤࠊ≀ရ࣭ၟရࡢ㉎ධࢆࡍࡿࡓࡵࡔࡅࡢ୍ᐃࡢሙᡤࡣ PE ࢆᵓᡂࡋ࡞࠸ࡢᚑ᮶ཎ๎ࡢ ᨵṇࡣᥦࡉࢀ࡚࠸࡞࠸ࠋ 5 ࡢࢱ࣒ࣛࢢࡢᏑᅾࡣࠊ㠀ຠ⋡࡞⛒⛯ィ⏬ࡢㄏᅉ࡞ࡿྍ⬟ᛶࡶ࠶ࡿࡢ࡛ࡣᠱᛕࡉ ࢀࡿࡢ࡛ࠊPE ࡢᐃ⩏ࡢ᫂☜ࡢࣉࣟࢪ࢙ࢡࢺࡘ࠸࡚ࡶ᪩ᛴ⤖ㄽࢆฟࡍࡁࡶࡢ ⪃࠼ࡽࢀࡿࠋ࡞࠾ࠊᙜ◊✲ࡣࡇࡢウ㆟ᩥ᭩ࡘ࠸࡚ࡶࠊᮏ㑥ἲேࡢ⤒㦂ࢆ㋃ࡲ࠼ࠊ 㐺㐺ษ࡞ࣥࣉࢵࢺࢆ⾜ࡗ࡚࠸ࡃࡇࡋ࡚࠸ࡿࠋ 㸲 ᅜෆἲᨵṇࡢ᪉ྥᛶ 㸦㸯㸧᮲⣙㸦ᖐᒓ⩏㸧⌧⾜⛯ἲ㸦⥲ྜ⩏㸧ࡢ࠸㞳క࠺࣓ࣜࢵࢺࡢ᳨ウ ᮲⣙⌧⾜⛯ἲ࡛ PE ࢆᇶ‽ࡋࡓㄢ⛯࣮ࣝࣝ࠸㞳ࡀ࠶ࡿࡇࡘ࠸࡚ࡣࠊࢱࢵ ࢡࢫ࣊ࣈࣥࢆ⏝ࡋࡓᡃࡀᅜㄢ⛯࣮࣋ࢫࡢᾐ㣗ࡀከᵝほᐹࡉࢀࡿ≧ἣࡢୗ࡛ࡣࠊ ࡴࡋࢁᮃࡲࡋ࠸ࡍࡿᏛㄝ12ࡶ⤂ࡉࢀ࡚࠸ࡿࡢ࡛ࠊࡑࡢⅬࢆࡲࡎ᳨ドࡋࡓ࠸ࠋ ࡑࡢࡼ࠺࡞⌧⾜ᅜෆἲ⥔ᣢㄝࡣࠊPE ᗈ⠊࡞྾ᘬຊࢆㄆࡵࡿ⌧⾜ᅜෆἲࡢୗ࡛ࡣࠊ ࡓ࠼ࡤࠊࢱࢵࢡࢫ࣊ࣈࣥᮏᣐࢆ⨨ࡁ࡞ࡀࡽᡃࡀᅜ PE ࢆ㏻ࡌ࡚ࢇࡢྲྀᘬࢆ 㐙⾜ࡍࡿ⣡⛯⪅ࡘ࠸࡚ࠊᅜෆ※Ἠᡤᚓࡘ࠸࡚ࠊPE ࡢᖐᒓࡢ❧ドࢆ࠸ࡕ࠸ࡕࡍࡿ ᚲせࡶ࡞ࡃ୍ᣓࡋ࡚ἲேㄢ⛯ࡢᑐ㇟࡛ࡁࡿࡇ࡛ࠊᐇ㉁ⓗᡃࡀᅜࡢㄢ⛯࣮࣋ࢫ 㣗᭷ຠᑐᛂ࡛ࡁࡿ࠸࠺ࡇࢆ᰿ᣐࡋ࡚࠸ࡿࡼ࠺࡛࠶ࡿࠋࡋࡋࠊࡑࡢࡼ࠺࡞ ࢱࢵࢡࢫ࣊ࣈࣥࢆ⏝ࡋࡓ⛒⛯ᅇ㑊ᑐࡋ࡚ࡣࠊᇶᮏⓗࡣእᅜᏊ♫ྜ⟬⛯ไ࡛ ᑐᛂࡍࡿࡢࡀᅜ㝿ⓗ࡞ࢫࢱࣥࢲ࣮ࢻ࡛࠶ࡾࠊእᅜἲேㄢ⛯㛵ࡍࡿἲே⛯ἲࡢᮏ๎࡛ ᑐᛂࡍࡁ࡛ࡣ࡞࠸⪃࠼ࡽࢀࡿࠋࡲࡓࠊࢱࢵࢡࢫ࣊ࣈࣥࢆ⏝ࡋࡓ῝้࡞⛒⛯ᅇ 㑊ࡢࣜࢫࢡᑐࡋ࡚ࡣࠊྜ⟬⛯ไྜࢃࡏ࡚ࠊ⌧ᅾࡶ OECD ࡛⥅⥆ⓗྲྀ⤌ࡲࢀᐇຠ ࢆୖࡆࡘࡘ࠶ࡿࢱࢵࢡࢫ࣊ࣈࣥࢆࡶᑐ㇟ࡋࡓሗ༠ᐃࡢᣑᙜヱᅜᑐࡍ ࡿ⛯ไ㏱᫂ࡢಁ㐍ྥࡅࡓྲྀ⤌㸦ࣔࢽࢱࣜࣥࢢ➼ࡼࡿ㸧࡛ᑐᛂࡍࡁ⪃࠼ࡿࠋ ࡞࠾ࠊ⌧⾜ἲ⥔ᣢㄝࡢୖグ௨እࡢ⌮⏤ࡅࡋ࡚ࡣࠊᅜෆἲ࠾ࡅࡿ⥲ྜ⩏ࡢㄢ ⛯ࡢ㈇ᢸࡣ᮲⣙ࢆ⥾⤖ࡋ࡚ᖐᒓ⩏ࡢ㐺⏝ୗධࢀࡤ㍍ῶ࡛ࡁࡿ࠸࠺ࠊ⛒⛯᮲⣙⥾ ⤖ྥࡅࡓࣥࢭࣥࢸࣈㄽࡶ࠶ࢁ࠺ࡀࠊࡇࢀࡣඛ㐍ᅜ㛫࡛ࡣᅜ㝿ⓗཷࡅධࢀࡽࢀ ࡿ࣏ࣜࢩ࣮ࡣ⪃࠼ࡃ࠸ࠋ 㸦㸰㸧᮲⣙࠾ࡅࡿ AOA ࡢ᥇⏝ࡢࣂࣛࣥࢫୖࠊᴗᡤᚓࡘ࠸࡚ᨵṇࡢవᆅࡢ࠶ࡿᅜෆ ἲ㛵㐃᮲㡯 ᡃࡀᅜࡀ⥾⤖ࡍࡿ᮲⣙࠾ࡅࡿᖐᒓ⩏ࡢ⨨ࡅࡘ࠸࡚ࡣࠊᚋ AOA ཎ๎ࡀ㈏ ᚭࡉࢀ࡚࠸ࡃ࡛࠶ࢁ࠺࠸࠺ࡇࢆ๓ᥦࡍࡿࠊᑗ᮶ⓗࡣᙜヱ AOA ཎ๎ᩚྜⓗ ࡞ෆᐜᅜෆἲࢆᨵṇࡍࡿࡇࡀࠊ๓㏙ࡋࡓඖయไࡢ▩┪ࡽ⬺༷ࡍࡿ࢝ࢠ࡞ࡿ ⪃࠼ࡽࢀࡿࠋࡑࡢ㝿ࠊ⌧⾜ᅜෆἲୖࠊ᳨ウᑐ㇟┠ࡉࢀࡿೃ⿵㡯┠ࡣ௨ୗࡢ 3 Ⅼࢆ ୰ᚰࡍࡿࡇ࡞ࡿ࡛࠶ࢁ࠺ࠋ 㸯㸧⥲ྜ⩏ࢆ᥇ࡿㄢ⛯つᐃ⮬య㸦ᡤἲ 164 ᮲ࠊἲἲ 141 ᮲㸧ࡢᨵṇ 㸰㸧ᴗ㛵ࡍࡿᡤᚓࡢࢯ࣮ࢫ࣮ࣝࣝࡢᖐᒓ⩏ἢࡗࡓᨵṇ 12 ㉥ᯇࠕᅜ㝿⛒⛯ཎ๎᪥ᮏࡢᅜ㝿⛒⛯ἲࠖ 㸦H13 ⛯ົ◊✲㸧P.273-274ࠋ 6 㸸ෆ㒊ྲྀᘬࡢㄆ㆑࣭ࡑࢀక࠺ᦆ┈ࡢㄆ㆑ࠊ༢⣧㉎ධ㠀ㄢ⛯ࡢཎ๎ࡢᗫṆ ᅜෆ࣭ᅜእᡤᚓ㓄㈿ࡍࡿ㈝⏝ࡢ࣮ࣝࣝ➼ 㸱㸧ᖐᒓ⩏ࡢ᥇⏝క࠺㔜ㄢ⛯ㄪᩚᥐ⨨ࡢᩚ⌮ ࡇࢀࡽࡢ࠺ࡕࠊ㸯㸧ࡘ࠸࡚ࡣࠊ࠼ࡤእᅜἲே㛵ࡋ࡚ࡣࠊἲே⛯ἲ 4 ᮲ 3 㡯ࠊ 141 ᮲ 1 㡯ࡢᨵṇࡋ࡚ࢃࡿၥ㢟࡛࠶ࡾࠊἲᚊࡢᵓ㐀ⓗ࡞ᨵṇࡘ࡞ࡀࡾ࠺ࡿ ࡀࠊ㸰㸧ࡘ࠸࡚ࡣࠊ࠼ࡤእᅜἲேࡘ࠸࡚ࡣࠊἲே⛯ἲ⾜௧ 176 ᮲ࢆ୰ᚰࡋ ࡓࢯ࣮ࢫ࣮ࣝࣝࡢಶูⓗᨵṇ࡛ᑐᛂࡍࡿࡇ࡞ࡿ⪃࠼ࡽࢀࠊ㸱㸧ࡣ᭦ࡑࢀ㐃 ືࡍࡿၥ㢟࡛࠶ࡿࠋ௨ୗ࠾࠸࡚ࠊಶࠎࡢᯟ⤌ࡳࡢ᳨ウࢆ⾜࠺ࡇࡍࡿࠋ 㸳 ලయⓗᨵṇ㡯┠ 㸦㸯㸧እᅜἲே࣭㠀ᒃఫ⪅ࡢㄢ⛯࣮࣋ࢫࡢ⤌ᵓ⠏ PE ᖐᒓࢆ๓ᥦࡋࡓ⣧ᡤᚓㄢ⛯ࡢ㈏ᚭ 㸦㸧ᒃఫ⪅࣭ෆᅜἲேࡢᖹ➼ྲྀࡾᢅ࠸ ෆᅜἲே୪ࡳࡢ⣧ᡤᚓㄢ⛯ࢆ⾜࠺ࡓࡵࡣࠊᴗࢆ⾜࠺ PE ᅜෆ※Ἠᡤᚓࡀᖐ ᒓࡋ࡚࠸ࡿᚲせࡀ࠶ࡿࡢ AOA ཎ๎ࡢ⪃࠼᪉ࡣࠊᅜෆἲᨵṇᙜࡓࡗ࡚ࡲࡎ☜ㄆ ࡋ࡚࠾ࡃࡁ᪉ྥᛶ࡛࠶ࢁ࠺ࠋࡇࡢⅬࡣ 9 ᮲ࡢᏊ♫ᙧែ࡛ࡢᴗᑐࡍࡿㄢ⛯ ࡢᩚྜᛶࡢほⅬࡽࡢせㄳ࡛ࡶ࠶ࡿࠋ※Ἠᆅ࡛ࢢ࣮ࣝࣉᏊ♫ࡀู㏵ࣅࢪࢿࢫ ࢆ⾜ࡗ࡚࠸ࡿ≧ἣୗ࡛ࡣࠊぶ♫ࡀ┤㎄ࡋ࡚※Ἠᆅ࡛⾜࠺ᴗㄢ⛯ࡍࡿࡓࡵ ࡣࠊᏊ♫ࡀぶ♫ᴗࡢ PE ࡋ࡚ᶵ⬟ࡋ࡚࠸ࡿሙྜ㝈ࡽࢀࡿࡢ࡛࠶ࡾࠊ※Ἠ ᆅࡢ࣮࢜࣌ࣞࢩࣙࣥࡀᨭᗑᙧែࡢሙྜࠊࡑࢀࡢᖐᒓࡢ᭷↓ࢆၥࢃࡎ↓᮲௳࡛ ᮏᗑ┤㎄ᴗࡢᡤᚓࢆㄢ⛯ᑐ㇟ྲྀࡾ㎸ࡴ࠸࠺⌧⾜ἲே⛯ἲ 141 ᮲ 1 㡯ࡣ AOA ཎ๎᫂ࡽࡍࡿࡇ࡞ࡿ⪃࠼ࡽࢀࡿࠋ࡞࠾ࠊ⥲ྜ⩏ࢆࢧ࣏࣮ࢺࡍࡿ ⌮ᒅࡅࡢ୍㒊ࡋ࡚ᙇࡉࢀ࠺ࡿࠊPE ࢆ᭷ࡋ࡚ᅜෆ࡛ᴗࢆ⾜࠺௨ୖᅜෆἲே ୪ࡳࡢㄢ⛯࣮࣋ࢫ㸦ୡ⏺ᡤᚓࢆᑐ㇟㸧ࡍࡁࡢᖹ➼⩏ࡘ࠸࡚ࡣࠊOECD ࡼࡿ AOA ཎ๎ࡢ᥇⏝ࡸࠊ⡿ᅜ࠾ࡅࡿ PE ྾ᘬຊࢆ๐ῶࡋ࡚࠸ࡗࡓ㐣ཤࡢ⛯ไ ᨵṇ⤒⦋㸦⌧ᅾ࡛ࡣᴟࡵ࡚㝈ᐃⓗ࡞྾ᘬຊࡋㄆࡵࡽࢀ࡚࠸࡞࠸㸧㚷ࡳࢀࡤࠊ ࡶࡣࡸᙇࡢᇶ┙ࢆኻࡗ࡚࠸ࡿ⪃࠼ࡽࢀࡿ13ࠋ 㸦㸧AOA ༶ࡋࡓࢯ࣮ࢫ࣮ࣝࣝࡢᨵṇ PE ᖐᒓࡍࡿᡤᚓࢆỴᐃࡍࡿሙྜࡣࠊ༢⣧㉎ධ㠀ㄢ⛯ࡢཎ๎࡞ࡢࡼ࠺ṇ ☜࡞ᶵ⬟࣭㈨⏘࣭ࣜࢫࢡศᯒࡽ㞳ࡋࡓ⌧⾜ࡢࢯ࣮ࢫ࣮ࣝࣝࡀ㐺ษ࡛࡞࠸ࡇ ࡣ᫂ࡽ࡛࠶ࡾࠊᨵṇࢆචࢀ࡞࠸ࠋἲ௧ 176 ᮲ 1㹼4 㡯ࡢㅖつᐃࡣࡇࡢほⅬࡽࡶ ᢤᮏⓗᨵṇࡀవ࡞ࡃࡉࢀࡿࡀࠊᖐᒓ⩏ࡢ࢚ࢵࢭࣥࢫࡣ 176 ᮲ 1 㡯 7 ྕグࡉ ࢀࡓཎ๎࡛࠶ࡾࠊࡇࢀ㞟⣙ࡍࡿᨻ௧ᨵṇࡶ⪃࠼ࡽࢀࡼ࠺14ࠋ 13 㺀㠀ᒃఫ⪅ࠊእᅜἲேཬࡧእᅜ⛯㢠᥍㝖㛵ࡍࡿᨵṇ⛯ἲࡢゎㄝࠖᅜ⛯ᗇ P.7ࠋ ࡇࡢᩥ᭩࡛ࡣࠊᙜࡢ⛯ᒁ᳜ᯇᏲ⏨⮫⛯ἲᩚഛᐊ㛗ࡢゎㄝࡋ࡚ࠊ⥲ྜ⩏ࡢ᥇⏝ࡣࠊᙜࡢ ⡿ᅜ࡛ࡢ྾ᘬຊࢆㄆࡵࡿᅜෆἲࡢᙳ㡪ࢆཷࡅ࡚࠸ࡿゎㄝࡋ࡚࠸ࡿࠋ 14 ణࡋࠊࡑࡢሙྜࡣἲⓗᏳᐃᛶࡢほⅬࡽࠊᑡ࡞ࡃࡶἲ௧ゎ㔘㏻㐩࡛ࠊྲྀᘬูࡢ࢞ࢲࣥࢫࡢᥦ♧ 7 㸦࢘㸧PE ࡢ㈨ᮏ㓄㈿ෆ㒊ྲྀᘬࡢㄆᐃࠊࡉࡽࡣ⊂❧ᴗ㛫౯᱁⟬ᐃ᪉ἲ㛵ࡍࡿ ἲ௧ࡢᩚഛ AOA ࡢୗ࡛ࡣࠊἲேయࡢ㈨ᮏࢆᘬࡁཷࡅࡓᶵ⬟ࣜࢫࢡᛂࡌ࡚ PE 㓄ᕸ ࡍࡿᚲせࡀ࠶ࡿࠋࡑࡢሙྜࡣࠊ㐣ᑡ㈨ᮏ⛯ไࡢᨭᗑࡢ㐺⏝ࡘ࠸࡚ࡶࠊᏊ ♫ᨭᗑࡢྲྀᢅ࠸ࡢࣂࣛࣥࢫୖ᳨ウࡋ࡞ࡅࢀࡤ࡞ࡽ࡞࠸࡛࠶ࢁ࠺15ࠋࡲࡓ⊂❧ᴗ ཎ๎ᇶ࡙ࡁෆ㒊ྲྀᘬࢆㄆᐃࡍࡿୖ࡛ࡢ㈨⏘ࡢࠕ⤒῭ⓗᡤ᭷ᶒࠖࡢᡤᅾ࣮ࣝࣝࡸࠊ ࡑࡢᚋࡢ⊂❧ᴗ㛫౯᱁ࡢ⟬ᐃ࣮ࣝࣝࡶᚲせ࡞ࢁ࠺ࡀࠊᚋ⪅ࡘ࠸࡚ࡣࠊᇶᮏ ⓗ⛣㌿౯᱁ࡢἲไࢆὶ⏝࡛ࡁࡿᛮࢃࢀࡿࠋ 㸦࢚㸧ᅜእࡢᢞ⼥㈨ࡽ PE Ⓨ⏕ࡍࡿᡤᚓࡘ࠸࡚ࡢྲྀᢅ࠸ ἲே⛯ἲ⾜௧ 176 ᮲ 5 㡯࡛ࡣࠊPE ࡼࡿᾏእᢞ⼥㈨క࠺ᡤᚓ࡛ᙜヱ PE ࠾࠸࡚⾜ࢃࢀࡿᴗᖐࡏࡽࢀࡿࡶࡢࡣࠊᅜෆ࠾࠸࡚⾜࠺ᴗࡽ⏕ࡌࡿࡶࡢ ࡳ࡞ࡍࡢつᐃࡀ࠶ࡿࠋࡇࡢ᮲㡯ࡢゎ㔘ࢆࡵࡄࡗ࡚ࡣࠊࡶࡶᅜෆἲࡢᴗ ᡤᚓࡢࢯ࣮ࢫ࣮ࣝࣝࡀᖐᒓ⩏ࢆෆໟࡋ࡚࠸ࡓࡶࡢ࡛࠶ࡗ࡚ࠊᮏ㡯ࡣࡑࢀࢆ☜ㄆ ࡋࡓࡶࡢ㐣ࡂ࡞࠸ࡍࡿ᭷ຊㄝࡀᒎ㛤ࡉࢀ࡚࠸ࡿ16ࠋㄢ⛯ᙜᒁࡽࡣࡇࡢⅬࡘ ࡁࠊᅜෆἲࡢࡢࢯ࣮ࢫ࣮ࣝࢫ࡛ᅜእᡤᚓࡉࢀࡿࡶࡢ࡛࠶ࢀࡤࠊᖐᒓ⩏ࢆ᰿ ᣐᙜヱᡤᚓࢆᴗᡤᚓࡋ࡚ PE ᖐᒓࡉࡏࡿࡇࡣᾘᴟⓗࡳࡽࢀࡿពぢ⾲ ᫂ࡀ⾜ࢃࢀࡓࡇࡀ࠶ࡗࡓ17ࠋ176 ᮲ 5 㡯ࡀタⓗつᐃ☜ㄆⓗつᐃࡘ࠸࡚ࡢ බᐃゎ㔘ࡣᚲࡎࡋࡶ᫂ࡽࡉࢀ࡚࠸࡞࠸ࠋ ࡋࡋࠊࡇࡢၥ㢟ࡣࠊᅇࡢ AOA ཎ๎ἢࡗࡓᅜෆἲᨵṇࢆ᳨ウࡍࡿᙜࡓࡗ ࡚ࡣ㑊ࡅ࡚㏻ࢀ࡞࠸ࡇࢁ࡛࠶ࡾࠊᴗᡤᚓࡋ࡚ࡢᖐᒓ⩏ࡼࡿࢯ࣮ࢫ࣮ࣝ ࣝࡢ᫂☜ࡼࡾᑐᛂࡍࡁࡶࡢ⪃࠼ࡿࠋ࡞࠾ࠊࡑࡢሙྜࡣ୍⩏ⓗᅜෆ※ Ἠᡤᚓつᐃࡉࢀࡿࡢ࡛ࠊ※Ἠᆅ࡛ㄢ⛯ࡉࢀ࡚࠸ࡿሙྜࡢ㔜ㄢ⛯㝖ᥐ⨨ࡢᩚ ഛࡀᚲせࡉࢀࡼ࠺ࠋ ྾ᘬຊࣉ࣮ࣟࢳࡢ᧔ᗫ ྾ᘬຊࣉ࣮ࣟࢳࡢᣢࡘၥ㢟ⅬࡣࠊPE ࢆ᭷ࡍࡿእᅜἲேࡘ࠸࡚ࠊᒃఫ⪅୪ࡳㄢ ⛯ࢆồࡵࠊᴗᡤᚓࡢࡳ࡞ࡽࡎ PE ᖐᒓࡋ࡞࠸ᢞ㈨ᡤᚓࢆྵࡴᗈ⠊࡞ᡤᚓࢆ⣧ᡤᚓ ㄢ⛯ࡢ㡿ᇦᘬࡁ㎸ࡴⅬ࠶ࡿࠋ㝈ᐃࡉࢀࡓ྾ᘬຊࢆᢎㄆࡍࡿࣉ࣮ࣟࢳࡣࠊ㏵ୖ ᅜ࣭ඛ㐍ᅜ㛫ࡢ᮲⣙ࣔࢹ࡛ࣝ࠶ࡿᅜ㐃ࣔࢹࣝ᮲⣙࡛ࡣチᐜࡉࢀ࡚࠸ࡿࡀ18ࠊOECD ࣔ ࢹࣝࡣࠊࡇࢀࢆ㝖ࡋ࡚࠸ࡿࠋᡃࡀᅜࡢᣑࡋࡓࢿࢵࢺ࣮࣡ࢡࡢୗ࡛ࡢ⌧⾜᮲⣙ࡀ ࡍ࡚ OECD ࣔࢹࣝࡼࡿᖐᒓ⩏ࢆ᥇ࡿࡇ࡞ࡗࡓ⌧ᅾࠊ⛒⛯ᅇ㑊㜵ṆࡢほⅬ ࡽࡢࡳࡇࢀࢆᅜෆἲୖṧࡍព⩏ࡣࠊ๓㏙ࡋࡓ࠾ࡾ࡞࠸⪃࠼ࡽࢀࡿࠋ ࡀᚲせ࡞ࢁ࠺ࠋ ㈨ᮏ㓄㈿క࠸ࠊᨭᗑᡤᅾᆅᅜࡢ㈨ᮏࢆㄢ⛯ᶆ‽ࡍࡿ⛒⛯㈇ᢸࡀ᪂ࡓⓎ⏕ࡍࡿࣜࢫࢡࡘ࠸࡚ࡶ ู㏵᳨ウࡍࡿᚲせࡀ࠶ࡿࠋ 16 Ỉ㔝ᛅᜏࠕᅜ㝿ㄢ⛯ࡢไᗘ⌮ㄽࠖ 㸦2000 ᭷ᩫ㛶㸧P.42ࠋ 17 ⚟ᒣ༤㝯ࠕእᅜἲேཬࡧ㠀ᒃఫ⪅ࡢㄢ⛯ࠖ 㸦⛯⤒㏻ಙ 1963.5㸧P.108ࠋ 18 ᅜ㐃ࣔࢹࣝ᮲⣙ 7 ᮲ 1 㡯㸦㹠㸧 㸦㹡㸧ࡣࠊPE ࢆ㏻ࡌ࡚㈍ࡍࡿ≀ရ࣭ᴗάືྠ୍ཪࡣ㢮ఝࡢ≀ရ࣭ ᴗάືࡢ㈍ࡽ⏕ࡌࡿࡶࡢࢆ PE ྾ᘬࡉࡏ࡚࠸ࡿࠋ 15 8 ṧࡾࡢㄢ㢟ࡋ࡚ࡣࠊ⡿ᅜࡢࡼ࠺ᴗᡤᚓ㝈ࡗ࡚ไ㝈ⓗ࡞྾ᘬຊཎ๎ࢆṧᏑ ࡉࡏࡿవᆅࡀ࠶ࡿ࠺ࡢၥ㢟࡛࠶ࡿ19ࠋᡃࡀᅜ࠾ࡅࡿከᅜ⡠ᴗࡢᐇែࡽぢ ࡿࠊᅜ㐃ࣔࢹࣝࡀᠱᛕࡍࡿࡼ࠺࡞20PE ࡘ࠸࡚ᴗᡤᚓࡢᖐᒓཎ๎㐺⏝ࡢ₯⬺ࡢ ྍ⬟ᛶࡣࡁ࠸ࡣ⪃࠼ࡽࢀ࡞࠸ࠋᚑࡗ࡚ࠊከᅜ⡠ᴗࡢࢻ࣓࢟ࣗࣥࢸ࣮ࢩࣙࣥ ᇶ࡙ࡃᶵ⬟࣭㈨⏘࣭ࣜࢫࢡศᯒࡼࡿ AOA ࡢᐇྍ⬟ᛶࢆ๓ᥦࡍࢀࡤࠊ⛒⛯ᅇ㑊 ࡀᠱᛕࡉࢀࡿ≉ᐃࡢࢣ࣮ࢫࡘ࠸࡚ࡣࠊᚲせᛂࡌ≉ูᥐ⨨㸦≉ᐃࡢྲྀᘬࡘ࠸࡚ ࡢᅜෆἲୖࡢಶูᑐᛂࡸ≉ᐃࡢᅜࡢ᮲⣙࡛ࡢᑐᛂ㸧࡛ᑐᛂࡍࡁࡶࡢ࡛࠶ࡾࠊ୍ ⯡ࡣ㐺ᙜ⪃࠼ࡽࢀࡿࠋ 㸦㸰㸧ᖐᒓ⩏࠾ࡅࡿእᅜ⛒⛯ࡢ㔜ㄢ⛯ㄪᩚ ᖐᒓ⩏ᇶ࡙ࡃ PE ㄢ⛯ࢆ㈏ᚭࡋࡓሙྜࡣࠊ⌧⾜ἲไࡢୗ࡛ࡣண ࡋᚓ࡞ࡗࡓ 㔜ㄢ⛯ᩆ῭ၥ㢟ࡢᑐᛂࡀồࡵࡽࢀࡿࠋࡇࡢⅬࡣᡃࡀᅜࡀᒃఫᆅᅜࡋ࡚㔜ㄢ⛯ ㄪᩚ⩏ົࢆ㈇࠺ሙྜࡋ࡚ၥ㢟࡞ࡿࡀࠊ᪉ࠊPE ࡋ࡚ᖐᒓ⩏ᇶ࡙ࡃㄢ⛯ ࢆ⾜ࡗࡓሙྜࠊᅜ࡛ㄢ⛯ࡉࢀࡿྍ⬟ᛶࡢ࠶ࡿᡤᚓࡘ࠸࡚እ⛯᥍㝖ࢆ౪ࡍࡿᚲ せࡀ࠶ࡿ࠺ࡢ᳨ドࡶᚲせ࡞ࢁ࠺ࠋ࡞࠾ࠊࢯ࣮ࢫ࣮ࣝࣝࢆ AOA ᑐᛂࡍࡿࡼ࠺ ᨵᐃࡋࡓሙྜࡣࠊෆ㒊ྲྀᘬࡢㄆᐃ㈝⏝㓄㈿ࡢቃ⏺㛵ࡍࡿ࢞ࢲࣥࢫࡶᚲせ ࡉࢀࡿࠋࡑࡢᩚ⌮ᚋṧࡿᅜෆᡤᚓᅜእᡤᚓ㛫ࡢ㈝⏝㓄ศࡘ࠸࡚ࡣࠊእᅜ⛯㢠᥍ 㝖ࡢィ⟬ࡶ㛵㐃ࡍࡿࡢ࡛ࠊ୧⪅㛫ࡢᩚྜᛶࢆᅇࡢᨵṇࡢᶵᅗࡿࡇࡶ㔜せ࡛ ࠶ࡿ⪃࠼ࡿࠋ 㔜ㄢ⛯ㄪᩚ᪉ᘧࢆ⥙⨶ⓗタィࡋࡑࡢ㐺ྰࢆ᳨ドࡍࡿࡇࡣࠊⴭ⪅ࡢ⬟ຊࢆ㉺࠼ ࡚࠸ࡿࡀࠊ௨ୗࠊᛮ࠸ࡘࡃࡲࡲせ࡞ㄽⅬࢥ࣓ࣥࢺࡍࡿࠋࡓࡔࠊࡢࡼ࠺࡞ほⅬ࡛ ྲྀࡾ⤌ࡴࡏࡼࠊᑡ࡞ࡃࡶඹ㏻ࡋ࡚ゝ࠼ࡿࡇࡣࠊຠ⋡ᛶࡀ㧗ࡃࡘ⣡⛯⪅ࡸㄢ⛯ ᙜᒁࡗ࡚㐣࡞ࢥࣥࣉࣛࣥࢫࢥࢫࢺࢆせࡍࡿࡶࡢ࡛ࡣ࡞࠸࠸࠺せ௳࡛࠶ࢁ ࠺ࠋ ἲேࡋ࡚ࡢᮍᐇ⌧ࡢᡤᚓᑐࡍࡿ㔜ㄢ⛯ㄪᩚ ࡇࢀࡣࠊᡃࡀᅜࡀᮏᗑᡤᅾᆅᅜࡢሙྜࠊ࠼ࡤᾏእ PE ࡢ㛫ࡢᲴ༺㈨⏘ࡢෆ㒊 ྲྀᘬ㸦ᾏእ࡛ධࢀ࡚ᅜෆ㈍㸧ࢆ┦ᡭᅜࡀㄆᐃࡋ࡚ᖐᒓ⩏ࡼࡾᾏእ PE ㄢࡉ ࢀࡓἲே⛯㢠ࢆࠊࢢ࣮ࣝࣉయࡋ࡚ࡣ➨ 3 ⪅ࡢ᭱⤊㈍➼ࡼࡿᡤᚓᐇ⌧ࡀ࡞ ࠸ሙྜࠊࡢࡼ࠺㔜ㄢ⛯ࡢゎᾘࢆᅗࡿ࠸࠺ၥ㢟࡛࠶ࡿࠋ㔜ㄢ⛯ࡢゎᾘ 19 IRCi864㸦c㸧㸦3㸧⡿ᅜ㠀ᴗᡤᚓ㸦FDAP㸧࡛ࡶ࢟ࣕࣆࢱࣝࢤ࡛ࣥࡶ࡞࠸ᡤᚓࡣࠊ⡿ᅜᴗࡢ㛵 㐃ࡢ᭷↓ࢃࡽࡎ⡿ᅜᴗᐇ㉁㛵㐃ᡤᚓ㸦ECI㸧ࡳ࡞ࡉࢀ࡚࠾ࡾࠊࡇࡢつ๎ࡀࠕṧᏑࡍࡿ྾ᘬຊࠖ ࣮ࣝࣝࡤࢀ࡚࠸ࡿࠋ 20 ᅜ㐃ࣔࢹࣝ㉳ⲡ⪅ࡼࡿ₯⬺ࡢᠱᛕࡘ࠸࡚ࡣࠊྠࣔࢹࣝ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 7 ࢆཧ↷ࠋྠࢥ࣓ ࣥࢱ࣮࡛ࣜࡣࠊ7 ᮲ࡀ PE ࡀ⾜࠺ࡶࡢྠ୍ཪࡣ㢮ఝࡢၟရ㈍➼ࡢᴗάືࡘ࠸࡚ࡣࠊᮏᗑࡢ┤㎄ྲྀ ᘬ࡛࠶ࡗ࡚ࡶ PE ᡤᅾᆅᅜㄢ⛯ᶒࢆㄆࡵࡿࡇࡋࡓ⫼ᬒࡋ࡚ࠊ྾ᘬຊཎ๎ࡀᇳ⾜ୖࡢၥ㢟 㸦administrative problems㸧ࢆᅇ㑊ࡍࡿࡇࡀ࡛ࡁࡿࡽࡍࡿ㏵ୖᅜጤဨࡢពぢࢆᫎࡋࡓࡽ࡛࠶ࡿ ゎㄝࡋ࡚࠸ࡿࠋ ᇳ⾜ୖࡢၥ㢟ࡣࠊPE ⮬㌟ࡢྲྀᘬᮏᗑ┤㎄ྲྀᘬࡢ༊ศࡀ㏵ୖᅜࡗ࡚ࡣᅔ㞴࠸࠺ࡢእࠊ ከᅜ⡠ᴗࡼࡿᮏᗑ┤㎄ྲྀᘬࢆ௬ࡍࡿពⓗ࡞⛒⛯ᅇ㑊ࡢᠱᛕࡶྵࡲࢀ࡚࠸ࡿࠋ 9 ᪉ἲࡣࠊ᮲⣙ࡢไ⣙ࡢ୰࡛ᅜෆἲ௵ࡉࢀ࡚࠸ࡿࡢ࡛ࠊእ⛯᥍㝖ࡢࢱ࣑ࣥࢢࡢၥ 㢟ࡋ᳨࡚ウࡍࡿ࡞ᑐᛂࡀồࡵࡽࢀࡿ㡿ᇦ࡛࠶ࢁ࠺ࠋ ᙺົᥦ౪ྲྀᘬ࡞࠾ࡅࡿᖐᒓ⩏ࢆᫎࡋࡓࢯ࣮ࢫ࣮ࣝࣝࡢୗ࡛ࡢ㔜ㄢ⛯ ᡃࡀᅜࡀ PE ᡤᅾᆅᅜ࡛࠶ࡿሙྜࠊPE ࡢ⫋ဨࡢ▷ᮇฟᙇ㉳ᅉࡍࡿᅜእ࡛Ⓨ⏕ ࡍࡿᡤᚓ㸦ᨵṇἲࡢୗ࡛ࡣࠊ⌧⾜ἲ௧ 176 ᮲ 5 㡯ྠᵝᅜෆ※Ἠᡤᚓ᫂グࡍࡿ ᪉ἲࡀ⪃࠼ࡽࢀࡿ㸧ࡘ࠸࡚ࡢ㔜ㄢ⛯ၥ㢟ࡀḟ᳨ウࡍࡁㄢ㢟࡞ࡿࠋᴗά ືࡘࡁ AOA ᇶ࡙ࡃᖐᒓ⩏ࢆ᥇ࡿᅜ࠾࠸࡚ᅜእᡤᚓࡀⓎ⏕ࡋࡓሙྜࡣࠊ┦ ᡭᅜ࠾࠸࡚ࡶᅜෆἲࡢࢯ࣮ࢫ࣮ࣝࣝࡀ AOA ᇶ࡙ࡁᩚഛࡉࢀ࡚࠸ࡿ㝈ࡾࡣࠊᡃࡀ ᅜ PE ᖐᒓࡍࡿᡤᚓࡋ࡚ࡢඃඛㄢ⛯ᶒࡀㄆࡵࡽࢀࡿࡣࡎ࡛࠶ࡿࠋᚑࡗ࡚ࠊAOA ࡢᬑཬࡋࡓᚋ࠾࠸࡚ࡣ㔜ㄢ⛯ࡢ㉳ࡇࡿྍ⬟ᛶࡣᑠࡉࡃ࡞ࡿ⪃࠼ࡽࢀࡿࡀࠊ ᚋ⤒㐣ⓗࡣࠊձᙜᅜ࠾ࡅࡿ AOA ༶ࡋࡓࢯ࣮ࢫ࣮ࣝࣝᨵᐃࢱ࣒ࣛࢢࡀ࠶ ࡿሙྜࠊղAOA ࣮ࣝࣝࢆ᥇⏝ࡋ࡞࠸➨ 3 ᅜࡀ✌ᚓᆅ࡞ࡿሙྜࠊճAOA ᇶ࡙ࡃᖐ ᒓ⩏ࡘ࠸࡚␗࡞ࡿゎ㔘ࡀṧࡿሙྜࠊմAOA ࡢ᥇⏝ࡶゎ㔘ࡶྠᵝ࡛࠶ࡿࡀࠊPE ㄆ ᐃᕪ␗ࡀ࠶ࡿ㸦࠼ࡤࢧ࣮ࣅࢫ PE ࡢㄆᐃ㸧ሙྜ࡞ࠊ㔜ㄢ⛯ࡢࣜࢫࢡࡣṧᏑࡋ ࡼ࠺ࠋ ࡑࢀࡽࡢሙྜࡣࠊ᭱⤊ⓗࡣ㔜ㄢ⛯ゎᾘࡢࡓࡵࡢ┦༠㆟㢗ࡿࡣ࡞࠸ ⪃࠼ࡽࢀࡿࠋ ࢘ ᅜෆᨭᗑᖐᒓࡍࡿᅜእ࠶ࡿ⪅ᑐࡍࡿ㈚㔠Ꮚ➼ࡢᢞ⼥㈨άືక࠺ᡤᚓ ࡿ㔜ㄢ⛯ ⌧⾜ἲே⛯ἲ⾜௧ 177 ᮲ 5 㡯࡛ࡣࠊእᅜἲே⛯ࡀㄢࡉࢀࡓሙྜࡣᅜෆ※Ἠᡤ ᚓࡣࡋ࡞࠸᪨ࡢつᐃࡀ࠶ࡿࠋࡇࡢつᐃࡣࠊ⌧⾜ἲࡀእᅜἲேࡘ࠸࡚እᅜ⛯㢠᥍ 㝖ࢆㄆࡵ࡞࠸ࡇࡋ࡚࠸ࡿࡇ㛵㐃ࡋ࡚࠸ࡿ㸦ࡇࡢⅬࡣእ⛯᥍㝖ࡢ㐺⏝ୖࡣᰂ ㌾ᅜෆ࣭ᅜእ※Ἠᡤᚓࡢෆᐜࢆ⤌ࡳ᭰࠼ࡿㅖつᐃࡢᏑᅾࡶᖹࡀ࠶ࡗ࡚࠸ࡿ㸧 ⪃࠼ࡽࢀࡿࠋࡋࡋࠊࡑࢀࡣࢯ࣮ࢫ࣮ࣝࣝࡑࡢࡶࡢࢆ᧯సࡍࡿࡶࡢ࡛࠶ࡾࠊ᪤㏙ ࡋࡓ࠾ࡾ AOA ཎ๎ᩚྜࡋ࡞࠸ࠋࡑࡇ࡛ࢯ࣮ࢫ࣮ࣝࣝࡢᨵṇࡀᚲせࡉࢀࡿࡀࠊ ࡇࡢሙྜⓎ⏕ࡍࡿ㔜ㄢ⛯ࢆࠊ⌧⾜᪉ᘧ㢮ఝᛶࢆᣢࡘච㝖᪉ᘧ࡛ゎᾘࡍࡿࡢࠊ ᡈ࠸ࡣࠊ᪂ࡓእᅜἲேᑐࡍࡿእᅜ⛯㢠᥍㝖ไᗘࢆタࡅࡿࡣࠊᨻ⟇ุ᩿ࡢၥ㢟 ࠸࠼ࡿࠋࡓࡔࡋࠊእᅜᏊ♫㓄ᙜ㠀ㄢ⛯࡞ᅜእᡤᚓච㝖ࡢᑐ㇟ࡀᣑࡋࡘࡘ࠶ ࡿ⌧⾜ἲไୗ࡛ࡣࠊච㝖᪉ᘧࢆ㑅ᢥࡍࡿ࢜ࣉࢩࣙࣥࡶ⪃࠼ࡽࢀࡿ21ࠋ ࡇࢁ࡛ࠊࡇࡢࡼ࠺࡞ᨵṇࢆ⾜ࡗࡓࡋ࡚ࡶࠊᮏ㑥ἲேࡢᾏእᨭᗑࡢᴗᡤᚓ ࡘ࠸࡚ࠊⱥᅜࡢ 2011 ᖺᨵṇࡢࡼ࠺㑅ᢥⓗච㝖᪉ᘧࢆ┤ࡕ᥇⏝ࡍࡁࡢ㆟ㄽ ┤⤖ࡍࡿࢃࡅ࡛ࡣ࡞࠸ࠋࡋࡋࠊOECD ࣔࢹࣝ᮲⣙ࡢ↓ᕪู᮲㡯ࡣࠊᮏ㑥ἲேࡢእᅜ PE ࡀ㈇ᢸࡍࡿእᅜ⛯እᅜἲேࡢᅜෆ PE ࡢᅜእᢞ⼥㈨άືࡀ㈇ᢸࡍࡿእᅜ⛯ࡢࠊ 21 ቑⰋၨ࣭ᐑᓮ⿱Ꮚࠕᅜ㝿⛒⛯ἲ 2 ∧ࠖ㸦2011 ᮾிᏛฟ∧㸧P.103 ቑᩍᤵࡣࠊእᅜ⛯㢠᥍㝖᪉ ᘧࢆ⸀ࡵ࡚࠾ࡽࢀࡿࠋ☜ࠊᢞ⼥㈨ࡽࡢᡤᚓࢆ㛵㐃⪅㓄ᙜࡢࡼ࠺ච㝖ᣢࡗ࡚࠸ࡃࠊ࣏࣮ࢺࣇ࢛ ࣜ࢜ᡤᚓ㏆࠸ࡳ࡚እ⛯᥍㝖ᣢࡗ࡚࠸ࡃࡣ㔜ㄢ⛯ㄪᩚไᗘయࡢࣂࣛࣥࢫࡢ୰᳨࡛ウࡍࡁ ࡶࡋࢀ࡞࠸ࠋ 10 እᅜ⛯㢠᥍㝖ࡢ㐺⏝ୖࡢᕪูࢆ⚗ࡌ࡚࠸ࡿ22ࠋࡋࡓࡀࡗ࡚ࠊࢺࣛࣥࢠ࣮ࣗࣛࢣ࣮ ࢫࡘ࠸࡚ࠊච㝖᪉ᘧࢆ᥇⏝ࡋ࡚㔜㸦୕㔜㸧ㄢ⛯ࢆ㜼Ṇࡍࡿᐇົⓗ࡞ゎỴࡣࠊᑗ ᮶ⓗࡣ⛒⛯᮲⣙ࡢゐࡢほⅬࡽࡣࢩ࣓ࣥࢺ࣮ࣜ࡞ゎỴ⟇ࡍࡿᚲせࡀ࠶ࢁ࠺ࠋ ࡑࡢព࡛ࡣࠊᾏእᨭᗑࡢ✌ᚓᡤᚓᑐࡍࡿ୍⯡ⓗ࡞ච㝖᪉ᘧࡶࠊᑡ࡞ࡃࡶ⌮ㄽ ୖࡣࠊᚋࡢᨻ⟇㑅ᢥ⫥ࡋ࡚⪃៖ࡍࡁࡶࡢ⪃࠼ࡿ23ࠋ 㸴 ᮏ◊✲ᇶ࡙ࡃᚋࡢලయⓗᥦゝࡢ᪉ྥᛶ ᮏ୰㛫ሗ࿌࡛ࡣࠊ㟷ᒣࠊὸጔࠊ୍㧗ࡢ 3 ྡࡼࡾࠊ1 ᖺᚋ᭱⤊ⓗ࡞⛯ไᨵṇ㡯┠ࡢᩚ ⌮ࢆࡍࡿୖ࡛ࡢணഛⓗ࡞᳨ウࢆ⾜ࡗࡓࠋᚑࡗ࡚ࠊᮏሗ࿌᭩࡛ࡢㄽⅬᩚ⌮ࡣᚲࡎࡋࡶ≉ᐃ ࡢᨻ⟇ᥦゝ⤠ࡾ㎸ࢇࡔࡶࡢࡣᮍࡔ࡞ࡗ࡚࠸࡞࠸ࠋ ࡓࡔࡋࠊ◊✲࡛ࡢ㆟ㄽ㝿ࡋ࡚ᴗഃࡢጤဨࡽࡣࠊᮏ㑥ᴗࡢᾏእ࡛ࡢ PE ㄆᐃ ᇶ࡙ࡃㄢ⛯ࣜࢫࢡࡘࡁࠊ⧞ࡾ㏉ࡋ῝้࡞ᠱᛕࡀᥦ㉳ࡉࢀ࡚࠸ࡿࠋࡍ࡞ࢃࡕࠊOECD ຍ┕ ᅜ࠾࠸࡚ࡣࠊAOA ᇶ࡙ࡃ㈨ᮏ㓄㈿క࠺ෆ㒊ྲྀᘬࡢㄆᐃ➼ࡢᙳ㡪ࡀࡢࡼ࠺ලయ ࡍࡿࡢ࠸࠺ᠱᛕ࡛࠶ࡾࠊ᪉ࢪᕷሙ࡛ࡢ㠀 OECD ຍ┕ᅜ࠾࠸࡚ࡣࠊAOA ᑐࡋ࡚ OECD ୍⥺ࢆᘬࡁᅜ㐃ࣔࢹࣝ➼ࢆ⌮ㄽⓗࡼࡾࡇࢁࡍࡿࡇࢆ☜ㄆࡋ࡚࠸ ࡿ᪂⯆ᅜࢆ୰ᚰࡋࡓ PE ㄢ⛯ᙉ㸦※Ἠᆅᅜㄢ⛯ᶒࡢᣑᙇ㸧ࡢᠱᛕ࡛࠶ࡿࠋ ࡑࡢࡼ࠺࡞≧ἣࢆ๓ᥦࡍࡿࠊᖐᒓ⩏ྥࡅࡓᅜෆἲᨵṇࡢ᳨ウࡣࠊձOECD ࣔࢹ ࣝ᮲⣙ࡢ AOA ཎ๎ేࡏࡓᨵṇࡀᮏ㑥࡛ࡢࡼ࠺࡞⛯ຠᯝࢆࡶࡓࡽࡍࡢ࠸࠺ᮏ᮶ ࡢ⛯ไᨵṇࡢどⅬࡔࡅ࡛ࡣ࡞ࡃࠊղ㠀 OECD ㅖᅜࡽࡢ PE ㄢ⛯ᨷໃ➼ᑐࡋ࡚ຠᯝⓗ࡞ ࡅࢇไຠᯝࢆཬࡰࡍࡓࡵࡣࠊᡃࡀᅜࡋ࡚ᅜෆἲไ᮲⣙ࢆࡢࡼ࠺ᵓᡂࡍࡿࡇ ࡀᮃࡲࡋ࠸ࡢ࠸࠺ࠊᐇ㊶ⓗ࡞どⅬࡶᚲせࡉࢀࡿ⪃࠼ࡿࠋ ᮏࣉࣟࢪ࢙ࢡࢺࡢ 2 ᖺ┠࠾࠸࡚ࡣࠊᨵṇᅜෆἲࡢᇳ⾜ࡸᚋࡢ᮲⣙΅ࠊ᭦ࡣࡑ ࡢୗ࡛Ⓨ⏕ࡍࡿᐃࡉࢀࡿಶูㄢ⛯ࡢ⣮தゎỴࡢሙ㠃ࡶᐃࡋࡓ࠺࠼࡛ࠊලయⓗ ࡞ไᗘタィࢆ⾜࠺ࡇࡋࡓ࠸ࠋᚑࡗ࡚ࠊᴗഃጤဨࡽࡢ᭦࡞ࡿࣥࣉࢵࢺࡀຍࢃࡿ ணᐃ࡛࠶ࡿࠋ 22 23 OECD ࣔࢹࣝ᮲⣙ 24 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 67ࠋ ణࡋࠊࡶࡋච㝖᪉ᘧ࡛ࢩ࣓ࣥࢺࣜࢵࢡ࡞ྲྀᢅ࠸ࢆࡍࡿሙྜࡣࠊⱥᅜࡢ 2011 ᖺᨵṇࡀᑐᛂࡋࡓࡼ࠺ࠊ CFC ⛯ไࡢᾏእᨭᗑࡢ㐺⏝ࡀᚲ㡲⪃࠼ࡿࠋ 11 ➨㸰❶ 2010 ᖺ⛯ㄪཬࡧࢧ࣮ࣂ࣮PE ࢆࡁࡗࡅࡋࡓᡤᚓ⩏ࡽᖐᒓᡤ ᚓ⩏ࡢ⛣⾜㛵ࡍࡿ⪃ᐹ ὸጔ ❶ዴ 㸯 ᗎㄽ 1 ᮏ✏ࡣࠊ᪥ᮏࡢᅜ㝿⛒⛯ᨻ⟇ࡢ᰿ᖿࡢ୍ࡘ࡛࠶ࡿᡤᚓ⩏㸦⥲ྜ⩏ࡪࡇࡶ ࠶ࡿ㸧ࡘ࠸࡚ࠊOECD ࣔࢹࣝ⛒⛯᮲⣙ೌ࠸ᖐᒓᡤᚓ⩏㸦ᖐᒓ⩏ࡪࡇࡶ࠶ࡿ㸧 ⛣⾜ࡍࡁ㛵ࡍࡿ⥲ㄽⓗ⪃ᐹࢆࠊ࣓ࣜ࢝ἲẚ㍑ࡋࡘࡘヨࡳࡿࡶࡢ࡛࠶ࡿࠋ ᡤᚓ⩏ࡽᖐᒓᡤᚓ⩏⛣⾜ࡍࡁ࠸࠺㆟ㄽࡣ᪂ࡋ࠸ࡶࡢ࡛ࡣ࡞࠸ࡀࠊᩒ࠼ ࡚ࡇࡢၥ㢟ࢆྲྀࡾୖࡆࡿዎᶵࡣࡘ࠶ࡿࠋ ➨୍ࡣࠊ2010 ᖺ㸦ᖹᡂ 22 ᖺ㸧ࡢ⛯ไㄪᰝᑓ㛛ᐙጤဨࡢ㆟ㄽࡢ୰࡛ࠊᡤᚓ⩏ ࡽᖐᒓᡤᚓ⩏ࡢ⛣⾜ࡘ࠸࡚ゝཬࡀ࠶ࡗࡓࡇ࡛࠶ࡿ2ࠋ➨ࡣࠊ⛒⛯᮲⣙㠀⥾⤖ᅜ ࡽࡢᢞ㈨㛵ࡋࠊ᪥ᮏ࡛ࢧ࣮ࣂ࣮PE ࡀㄆᐃࡉࢀࡿࡶࡋࢀ࡞࠸ࠊ࠸࠺ලయⓗ࡞ၥ㢟 ࡀ⏕ࡌ࡚࠸ࡿࡇ࡛࠶ࡿࠋ ᮏ✏ࡢᵓᡂࡣḟࡢ㏻ࡾࠋ㸰ࡋ࡚ࠊ᪥ᮏࡢᡤᚓ⛯ἲ 164 ᮲㸦ἲே⛯ἲ 141 ᮲ࡶྠ᪨㸧 ࡀ᥇⏝ࡍࡿᡤᚓ⩏ࡘ࠸࡚ࠊ⡆༢ᩚ⌮ࡍࡿࠋ㸱ࡋ࡚ࠊࢧ࣮ࣂ࣮PE ၥ㢟ゐࢀࡿࠋ 㸲ࡋ࡚ࠊࢧ࣮ࣂ࣮PE ၥ㢟ᑐฎࡍࡿࡓࡵࡢࠊ❧ἲㄽ௨እࡢ᪉ἲࢆ⪃࠼ࡿࠋ㸳ࡋ࡚ࠊ ᪉ྥࡢ❧ἲㄽࢆ⪃࠼ࡿࠋPE ࡢᐃ⩏ᡭࢆࡘࡅࡿࠊᡤᚓ⩏ᡭࢆࡘࡅࡿ࠸࠺ ࡘࡢ᪉ྥ࡛࠶ࡿࠋ㸴ࡋ࡚ࠊ࣓ࣜ࢝ࡀᡤᚓ⩏ࡽᐇ㉁ⓗ㛵㐃⩏⛣⾜ࡋࡓ ࠊࡢ᪥ᮏࡢၥ㢟ࢆẚ㍑ࡍࡿࠋ㸵ࡋ࡚ࠊᡤᚓ⩏ࡽᖐᒓᡤᚓ⩏⛣⾜ࡍࡿ ࡋࡓሙྜணࡉࢀࡿၥ㢟ࡘ࠸࡚⪃ᐹࡍࡿࠋ࡞࠾ࠊࡇࡇ࡛ணࡉࢀࡿၥ㢟ࡢ࠺ࡕࠊ ྛㄽࡋ࡚㈝⏝ࡢ㓄㈿ࡘ࠸࡚ࡣࠊ୍㧗㱟ྖㄽᩥ㸦28 㡫௨ୗཧ↷㸧ࡀ⪃ᐹࡍࡿࠋ 㸰 ᖐᒓᡤᚓ⩏ᡤᚓ⩏ 㸦㸯㸧※Ἠᆅᅜㄢ⛯ᶒࡢ 3 ࡘࡢ㛵㛛 Ṥࡢᅜࡀᒃఫ⪅ࡢᡤᚓࡘ࠸࡚ࡣ↓ไ㝈⣡⛯⩏ົࢆㄢࡍ㸦ణࡋἲேᡤᚓㄢ⛯ࡢ ᩥ⬦࡛ࡣᅜእᡤᚓච⛯ࡢὶࢀࡶᙉࡲࡾࡘࡘ࠶ࡿ㸧୍᪉ࠊ㠀ᒃఫ⪅ㄢ⛯ࡍࡿ㝿ࡣ 3 ࡘࡢ㛵㛛㸦※Ἠ࣭㜈್࣭⠊ᅖ㸧ࡀ࠶ࡿࠋᅜෆ※Ἠࢆ᭷ࡍࡿᡤᚓ࡛࠶ࡿ࠸࠺ 1 2 ᮏ✏ࡢㄢ㢟ࡘ࠸࡚ࠊࢺࣛࢫࢺ 60 ࠾ࡅࡿ◊✲㸦୰㔛ᐇᗙ㛗㸧ࠊཬࡧ⛯ົᏛᰯ࠾ࡅࡿ◊✲࡛ ࡶࠊᵝࠎ࡞♧၀ࢆ㡬࠸ࡓࠋឤㅰ⏦ࡋୖࡆࡿࠋࡑࢀ࡛ࡶ࡞࠾ṧࡿᮏ✏ࡢㄗࡾࡢ㈐ࡣὸጔᖐࡍࡿࠋ᭦ࠊ ᮏ✏ࡢⲡ✏ࢆ᭩࠸ࡓᚋࠊ◊✲ࡘ࠸࡚ࡶᗄࡘ㈗㔜࡞ࡈᣦࢆ㈷ࡗࡓࡢ࡛ࠊࡑࢀࡘ࠸࡚ࡶ㐺ᐅゐࢀ ࡚࠸ࡁࡓ࠸ࠋ࡞࠾ࠊ࠶࠸ࡃᮏ✏ࡣࣥࣂ࢘ࣥࢻࡘ࠸࡚ࡢㄢ⛯ࡢ࠶ࡾ᪉ࢆㄽࡌ࡚࠸ࡿࡓࡵࠊ࢘ࢺࣂ ࢘ࣥࢻࡢᢅ࠸ࡀㄢ㢟࡞ࡿከࡃࡢ᪥ᮏᴗࡗ࡚㛵ᚰࡢⓗࡣ࡞ࡾࡃ࠸ࠋࡉࡣࡉࡾ࡞ࡀࡽࠊᮏ◊✲ ࡚እ㈨⣔᥋Ⅼࡢ࠶ࡿ᪉ࡢ࠾ヰࢆఛ࠺ᶵࡶ࠶ࡗࡓࡢ࡛ࠊ ࠙᪥ᮏࡢᅜෆἲࢆᩥᏐ㏻ࡾゎ㔘㐺⏝ࡋ࡚ ࠸ࡃࡇࢇ࡞ᜍࢀࡀ࠶ࡿࠊࡔࡽࡓࡗ࠸ۑۑᨵṇࢆ⪃࠼ࡿࡇࡣ࠸࠺ពࡀ࠶ࡿࠚ࠸ࡗࡓ ㄽⅬᩚ⌮ࢆᮏ✏࡛ࡸࡗ࡚࠸ࡁࡓ࠸ࠋ ᖹ ᡂ 22 ᖺ 11 ᭶ 9 ᪥ ⛯ ไ ㄪ ᰝ ᑓ 㛛 ᐙ ጤ ဨ ࠕ ᅜ 㝿 ㄢ ⛯ 㛵 ࡍ ࡿ ㄽ Ⅼ ᩚ ⌮ ࠖ 11 㡫 ཧ ↷ ࠋ http://www.cao.go.jp/zei-cho/gijiroku/zeicho/2010/__icsFiles/afieldfile/2010/11/24/22zen8kai10.pdf http://www.cao.go.jp/zei-cho/etc/2010/__icsFiles/afieldfile/2010/11/18/221109houkoku.pdf 12 ※Ἠࡢၥ㢟ࠊᜏஂⓗタ㸦PE㸧➼ࡢ୍ᐃ್ࢆ㉸࠼࡚࠸ࡿ࠸࠺㜈್ࡢၥ㢟㸦PE ࡢせ ௳↷ࡽࡏࡤࠊᜏஂᛶ➼ࡢ✚ᴟせ௳ࡀㄆࡵࡽࢀࡿࠊ‽ഛⓗ࣭⿵ຓⓗάື➼ࡢᾘ ᴟせ௳ᙜࡓࡽ࡞࠸࠸ࡗࡓၥ㢟3㸧ࠊࡑࡋ࡚※Ἠ࣭㜈್ࡢၥ㢟ࢆࢡࣜࡋ࡚࠸ࡿሙ ྜ࡛࠶ࡗ࡚ࡶࠊᡤᚓࡢ࠺ࡕࡇࡲ࡛ࡀㄢ⛯ᑐ㇟࡞ࡿ࠸࠺ᡤᚓࡢ⠊ᅖࡢၥ㢟㸦ᖐ ᒓᡤᚓᡤᚓࡢၥ㢟㸧ࡀ࠶ࡿࠋ 㸦㸰㸧ᖐᒓᡤᚓ⩏ ࢻࢶἲࢆ⠊ࡍࡿ OECD ࣔࢹࣝ⛒⛯᮲⣙ࡢୗ࡛ࡣࠊᴫࡡᖐᒓᡤᚓ⩏ࡢ⪃࠼᪉ࡀ ᥇ࡽࢀ࡚࠾ࡾࠊࡇࡇ࡛ࡣ๓㏙ࡢ 3 ࡘࡢ㛵㛛ࡀ୍ẼỴࡏࡽࢀࡿࠋ㠀ᒃఫ⪅ࡀᅜෆᜏ ஂⓗタࢆ᭷ࡍࡿ࠸࠺㜈್ࢆ㉸࠼࡚࠸ࡿሙྜࠊᙜヱᜏஂⓗタᖐᒓࡍࡿᡤᚓࡀ ᅜෆ※Ἠᡤᚓࡋ࡚ᢅࢃࢀࠊࡑࡋ࡚ࡑࡢ⠊ᅖࡢᡤᚓࡀ※Ἠᆅᅜ࡛ࡢㄢ⛯ᑐ㇟࡞ࡿࠋ OECD ࣔࢹࣝ⛒⛯᮲⣙ࢆぢࡿࠊ㓄ᙜ࣭Ꮚ➼ࡢ㈨ᮏᡤᚓࡣูㄽࡋ࡚ࠊᴗᚓࡘ ࠸࡚ࡣᡤᚓ※ἨࡢỴᐃᇶ‽ࡀ↓࠸ࡇࡀศࡿࠋࡇࢀࡣࡘࡲࡾࠊ※Ἠ࣮ࣝࣝ㸦ࢯ࣮ࢫ ࣮ࣝࣝ㸧ࢆ⛒⛯᮲⣙ࡢ୰つᐃࡋ࡚※Ἠᆅᅜࡢㄢ⛯ᶒࢆ⦡ࡿ࠸࠺Ⓨࡀ࡞ࡃࠊ※Ἠ ᆅᅜࡢㄢ⛯ᶒࢆ⦡ࡿࡶࡢࡀᜏஂⓗタࡢ᭷↓ࡑࡋ࡚ࡑࡇࡢᖐᒓ㞟⣙ࡉࢀ࡚࠸ࡿࡇ ࢆ♧ࡍࠋ 㸦㸱㸧ᡤᚓ⩏ force of attraction 1966 ᖺ௨๓ࡢ࣓ࣜ࢝ἲࢆ⠊ࡋ⌧ᅾࡢ᪥ᮏࡀ᥇⏝ࡋ࡚࠸ࡿᡤᚓ⩏ࡢୗ࡛ࡣࠊ 㜈್ࡇࡑ OECD ࣔࢹࣝࢆ⠊ࡋ࡚ᜏஂⓗタᴫᛕࢆ᥇⏝ࡋ࡚࠸ࡿࡶࡢࡢ4ࠊᡤᚓ※Ἠࡢ ุᐃᜏஂⓗタࡢ᭷↓ཬࡧࡑࡇࡢᖐᒓࡢุᐃࡀࠊูࠎ࡞ࡉࢀࡿ࠸࠺ᵓ㐀ࡀ࠶ ࡿࠋྕ PE5࣭୕ྕ PE㸦௦⌮ே PE㸧6㛵ࡋ࡚ࡣᴫࡡᖐᒓᡤᚓ⩏㏆࠸ㄢ⛯⤖ᯝ7 ࡞ࡿࡀࠊ୍ྕ PE8ࡘ࠸࡚ࡣㄢ⛯ᡤᚓࡢ⠊ᅖࡀᜏஂⓗタᖐᒓࡍࡿᡤᚓ㝈ᐃࡉࢀ ࡎࠊᅜෆ※Ἠࡢ࠶ࡿᡤᚓࡀ࡚ᜏஂⓗタࡢୗ࡛ㄢ⛯᭹ࡍ9ࠋ 3 4 5 6 7 8 9 ᜏஂⓗタᴫᛕࢆ㠀ᒃఫ⪅ㄢ⛯ࡢせ௳ࡋ࡞࠸࣓ࣜ࢝ἲ࡛ࡣࠊ࣓࡛ࣜ࢝ࠕtrade or businessࠖࢆႠࢇ ࡛࠸ࡿࠊࡀ㜈್࡞ࡿࠋ䭕 4 ཧ↷ࠋ ᑬࡶࠊ࣓ࣜ࢝ἲࡀ᥇⏝ࡋ࡚࠸ࡿ㜈್ࡢࠕtrade or businessࠖᴫᛕࡋ࡚ࡶࠊᅛᐃᴗᡤ㸦office or other fixed place of business㸧ࡢᏑྰࡀỴࡵᡭ࡞ࡿࡇࡀከࡃࠊᜏஂⓗタᴫᛕࡁࡃ␗࡞ࡗ࡚࠸ࡿࢃࡅ࡛ ࡣ࡞࠸ࠋ ᡤᚓ⛯ἲ 164 ᮲ 1 㡯 2 ྕ㸸ᘓタ➼ࠋOECD ࣔࢹࣝ⛒⛯᮲⣙ 5 ᮲ 3 㡯㢮ఝࠋ ᡤᚓ⛯ἲ 164 ᮲ 1 㡯 3 ྕ㸸௦⌮ேࠋOECD ࣔࢹࣝ⛒⛯᮲⣙ 5 ᮲ 5 㡯㢮ఝࠋ ᴫࡡ㹼㏆࠸ࠊ࡛࠶ࡗ࡚ࠊᖐᒓᡤᚓ⩏୍⮴ࡍࡿࢃࡅ࡛ࡣ࡞࠸ࡀࠊᮏ✏࡛ࡇࡇ῝ධࡾࡍࡿព ⩏ࡣᑠࡉ࠸ࡢ࡛ឡࡍࡿࠋ ᡤᚓ⛯ἲ 164 ᮲ 1 㡯 1 ྕ㸸ᨭᗑ➼ࠋOECD ࣔࢹࣝ⛒⛯᮲⣙ 5 ᮲ 1 㡯㢮ఝࠋ ᡤᚓ⩏ࡘ࠸࡚ࡣࠊ2012 IFA Boston Congress ࡢ Subject 1: Enterprise services ࡋ࡚㸦ࣥࣂ࢘ ࣥࢻࡢ㸧ࢧ࣮ࣅࢫྲྀᘬ㛵ࡍࡿㄢ⛯ၥ㢟ࢆ Japan branch report ࡋ࡚ὸጔࡀ᭩ࡃணᐃ࡛࠶ࡿࡢ࡛ࠊࡑࡕࡽ ࡶཧ↷࠸ࡓࡔࡁࡓ࠸ࠋ௨ୗࡢ⾲ࢆ♧ࡍணᐃ࡛࠶ࡿࠋ 13 ᡈࡿᜏஂⓗタᖐᒓࡋ࡞࠸᪥ᮏᅜෆ※Ἠᡤᚓ㸦࠼ࡤ㠀ᒃఫ⪅ᴗᮏᗑࡢ┤ྲྀᘬ ࡼࡿᅜෆ※Ἠᡤᚓ㸧ࡣࠊᙜヱᡤᚓࢆ✌ᚓࡍࡿ㠀ᒃఫ⪅ࡀ᪥ᮏᅜෆᜏஂⓗタࢆ᭷ ࡋ࡞࠸ሙྜࡣ᪥ᮏ࡛ㄢ⛯ࡉࢀ࡞࠸㸦㓄ᙜ࣭Ꮚ➼ಀࡿ※Ἠᚩㄢ⛯ࡣูㄽ㸧ࠋ᪉ࠊ ᙜヱ㠀ᒃఫ⪅ࡀ᪥ᮏᅜෆᜏஂⓗタࢆ᭷ࡍࡿሙྜࡣࠊᙜヱᜏஂⓗタ྾ᘬࡉࢀ ࡚᪥ᮏ࡛ㄢ⛯ᑐ㇟ྵࡵࡽࢀࡿࠋࡇࡢែᵝࢆࠕforce of attractionࠖ 㸦྾ᘬຊ㸧ࡪࡇ ࡶ࠶ࡿࠋᙜヱᡤᚓ㛵㐃ࡋ࡞࠸㇟ࡼࡗ࡚ㄢ⛯ࡉࢀࡓࡾࡉࢀ࡞ࡗࡓࡾࡍࡿࡢࡣ࠾ ࡋ࠸࠸࠺ᢈุࡶ࠶ࡾ࠼࡞࠸࡛ࡣ࡞࠸ࡀࠊ⌧⾜ἲᩚྜⓗ࡞ㄝ᫂ࡋ࡚ࡣࠊᮏ᮶ᅜ ෆ※Ἠᡤᚓࡣᐇయⓗ࡚ㄢ⛯᭹ࡍࡁ࡛࠶ࡿࡇࢁᜏஂⓗタࡀ࡞࠸ሙྜᡭ⥆ ⓗ⪃៖ࡽㄢ⛯ࢆ᥍࠼࡚࠸ࡿࡔࡅ࡞ࡢ࡛ࠊࡑ࠺ࡋࡓᡭ⥆ⓗ⪃៖ࢆࡋ࡞ࡃ࡚ࡼ࠸ሙ㠃࡛ ࡣཎ๎ᡠࡗ࡚ㄢ⛯ࡋ࡚࠸ࡿࡢ࡛࠶ࡿࠊ࠸ࡗࡓㄝ᫂࡞ࢁ࠺10ࠋ ᪥ᮏࡢᅜෆἲࡘ࠸࡚ࠊ୍ᛂࡢㄝ᫂ࡣ❧ࡘࡶࡢࡢࠊOECD ࣔࢹࣝࡣᖐᒓᡤᚓ⩏ࢆ๓ ᥦࡋࠊࡘ᪥ᮏࡶ⛒⛯᮲⣙ࡀ㐺⏝ࡉࢀࡿሙ㠃࡛ࡣᖐᒓᡤᚓ⩏ἢࡗࡓ㐠⏝࡞ࡿ ࡢ࡛ࠊ᪥ᮏࡢᅜෆἲࡶ OECD ࣔࢹࣝೌࡗ࡚ᖐᒓᡤᚓ⩏䬘࠼ࡿࡁ࡛࠶ࡿ࠸࠺ ㆟ㄽࡣࠊጞࡲࡗࡓࡶࡢ࡛ࡣ࡞࠸ࠋࡋࡋࠊᏛ⪅ࣞ࣋ࣝࡢ㆟ㄽࡋ࡚ࡣᏑᅾࡋ࡚࠸ ࡚ࡶࠊᐇົࣞ࣋ࣝ࠾࠸࡚ࡣᐇ⌧ࡢᶵ㐠ࡣ࡞࡞㧗ࡲࡗ࡚ࡇ࡞ࡗࡓࡢ࡛ࡣ࡞࠸ ぢཷࡅࡽࢀࡿ11ࠋࡑࡢཎᅉࡣࠊ᪥ᮏࡀ㛵ࢃࡿṤࡢᅜ㝿ྲྀᘬࡣ⛒⛯᮲⣙ୗࡢᖐᒓᡤᚓ ⩏᭹ࡍࡿࡢ࡛ࠊᡤᚓ⩏ࡣつᐃࡉࢀ࡚ࡣ࠸ࡿࡶࡢࡢᐇົୖ࠶ࡲࡾࡁ࡞ᙳ㡪ࢆ ᣢࡓ࡞ࡗࡓࡇ࠶ࢁ࠺ࠊ᥎ ࡉࢀࡿࠋ ࡋࡋෑ㢌࡛㏙ࡓ㏻ࡾ 2010 ᖺࡢ⛯ㄪ࡛ᡤᚓ⩏ࡽᖐᒓᡤᚓ⩏ࡢ⛣⾜ࡢၥ 㢟ࡀゝཬࡉࢀࡓ㸦䭕 2㸧 ࠋ᭦ࠊ3 ࡛㏙ࡿࡼ࠺ࢧ࣮ࣂ࣮PE ㄆᐃㄢ⛯ᡤᚓࡢ⠊ᅖ ࠸࠺ලయⓗ࡞ၥ㢟ࡶ⾲ࢀ࡚ࡁࡓࠋ Nexus for source tax jurisdiction of domestic tax law is as follows: type of nonresidents threshold comprehensive taxation Art. 164(1)(i) PE as threshold full force of attraction branch PEs Art. 164(1)(ii) PE as threshold limited force of attraction construction PEs Art. 164(1)(iii) PE as threshold limited force of attraction agent PEs Art. 164(1)(iv) personal service income half of threshold no PEs taxation without a PE 10 income of Art. 164(2) no separate taxation separate taxation on gross income separate taxation on gross income separate taxation on gross income ࡇ࠺ࡋࡓព࡛ࠊᪧ࣓ࣜ࢝ἲࡘ࠸࡚ force of attraction㸦ᡤᚓ⩏㸧ࡪࡢࡣࠊ㐺ษ࡛࠶ࡿ ࠸࠺ᣦࡶࡉࢀ࡚ࡁࡓࡇࢁ࡛࠶ࡿࠋ㇂ཱྀໃὠኵࠕእᅜᴗㄢ⛯㛵ࡍࡿᖐᒓᡤᚓ⩏ᡤᚓ⩏㸦1 㹼2࣭㸧ࠖ⛯ἲᏛ 389 ྕ 1 㡫ࠊ390 ྕ 1 㡫㸦1983㸧ࠊ(2) 7-8 㡫ࠋࡀࠊforce of attraction㸦྾ᘬຊ࣭ᡤᚓ ⩏㸧ࡣ㏻ࡾࡀࡼ࠸ࡢ࡛ࠊᮏ✏࡛ࡶࡇࡢ⾲⌧ࢆ⏝࠸⥆ࡅࡿ㸦force of attraction ᑐࡍࡿᢈุⓗ࡞ពࢆ㎸ࡵ ࡎ㸧ࡇࢆࠊ࠾チࡋ࠸ࡓࡔࡁࡓ࠸ࠋ 11 1990 ᖺ௦ᚋ༙ࠊ⚾ࡀᏛ㒊⏕ࡢཷㅮࡋࡓ୰㔛ᐇᩍᤵࡢㅮ⩏࠾࠸࡚ࡶࠊ᪥ᮏᅜෆἲࡢ␗㉁ᛶࡣᣦ ࡉࢀ࡚࠸ࡓࡀ㸦ࡽᛮ࠸㏉ࡍึᏛ⪅ࡢᏛ㒊⏕⫈ࡏࡿࡼ࠺࡞ࣞ࣋ࣝࡢၥ㢟࠸࠺Ẽࡶࡍࡿࡀࠊ ࡑࢀࡣ୰㔛ᩍᤵࡢ⇕ࡉᨾ࡛࠶ࢁ࠺㸧 ࠊࡑࢀࡼࡾ௨๓ࡢ㞺ᅖẼࡘ࠸࡚ࡣ௨๓ࡢㄽᩥ➼ࢆࢇ࡛ീࡍࡿࡋ ࡞࠸ࠋ 14 㸱 ࢧ࣮ࣂ࣮PE ၥ㢟 㠀ᒃఫ⪅ࡀ᪥ᮏᅜෆᡤᅾࡢࢧ࣮ࣂ࣮ࢆ㏻ࡌ࡚ྲྀᘬࢆࡍࡿࠊᙜヱࢧ࣮ࣂ࣮ࡀᜏஂⓗ タヱᙜࡍࡿྍ⬟ᛶࡀ࠶ࡿࠋ⮬ື㈍ᶵࡸࢤ࣮࣒ᶵࡀᜏஂⓗタヱᙜࡋ࠺ࡿࡇྠ ᵝࠊࢧ࣮ࣂ࣮ࢆ㏻ࡌ࡚⾜ࢃࢀ࡚࠸ࡿᴗົࡀ‽ഛⓗ⿵ຓⓗάືࡢ⠊ᅖ12ࡲࡽ࡞࠸ࡶ ࡢ࡛࠶ࢀࡤࠊᙜヱࢧ࣮ࣂ࣮ࡣᜏஂⓗタヱᙜࡋ࠺ࡿࠋࡇࢀࢆࢧ࣮ࣂ࣮PE ࡪࡇ ࡍࡿࠋ ᪥ᮏ⛒⛯᮲⣙ࢆ⥾⤖ࡋ࡚࠸ࡿᅜࡢἲேࡀ᪥ᮏᅜෆࢧ࣮ࣂ࣮PE ࢆ᭷ࡍࡿㄆᐃࡉࢀ ࡿࡇࡀ࠶ࡿࡋ࡚ࡶࠊㄢ⛯ᡤᚓࡢ⠊ᅖࡣᙜヱࢧ࣮ࣂ࣮PE ᖐᒓࡍࡿᡤᚓࡔࡅ࡛࠶ࡿࠋ 1990 ᖺ௦࠾࠸࡚ࡣࢧ࣮ࣂ࣮➼ࡀ PE ヱᙜࡍࡿྍ⬟ᛶࡘ࠸࡚῝้どࡉࢀ࡚࠸ࡓࡼ࠺ ぢཷࡅࡽࢀࡿࡀ13ࠊ㟁Ꮚၟྲྀᘬ㛵ࡍࡿᜏஂⓗタㄆᐃၥ㢟ࡀ OECD ࡛㆟ㄽࡉࢀࢥ࣓ࣥ ࢱ࣮ࣜ㸦5 ᮲ಀࡿ 42.1 ࣃࣛࢢࣛࣇ௨ୗ㸧グ㍕ࡉࢀࡿ⮳ࡗࡓୡ⣖ࡢኚࢃࡾ┠㡭࠾ ࠸࡚ࡣࠊᙜ↛ OECD ࣔࢹࣝࡢ᥇⏝ࡍࡿᖐᒓᡤᚓ⩏ࢆ๓ᥦࡍࡿࡢ࡛ࠊᙜヱࢧ࣮ࣂ࣮PE ᖐᒓࡍࡿᡤᚓࡣࡋࡓࡇࡀ࡞ࢁ࠺ࠊ࠸࠺Ᏻ䬌ឤࡀ࠶ࡗࡓࡶࡢ᥎ ࡉࢀࡿࠋ ࡋࡋ᪥ᮏᅜෆἲࡢᡤᚓ⩏ࢆ๓ᥦࡍࡿࠊ᪥ᮏ⛒⛯᮲⣙ࢆ⥾⤖ࡋ࡚࠸࡞࠸ᅜ 㸦ᆺⓗࡣࢱࢵࢡࢫࣦ࣊ࣥ㸧ࡢἲேࡀ᪥ᮏᅜෆࢧ࣮ࣂ࣮PE ࢆ᭷ࡍࡿㄆᐃࡉࢀࡿሙ ྜࠊᙜヱࢧ࣮ࣂ࣮PE ᖐᒓࡍࡿᡤᚓࡢࡳ࡞ࡽࡎ᪥ᮏᅜෆ※Ἠᡤᚓ࡚ࡀ᪥ᮏࡢㄢ⛯᭹ ࡍࡿࡇ࡞ࡿ㸦force of attraction㸧ࠋࡾࢃࡅၥ㢟どࡉࢀ࡚࠸ࡿࡢࡀࠊࢱࢵࢡࢫࣦ࣊ࣥ ࡢἲேࡀ᪥ᮏᅜෆᡤᅾࡢࢧ࣮ࣂ࣮ࢆ㏻ࡌ࡚ᮾிドๆྲྀᘬᡤ࡛ྲྀᘬࢆࡍࡿሙ㠃࡛࠶ࡿ14ࠋ 12 ◊✲࡚ḟࡢࡼ࠺࡞ࡈᣦࢆ㈷ࡗࡓࠋ ≀ὶၟὶࡀ␗࡞ࡿࡁࡢᢅ࠸ࡘ࠸࡚ࠊ࠼ࡤࠊእᅜᴗ P ♫ࡀ᪥ᮏᴗ T ♫ A 〇ရ㸦࠼ࡤ㔠 ᆺ㸧ࡢ㉎ධὀᩥࢆ⾜࠸ࠊࡑࡢὀᩥᛂࡌ࡚ T ♫ࡀ A 〇ရࢆ〇㐀ࡋ P ♫ฟⲴࡍࡿࡼ࠺࡞ྲྀᘬࡀ࠶ࡿࡋ ࡚ࠊT ♫ࡀ᪥ᮏࡽ P ♫ᡤᅾࡢᅜ㍺ฟࡍࡿ㏻ᖖࡢྲྀᘬ࡛࠶ࢀࡤ PE ㄆᐃࡢၥ㢟ࡣ⏕ࡌᚓ࡞࠸ࡇࢁࠊP ♫ࡀ᪥ᮏᏊ♫ S ♫ࢆ᭷ࡋࠊT ♫ࡀ A 〇ရࢆ᪥ᮏ S ♫⣡ရࡍࡿࡼ࠺ P ♫ࡽᣦ♧ࢆཷࡅࡿࠊࡓࡔࡋࠊ ㈍ඛ㸦㔠ࡢㄳồඛ㸧ࡣ P ♫ࠊ࠸࠺ࡼ࠺࡞ሙྜࠊP ♫ࡣၟရࢆ㈙࠸㌿ࡍࡿ࠸࠺❧ሙ࡞ࡢ࡛ ᡈࡿ⛬ᗘࡢ┈ࢆᚓࡿవᆅࡀ࠶ࡾࠊࡇࡢ┈㛵ࡋ㹎♫ࡀ᪥ᮏ㹎㹃ࢆ᭷ࡋ࡚࠸ࡿㄆᐃࡉࢀࡿྍ⬟ᛶ ࡀ࠶ࡿ᳨ウࡋ࡚࠾ࡃࡁ࡛ࡣ࡞࠸ࠊ≉ࠊOECD ࣔࢹࣝ⛒⛯᮲⣙ 5 ᮲ 4 㡯ࡢࠕᘬΏࡋࡢࡓࡵࡢࡳࠖ ࠸࠺ᩥゝࡢ㛵ಀ࠾࠸࡚ࠊ࠸࠺ၥ㢟࡛࠶ࡿࠋ௨ୗࡢࡼ࠺࡞ᅗ࡞ࡿࠋ 㸦≀ὶ㸧 ᪥ᮏ T ♫ЍЍЍЍЍЍЍЍ᪥ᮏ S ♫ 㸦ၟὶ㸧 ᪥ᮏ T ♫ЍЍእᅜ P ♫ЍЍ᪥ᮏ S ♫ ࡇࡢࡼ࠺࡞ࠊ≀ὶၟὶ࡛ࠊ␗࡞ࡗ࡚࠸ࡿሙྜࠊPE ㄆᐃၥ㢟ᙳ㡪ࡀ࠶ࡿ࠸࠺Ⅼࡣࠊࡲ࡛ ࠶ࡲࡾ㆟ㄽࡉࢀ࡚ࡇ࡞ࡗࡓᛮࢃࢀࡿࡢ࡛ᨵࡵ᳨࡚ウࡍࡿࠋ ࠕᕤලࠊ㔠ᆺࠊ ᐃᶵࠊᶵᲔ⨨➼ࡢᅛ ᐃ㈨⏘㸦ື⏘㸧ࠖࡣࠊ5 ᮲ 4 㡯࠸࠺ࠕၟရࠖᙜࡓࡿ⪃࠼࡚ࡼࡉࡑ࠺࡛࠶ࡿࡀࠊ5 ᮲ 4 㡯ࡢࠕᘬΏࡋ ࡢࡓࡵࡢࡳࠖࡢၥ㢟࡞ࡿ⪃࠼ࡿࠊࡇࡢᾘᴟせ௳ࡣࠊእᅜἲேࡀෆᅜἲே㈍ࡍࡿ᭱⤊ẁ㝵 ࡋ࡚ࡢࠕᘬΏࡋࡢࡓࡵࠖࡢಖᣢ➼ࢆᛕ㢌࠾࠸ࡓつᐃ࡛࠶ࡿᛮࢃࢀࡿࡓࡵࠊ㔠ᆺ➼ࢆ௨ࡗ࡚ PE ㄆ ᐃࡉࢀࡿྍ⬟ᛶࡘ࠸࡚ࡣࠊ࠶ࡲࡾ࡞࠸⪃࠼ࡽࢀࡿࠋ⮬ື㈍ᶵ➼ࡀዎ⣙⥾⤖࣭ὀᩥฎ⌮࣭㔠㖹ᤵཷ࣭ ၟရᘬࡁΏࡋ࠸࠺ྲྀᘬẁ㝵ࡢࡰ࡚ࢆ⾜࠺ࡇᑐẚࡍࡿࠊ㔠ᆺࢆ㈙ࡍࡿࡇࡢ┈㸦P ♫ ࡢ㌿┈㸧㔠ᆺࡀ〇㐀㐣⛬⏝࠸ࡽࢀ┈ࢆ࠶ࡆࡿࡇ㸦S ♫ࡢ㸧ࡣ␗࡞ࡿࡢ࡛ࡣ࡞࠸ࠊ࠸࠺ ⪃៖ࡼࡿࠋ 13 ཧ↷㸸US Treasury, Selected Tax Policy Implications of Global Electronic Commerce (November 1996㸧➼ࠋ 14 Michito Kitamura, Nathan G. Schmidt, & Shun Tosaka, Does a Server Constitute a Permanent Establishment In Japan?, 64 Tax Notes International 485-487 (November 14, 2011); ࠗᢤᮏⓗ⛯ไᨵ㠉ᅜ㝿ㄢ⛯ࡢㄢ㢟࠘ 㸦᪥ᮏ ⛒⛯◊✲༠ࠊ2011㸧ࡢ 58 㡫௨㝆㸦㨣㢌Ⓨゝ㸧ࠋ ࡞࠾ࠊᑡࡋヰࡀ㐓ࢀࡿࡀࠊୡ⣖ࡢኚࢃࡾ┠㡭ࠊ㟁Ꮚၟྲྀᘬ㛵ࡍࡿᜏஂⓗタㄆᐃၥ㢟ࡀㄽࡌࡽࢀ࡚ ࠸ࡓ㝿ࠊࢧ࣮ࣂ࣮➼ࡀㄢ⛯ࡢ᰿ᣐ࡞ࡾ࠺ࡿࡇࡘ࠸࡚ᢏ⾡⪅ࡀࠕ⡆༢⛣ືࡋ࠺ࡿࢧ࣮ࣂ࣮ࡀㄢ⛯ ࡢ᰿ᣐ࡞ࡿ࡞ࢇ࡚ࠊ㤿㮵ࡆ࡚࠸ࡿࠖ䬈➗ࡋ࡚࠸ࡓࡇࢆᛮ࠸ฟࡍࠋࡋࡋࠊᮾド࠾ࡅࡿࢧ࣮ࣂ࣮ 15 㸲 ❧ἲㄽࡢ๓㸸❧ἲᑐᛂࡀ᪥ᮏࡢᢞ㈨ࡧ㎸ࡳᚲ㡲㸽 㸦㸯㸧ࢧ࣮ࣂ࣮PE ㄆᐃࡢྍྰ ࡇࡢၥ㢟㛵ࡋ࡚ࠊၥ㢟ࡢࢧ࣮ࣂ࣮ࡀࢧ࣮ࣂ࣮PE ヱᙜࡋ࡞࠸ྍ⬟ᛶࢆㄽࡌࡿవᆅ ࡀⓙ↓ࡲ࡛ࡣゝ࠼࡞࠸ࠋእᅜἲேࡀእᅜ࡛࡞ࣉࣟࢢ࣒ࣛࢆ⤌ࡳࠊ᪥ᮏᅜෆᡤᅾࡢ ࢧ࣮ࣂ࣮ࡀᛂⓗࡾ㈙࠸ࡢὀᩥࢆᤍ࠸࡚࠸ࡿࡔࡅ࡛࠶ࡿ࠸ࡗࡓࡼ࠺࡞ሙྜࠊ ࢧ࣮ࣂ࣮࡛⾜ࢃࢀ࡚࠸ࡿ㇟ࡣ‽ഛⓗ⿵ຓⓗ࡞άືࡢ⠊ᅖࡲࡿࠊุ᩿ࡍࡿవ ᆅࡶࠊⓙ↓ࡣゝ࠼࡞࠸࠸࠺ࡇ࡛࠶ࡿࠋࡋࡋࠊ⮬ື㈍ᶵࡸࢤ࣮࣒ᶵࡘ࠸࡚ ⪃࠼࡚ࡳࡿࠊእᅜ࡛⥥ᐦタィࡉࢀࡓᶵᲔࡀ※Ἠᆅᅜෆ࡛㈙ὀᩥࢆᤍ࠸࡚࠸ࡿࡔ ࡅ࡛࠶ࡿ࠸࠺ሙ㠃ࡘ࠸࡚ࠊ※Ἠᆅᅜෆ࡛ࡢ㇟ࡀ‽ഛⓗ⿵ຓⓗ࡞άືࡢ⠊ᅖ ࡲࡿࡣゝ࠸ษࢀ࡞࠸ࡇࡽࠊࢧ࣮ࣂ࣮PE ࡘ࠸࡚ࡣヱᙜᛶ࣭㠀ヱᙜᛶࡢ୧᪉ࢆ ど㔝ධࢀࡿᚲせࡀ࠶ࢁ࠺ࠋ ࢧ࣮ࣂ࣮PE ࡀㄆᐃࡉࢀ࠺ࡿࡋ࡚ࠊ᪥ᮏᅜෆἲࡢᡤᚓ⩏ᇶ࡙ࡃㄢ⛯ࡀࠊእᅜ ἲே➼ࢆ⤒⏤ࡍࡿࣇࣥࢻࡢ᪥ᮏࡢᢞ㈨ࡢ㜼ᐖせᅉ࡞ࡗ࡚ࡋࡲ࠺ࡍࢀࡤࠊ᪥ ᮏࡢ⤒῭Ⓨᒎࡢ㜼ᐖせᅉࡶ࡞ࡾࡡ࡞࠸ࡇࢁ࡛࠶ࡿࠋ 㸦㸰㸧❧ἲᑐᛂྰᐃㄽ ᑬࡶࠊࡇࢀᑐࡋ࡚ࡣࠊࢱࢵࢡࢫࣦ࣊ࣥࡢἲேࢆ⤒⏤ࡋࡓᢞ㈨ᑐࡋ࡚㓄៖ࡍࡿ ᚲせࡣ࡞࠸ࠊ࠸࠺෭ࡵࡓぢ᪉ࡶ࠶ࡾ࠺ࡿࠋࢳࣜࡢࡼ࠺࡞⛒⛯᮲⣙ᮍ⥾⤖ᅜࡣูㄽ ࡋ࡚ࠊࢱࢵࢡࢫࣦ࣊ࣥࡢἲேࢆ㏻ࡌ࡚᪥ᮏᢞ㈨ࡋ࡚ࡃࡿ⪅ࡀ࠸ࡿࡋ࡚ࠊࡑࡢ㈨ 㔠ࡢฟᡤࡀࢱࢵࢡࢫࣦ࣊ࣥ࠶ࡿ➻ࡣ࡞࠸ࡢ࡛࠶ࡿࡽࠊ㈨㔠ࡢ┿ࡢฟᡤࡀḢ⡿ㅖ ᅜ㸦᪥ᮏ⛒⛯᮲⣙ࢆ⥾⤖ࡋ࡚࠸ࡿᅜ㸧ᒃఫࡍࡿ⪅㸦ಶே࣭ἲே㸧࡛࠶ࡿࡍࢀࡤࠊ ࡑ࠺ࡋࡓ⪅ࡀࢱࢵࢡࢫࣦ࣊ࣥࡢἲேࢆ⤒⏤ࡋ࡚᪥ᮏᢞ㈨ࢆࡍࡿ➼ࡢ䭞㊰ࢆ㏻ࡽ ࡎࠊ┤᥋᪥ᮏᢞ㈨ࡍࡿࡇ࡛⛒⛯᮲⣙ࡼࡿᖐᒓᡤᚓ⩏ࡢಖㆤࢆཷࡅࡿࡇࡀ࡛ ࡁࡿ➻࡛࠶ࡿࠋࡑ࠺ࡋࡓ࣮ࣝࢺࢆ㏻ࡽࡎᩒ࠼࡚䭞㊰ࢆ㏻ࡿ⪅ࡘ࠸࡚㓄៖ࡍࡿᚲせࡣ ࠶ࡿࡢࠊ࠸࠺෭ࡵࡓぢ᪉࡛࠶ࡿࠋࡲࡓࠊࢱࢵࢡࢫࣦ࣊ࣥࡢἲேࢆ㏻ࡌ࡚᪥ᮏ ᢞ㈨ࡋ࡚ࡃࡿࣇࣥࢻࡢ㈨㔠ࡢ┿ࡢฟᡤࡀ᪥ᮏࡢᒃఫ⪅࡛࠶ࡿሙྜࠊࡢࡳࡕ᪥ᮏ ᢞ㈨ࡍࡿ࡛࠶ࢁ࠺ࡽࢱࢵࢡࢫࣦ࣊ࣥࢆ⤒⏤ࡍࡿᢞ㈨ᑐࡋ࡚㓄៖ࡍࡿᚲせࡣ࡞ ࠸ࠊ࠸࠺෭ࡵࡓぢ᪉ࡶ࠶ࡾ࠺ࡿࠋ 㸦㸱㸧ᡤᚓ⩏㐺⏝ᅇ㑊⟇❧ἲᑐᛂ⫯ᐃㄽ ᪉࡛ࠊࢱࢵࢡࢫࣦ࣊ࣥࡢἲேࢆ⤒⏤ࡋࡓ᪥ᮏࡢᢞ㈨࡛࠶ࡗ࡚ࡶࠊ᪥ᮏࡢᡤ ᚓ⩏ࢆᅇ㑊ࡍࡿ᪉ἲࡣ⪃࠼ࡽࢀࡿࠋእᅜἲேࡀ┤᥋᪥ᮏᡤᅾࡢࢧ࣮ࣂ࣮ࢆಖ᭷㸦ᡤ ᭷࡞ࡾ㈤࡞ࡾ㸧ࡍࡿࡽࢧ࣮ࣂ࣮PE ㄆᐃၥ㢟ࡀ⏕ࡌ࠺ࡿࡢ࡛࠶ࡗ࡚ࠊእᅜἲேࡀ᪥ ᮏᏊ♫ࢆタ❧ࡋࠊᙜヱᏊ♫ࢧ࣮ࣂ࣮ࢆಖ᭷ࡉࡏࢀࡤࠊࢧ࣮ࣂ࣮PE ㄆᐃࢆᅇ㑊 ࢆ㏻ࡌࡓྲྀᘬࡢࡽࡶศࡿ㏻ࡾࠊࢧ࣮ࣂ࣮ࡢ≀⌮ⓗᡤᅾࡀࣅࢪࢿࢫࡗ࡚㔜せ࡞ព⩏ࢆᣢࡘሙ 㠃ࡣࠊỴࡋ࡚⛥࡛ࡣ࡞࠸ࡢ࡛࠶ࢁ࠺ࠋ 16 ࡍࡿవᆅࡀ࠶ࡿࠋࡲࡓࠊ௬ᙜヱ᪥ᮏᏊ♫ࡀ௦⌮ே PE ヱᙜࡍࡿྍ⬟ᛶࡀ࠶ࡿࡋ ࡚ࡶࠊ୕ྕ PE ࡘ࠸࡚ࡣᴫࡡ force of attraction ࡣస⏝ࡋ࡞࠸ࠋࡘࡲࡾࠊ≾⊶࡞ᢞ㈨ᐙ ࡛࠶ࢀࡤ᪥ᮏᅜෆἲࡢᡤᚓ⩏ࡢ㐺⏝ࢆᅇ㑊ࡍࡿࡇࡣྍ⬟࡛࠶ࡿ⪃࠼ࡽࢀࡿ15ࠋ ୍᪉࡛ࠊࢱࢵࢡࢫࣦ࣊ࣥࡢἲேࢆ⤒⏤ࡋࡓᬑ㏻ࡢࣇࣥࢻࡀࠊ᪥ᮏࡢᡤᚓ⩏ࡢ ᅇ㑊⟇ࢆ㠃ಽࡔឤࡌࡿࡇࡀ࠶ࡿࡍࡿ16ࠊ᪥ᮏᅜෆἲࡢᡤᚓ⩏ࢆ௨ࡗ࡚ࡋ࡚ ࡶ≾⊶࡞ᢞ㈨ᐙ┦ᡭࡣ᪥ᮏࡢ⛯ቑࢆࡶࡓࡽࡍヂ࡛ࡣ࡞࠸ࡶࡋࢀ࡞࠸ࡶࢃ ࡽࡎࠊᬑ㏻ࡢᢞ㈨ᐙࢆ᪥ᮏࡽ㐲ࡊࡅ࡚ࡋࡲ࠺ࡔࡅ࡛࠶ࡿࠊ࠸࠺᪥ᮏࡗ࡚ᝒ ࡞⤖ᯝࡀ⏕ࡲࢀࡡ࡞࠸ࠋ ௨ୖࡢ⪃ᐹࡽࠊࢧ࣮ࣂ࣮PE 㛵ࡍࡿᡤᚓ⩏ᇶ࡙ࡃㄢ⛯ࡀࠊ᪥ᮏࡢᢞ㈨ࡢ 㜼ᐖせᅉ࡞ࡾ࠺ࡿࡢ࡛ࠊࡑ࠺ࡋࡓ㜼ᐖせᅉࢆ㝖ࡍࡿ❧ἲㄽࢆ⪃࠼ࡿࡁ࡛࠶ࡿ ࠸࠺㆟ㄽࡶࠊ⪃࠼ࡿࡁ࡛ࡣ࡞࠸࠸࠺㆟ㄽࡶࠊ୍ᛂࡑࢀ࡞ࡾࡣᡂ❧ࡋ࠺ࡿࡇࢁ ࡛࠶ࡿࠋࡇࡢၥ㢟ࡣࠊ⌮ᒅࡢࡳࡣࡲࡽ࡞࠸ᨻ⟇ⓗ࡞ุ᩿ࡼࡗ࡚Ỵࡏࡽࢀࡿ㡿 ᇦࡀࡁ࠸ᛮࢃࢀࡿࡢ࡛ࠊᮏ✏࡛⤖ㄽࢆ㏙ࡿࡇࡣ᥍࠼ࡓ࠸ࡀࠊ௬ࡋ࡚ࠊ❧ ἲㄽࢆ⪃࠼ࡿࡍࢀࡤ࠺࡞ࡿࠊࢆࡇࢀࡽㄽࡌ࡚࠸ࡁࡓ࠸ࠋ 㸳 ᪉ྥࡢ❧ἲᑐᛂ 㠀ࢱࢵࢡࢫࣦ࣊ࣥࡢ⛒⛯᮲⣙ᮍ⥾⤖ᅜࡢᒃఫ⪅㛵ࡍࡿ᪥ᮏᅜෆἲࡢᡤᚓ⩏ࡢ 㐺⏝ࢆ↓どࡋ࠺ࡿࡍࢀࡤࠊႚ⥭ࡢㄢ㢟ࡣࠊᮾド࠾ࡅࡿࢧ࣮ࣂ࣮PE ㄢ⛯ࢆఱࡍࢀ ࡤࡼ࠸ࠊ࠸࠺⊃࠸㆟ㄽ࡛῭ࡴࠋ ࡑࡋ࡚ࠊࡇࡢ⊃࠸㆟ㄽࡔࡅ⪃࠼ࢀࡤࡼ࠸ࡍࢀࡤࠊ❧ἲᑐᛂࡋ࡚ࡣࡘࡢ᪉ྥࡀ⪃ ࠼ࡽࢀࡿࠋ୍ࡘࡣࠊࡇࢀࡲ࡛ぢ࡚ࡁࡓᡤᚓ⩏ࢆᖐᒓᡤᚓ⩏ኚ᭦ࡍࡁࠊ࠸࠺ ㆟ㄽ࡛࠶ࡿࠋࡶ࠺୍ࡘࡣࠊࢧ࣮ࣂ࣮ࡢ୍ᐃ㢮ᆺࡘ࠸࡚ࢧ࣮ࣂ࣮PE ࡢᐃ⩏ࡽእࡍࠊ ࠸࠺㆟ㄽ࡛࠶ࡿࠋ ࡇࡢ⪃࠼᪉ࡀࡣࡗࡁࡾ⌧ࢀ࡚࠸ࡿࡢࡀࠊ㔠⼥ᗇࡢ⛯ไᨵṇせᮃ㡯┠࡛࠶ࡿࠋ㔠⼥ᗇࡢ ࠗᖹᡂ 23 ᖺᗘ ⛯ไᨵṇせᮃ㡯┠ ᖹᡂ 22 ᖺ 8 ᭶࠘1718 㡫ࡣ๓⪅ࡍ࡞ࢃࡕᖐᒓᡤᚓ⩏ ࡢ⛣⾜ࡢᙇ࡛࠶ࡿࠋࡑࡋ࡚ࠗᖹᡂ 24 ᖺᗘ ⛯ไᨵṇせᮃ㡯┠ ᖹᡂ 23 ᖺ 9 ᭶࠘18࠾࠸ ࡚ࡣࠊࡑࡢ 11 㡫ࡀ๓⪅ࡢᙇࢆࡋ࡚࠸ࡿࡇຍ࠼ࠊ12 㡫ࡣ᪂ࡓࠕ⮬ືⓎὀࢧ࣮ࣂ 15 ᪥ᮏࡢุᡤࡣࠊ⥥ᐦ⣡⛯⪅ഃࡀᅗࡋࡓ⛒⛯㈇ᢸ㍍ῶ⟇ࡘ࠸࡚ࠊࡑ࠺⡆༢ㄢ⛯ᗇࢆࡓࡏࡿ ഴྥࡣ࡞࠸ࡼ࠺ぢཷࡅࡽࢀࡿࠋ㢧ⴭ࡞እࡋ࡚እ⛯᥍㝖㛵ࡍࡿุ᭱ᖹᡂ 17 ᖺ 12 ᭶ 19 ᪥Ẹ㞟 59 ᕳ 10 ྕ 2964 㡫ࡀ࠶ࡿࡶࡢࡢࠊࡇࢀࡣ⚾ἲୖࡢྲྀᘬࡢㄆᐃࡼࡾࡶ⛒⛯ἲつࡢ㐺⏝⠊ᅖࡀၥ㢟࡞ࡗࡓ ࡛࠶ࡾࠊ⚾ἲୖࡢྲྀᘬࡢㄆᐃ㛵ࡋ࡚ࡣࠊ┦㈙㛵ࡍࡿᮾி㧗ุᖹᡂ 11 ᖺ 6 ᭶ 21 ᪥ุ 1685 ྕ 33 㡫ࠊ࣏ࣞྲྀᘬ㛵ࡍࡿᮾி㧗ุᖹᡂ 20 ᖺ 3 ᭶ 12 ᪥㔠ุ 1290 ྕ 32 㡫ࠊ༏ྡ⤌ྜዎ⣙㛵ࡍࡿ࢞ ࢲࣥࢺ௳࣭ᮾி㧗ุᖹᡂ 19 ᖺ 6 ᭶ 28 ᪥ุ 1985 ྕ 23 㡫ࡢࡼ࠺ࠊㄢ⛯ᗇഃࢆ᩺ࡅࡿഴྥࡀ࠶ࡿࠋ እⓗྖἲࡀ⣡⛯⪅ࡢᙇࡍࡿྲྀᘬࢆㄆࡵ࡞࠸ࡇࡀチᐜࡉࢀࡿࡢ࡛ࡣ࡞࠸ヰ㢟࡞ࡗࡓࣇࣝ ࣒࣮ࣜࢫ௳ࡘ࠸࡚ࠊุ᭱ᖹᡂ 18 ᖺ 1 ᭶ 24 ᪥Ẹ㞟 60 ᕳ 1 ྕ 252 㡫ࡣ⤖ㄽࡇࡑῶ౯ൾ༷つᐃ㸦ἲே⛯ ἲ 31 ᮲㸧ࡢゎ㔘ࡋ࡚ㄢ⛯ᗇഃࢆࡓࡏࡓࡶࡢࡢࠊ⚾ἲୖࡢྲྀᘬࡢㄆᐃࡘ࠸࡚ࡣุᡤࡀධⓗ㋃ ࡳ㎸ࢇࡔุ᩿ࢆࡍࡿࡇࡢ㌋㌉ࢆ♧ࡋ࡚࠸ࡿࠋ 16 㠃ಽࡲ࡛ࡣゝࢃࡎࡶࠊ䭕 15 ᭩࠸ࡓࡼ࠺࡞᪥ᮏࡢุࡢഴྥࢆእᅜᢞ㈨ᐙࡀ⌮ゎࡋ࡚Ᏻᚰࡍࡿ ࡇࡣࠊ㞴ࡋ࠸ࡶࡋࢀ࡞࠸ࠋ 17 http://www.fsa.go.jp/news/22/sonota/20100830-2/01.pdf 18 http://www.fsa.go.jp/news/23/sonota/20110930-9/01.pdf 17 ಀࡿ㠀ㄢ⛯ᥐ⨨ࡢタࠖ࠸࠺せᮃ㡯┠ࡀࡅຍ࠼ࡽࢀ࡚࠾ࡾࠊࡇࢀࡣᚋ⪅ࡢᙇ࡛ ࠶ࡿࠋ ㄽⅬࡢᑡ࡞࠸㸦㸰㸧ࢆඛ᳨ウࡋࡼ࠺ࠋ 㸦㸯㸧ᜏஂⓗタࡢᐃ⩏ࡢぢ┤ࡋ ࢱࢵࢡࢫࣦ࣊ࣥࡽࡢᢞ㈨ࡘ࠸࡚᪥ᮏࡢ※Ἠㄢ⛯ࢆཬࡰࡉ࡞࠸ࠊ࠸࠺⊃࠸㆟ ㄽࡔࡅゎỴ࡛ࡁࢀࡤࡼ࠸ࡢ࡛࠶ࢀࡤࠊᡤᚓ⛯ἲ 164 ᮲㸦㝶ࡋ࡚ 161 ᮲ࡶ㸧ࡢᨵ㠉ࡼ ࡾࡶࠊᅜෆἲ࡛ࢧ࣮ࣂ࣮PE ࢆᜏஂⓗタࡢᐃ⩏ࡽእࡍ᪉⟇ࡢ࠺ࡀࠊ㐶ᴦ࡛࠶ ࢁ࠺ࠊ࠸࠺࣓ࣜࢵࢺࡀ࠶ࡿ19ࠋ ↓ㄽࠊ⊃࠸ど㔝ࡔࡅ࡛⪃࠼࡚ࡢࣂࣛࣥࢫࢆ㢳ࡳ࡞࠸࠸࠺ែᗘࡣ༴㝤ࢆྵࡴࡀࠊ ࢧ࣮ࣂ࣮PE ㄆᐃၥ㢟ࣂࣛࣥࢫࡀၥ㢟࡞ࡾ࠺ࡿࡶࡢࡋ࡚ࠊ⮬ື㈍ᶵ࣭ࢤ࣮࣒ᶵ ➼ᜏஂⓗタࡋ࡚ᢅࢃࢀ࠺ࡿࡇࡀᣲࡆࡽࢀࡿ⛬ᗘ࡛࠶ࡿࡍࢀࡤࠊ᪥ᮏ࠾࠸࡚ ࡑࡢ⛬ᗘࡢࣂࣛࣥࢫㄽࡣ↓どࡋ࠺ࡿ࠸࠼ࡿࠋ◊✲⪅ࡣࡕࡽゝ࠺࠙つᐃࢆᩚ ഛࡋࢁ㸟ࠚኌࢆⲨࡆࡿഴྥࡀ࠶ࡿࡀ㸦ㄽࡑ࠺࠸࠺㆟ㄽពࡀ࠶ࡿࡇࡣྰᐃࡋ ࡞࠸ࡀ㸧ࠊ❧ἲࡢ㈝⏝ᑐຠᯝࢆ⪃࠼ࡿࠊᜏஂⓗタࡢᐃ⩏ࡔࡅࢆぢ┤ࡍ㸦force of attraction ࡢၥ㢟ࡘ࠸࡚ࡣ࠾Ⲕࢆ⃮ࡋ࡚ඛ㏦ࡾࡍࡿ㸧࠸࠺ࡇࡶࡑࢀ࡞ࡾ㤳⫯ ࡋ࠺ࡿࠋ ࡑࡢୖ࡛ࠊࡇࡇࡽඛࡣᦆᚓㄽ࡛࠶ࡿࡀࠊ᪥ᮏࡢᅜ┈↷ࡽࡋ࡚ࡶ㸦㸲㸦㸱㸧࡛๓ ㏙ࡋࡓᏊ♫⏝➼ࡼࡾᐇ㝿ࡣᡤᚓ⩏ࡣᶵ⬟ࡋ࡞࠸࡛࠶ࢁ࠺ࡇࢆ๓ᥦࡋ ࡚㸧ᖐᒓᡤᚓ⩏ࢆ๓ᥦࡍࢀࡤࢧ࣮ࣂ࣮PE ࢆㄆᐃࡋ࡚ࡶࡋࡓ⛯ࡣ⧅ࡀࡽ࡞࠸ ୍᪉ࠊࢧ࣮ࣂ࣮PE ㄢ⛯క࠺ compliance cost㸦ἲ௧㑂Ᏺࢥࢫࢺ㸧ࡢࢹ࣓ࣜࢵࢺཬࡧ᪥ ᮏࡀᢞ㈨ᑐ㇟ࡽእࢀࡿࢹ࣓ࣜࢵࢺࢆ㊊ࡋ࠶ࢃࡏࡓࡶࡢࡢ᪉ࡀࠊධࡿࡶࡋࢀ࡞࠸⛯ ࢆୖᅇࡿࡶࡋࢀ࡞࠸ࠊ࠸ࡗࡓ⪃៖せ⣲ࢆ᳨ウࡍࡿࡇ࡞ࢁ࠺ࠋ ᑬࡶࠊᜏஂⓗタࡢᐃ⩏ࡘ࠸࡚㆟ㄽࢆጞࡵࡿࠊ⌧⾜ἲ㸦⛒⛯᮲⣙ࢆྵࡵ㸧ࡢᜏ ஂⓗタࡢᐃ⩏ࡀࡢࡲࡲ࡛ࡼ࠸ࠊ࠸࠺ලྜヰࡀᗈࡀࡿྍ⬟ᛶࡀ࠶ࡿࠋ⚾ಶே ࡋ࡚ࡶࡇࡢၥ㢟ࡘ࠸࡚ࡣࡡ࡚ࡽ㛵ᚰࢆᢪ࠸࡚ࡁࡓ㡿ᇦ࡛࠶ࡿ20ࠋࡋࡋࠊOECD ࠾࠸࡚ࣔࢹࣝ⛒⛯᮲⣙ 5 ᮲ࡢぢ┤ࡋࡢ㆟ㄽࡀጞࡲࡗ࡚࠸ࡿࡀࠊ⌧ᅾࡲ࡛ࡢࡇࢁ ࡾ࡞ᐃ⩏ぢ┤ࡋࡣど㔝ධࡗ࡚࠸࡞࠸ࡼ࠺࡛࠶ࡿ21ࠋ᪂ࡋ࠸ྲྀᘬ㇟ࡘ࠸࡚ᜏஂ 19 ᪥ᮏᅜෆἲࡔࡅࡢၥ㢟࡛ࡣ࡞ࡃࠊOECD ࣔࢹࣝ⛒⛯᮲⣙ 5 ᮲ࡢ PE ᙜࡓࡽ࡞࠸♧ࡢ୰ࡶࠊ᫂♧ⓗ ࠕࢧ࣮ࣂ࣮ಖ᭷ࠖࢆྵࡵࡿࠊࡑࡋ࡚ࡑ࠺ࡋࡓࢥࣥࢭࣥࢧࢫࢆᅜ㝿ⓗ࡞ࡶࡢࡍࡿࠊ࠸࠺ࡇࡀ⪃࠼ ࡽࢀ࡞࠸ࠊ࠸࠺ࡈᣦࢆ◊✲࡛㈷ࡗࡓࠋ ࡇ࠺ࡋࡓ㆟ㄽࢆᥦ㉳ࡍࡿࡇࡀࠊ┿ࡗᙜ࡛࡞࠸ࡣ⚾ࡣ⪃࠼࡞࠸ࠋࡋࡋࠊ㆟ㄽࡢ࠙┿ࡗᙜࡉࠚࡣ ูࡢほⅬࡋ࡚ࠊ୍ᗘ OECD ࢥ࣓ࣥࢱ࣮ࣜࢧ࣮ࣂ࣮PE ࡘ࠸࡚⤖ㄽࡀฟ࡚ࡋࡲࡗ࡚࠸ࡿ⌧≧ࡢୗ࡛ࠊ ᪂ࡓ࡞ࢥࣥࢭࣥࢧࢫࢆᙧᡂࡋ࡚࠸ࡃࡇࡢ࠙ᐇ⌧ྍ⬟ᛶࠚࡣప࠸ࠊ⚾ࡣᛮ࠼ࡿࠋ 20 ࠼ࡤࠊ࣓ࣜ࢝ἲேࡢ࣐ࢰࣥࡀࠊ᪥ᮏ࠾࠸࡚‽ഛⓗ⿵ຓⓗάືࡋ⾜ࡗ࡚࠸࡞࠸ࡓࡵ᪥ᮏᜏ ஂⓗタࢆ᭷ࡋ࡞࠸ࡇ࡞ࡿࡢࠊ࠸ࡗࡓၥ㢟ࡣࠊᜏஂⓗタࡢᐃ⩏ࡢ࠸ࡧࡘࡉࢆዴᐇ⾲ࡍ࡛ ࠶ࡿᛮࢃࢀࡿࠋ 21 OECD, Interpretation and Application of Article 5 (Permanent Establishment) of the OECD Model Tax Convention (12 October 2011 to 10 February 2012) http://www.oecd.org/dataoecd/23/7/48836726.pdf 18 ⓗタᙜࡓࡿྰ㆟ㄽࡍࡿవᆅࡣ࠶ࡗ࡚ࡶ㸦㸸㟁Ꮚၟྲྀᘬ PE ㄆᐃࡢ㆟ㄽ㸧ࠊ ᪤ᜏஂⓗタヱᙜᛶ࣭㠀ヱᙜᛶࡀ☜❧ࡋ࡚࠸ࡿྲྀᘬ㇟ࡘ࠸࡚᪂ࡓᐃ⩏ࢆぢ┤ ࡍ࠸࠺ࡇᑐࡋ࡚ࡣࠊ┦ᙜࡢᢠࡀ⏕ࡎࡿࡶࡢணࡉࢀࡿ㸦つᐃࡢ⤒㊰౫Ꮡᛶ ࡢ୍✀࠸࠼ࡼ࠺㸧ࠋࡶࡋࠊࡾᜏஂⓗタࡢᐃ⩏ࢆぢ┤ࡍᶵ㐠ࡀ㧗ࡲࡿࡍ ࢀࡤࠊᡤᚓ⛯ἲ 164 ᮲ᨵ㠉ㄽࢭࢵࢺ࡞ࡿࡁ࡛࠶ࡿぢ㎸ࡲࢀࠊᑡ࡞࠸ࢥࢫࢺ࡛ ┠๓ࡢ⊃࠸㇟㸦ࢧ࣮ࣂ࣮PE ၥ㢟㸧ࡔࡅゎỴ࡛ࡁࢀࡤࡼ࠸࠸࠺ど㔝ࡽࡣࠊ⪃࠼࡚ ࡶ䭖࡞ࡁࡇ⨨ࡅࡽࢀࡼ࠺ࠋ 㸦㸰㸧ᖐᒓᡤᚓ⩏ࡢ⛣⾜ ㏫ࠊࡇࢀࢆᶵ᪥ᮏᅜෆἲ㛵ࡍࡿ㛗ᖺࡢᠱ࡛࠶ࡗࡓᡤᚓ⩏ࢆኚ᭦ࡋࡼ ࠺ࠊ࠸࠺㆟ㄽࢆࡍࡿព⩏ࡶࠊ࡞࠸࡛ࡣ࡞࠸ࠋణࡋࡾ࡞ᨵṇ࡞ࡽࡊࡿࢆ࠼ࡎࠊ 㛫ࡀࡿ࡛࠶ࢁ࠺ࡇࡣྰᐃࡋࡀࡓ࠸ࠋࡑࡋ࡚ࡑࡢ㝿ࡣࠊ1966 ᖺ࣓ࣜ࢝ࡀ ᡤᚓ⩏㸦entire income principle㸧ࡽᐇ㉁ⓗ㛵㐃ᡤᚓ⩏㸦effectively connected income principle㸧⛣⾜ࡋࡓࡇࡀཧ↷ࡉࢀࡿ࡛࠶ࢁ࠺ࠋࡑࡇ࡛ࠊḟ❶࡛࣓ࣜ࢝ࡢṔ ྐࢆཧ↷ࡋࠊḟࠎ❶࡛᪥ᮏ࠾ࡅࡿᙜ࡚ࡣࡵࢆ⪃ᐹࡍࡿࠋ 㸴 ࣓ࣜ࢝࠾ࡅࡿᡤᚓ⩏ࡽᐇ㉁ⓗ㛵㐃⩏ࡢ⛣⾜ ࣓ࣜ࢝ࡢᑐ㠀ᒃఫ⪅እᅜேㄢ⛯ࡘ࠸࡚ᣋ✏22࡛㏙ࡓࡇࡘ࠸࡚ࠊࡇࡇ࡛⡆␎ ⤂ࡋࡓ࠸ࠋ 㸦㸯㸧1966 ᖺ௨๓㸸ᡤᚓ⩏ ࣓ࣜ࢝ࡢᅜ㝿⛒⛯ᨻ⟇ࡁ࡞ᙳ㡪ࢆ࠼ࡓࡢࡣ Thomas S. Adams ࡛࠶ࡿࡉࢀ 23 ࡿ ࠋAdams ࡢᅜ㝿⛒⛯ᨻ⟇ࡣࠊ➨୍ᅜ㝿ⓗ࡞㔜ㄢ⛯ࡶࡋࡃࡣ↓ㄢ⛯ࡼࡿබᖹ ࢆ㜵ࡄࡇࠊ➨ᴗᡤᚓᑐࡍࡿ※Ἠᆅㄢ⛯ࡢඃᇶ࡙࠸࡚࠾ࡾࠊ㸦⤒῭Ꮫ⪅࡛ ࠶ࡿࡀ㸧⤒῭ⓗຠ⋡ᛶࡢ⌮ㄽᇶ࡙࠸࡚࠸ࡓࡢ࡛ࡣ࡞࠸ࠊࡉࢀࡿࠋSeligman ࡽࡀ※ Ἠᆅᅜච⛯ࢆ᥎ዡࡋࡓࡢᑐࡋࠊAdams ࡣࠊ※Ἠᆅᅜㄢ⛯ᶒࡀᒃఫᆅᅜㄢ⛯ᶒࡼࡾࡶ ඃඛࡍࡿ⪃࠼࡚࠸ࡓࠋᨻᗓࡢࢥࢫࢺࡢከࡃࡣᴗ⎔ቃࡢ⥔ᣢ࡚ࡽࢀࡿࡢ࡛࠶ࡿ ࡽࠊᴗ⪅ࡣᕷሙ⥔ᣢࡢࢥࢫࢺࢆ⛯࡛㈇࠺ࡁ࡛࠶ࡿࠊ࠸࠺ࡇ࡛࠶ࡿࠋࡇࢀࡣ ୍࣓ࣜ࢝ᅜࡢᐖᇶ࡙࠸ࡓⓎ࡛ࡣ࡞ࡃࠊ➨୍ḟᡓࢆ㏻ࡌ࡚࣓ࣜ࢝ࡀമົᅜ ࡽമᶒᅜ㌿ࡌ࡚ࡶࠊ 㸦ⱥᅜ␗࡞ࡾ㸧࣓ࣜ࢝ࡣᒃఫᆅㄢ⛯ࡀඃඛࡉࢀࡿࡁ࡛࠶ ࡿࡣᙇࡋ࡞ࡗࡓࡇࢁ࡛࠶ࡿࠋ ࣓ࣜ࢝࠾࠸࡚ source㸦ᡤᚓ※Ἠ㸧࠸࠺ᴫᛕࡣ 1916 ᖺ⌧ࢀࡓࡉࢀࡿࡀࠊ 22 ὸጔ❶ዴࠕᡤᚓ※Ἠࡢᇶ‽ࠊཬࡧ net gross ࡢ㛵ಀ㸦1㹼3࣭㸧ࠖἲᏛ༠㞧ㄅ 121 ᕳ 8 ྕ 1174-1284 㡫ࠊ9 ྕ 1378-1488 㡫ࠊ10 ྕ 1507-1606 㡫㸦2004㸧ࠋ 23 Michael J. Graetz & Michael M. O'Hear, The "Original Intent" of U.S. International Taxation, 46 Duke L.J. 1021, 1027 㸦1997㸧. ୍᪉ Edwin R.A. Seligman ࡽࡢ League of Nations 1923 report ࡣࠊࡋࡤࡋࡤᘬ⏝ࡉࢀ ࡿࡶࡢࡢࠊࡑࡢᚋࡢᅜ㝿㐃┕࠾ࡅࡿ㆟ㄽᘬࡁ⥅ࡀࢀ࡞ࡗࡓ࠸ࢃࢀࡿࠋ 19 Attorney General㸦ྖἲ㛗ᐁ㸧ࡀ source ࢆỴࡵ࡚࠸ࡓࠋAdams ࡢୗࠊ1921 ᖺࡽᡤᚓ※ Ἠࡀᮏ᱁ⓗつᐃࡉࢀࡿࡼ࠺࡞ࡗࡓࠋྲྀᘬࡈᅜෆ※Ἠᡤᚓ࡞ࡿྰࢆุᐃ ࡋࡼ࠺ࡍࡿࢯ࣮ࢫ࣭࣮࡛ࣝࣝ࠶ࡾࠊ㸦ࢻࢶࡀᴗᡤᚓ࠸࠺ᡤᚓศ㢮ࡘ࠸࡚ᖐᒓ ᡤᚓ⩏ࢆ᥇ࡿࡢ␗࡞ࡗ࡚㸧࣓ࣜ࢝ࡢࢯ࣮ࢫ࣭࣮ࣝࣝࡢ㢧ⴭ࡞≉ᚩࡣࠊᡤᚓศ㢮 ౫ᣐࡍࡿࡢ࡛ࡣ࡞ࡃࠊྲྀᘬࡈᡤᚓ※Ἠࢆุᐃࡍࡿ࠸࠺ᵓ㐀ࢆ᥇ࡗ࡚࠸ࡿࡇ ࡛࠶ࡿ24ࠋ ᡤᚓ⛯ᑟධᚋࠊ1966 ᖺ௨๓ࡢᡤᚓ⩏ࡢୗ࠾࠸࡚ࠊ㠀ᒃఫ⪅ࡣࠊᒃఫ⪅ྠᵝ ࠊ$3000 ࢆ㉸࠼ࡿ FDAP㸦fixed or determinable annual or periodical㸸ᐃ㢠ᐃᮇ㸧ᡤᚓ ࡘ࠸࡚ normal tax㸦㏻ᖖ⛯㸧ࡀ※Ἠᚩࡼࡗ࡚ㄢࡉࢀࡿࡇ࡞ࡗࡓࠋࡑࢀຍ࠼࡚ࠊ 㠀ᒃఫ⪅ࡀ࣓ࣜ࢝ᅜෆ࡛ᴗ㸦trade or business㸧ᚑࡋ࡚࠸ࡿሙྜࠊ1㹼6㸣ࡢ⣼ 㐍ⓗ࡞ surtax㸦ຍ⛯㸧25ࡀㄢࡏࡽࢀࡿࡇ࡞ࡗࡓࠋ1936 ᖺ௨㝆ࠊ࣓ࣜ࢝ᅜෆ࡛ ᴗᚑࡋ࡚࠸ࡿྰࡀࠊㄢ⛯ୖࡢᢅ࠸ࢆࡁࡃศࡅࡿࡇ࡞ࡗࡓࠋ࣓࡛ࣜ࢝ ᴗࢆႠࢇ࡛࠸࡞࠸㠀ᒃఫ⪅ࡘ࠸࡚ࠊㄢ⛯ᡤᚓࡢᐃ⩏ࡀ※Ἠᚩࡢᑐ㇟࡞ࡿ㡯┠ ไ㝈ࡉࢀࡓ26ࠋࡘࡲࡾࠊFDAP㸦ᐃ㢠ᐃᮇ㸧ᡤᚓࡘ࠸࡚ࡢࡳㄢ⛯ࡉࢀࠊࡑࡢㄢ⛯᪉ ἲࡣ※Ἠᚩ࡛῭ࡲࡉࢀࡿࠋ᪉ࠊ࣓ࣜ࢝ᅜෆ࡛ᴗᚑࡋ࡚࠸ࡿ㠀ᒃఫ⪅27 ࡘ࠸࡚ࡣࠊ≉ู࡞ྲྀᢅ࠸ࢆᐃࡵࡎࠊᅜෆ※Ἠᡤᚓࡘ࠸࡚㠀ᒃఫ⪅ࢆᒃఫ⪅ྠᵝ ᢅ࠺࠸࠺⪃࠼᪉ࡀጇᙜࡍࡿࡇ࡞ࡗࡓࠋᚑࡗ࡚ࠊ㠀ᒃఫ⪅ࡀ࣓࡛ࣜ࢝ᴗ ᚑࡋ࡚࠸ࡿሙྜࡣᙜヱᴗᖐᒓ࣭㛵㐃ࡍࡿྰࢆၥࢃࡎࠊ࣓ࣜ࢝ࡢᅜෆ※ Ἠᡤᚓ࡚ࡀࠊ࣓ࣜ࢝ᒃఫ⪅ྠᵝࡢ⣼㐍ࡢ⥲ྜㄢ⛯ࡢᑐ㇟࡞ࡿࡇ࡞ࡿࠋ࡞ ࠾ࠊࡇࢀࢆ force of attraction㸦྾ᘬຊ࣭ᡤᚓ⩏㸧ࡪࡇᢈุࡀ࠶ࡿࡇࡣ๓ ㏙ࡢ㏻ࡾ࡛࠶ࡿ28ࠋ 24 Ỉ㔝ᛅᜏࠕᅜ㝿⛒⛯ἲࡢᇶ♏ⓗ⪃ᐹࠖⳢ㔝႐ඵ㑻࣭⸨⏣ᐂ㟹⦅ࠗᑠᓥྖ༤ኈᮾᏛ㏥⫋グᛕ ᠇ἲ ⾜ᨻἲ࠘731 㡫㸦Ⰻ᭩ᬑཬࠊ1987㸧ࡣࠊࠕࡲࡎ࣓ࣜ࢝ࡢᡤᚓ⛯ไᗘࡣࢫࢣࢪ࣮ࣗࣝࡀᏑᅾࡋ࡞࠸ ࡓࡵࠊ࣮ࣚࣟࢵࣃㅖᅜࡸ࢝ࢼࢲࡢࡼ࠺ᡤᚓศ㢮ࡢ㢮ᆺࡼࡗ࡚※Ἠ⟶㎄ࢆỴᐃࡍࡿࡇࡀ⪃࠼ࡽࢀ࡞ ࠸ࠋ⊂≉ࡢ※Ἠ⟶㎄ࡢỴᐃࡢ‽๎ࠊ࠸ࢃࡺࡿࢯ࣮ࢫ࣭࣮ࣝࣝࡀᚲせ࡛࠶ࡗࡓࡢ࡛࠶ࡿࠋࠖࠕὀ┠ࡉࢀࡿࡢ ࡣࠊᴗᡤᚓ࠸࠺ᡤᚓ※ἨࡀᏑᅾࡋ࡞࠸ࡇ࡛࠶ࡾࠊᴗάືࡽ⏕ࡎࡿᡤᚓࡢ※Ἠᆅࡣࡑࡢಶูࡢ ྲྀᘬࡢᛶ᱁ࡼࡗ࡚ࠊேⓗᙺົࠊ㈈⏘ࡢ㈙➼ࡢ※Ἠࡋุ࡚᩿ࡉࢀࡿࠖ 㸦769 㡫ࡼࡾ㸧㏙ࡿࠋ 25 surtax ࡣ㠀ᒃఫ⪅ࡔࡅㄢࡉࢀࡿࡶࡢ࡛ࡣ࡞࠸ࠋ 26 1936 ᖺ௨๓ࠊㆡΏ┈ࡘ࠸࡚ࡶㄢ⛯ࡍࡿᘓ๓࡛࠶ࡗࡓࡀ※Ἠᚩࡢᑐ㇟ࡉࢀ࡚࠸࡞ࡗࡓࡢ࡛ㄢ⛯ ࡢᐇຠᛶࡣ࡞ࡗࡓࡇࢁࠊ1936 ᖺ௨ᚋࠊἲᚊୖࡶㆡΏ┈ᑐࡍࡿㄢ⛯ࢆㅉࡵࡿࡇ࡞ࡗࡓࠋࡓࡔࡋࠊ 1950 ᖺෆᅜṓධἲ 213 ᮲ࡣࠊㆡΏ┈㸦net capital gain㸧ᑐࡋ※Ἠᚩ࡛ㄢ⛯ࡍࡿࡇࡋࡓࠋㆡΏ┈ 㠀ㄢ⛯ࡀ loophole㸦ᢤࡅ✰㸧࡞ࡗ࡚࠸ࡿㄆ㆑ࡉࢀࡓࡽ࡛࠶ࡗࡓࠋ 27 ࣓࡛ࣜ࢝ᴗᚑࡋ࡚࠸ࡿࡢุᐃᇶ‽ࡣࠊᜏஂⓗタⱝᖸ␗࡞ࡿࡶࡢࡢࠊ1936 ᖺἲࡢୗ࡛ࡣ ᴗᡤ㸦office or place of business㸧ࢆせ௳ࡋ࡚࠸ࡓࠋ〇㐀ᴗࢆ⾜ࢃࡎࡓࡔ㓄ᙜࢆཷࡅྲྀࡿࡔࡅࡢሙྜࠊ ᴗᡤࢆ᭷ࡍࡿࡶࡢ࡛ࡣ࡞࠸ࠊࡉࢀࡓࡀ࠶ࡿࠋAktiebolaqet Separator v. Commissioner, 45 BTA 243 㸦1941㸧ࠋ1942 ᖺᨵṇ࡛ᴗᡤせ௳ࡀእࡉࢀࡓࡢ࡛ࠊ㠀ᒃఫ⪅ࡀ࣓࡛ࣜ࢝ᴗᚑࡋ࡚࠸ࡿࡢุᐃ ࡣᴗᡤࡢ᭷↓ࡢࡳࡼࡗ࡚Ỵࡲࡿࡶࡢ࡛ࡣ࡞࠸࠸࠺ࡇ࡞ࡗࡓࡶࡢࡢࠊࡋࡋ༢࣓ࣜ࢝ࢆゼࢀ ࡿࡍࡂ࡞࠸ visiting businessman ➼ࡘ࠸࡚ࡣ࣓࡛ࣜ࢝ᴗᚑࡋ࡚࠸ࡿุ᩿ࡉࢀࡿࢃࡅ࡛ࡣ࡞ ࠸ࡢ࡛ࠊせ௳࡛ࡣ࡞࠸ࡣ࠸࠼ᴗᡤࡢ᭷↓ࡀᯝࡓࡍᙺࡣࡁ࠸ࠋ 28 䭕 10 ཧ↷ࠋ 20 㸦㸰㸧1966 ᖺ௨ᚋ㸸ᐇ㉁ⓗ㛵㐃ᡤᚓ⩏ ࡋࡋࠊ㆟ࡣḟࡢࡼ࠺࡞ᠱᛕࢆᢪࡁࠊ1966 ᖺᨵṇࢆࡍࡿࡇ࡞ࡿࠋࡑࡢᠱ ᛕࡣࠊ➨୍ࠊ࣓ࣜ࢝ᅜෆ࡛ᴗᚑࡍࡿእᅜேࡀᅜෆ※Ἠ㈨ᮏᡤᚓࡘ࠸࡚ ࡲ࡛ㄢ⛯ࡉࢀࡿࡇࡀᠬ⨩ⓗ࡛࠶ࡾࠊࡑࡢ⤖ᯝࠊᴗᚓࢆᅜෆ࡛࡞ࡃእᅜᢞ㈨ࡍ ࡿഴྥࢆ⏕ࡳฟࡋ࡚ࡋࡲࡗ࡚࠸ࡿ࠸࠺ࡇ࡛࠶ࡿࠋ➨ࡢᠱᛕࡣࠊእᅜࡢᴗ⪅ࡀ Ⴀᴗࢆ࣓ࣜ࢝ᅜෆ࡛㐙⾜ࡋ࡚࠸࡚ࡶࠊᅜእ※Ἠᡤᚓࡉࢀࢀࡤ࣓ࣜ࢝ࡢㄢ⛯ࢆ චࢀࡿࡇ࡞ࡗ࡚ࡋࡲ࠺࠸࠺ࡇ࡛࠶ࡿࠋࡑࡇ࡛ࠊ㆟ࡣࡇࡢࡘࡢၥ㢟ᑐࡋ ୍ࡘࡢ᪂ࡋ࠸ᐃ⩏ࢆ௨ࡗ࡚ᑐฎࡍࡿࡇࡋࡓࠋࡑࢀࡀᐇ㉁ⓗ㛵㐃ᡤᚓ29ᴫᛕ࡛࠶ࡿࠋ ᚑࡗ࡚ࠊ1966 ᖺ௨㝆ࡢᐇ㉁ⓗ㛵㐃ᡤᚓᴫᛕࡣࠊࡘࡢഃ㠃ࡀ࠶ࡿࠋ➨୍ࠊ࣓ ࣜ࢝ᅜෆ※Ἠᡤᚓ㛵ࡋࠊforce of attraction ࢆ⦆ࡵ30ࠊ⣧㢠ᇶ࡙࠸࡚⣼㐍⛯⋡ࡀ㐺⏝ ࡉࢀࡿ࠸࠺ែࢆῶᑡࡉࡏࡓࠋ➨ࠊ࣓ࣜ࢝ᅜእ※Ἠᡤᚓ㛵ࡋࠊ⣧㢠⣼㐍⛯ ไྲྀࡾ㎸ࢇࡔࠋࢯ࣮ࢫ࣭࣮ࣝࣝࡼࡗ࡚ᅜෆ※Ἠᡤᚓࡉࢀࡿࡶࡢࡀᚲࡎࡋࡶㄢ⛯ ᑐ㇟ࡉࢀࡿࢃࡅ࡛ࡣ࡞ࡃࠊ㏫ᅜእ※Ἠᡤᚓࡉࢀࡿࡶࡢࡀᚲࡎࡋࡶㄢ⛯ᑐ㇟ࡽ እࡉࢀࡿࢃࡅ࡛ࡣ࡞࠸ࠊ࠸࠺ࡸࡸࡇࡋࡉࡀ࠶ࡿࡇࡣྰࡵ࡞࠸ࡀࠊࢯ࣮ࢫ࣭࣮ࣝࣝ ࡢ⢭⦓ࡔࡅ࡛※Ἠᆅᅜࡋ࡚ࡢㄢ⛯ᑐ㇟ࢆ⏬ࡍࡇࡣࠊ㝈⏺ࡀ࠶ࡿࠊ࠸࠺ุ᩿ ࠸࠼ࡼ࠺ࠋ ➨୍ࡢⅬ㛵ࡋ࡚ࠊ࣓ࣜ࢝ᅜෆ※Ἠᡤᚓࡢ࠺ࡕࠊ(1) gross ࡛ᐃ⋡ㄢ⛯ࢆཷࡅࡿࡶࡢ 㸦ᐇ㉁ⓗ㛵㐃ᡤᚓ࡛࡞࠸ࡶࡢ㸧ࠊ(2) net ࡛⣼㐍⛯⋡ࢆࡅࡽࢀࡿࡶࡢ㸦ᐇ㉁ⓗ㛵㐃ᡤᚓ ࠶ࡓࡿࡶࡢ㸧 ࠊ(3) ㄢ⛯ࡉࢀ࡞࠸ࡶࡢࠊࡀ࠶ࡿࡇ࡞ࡿࠋࡇࡇ࡛(2) ࡢ⠊ᅖࢆ☜ㄆࡋࡼ ࠺ࠋ ㆡΏ┈㸦capital gain㸧ཬࡧ FDAP㸦ᐃ㢠ᐃᮇ㸧ᡤᚓᙜࡓࡽ࡞࠸ᅜෆ※Ἠᡤᚓࡣࠊ⮬ ືⓗᐇ㉁ⓗ㛵㐃ᡤᚓࡉࢀࡿࠋforce of attraction ྠࡌຠᯝࡀࠊ୍⯡つᐃࡋ࡚ṧࡉ ࢀ࡚࠸ࡿ࠸࠺ࡇ࡛࠶ࡿ31㸦ࡀࠊࡑࡢព⩏ࡣᑠࡉ࠸㸧ࠋ㔜せ࡞ࡢࡣᅜෆ※ἨࡢㆡΏ┈ ཬࡧ FDAP ᡤᚓࡀ࠸࡞ࡿᇶ‽࡛ᐇ㉁ⓗ㛵㐃ᡤᚓᙜࡓࡿࡇ࡞ࡿ࡛࠶ࡾࠊ business-activities test㸦ᴗάືࢸࢫࢺ㸧 asset-use test㸦㈨⏘⏝ࢸࢫࢺ㸧ࡼࡗ࡚ࠊ ᐇ㉁ⓗ㛵㐃ᡤᚓ࡛࠶ࡿྰࡀุᐃࡉࢀࡿࠋbusiness-activities test ࡣࠊ࣓ࣜ࢝ᅜෆ ࡛ᴗᚑࡍࡿ㠀ᒃఫ⪅ࡢᚓࡿᅜෆ※ἨࡢㆡΏ┈ཪࡣ FDAP ᡤᚓࡀᙜヱᴗࡢ✚ᴟ ⓗ㐙⾜㸦active conduct㸧┤᥋⏤᮶ࡍࡿࡁࠊᐇ㉁ⓗ㛵㐃ᡤᚓ࡛࠶ࡿࡍࡿࡶࡢ࡛࠶ࡿࠋ 29 IRC § 864 (c): Effectively connected income. ❧ἲࡢ➨୍ⲡࡣᐇ㉁ⓗ㛵㐃ࡢㄒࡀ࡞ࡗࡓࡀࠊ➨ⲡࡽ⏝࠸ࡽࢀࡓࡇࠊࡑࡋ࡚ࠊࡇࡢᩥゝ ࡣ᮲⣙⏤᮶ࡍࡿࡇࡀࠊ㏙ࡽࢀ࡚࠸ࡿࠋ 30 ᗫṆࡋࡓࢃࡅ࡛ࡣ࡞࠸ࠋ䭕 31 ཧ↷ࠋ 31 Reg. § 1.864-4(b) Example (3)ࡣḟࡢࡼ࠺࡞ࡶࡢ࡛࠶ࡿ̿̿㟁Ẽ〇ရࡢ〇㐀࣭㈍ࢆᴗࡍࡿእᅜἲே ࡀࠊࠊ࣡ࣥࡢ㉎ධ࣭㈍ࡶᮏᗑ࠾࠸࡚⾜ࡗ࡚࠸ࡓࠋ࣓ࣜ࢝ᅜෆ㟁Ẽ〇ရ㈍ࡢࡓࡵࡢᨭ ᗑࢆタ⨨ࡋࡓࡀࠊᙜヱᨭᗑࡣ࣡ࣥࢆᢅ࠸ࡣࡋ࡞ࡗࡓࠋᮏᗑࡀᢅ࠺࣡ࣥࡢᗄࡘࡀࠊ࣓ࣜ࢝ᨭᗑ ࢆ㏻ࡉࡎࠊ┤᥋࣓ࣜ࢝ࡢ㢳ᐈᒆࡅࡽࢀࡿࡇࡀ࠶ࡗࡓࠋ࣡ࣥ㈍ࡼࡿᡤᚓࡶᅜෆ※Ἠᡤᚓ࡛ ࠶ࡾࠊ࣓ࣜ࢝ᨭᗑࡢ㛵ࡀ࡞ࡃ࡚ࡶ࣡ࣥ㈍ࡼࡿᡤᚓࡣᐇ㉁ⓗ㛵㐃ᡤᚓᢅ࠸ࡉࢀࡿࠋ 㸦⡆␎⤂⤊ ࢃࡾ㸧 ణࡋࠊ⛒⛯᮲⣙ࡀ㐺⏝ࡉࢀࡿሙྜࠊPE ࠕᖐᒓࡍࡿࠖᚓࡋㄢ⛯࡛ࡁ࡞࠸ࡢ࡛ࠊ㏫ࡢ⤖ᯝ࡞ࡿ㸦Rev. Rul. 81-78, 1981-1 C.B. 604㸧ࠊࡍ࡞ࢃࡕࠊ࣓ࣜ࢝ࡣㄢ⛯ࡍࡿࡇࡀ࡛ࡁ࡞࠸ࠋ 21 asset-use test ࡣࠊᙜヱ⪅ࡢᙜヱᴗࡀၥ㢟࡞ࡗ࡚࠸ࡿㆡΏ┈ཪࡣ FDAP ᡤᚓࡢᐇ⌧ ࢆ┤᥋ࡶࡓࡽࡋ࡚࠸ࡿࢃࡅ࡛ࡣ࡞࠸ࡁ㐺⏝ࡉࢀࡿࡶࡢ࡛࠶ࡾࠊᡤᚓࢆ⏕ࡳฟࡍ㈨ ⏘ࡀᴗ㐙⾜⏝ࡉࢀ࡚࠸ࢀࡤᡈ࠸ࡣ⏝ࡢࡓࡵಖ᭷ࡉࢀ࡚࠸ࢀࡤࠊࡑࡢ㈨⏘ ⏤᮶ࡍࡿᡤᚓࡣᐇ㉁ⓗ㛵㐃ᡤᚓ࡛࠶ࡾࠊࡉࡶ࡞ࡃࡤᐇ㉁ⓗ㛵㐃ᡤᚓ࡛࡞࠸ࠊࡍࡿࡶ ࡢ࡛࠶ࡿࠋ ➨ࡢⅬ㸦ᅜእ※Ἠᡤᚓ࡛ᐇ㉁ⓗ㛵㐃ᡤᚓྲྀࡾ㎸ࡲࢀࡿྍ⬟ᛶ㸧ࡘ࠸࡚ࡣࠊၥ 㢟ࡢᅜእ※Ἠᡤᚓ㸦㓄ᙜࠊᏊࠊ⏝ᩱ➼ࡀᆺ㸧ࡀ࣓ࣜ࢝ᅜෆ࠾ࡅࡿᴗࡢ✚ ᴟⓗ㐙⾜⏤᮶ࡍࡿࡢࠊࡓࡔࡢᢞ㈨⏤᮶ࡍࡿࡢࠊࡀ㘽࡞ࡿࠋࡲࡓࠊᅜእ※Ἠ ᡤᚓࢆᐇ㉁ⓗ㛵㐃ᡤᚓᢅ࠸ࡍࡿࡓࡵࡣࠊ࣓ࣜ࢝ᅜෆ࡛ᴗᚑࡍࡿ㠀ᒃఫ⪅ࡀ ᅜෆົᡤཪࡣࡑࡢࡢᅛᐃᴗᡤ㸦office or other fixed place of business㸸FPB㸧ࢆ᭷ ࡍࡿࡇࠊཬࡧࠊၥ㢟࡞ࡗ࡚࠸ࡿᡤᚓࡀᙜヱ FPB㸦ᅛᐃᴗᡤ㸧ᖐᒓ㸦attributable㸧32 ࡍࡿࡇࡀࠊᚲせ࡛࠶ࡿࠋࡋࡶࠊFPB ᴫᛕࡣ PE㸦ᜏஂⓗタ㸧ᴫᛕ㢮ఝࡍࡿࡶࡢ ࡋ࡚タィࡉࢀ࡚࠾ࡾࠊ࣓ࣜ࢝ᅜෆἲࡢᐇ㉁ⓗ㛵㐃ᡤᚓ⩏ OECD ࣔࢹࣝ⛒⛯᮲ ⣙ࡢᖐᒓᡤᚓ⩏ࡢᕪࡣࠊ┦ᙜ⊃ࡲࡗ࡚࠸ࡿࠋ 㸵 ᡤᚓ⩏ࡽᖐᒓᡤᚓ⩏ࡢ⛣⾜ࡢせྰ㛵㐃ࡍࡿၥ㢟 㸦㸯㸧1966 ᖺᙜࡢ࣓ࣜ࢝ඹ㏻ࡍࡿᠱᛕࠊࡑࡋ࡚㠃ᩍᖌࡋ࡚ࡢ࣓ࣜ࢝ ࠕᠬ⨩ⓗࠖࡲ࡛⾲⌧ࡍࡿ࠺ࡣࡶࡃࠊᡤᚓ⩏ᇶ࡙ࡃㄢ⛯ࡀࠊ㠀ᒃఫ ⪅ࡢ࣓ࣜ࢝㸭᪥ᮏࡢᢞ㈨ࡢ㜼ᐖせᅉ࡞ࡾࡡ࡞࠸࠸࠺ᠱᛕࡀࠊ⌧ᅾࡢ᪥ᮏ ࠾ࡅࡿࢧ࣮ࣂ࣮PE ㄢ⛯ၥ㢟ඹ㏻ࡋ࡚࠸ࡿࠋ↓ㄽࠊࡇࡢၥ㢟ࡣࠊ1962 ᖺᨵṇ࡛᪥ᮏࡢ ᅜ㝿⛒⛯ᨻ⟇ࡀ⌧ᅾࡢᙧ࡞ࡗࡓ㡭ࡽ⥅⥆ⓗᏑᅾࡋ࡚࠸ࡓࡶࡢ᥎ ࡉࢀࠊ᭦ 㦁ࡂ❧࡚ࡿࡶࡢ࡛ࡣ࡞࠸࠸࠺㆟ㄽࡶ࠶ࡾ࠺ࡿࡇࢁ࡛࠶ࡿࡀࠊ✲ᴟⓗࡣㄽ⌮ࡢࡳ ࡛ࡣ࡞ࡃᨻ⟇ⓗุ᩿ࢆక࠺ၥ㢟࡛࠶ࡿࡇࡣ㸲㸦㸰㸧ཬࡧ㸦㸱㸧࡛ㄽࡌࡓ㏻ࡾ࡛࠶ࡿࠋ ࣓ࣜ࢝ἲࢆཧ↷ࡋ࡚ศࡿࡇࡣࠊࢯ࣮ࢫู࣭࣮ࣝࣝᐇ㉁ⓗ㛵㐃㸦OECD ࣔࢹ ࣝ༶ࡋ࡚ゝ࠼ࡤᜏஂⓗタࡢᖐᒓ㢮ఝ㸧ࡢุᐃᇶ‽ࢆసࡿࡍࡿࠊつᐃࡢ」 㞧ࡣ㑊ࡅࡽࢀ࡞࠸࡛࠶ࢁ࠺࠸࠺ࡇ࡛࠶ࡿࠋࡑࢀࡼࡾࡣࠊࢻࢶἲࡢࡼ࠺࡞ᖐᒓ ᡤᚓ⩏ࢆ┠ᣦࡍ᪉ྥࡀ᥎ዡࡉࢀࡼ࠺ࠋࡇࢀࡣࠊࢯ࣮ࢫ࣭࣮ࣝࣝࡢ⢭⦓࡛ࡣ࡞ࡃࠊ ࢯ࣮ࢫ࣭࣮ࣝࣝࡢ⨨ࡅࡑࡢࡶࡢࢆኚ㠉ࡍࡿࡇ࡛࠶ࡿࠋ※Ἠᆅᅜㄢ⛯ࡢ 3 ࡘࡢ㛵 32 ⌮ᛕⓗࡸࡸࡇࡋࡃ࡞ࡿࡀࠊᡤᚓ㸦gross income ࡛࠶ࢀ net income ࡛࠶ࢀ㸧ࡀᨭᗑᖐᒓࡍࡿྰࡢ ၥ㢟ࠊᨭᗑᖐᒓࡍࡿ㸦㓄㈿ࡉࢀࡿ㸧ᚓࡣᗄࡽࡢၥ㢟ࡣࠊ␗࡞ࡿࠊ࠸࠺ࡇࢆ≉グࡋࡓ࠸ࠋ ࣓࡛ࣜ࢝ࡣ๓⪅ࡢၥ㢟ࡘ࠸࡚ attributable ࡢㄒࢆࠊᚋ⪅ࡢၥ㢟ࡘ࠸࡚ allocable ࡢㄒࢆ࡚࡚࠸ศࡅ ࡽࢀ࡚࠸ࡿࡀࠊOECD ࣔࢹࣝ⛒⛯᮲⣙㛵ࡍࡿ㆟ㄽ࡛ࡣࠊ๓⪅ࡢၥ㢟㸦7 ᮲ 1 㡯㸧ࡘ࠸࡚ࡶᚋ⪅ࡢၥ㢟 㸦7 ᮲ 2 㡯㸧ࡘ࠸࡚ࡶ attribute ࡢㄒࡀ⏝࠸ࡽࢀ࡚࠸ࡿࡢ࡛ࠊὀពࢆせࡍࡿࠋ ᡈࡿྲྀᘬࡘ࠸࡚࣓ࣜ࢝ᨭᗑࡢ㈉⊩ᗘࡀዴఱᑠࡉࡃࡶࠊࡑࡢᑠࡉࡉᛂࡌ࡚ᑡ㢠ࡢᚓࡢࡳ ࣓ࣜ࢝ᨭᗑᖐᒓࡉࡏࡿ㸦㓄㈿ࡉࡏࡿ㸧ࠊ࠸࠺ㄢ⛯᪉ἲࡶᛮ࠸ࡘࡃࡇࢁ࡛࠶ࡿࡀࠊ࣓ࣜ࢝ἲࡢୗ࡛ ࡣ㹄㹎㹀㸦ᅛᐃᴗᡤ㸧ࡀᡤᚓ⏕⏘ࡗ࡚㔜せ࡞せ⣲㸦material factor㸧࡞ࡗ࡚࠸ࡿࡇࡶせ௳࡞ࡗ ࡚࠾ࡾࠊᡤᚓࡀᨭᗑᖐᒓ㸦attribute㸧ࡍࡿྰࡢุᐃ࠾࠸࡚㜈್ࡀタࡅࡽࢀ࡚࠸ࡿࠊ࠸࠺ࡇࡀ ศࡿࠋ࣓ࣜ࢝࠾࠸࡚ᗄࡽࡢᚓࡀ㓄㈿ࡉࢀࡿ㸦allocable 㸧ࡘ࠸࡚ၥ㢟࡞ࡿࡢࡣࠊ3 ࡘࡢ㜈 ್㸦ձ࣓ࣜ࢝ᅜෆ࡛ᴗᚑࡋ࡚࠸ࡿ࠸࠺㜈್ࠊղ࣓ࣜ࢝ᅜෆ FPB㸦ᅛᐃᴗᡤ㸧ࢆ᭷ࡍࡿ ࠸࠺㜈್ࠊճFPB ᡤᚓࡀᖐᒓࡍࡿ࠸࠺㜈್㸧ࢆࢡࣜࡋࡓሙྜࡢヰ࡛࠶ࡿࠊ࠸࠺ࡇ࡞ࡿࠋ 22 㛛ࡋ࡚ࠊ※Ἠ࣭㜈್࣭⠊ᅖࡢၥ㢟ࡀ࠶ࡗࡓࡇࢁࠊᜏஂⓗタࡢุᐃཬࡧࡑࡇࡢ ᖐᒓࢆ୰ᚰࡋࡓయ⣔ኚ㠉ࡍࡿ࠸࠺ࡇ࡛࠶ࡿࠋᡤᚓ⩏࣭ᖐᒓᡤᚓ⩏ࡕ ࡽࡶࡑࢀ࡞ࡾṇᙜ࡞⌮ᛕࡀ࠶ࡿࡇࢁࠊ࣓ࣜ࢝ࡢᐇ㉁ⓗ㛵㐃ᡤᚓ⩏ࡣ㸦ᖐᒓ ᡤᚓ⩏ᐤࡾ࡛ࡣ࠶ࡿࡀ㸧୰㏵༙➃࡛࠶ࡿࡀࡺ࠼」㞧ࡉࢆࡶࡓࡽࡍࠊ࠸࠺㠃ᩍ ᖌࡢഃ㠃ࡀ࠶ࡿ㸦᪥ᮏேࡀᢈุࡋ࡚ࡶ䭖࡞ࡁࡇ࡛ࡣ࠶ࡿࡀ㸧ᛮࢃࢀࡿࠋ 㸦㸰㸧ᜏஂⓗタᴫᛕཬࡧᜏஂⓗタ࡞ࡅࢀࡤㄢ⛯࡞ࡋ࣮ࣝࣝࡢᙳ㡪 㸳㸦㸯㸧࡛ぢࡓࡼ࠺࡞ࠊᜏஂⓗタᴫᛕࡢࡳࡢಟṇ࠸࠺ᑐ⒪ἲⓗ࡞ᡭἲࡣࠊ❧ ἲࡢ㈝⏝ᑐຠᯝ࠸࠺ほⅬࡢ࣓ࣜࢵࢺࡀ࠶ࡿᛮࢃࢀࡿࠋ ᪉ࠊᡤᚓ⩏ࡽᖐᒓᡤᚓ⩏ࡢኚ᭦ࡣࠊㄢ⛯ᡤᚓࡢ⠊ᅖࡢၥ㢟ࡔࡅࢆኚ࠼ ࡿࠊ࡛ࡣࡲࡽ࡞࠸ྍ⬟ᛶࡀ㧗࠸ᛮࢃࢀࡿࠋ࡞ࡐ࡞ࡽࡤࠊᖐᒓᡤᚓ⩏ࡢୗ࡛ࡣ ᜏஂⓗタࡢㄆᐃཬࡧࡑࡇࡢᡤᚓࡢᖐᒓࡢุᐃࡀ※Ἠᆅᅜㄢ⛯ᶒ࠼ࡿᙳ㡪ࡀᴟ ➃ᙉࡃ࡞ࡿࡢ࡛ࠊ࠙ᜏஂⓗタᴫᛕ࡛※Ἠᆅᅜࡢㄢ⛯ᶒࢆ⦡ࡿࠚ࠸࠺ࡇࡢᢠ ࡀᙉࡃ࡞ࡿྍ⬟ᛶࡀ࠶ࡿࡽ࡛࠶ࡿࠋ※Ἠᆅᅜഃࡢ⪃៖ࡋ࡚ࡣࠊᖐᒓᡤᚓ⩏ࢆ᥇ ࡿ௨ୖࠊᜏஂⓗタᴫᛕࢆᚑ᮶ࡢ⊃ࡉ࡛⥔ᣢࡍࡿࡇࡣ࡛ࡁ࡞࠸ࠊ࠸࠺ᢠࡀ࠶ࡾ ࠺ࡿࠋ ᭦ࠊᜏஂⓗタ࡞ࡅࢀࡤㄢ⛯࡞ࡋ࣮ࣝࣝ࠸࠺㜈್ࡢᢠࡶᙉࡲࡿྍ⬟ᛶࡀ࠶ ࡿࠋOECD ࣔࢹࣝ⛒⛯᮲⣙࡛ࡣ 17 ᮲ࡢⱁ⬟ே᮲㡯ලయࡋ࡚࠸ࡿࡤࡾ࡛࡞ࡃࠊࢥ ࣓ࣥࢱ࣮ࣜ࠾ࡅࡿࢧ࣮ࣅࢫ PE ᮲㡯33ࡢࡼ࠺ࠊᐇ㉁ⓗᜏஂⓗタ࡞ࡅࢀࡤㄢ⛯࡞ ࡋ࣮ࣝࣝࡢእࢆタࡅࡿᶵ㐠34⧅ࡀࡿྍ⬟ᛶࡶᏎࡴ35ࠋ 33 ᘚㆤኈ࣭ࢥࣥࢧࣝࡢࡼ࠺࡞ࢧ࣮ࣅࢫᴗ⪅ࡘ࠸࡚ࠊ≀⌮ⓗ࡞ᴗタࡀ࡞ࡃࡶ※Ἠᆅᅜㄢ⛯ᶒ ࢆㄆࡵࡿࡁࡍࡿࡶࡢࠋࡇࢀࡲ࡛᪥ᮏࡀ⥾⤖ࡋࡓ⛒⛯᮲⣙ࡢ୰ࡣࠊ᪥୰⛒⛯᮲⣙ 5 ᮲ 5 㡯ᗄࡘ ࡢᮾ༡ࢪࡢ㛫࡛⥾⤖ࡋࡓ᮲⣙ࡢ୰ᐇົୖࠕࢧ࣮ࣅࢫ PE ᮲㡯ࠖࡤࢀࡿࡶࡢ㸦ᗈ⩏ࡢࢧ࣮ࣅ ࢫ PE ᮲㡯ࢇ࡛࠾ࡃ㸧ࡀᏑᅾࡋ࡚࠸ࡿࡀࠊไ㝈ⓗ࡞ព࡛ࡢࢧ࣮ࣅࢫ PE ᮲㡯㸦ࢧ࣮ࣅࢫᥦ౪୍⯡ࡲ ࡛ྵࡵ࡚ᗈࡃ PE ࢆㄆᐃࡋࡼ࠺ࡍࡿ᮲㡯㸧ࡲ࡛┒ࡾ㎸ࢇࡔ᮲⣙ࡣ࡞࠸㸦◊✲࡛ࡢࡈᣦឤㅰ⏦ࡋୖ ࡆࡿ㸧 ࠋ௬᪥ᮏࡀ᪂ࡓ࡞⛒⛯᮲⣙⥾⤖΅ࡢ୰࡛ࢧ࣮ࣅࢫ PE ᮲㡯ࢆཷࡅධࢀࡿࡍࢀࡤࠊ⌧⾜᪥ᮏᅜ ෆἲ࡛ࡣࠊᡤᚓ⛯ἲ 164 ᮲ 1 㡯 4 ྕࠊ161 ᮲ 2 ྕࠊᡤᚓ⛯ἲ⾜௧ 282 ᮲ࡀᑐᛂࡍࡿつᐃ࡞ࢁ࠺ࠋ 34 ⱁ⬟ே᮲㡯ࢧ࣮ࣅࢫ PE ᮲㡯ࡢ㛵ಀࡘ࠸࡚ࠊ㟷ᒣㅮ₇ࠕOECD ᅜ㐃ࡢࣔࢹࣝ⛒⛯᮲⣙ࡢẚ㍑ࠖ ⛒⛯◊✲ 2010 ᖺ 8 ᭶ 242 㡫ཧ↷ࠋ 35 ࡇࡢⅬ㛵ࡋࠊᡤᚓ⩏ࡽᖐᒓᡤᚓ⩏ࡢ⛣⾜ᑐ࣭ៅ㔜࠸࠺ࡇ࡞ࡢࠊ࠸࠺ࡈᣦ ࢆ◊✲࡚㈷ࡗࡓࠋ ⚾⮬㌟ࡢពぢࡘ࠸࡚ࡣ⚾ࡀ㐣ཤ᭩࠸ࡓࡶࡢࢆࡈぴ࠸ࡓࡔࡃࡇ࡞ࡿࡀࠊᮏ✏ࡣ⚾ぢࢆᢨ℡ࡍࡿ ሙ࡛ࡣ࡞ࡃࠊㄽⅬᩚ⌮ࢆࡍࡿሙ࡛࠶ࡿᚰᚓ࡚࠸ࡿࠋࡑࡋ࡚ࠊ⚾ぢࡼࡽ࡞࠸ㄽⅬᩚ⌮ࡢࡓࡵࡢほᐹ⤖ ᯝࡋ࡚ࡶࠊ ࠕᜏஂⓗタ࡞ࡅࢀࡤㄢ⛯࡞ࡋ࣮ࣝࣝࠖࡢᢠࡀࠊOECD ࡢ㆟ㄽᇉ㛫ぢ࠼ࡿ㸦ࡑࡢⰋࡋ ᝏࡋࡣࡶࡃほᐹ⤖ᯝࡋ࡚㸧ᛮࢃࢀࡿࠋ ࠕᖐᒓᡤᚓ⩏ࡢ⛣⾜ࠖࠕᜏஂⓗタ࡞ࡅࢀࡤㄢ⛯࡞ ࡋ࣮ࣝࣝࠖࡢ୧❧ࡣࠊ⌮ᒅࡢୖ࡛ࡣᙜ↛ྍ⬟࡛࠶ࡿࡀࠊࡋࡋࡑࢀࢆࡍࡿ※Ἠㄢ⛯⟶㎄ࡀࢇࢇኻ ࢃࢀ࡚࠸ࡃࡇ࡞ࡾࠊࡑࡋ࡚ࡸ OECD ຍ┕ᅜࡶ※Ἠㄢ⛯⟶㎄ࢆኻ࠺㸦ㄢ⛯࣮࣋ࢫࡀ᫇࡞ࡀࡽࡢ※Ἠ ᆅᅜ࡛ࡶඛ㐍ᅜ࡛ࡶ࡞ࡃࠊࢱࢵࢡࢫࣦࣥᾘ࠼࡚࠸ࡗ࡚ࡋࡲࡗ࡚࠸ࡿ㸧ࡇࡘ࠸࡚ᜍᛧᚰࢆᢪ࠸ ࡚࠸ࡿࡼ࠺ぢ࠼ࡿࡢ࡛ࠊ⌮ᒅࡢୖ࡛ࠊྍ⬟࡛࠶ࡗ࡚ࡶࠊ᪥ᮏࢆྵࡵࡓ OECD ຍ┕ᅜࡀࡑࡢࡼ࠺࡞ᨻ⟇ Ỵᐃࢆࡍࡿࡔࡅࡢ㋃ࢇษࡾࢆࡘࡅࡽࢀࡿࠊほᐹ⤖ᯝࡋ࡚ࡢవᆅࡀ࠶ࡿࠋ᪉ࠊୡ⏺⩏ࡽ ᖐᒓᡤᚓ⩏ࡢ⛣⾜ࡣ᪤ᐃ㊰⥺ࡍࡿୡࡢ୰ࡢὶࢀࡶ࠶ࡿぢཷࡅࡽࢀࡿࡇࠊ␗ㄽࡣ࡞࠸ࠋࡘࡲ ࡾࠊ⌧≧ࡣࠊ⫼ⓗ࡞ᨻ⟇ㄢ㢟ࡀ ᕳ࠸࡚࠸ࡿࡼ࠺ほᐹࡉࢀࡿ࠸࠺ࡇ࡞ࡿࠋࡇ࠺ࡋࡓ≧ἣୗ࡛ࠊ ᭦❧ἲࡢࢥࢫࢺ࣋ࢿࣇࢵࢺࡶ຺ࡋࡓୖ࡛ࠊ᪥ᮏࡀᖐᒓᡤᚓ⩏ኚ࠼ࡿࡁ࡛࠶ࡿ㈈ົ┬ࡢ୰ ࡢே㐩ࡀ⪃࠼ࡿࡘ࠸࡚ࡣࠊぢ㏻ࡋࡀ❧࡚ࡃ࠸ࠋ 23 ඛࡢẁⴠࡢෆᐜࢆゝ࠸࠼ࡿࠊᖐᒓᡤᚓ⩏ࡢ⛣⾜ㄽࡣ࠙ᐷࡓᏊࢆ㉳ࡇࡍࠚ ྍ⬟ᛶࡀ࠶ࡿࠋࡇࡇ࡛ࡢ࠙Ꮚࠚࡣ※Ἠᆅᅜㄢ⛯ᶒ࡛࠶ࡾࠊ࠙ᐷࡓࠚࡣ※Ἠᆅᅜㄢ⛯ᶒ ࢆᢚ࠼ࡇࡴ࠸࠺ᨻ⟇ุ᩿࡛࠶ࡾࠊ ࠙㉳ࡇࡍࠚࡣ※Ἠᆅᅜㄢ⛯ᶒࡢ☜ಖࡢせㄳ࡛࠶ࡿࠋ ᭦ࠊἲேᡤᚓㄢ⛯ࡢᩥ⬦࡛ᅜእᡤᚓච⛯ࡢὶࢀࡀᙉࡲࡿ㸦ᮏ✏࡛ࡢ᳨ウㄢ㢟ࡣ እࢀࡿࡀ㸧ࡍࡿࠊᒃఫㄢ⛯㢗ࡿࡇࡣ࡛ࡁ࡞ࡃ࡞ࡿࡢ࡛ࠊᙅࡲࡿᒃఫㄢ⛯⟶㎄ ᶒࡣᑐ↷ⓗ※Ἠᆅᅜㄢ⛯ᶒࡢ☜ಖࡢせㄳࡀ㉳ࡁୖࡀࡗ࡚ࡃࡿࡶࡋࢀ࡞࠸ࠊ࠸ ࠺⪃៖せ⣲ࡶ࠶ࡿࠋ ࡇࢀࡶ⤖ᒁࡣࠊ᪥ᮏࡢᢞ㈨ࡢࡧࡇࡳ࠸࠺ᨻ⟇ุ᩿ࠊ⛯☜ಖࠊࡕࡽࢆ 㔜どࡍࡿ࠸࠺࣓࢟ࡢၥ㢟࡛࠶ࡗ࡚ࠊ⌮ᒅࡔࡅ࡛Ỵࡋࡁࢀ࡞࠸ࠋࡀࠊOECD ࣔࢹࣝ⛒ ⛯᮲⣙࠾ࡅࡿఏ⤫ⓗ࡞࠙※Ἠㄢ⛯⟶㎄ࢆᢚ࠼ࡇࡳᒃఫㄢ⛯⟶㎄ࢆඃ㐝ࡍࡿࠚࡢⓎ ࡀᙅࡲࡾࡘࡘ࠶ࡿ⌧ᅾࡢഴྥࡣࠊ↓どࡋࡀࡓ࠸ࠋ 㸦㸱㸧ࡑࡢ ᡤᚓ⛯ἲ⾜௧ 279 ᮲ 5 㡯ࡣࠊ㠀ᒃఫ⪅ࡢ᪥ᮏᅜෆࡢᜏஂⓗタࢆ㏻ࡌࡓᅜእᏊ ࡘ࠸࡚ࠊእᅜ࡛ㄢ⛯ࡉࢀ࡚࠸࡞ࡅࢀࡤ᪥ᮏࡀㄢ⛯ࡋࠊእᅜ࡛ㄢ⛯ࡉࢀ࡚࠸ࡓࡽ᪥ᮏ ࡣㄢ⛯ࡋ࡞࠸࠸࠺࣮ࣝࣝࢆᐃࡵ࡚࠸ࡿࠋࡇ࠺ࡋࡓ࣮ࣝࣝࡣࠊᖐᒓᡤᚓ⩏ࡢୗ࡛ࡣࠊ እ⛯᥍㝖ࢆ㠀ᒃఫ⪅ࡢ᪥ᮏᅜෆᜏஂⓗタࡶㄆࡵࡿ᪉ྥࠊኚࢃࡗ࡚࠸ࡃࡇࡀண ࡉࢀࡿࠋࡲࡓࠊ㈝⏝ࡢ㓄ศ࣭㓄㈿㛵ࡍࡿタィࡶၥ㢟࡞ࡿணࡉࢀࡿࡀࠊ୍㧗 ㄽᩥㆡࡿࠋ 24 ➨㸱❶ እᅜἲேㄢ⛯ಀࡿᖐᒓ⩏ࡢ᥇⏝ලయⓗㄽⅬࠥྛㄽ ୍㧗 㱟ྖ 㸯 ࡣࡌࡵ ⛯ไㄪᰝࡢᑓ㛛ᐙጤဨࡣࠊ2010 ᖺࡢ OECD ࣔࢹࣝ᮲⣙㸦௨ୗࠊࣔࢹࣝ᮲⣙ࡪ㸧 ࡢᨵᐃࡀࠊᅜෆἲࢆ⥲ྜ⩏ࡽᖐᒓ⩏ぢ┤ࡍዎᶵࢆ࠼࡚࠾ࡾࠊ㐺ṇ࡞ㄢ⛯ࢆ☜ ಖࡍࡿࡓࡵࡢᚲせ࡞ἲᩚഛేࡏ᳨࡚ウࡍࡁࡋ࡚࠸ࡿ1ࠋ⛒⛯᮲⣙ୖࡢᖐᒓ⩏ࡣࠊ ࡑࢀࡀᅜෆἲ࠾ࡅࡿࡼࡾࡶ㔜ㄢ⧅ࡀࡿࡼ࠺࡞ሙྜࢆᥐࡅࡤࠊᅜෆἲඃඛࡋ࡚ࡁࡓ ࡣࡎ࡛࠶ࡿࠋࡑ࠺࡛࠶ࢀࡤࠊࡇࡇ࡛ࡣࠊ1㸧㠀᮲⣙┦ᡭᅜᒃఫ⪅㸦ἲேࢆྵࡴ㸧ᑐࡍࡿ ㄢ⛯ไᗘࡢ㔜せ࡞ኚ᭦ࠊ2㸧᮲⣙┦ᡭᅜᒃఫ⪅ࡢㄢ⛯ࡢ⤌ࡳ㛵ࡍࡿ☜ᐇᛶࡸ㤳ᑿ ୍㈏ᛶࡢྥୖࡀᮇᚅࡉࢀ࡚࠸ࡿゎࡉࢀࡿࠋ ᮏ✏ࡣࠊࡇࡢࡼ࠺࡞๓ᥦࡢୗ࡛ࠊ௨ୗࠊ1㸧ࣔࢹࣝ᮲⣙ 2010 ᖺࡢᨵṇࡼࡾ☜❧ࡉࢀ ࡓ㠀ᒃఫ⪅ᑐࡍࡿ OECD ᢎㄆࣉ࣮ࣟࢳ㸦௨ୗࠊAOA ⛠ࡍࡿ㸧ࡢせⅬࢆ2ࠊ⡆༢࡞ ᇶ࡙ࡁ☜ㄆࡋࡓୖ࡛ࠊ2㸧እᅜἲேㄢ⛯ไᗘࡢ⌧≧⤒⦋ࢆᢕᥱࡋࡘࡘࠊ3㸧ᖐᒓ ⩏ࡢᅜෆἲࡢࡓࡵࡢไᗘࡢ⣲ࢆୗࠊἲே⛯ἲୖࡢㄽⅬⱝᖸࡢ᳨ウࢆຍ࠼ࡿࡶ ࡢ࡛࠶ࡿࠋࡲࡓࠊᮏ✏࡛ࡣ㔠⼥ᴗࡣ୍ᛂ᳨ウࡢᑐ㇟እࡏࡊࡿࢆᚓ࡞࠸ࡀࠊAOA ࡢ㐺⏝ ᇶᮏⓗ࡞㐪࠸ࡣ࡞࠸ࠋ 㸰 OECD ᢎㄆࣉ࣮ࣟࢳ 㸦㸯㸧AOA ᇶ࡙ࡃᚓࡢ⟬ᐃㄢ⛬ AOA ࠾࠸࡚ࡣࠊ⛣㌿౯᱁࢞ࢻࣛࣥ㸦௨ୗࠊTP ࢞ࢻࣛࣥ㸧ࢆ㢮᥎㐺⏝ࡋ࡚ࠊ (1) PE ࡢᶵ⬟࣭ᐇศᯒࢆ⾜࠸ࠊ(2) ㆑ูࡉࢀࡿෆ㒊ྲྀᘬಀࡿ⊂❧ᴗ㛫౯᱁ࢆỴᐃ ࡍࡿࠊ࠸࠺ẁ㝵ࢆ⤒࡚ࠊPE ᖐᒓࡍࡿᚓࡀỴᐃࡉࢀࡿ3ࠋ ᩜ⾝ࡍࡿࠊ➨(1)ẁ㝵ࡣࠊᴫࡡࠊ1㸧ᙜヱᴗ➨୕⪅㛫ࡢྲྀᘬࡽ⏕ࡌࡿᶒ⩏ົ ࡢᙜヱ PE ࡢ㐺ษ࡞ᖐᒓࠊ2㸧㈨⏘ࡢ⤒῭ⓗᡤ᭷ᶒࡢᖐᒓ㛵ಀࡍࡿ㔜せ࡞ேⓗᶵ⬟ 㸦significant people functions㸧ࡢ㆑ูࠊ㈨⏘ࡢ⤒῭ⓗᡤ᭷ᶒࡢ PE ࣊ࡢᖐᒓࠊ3㸧ࣜࢫࢡ ࡢᘬཷࡅ㛵ಀࡍࡿ㔜せ࡞ேⓗᶵ⬟ࡢ㆑ูࠊࣜࢫࢡࡢ PE ࡢᖐᒓࠊ4㸧PE ࡢࡢᶵ ⬟ࡢ㆑ูࠊ5㸧ෆ㒊ྲྀᘬࡢㄆ㆑ᛶ㉁Ỵᐃࠊࡑࡋ࡚ࠊ6㸧㈨ᮏࡢᖐᒓ㸦㈨⏘ࣜࢫࢡ ᇶ࡙ࡃ㸧ࠊࡽᡂࡿࠋ 1 ᨻᗓ⛯ไㄪᰝ࣭ᑓ㛛ᐙጤဨࠕᅜ㝿ㄢ⛯㛵ࡍࡿㄽⅬᩚ⌮ࠖ㸦ᖹᡂ 22 ᖺ 11 ᭶ 9 ᪥㸧11 㡫ࠋ AOA 㛵ࡋ࡚ࡣࠊ㟷ᒣࠕOECD ࠾ࡅࡿᜏஂⓗタ㸦PE㸧ࡢᖐᒓ┈ࡢ⟬ᐃ㛵ࡍࡿ㆟ㄽࠖ⛒⛯ ◊✲ 678 ྕ 101 㡫㸦2006㸧ࠊᚨỌᏊࠕᜏஂⓗタᖐᒓࡍࡿᚓ—2006 ᖺ OECD ሗ࿌᭩࠾ࡅࡿᨵゞ 㡯ࠖ⛒⛯◊✲ 691 ྕ 167 㡫㸦2007㸧ࠊすᮧ⪺ከࠕOECD ࡼࡿᜏஂⓗタ㸦PE㸧ࡢᖐᒓᚓ㛵ࡍࡿࣞ ࣏࣮ࢺࡢබ⾲ OECD ࣔࢹࣝ⛒⛯᮲⣙➨ 7 ᮲㸦ᴗᡤᚓ㸧㛵ࡍࡿࢥ࣓ࣥࢱ࣮ࣜࡢᨵṇࡘ࠸࡚ࠖ⛒⛯ ◊✲ 693 ྕ 113 㡫㸦2007㸧ࠊᐑᮏ༑⮳Ꮚࠕከᅜ⡠㖟⾜ᴗࡢᜏஂⓗタㄢ⛯ࠖ⛯ἲᏛ 560 ྕ 175 㡫㸦2008㸧ࠊ కᛅᙪࠕOECD ࣔࢹࣝ᮲⣙᪂ 7 ᮲እᅜ⛯㢠᥍㝖ࡢไᗘ࣭ᇳ⾜ࡢぢ┤ࡋࠖ⛯ࢪ࣮ࣕࢼࣝ 16 ྕ 163 㡫 㸦2011㸧ࠊᐑṊᩄኵࠕOECD ࣔࢹࣝ᮲⣙➨ 7 ᮲ࡢ 2010 ᖺᨵṇࠖ⛒⛯◊✲ 736 ྕ 246 㡫㸦2011㸧➼ࢆཧ↷ࠋ 3 OECD, 2010 Report on the Attribution of Profits to Permanent Establishments, Part I, para. 10, 22 July 2010. ௨ୗࠊࠕ2010 ᖺሗ࿌᭩ࠖ␎グࡍࡿࠋ 2 25 ᪉ࠊ➨(2)ẁ㝵࡛ࡣࠊ1㸧ෆ㒊ྲྀᘬ⊂❧ྲྀᘬࡢẚ㍑ྍ⬟ᛶࡢỴᐃࠊ2㸧ෆ㒊ྲྀᘬ ᭱㐺࡞᪉ἲࢆ㐺⏝ࡋࡓ⊂❧ᴗ㛫ࡢሗ㓘ࡢ⟬ᐃࠊ࠸࠺㐣⛬ࢆ⤒࡚౯᱁ࡅࢆ⾜࠺4ࠋ ࡇࡢࡼ࠺ࠊAOA ࠾ࡅࡿ㘽ᴫᛕࡣࠊࣜࢫࢡ㈨⏘ಀࡿࠕ㔜せ࡞ேⓗᶵ⬟࡛ࠖ࠶ ࡿࠋࡇࢀࡀ⤒῭ⓗᡤ᭷ᶒࠊࣜࢫࢡࡑࡋ࡚↓ൾ㈨ᮏࡢᖐᒓඛࢆỴࡵࠊᡤᚓࡢᖐᒓ ᐃ ࢆᕥྑࡍࡿࡽ࡛࠶ࡿࠋࡇࡇ࡛㔜せ࡞ேⓗᶵ⬟ࡣࠊࣜࢫࢡࡘ࠸࡚ࡣࠊࡑࡢᘬཷࡅ ཪࡣ⟶⌮㛵ࡍࡿ⬟ືⓗ࡞ពᛮỴᐃࢆせࡍࡿᶵ⬟ࡔࡉࢀࠊࡑࡢ⠊ᅖࡣᙜヱࣜࢫࢡࡢ ᛶ㉁౫Ꮡࡍࡿ㸦2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 22㸧ࠋ᪉ࠊ㈨⏘ࡢ⤒῭ⓗᡤ᭷ᶒࡢᩥ⬦ ࡛ࡣࠊࡑࡢ୍⯡ⓗᐃ⩏ࡣᚲࡎࡋࡶ᫂☜࡛ࡣ࡞ࡃࠊ㈨⏘ࡢ✀㢮ᛂࡌ࡚ㄝࡀ࠶ࡾࠊࣜ ࢫࢡಀࡿ㔜せ࡞ேⓗᶵ⬟㔜࡞ࡿ㒊ศࡶ࠶ࡿࠋ௨ୗࠊⱝᖸࡢ⡆༢࡞ᇶ࡙ࡁ AOA ࡢせㄳࢆࡼࡾ⣽ࡃ☜ㄆࡍࡿࠋ 㸦㸰㸧ලయᇶ࡙ࡃ᳨ウ AOA ࡢ㐺⏝⠊ᅖ㸦᭷ᙧ㈨⏘ࡢෆ㒊ྲྀᘬࡢ㸧 Ჴ༺㈨⏘㛵ࡋࠊ༢⣧ධ㠀ㄢ⛯ཎ๎ࡣᗫṆࡉࢀࡓࠋ⿵ຓⓗ࣭‽ഛⓗάື࡛࠶ࡗ ࡚ᜏஂⓗタ㸦PE㸧ᙜࡓࡽ࡞࠸ࡉࢀࡿάືࡢ࠺ࡕࠊධࡢࡳࡢ≉ูᢅ࠸⌮⏤ ࡀ࡞࠸ぢࡽࢀ࡚࠸ࡿ5ࠋ ࡢ᭷ᙧ㈨⏘㛵ࡋ࡚ࡣࠊ⏝ࡢሙᡤࡼࡿᖐᒓࡢุᐃࡀࠊᴫࡡࠊ㔜せ࡞ேⓗᶵ ⬟ᇶ࡙ࡃ⤒῭ⓗᡤ᭷ᶒࡢᖐᒓྜ⮴ࡍࡿゎࡉࢀ࡚࠸ࡿ6ࠋ᪉࡛ࠊࡇࢀࡀ୍⮴ࡏ ࡎࠊAOA ࡢୗ࡛ෆ㒊ྲྀᘬࡀㄆ㆑ࡉࢀࢀࡤࠊPE ࡢᡤᚓࡢィ⟬ୖࠊෆ㒊㈤ᩱࡢ᥍㝖ࡀồ ࡵࡽࢀࡿࠋAOA ࡣࠊPE ᖐᒓࡍࡿᴗࡢᚓࡢィ⟬ࠊࡑࢀࡢㄢ⛯ಀࡿ㔜ㄢ ⛯ࡸ↓ᕪูࡢၥ㢟ࡢࡳ㛵ಀࡍࡿ7ࡽࠊ࠼ࡤᘓ≀ࡢෆ㒊㈤㈚ࡀㄆ㆑ࡉࢀࡿሙྜࠊ ࣔࢹࣝ᮲⣙ 6 ᮲㸦ື⏘ᡤᚓ㸧ࡀ㐺⏝ࡉࢀ࡚ࠊPE ᡤᅾᆅᅜ࡛᪂ࡓ࡞ື⏘ᡤᚓㄢ⛯ ࡀ⾜ࢃࢀࡿࢃࡅ࡛ࡣ࡞࠸ࠋ௨ୗࡇࡢࢆᇶࠊAOA ࡢ㐺⏝⠊ᅖࡘ࠸࡚ⱝᖸᣦࡍࡿࠋ 㸺ᅗ⾲ 1 ᘓ≀ࡢෆ㒊㈤㈚㸼 ෆ㒊㈤ᩱ Y ᅜᨭ X ᅜᮏ PE ᚓࡢィ⟬ୖ᥍㝖 ㄢ⛯㸽 4 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 44ࠋ See OECD, Report on the Attribution of Profits to Permanent Establishments, Part I, F-G, July 2008. ௨ୗࠊ ࠕ2008 ᖺሗ࿌᭩ࠖࡪࠋ࡞࠾ 2008 ᖺሗ࿌᭩ࡣࠊᅜ⛯ᗇࡢ⩻ヂ㸦♫ᅋἲே᪥ᮏ⛒⛯◊✲༠㈐௵⦅⧩㸧 ࡛࠶ࡿࠗᜏஂⓗタࡢᚓᖐᒓ㛵ࡍࡿሗ࿌᭩࠘㸦᪥ᮏ⛒⛯◊✲༠࣭2010㸧ࢆཧ⪃ࡋࡓࠋ 6 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 75ࠋ 7 ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 28 ཧ↷ࠋྠࢥ࣓ࣥࢱ࣮ࣜࡢ㑥ヂࡣࠊᕝ➃ᗣஅ┘ヂࠗOECD ࣔࢹࣝ ⛒⛯᮲⣙ 2010 ᖺ∧㸦ᡤᚓ㈈⏘ᑐࡍࡿࣔࢹࣝ⛒⛯᮲⣙㸧⡆␎∧࠘㸦2011࣭᪥ᮏ⛒⛯◊✲༠㸧ࢆཧ↷ ࡋࡓ㸧ࠋ 5 26 ➨୍ࡣࠊෆ㒊ྲྀᘬࡀ↓どࡉࢀࡿሙྜࡼࡾ PE ᖐᒓࡢᴗᡤᚓࡀෆ㒊㈤ᩱศࡔࡅῶᑡ ࡋࠊࡇࢀࡀᮏᨭᗑ㛫ࡢᖒ⡙࠾ࡾ࡛࠶ࢀࡤࠊX ᅜ࡛㔜ㄢ⛯ᩆ῭㸦ᅜእᡤᚓච㝖ཪࡣ እᅜ⛯㢠᥍㝖㸦FTC㸧㸧ࡢᑐ㇟ࡍࡁᅜእᡤᚓཪࡣእᅜ⛯㢠ࡀῶᑡࡋ࡚࠾ࡾࠊࡇࢀ ᛂࡌ࡚ࠊX ᅜഃ࡛ㄢ⛯ࡉࢀࡿᡤᚓཪࡣ⣡ࡍࡁ⛯㢠ࡀቑຍࡍࡿࠋࡼ࠺ࠊAOA ࡣ PE ࡢᴗᡤᚓࡢィ⟬㝈ᐃࡉࢀ࡞࠸ᙳ㡪ࢆ᭷ࡍࡿࡇ࡞ࡿࡣࡎ࡛࠶ࡿ㹿 ᪉ࠊ➨ࠊࡶࡋ Y ᅜࡀࡇࡢᖒ⡙ୖࡢෆ㒊㈤ᩱࡣ⊂❧ᴗ㛫౯᱁ࢆ㉸㐣ࡍࡿ ࡋ࡚ PE ࡢ⛯㢠ࢆቑ㢠᭦ṇࡍࡿࡀࠊX ᅜࡀࡇࢀᛂࡌ࡚ᮏᗑഃ࡛ῶ㢠᭦ṇࢆࡋ࡞ࡅࢀ ࡤࠊ㔜ㄢ⛯ࡀṧࡿ㸦㏫ࡶྠࡌ㸧㹿ࣔࢹࣝ᮲⣙ࡣࠊPE ᡤᅾᆅᅜࡢฎศࡀྠ᮲ 2 㡯ྜ ⮴ࡋ࡚࠸ࡿ㝈ࡾࠊX ᅜᑐᛂⓗㄪᩚࢆ⾜࠺ࡇࢆせồࡍࡿ㸦7 ᮲ 3 㡯㸧ࡀ㸦㏫ࡶྠࡌ㸧ࠊ 2 㡯ࡢ㐺ྜᛶࡢุ᩿୧⥾⣙ᅜ୍࡛⮴ࡀ࠶ࢀࡤࠊ┦༠㆟౫ᣐࡍࡿࡇ࡞ࡿ8ࠋ ࡶࡗࡶࠊ➨୕ࠊAOA ࡣࠊY ᅜ X ᅜࡀࠊࡑࡢᅜෆἲୖࡿෆ㒊㈤ᩱࡢᨭᡶ ࠸ࢆ⌧ᐇࡢᨭᡶ࠸ྠᵝᢅ࠸ࠊྜពࡼࡾ⛒⛯᮲⣙ୖࡶࡑࡢࡼ࠺ᢅ࠺ࡇࢆ⚗ Ṇࡋ࡚࠸ࡿࢃࡅ࡛ࡣ࡞࠸ࠋࡲࡓ㏫ࠊෆ㒊ྲྀᘬࡢㄆ㆑ࢆ୍ษྰᐃࡍࡿ᮲⣙ࢆᮃࡴᅜ ࡶ࠶ࡿࡶࡋࢀ࡞࠸㸦ࡑࡢሙྜࡣ㈝⏝㓄㈿ࡀ㔜せ࡞ࡿ㸧ࡇࡶᐃࡋ࡚࠸ࡿ9ࠋ ➨ᅄࠊAOA ࡣࠊㄢ⛯ᶆ‽ࡢලయⓗ࡞ィ⟬ᵓ㐀ࢆᅜෆἲጤࡡ࡚࠸ࡿ10ࠋࡼࡗ࡚ࠊ PE ࡢㄢ⛯ᶆ‽ࢆᕥྑࡍࡿ㈝⏝➼ࡢ࣮ࣝࣝࡣࠊࣔࢹࣝ᮲⣙ 7 ᮲ࠊ23 ᮲ A/Bࠊ24 ᮲➼ࡢ せㄳࡋ࡞࠸⠊ᅖ࡛ࠊᅜෆἲ࡛つᐃࡉࢀࡿࡁࡇ࡞ࡿࠋࡲࡓࠊ࠼ࡤࠊᅜෆἲ ୖࡢᦆኻྲྀᘬ➼ಀࡿ℃⏝㜵Ṇつᐃࡢෆ㒊ྲྀᘬࡢ㐺⏝ࢆ㝖ࡍࡿࡶࡢ࡛ࡶ࡞࠸11ࠋ ࡛ࡣࠊཎ๎ᡠࡾࠊ⏝ࡀ⤒῭ⓗᡤ᭷ᶒࡢᖐᒓࢆỴࡵࠊ࠼ࡤῶ౯ൾ༷㈨⏘ࡢෆ 㒊ㆡΏࡀㄆ㆑ࡉࢀࡿሙྜࡣ࠺ࠋ 㸺ᅗ⾲ 2 ῶ౯ൾ༷㈨⏘ࡢෆ㒊ㆡΏ㸼 ෆ㒊ᑐ౯㸽 Y ᅜᨭ X ᅜᮏ ῶ౯ൾ༷㈝ ㆡΏ┈ㄢ⛯㸽 ῶ౯ൾ༷㈝㸽 AOA ࡢୗ࡛ࡣࠊY ᅜ PE ࡣᅜෆἲ௧ᚑ࠸බṇᕷሙ౯㢠ᇶ࡙ࡁῶ౯ൾ༷ࢆ㛤ጞ ࡍࡿ12ࠋAOA ࡣࠊX ᅜࡶࡇࢀࢆㄆࡵࡿࡇࢆせㄳࡍࡿ㸦ࣔࢹࣝ᮲⣙ 7 ᮲ 3 㡯㸧ࡀࠊX 8 ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 50-60 ཧ↷ࠋ ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 29 ཧ↷ࠋࡑࡇ࡛ࡣࠊᚑ๓ࡽ࠼ࡤ㖟⾜ࡢᮏᨭᗑ㛫ࡢᏊࡢᨭᡶ ࠸ࡘ࠸࡚ࡣࠊูἲே㛫ࡢᏊࡢᨭᡶ࠸ྠᵝ᮲⣙ୖᢅࢃࢀ࡚ࡁࡓࡇࡀ♧၀ࡉࢀ࡚࠸ࡿࠋ 10 ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 30 ཧ↷ࠋ 11 Ḟᦆ㔠ࡸ⛯㢠᥍㝖ࡢ℃⏝ࢆ㜵Ṇࡍࡿᅜෆ❧ἲࡢ㐺⏝ࡣ⚗ࡌࡽࢀ࡚࠾ࡽࡎࠊ㛵㐃ᴗ㛫ྲྀᘬ࡛ᅜෆἲୖ ㄆ㆑ࡉࢀ࡞࠸ᦆኻࢆෆ㒊ྲྀᘬ࡛ࡣㄆ㆑ࡍࡿࡼ࠺ᙉ࠸ࡿࡶࡢ࡛ࡶ࡞࠸ࠋ2010 ᖺሗ࿌᭩࣭Part Iࠊࣃࣛ 9 ཧ↷ࠋ 12 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 194-196ࠋྠሗ࿌᭩ࡣࠊࡇࡇ࡛ᙜヱෆ㒊ྲྀᘬࡢ᪉ᙜ⪅ㆡΏᦆ┈ࡀ 9 27 ᅜᮏᗑഃࡢྲྀᢅ࠸ࡣゝཬࡋ࡞࠸ࠋ↓ㄽࠊࡇࡇ࡛ X ᅜᮏᗑࡀῶ౯ൾ༷㈝ࡢィୖࢆ⥆ ࡅࡿࡇࡣྜ⌮࡛࠶ࡿ㸦ࢲࣈ࣭ࣝࢹࢵࣉ㸧ࠋㆡΏ┈┦ᙜࡢㄢ⛯ࡢྲྀࡾᡠࡋࢆ X ᅜ ࡀᛰࡿࡔࡅ࡛ࠊㄢ⛯ࡢ✵ⓑ㸦ࡇࡇ࡛ࡣ᥍㝖ࡢ㔜」㸧ࡀ⏕ࡌࡿࠋ ࡞࠾ࠊPE ࡢ⤊㸦ᅜእ㏥ฟ➼㸧ࡢᢅ࠸ࡣྛᅜ࡛༊ࠎ࡛࠶ࡾࠊᚋࡢㄢ㢟ࡉࢀ ࡚࠸ࡿ13ࠋ AOA ࡢẁ㝵ࢫࢸࢵࣉ㸦↓ᙧ㈨⏘ࡢෆ㒊ྲྀᘬࡢ㸧 ↓ᙧ㈨⏘ࡘ࠸࡚ࡣࠊᚑ᮶ࢥ࣓ࣥࢱ࣮࡛ࣜࡣࠊ 㸦ᪧ㸧TP ࢞ࢻࣛࣥࡢ㐺⏝ࡢྰᐃ ࢆᬯ♧ࡋࠊ↓ᙧࡢᶒ㛵ࡋ࡚ࡣࠊྲྀᚓ➼ಀࡿ㈝⏝ࢆࠊ࣐࣮ࢡࢵࣉ࡞ࡋ࡛ࠊ ⏝ᛂࡌ࡚㓄ศࡍࡿࡇࢆಁࡋ࡚࠸ࡓ14ࠋ௨ୗࠊෆ㒊↓ᙧ㈨⏘ྲྀᘬࢆᇶࠊAOA ࡢ ➨(1)࣭➨(2)ࢫࢸࢵࣉࡘ࠸࡚☜ㄆࡍࡿࠋ AOA ࡢୗ࡛ࡣࠊࡲࡎࠊ⮬♫㛤ⓎࡢႠᴗ↓ᙧ㈨⏘㸦trade intangibles㸧ಀࡿ㔜せ࡞ ேⓗᶵ⬟ࡣࠊ㛤Ⓨᶵ⬟ࡢ㐙⾜ࡑࢀ⮬య࡛ࡣ࡞ࡃࠊ↓ᙧ㈨⏘ࡢ㛤Ⓨ㛵㐃ࡍࡿಶูࣜ ࢫࢡࣜࢫࢡ࣏࣮ࢺࣇ࢛ࣜ࢜ࡢᘬཷࡅ⟶⌮㛵ࡍࡿ⬟ືⓗ࡞ពᛮỴᐃࢆせࡍࡿᶵ ⬟࡛࠶ࡿ15ࠋ࠼ࡤࠊ◊✲ࡢᐇ㝿ࡋ࡞ࡉࢀࡿࡁ᳨ᰝᵝཬࡧᕤ⛬ࡢ⟇ᐃࠊ᳨ᰝ ࡼࡗ࡚ᚓࡽࢀࡓࢹ࣮ࢱࡢ᳨ウཬࡧホ౯ࠊពᛮỴᐃࢆ⾜࠺ẁ㝵ࡢタᐃࠊ୪ࡧᙜヱ ࣉࣟࢪ࢙ࢡࢺ㏣ຍ㈨※ࢆࡾᙜ࡚ࡿཪࡣ୰Ṇࡍࡿࡘ࠸࡚ࡢᐇ㝿ࡢỴᐃ࡞ ࡀྵࡲࢀࡿ16ࠋ㛤Ⓨಀࡿ࡞ࣜࢫࢡࡣ㛤Ⓨࡢኻᩋక࠺㈈ົୖࡢᦆኻ࡛࠶ࡾࠊࡇࢀ ࢆᨭ࠼ࡿ㈨ᮏࢆせࡍࡿࡇ࡞ࡿ17ࠋ↓ᙧ㈨⏘ࡢ⏝⪅ࡀ⤒῭ⓗᡤ᭷⪅࡛࠶ࡿࡣ㝈 ࡽ࡞࠸18ࠋ ௨ୖࡣࠊእ㒊ࡽྲྀᚓࡋࡓႠᴗ↓ᙧ㈨⏘ࡘ࠸࡚ࡶྠᵝ࡛࠶ࡾࠊࣜࢫࢡࡢᘬཷࡅ ⟶⌮㛵ࡍࡿ⬟ືⓗ࡞ពᛮỴᐃ㛵ࡍࡿ㔜せ࡞ேⓗᶵ⬟㸦࠼ࡤࠊྲྀᚓࡉࢀࡓ↓ ᙧ㈨⏘ࡢホ౯ࠊᚲせ࡞ᚋⓗ㛤Ⓨάືࡢ㐙⾜ࠊᙜヱ↓ᙧ㈨⏘ࡢ㓄⨨㛵ಀࡍࡿࣜࢫ ࢡࡢホ౯⟶⌮㸧ࡀ㐙⾜ࡉࢀࡓሙᡤࡀ㔜せ࡞ࡿ19ࠋ ࣐࣮ࢣࢸࣥࢢ↓ᙧ㈨⏘㛵ࡋ࡚ࡶࠊ⤒῭ⓗᡤ᭷ᶒࢆỴᐃࡍࡿ㔜せ࡞ேⓗᶵ⬟ࡣࠊ ᙜヱ࣐࣮ࢣࢸࣥࢢ↓ᙧ㈨⏘㸦ၟྕࠊၟᶆࠊࣈࣛࣥࢻ➼㸧ࡢࣜࢫࢡࡢᙜึࡢᘬཷࡅ ᚋࡢ⟶⌮㛵ࢃࡿᶵ⬟࡞ࡿࠋ࠼ࡤࠊࣈࣛࣥࢻᡓ␎ࡢタᐃཬࡧ⟶⌮ࠊၟᶆཬ ㄆ㆑ࡉࢀࡿ࠺ࡘ࠸࡚ゝཬࡍࡿࡇࢁࡀ࡞࠸ࠋPE ⮬యࡢᚓ㛵ಀ࡞࠸ࡢ࡛ࠊㄆ㆑ࡣせㄳࡉࢀ࡞ ࠸ࡀࠊᅜෆἲୖࡿㄆ㆑ࢆ⾜࠺ࡇࢆ⚗ࡎࡶࡢ࡛ࡶ࡞࠸⪃࠼ࡽࢀࡿࠋࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜ ࣃࣛ 28ࠊ29ࠊྠ 13 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 10 ཧ↷ࠋ 13 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 222-223ࠋ⡿ᅜ࡛ࡣࠊ⡿ᅜෆ࡛ࡢႠᴗཪࡣᴗ࡛⏝ࡉࢀ࡚࠸ࡓ㈈⏘ࡢ ⏝Ṇ㸦ᅜእ㏥ฟ➼㸧ࡀ࠶ࡗࡓሙྜ࡛ࡶࠊṆᚋ 10 ᖺ௨ෆฎศࡉࢀࡓሙྜࡣࠊࡑࡢㆡΏ┈ࡢ㢠ࢆᐇ ㉁㛵㐃ᡤᚓࡋ࡚ㄢ⛯ࡍࡿ࣮ࣝࣝࢆ 1986 ᖺࡢᨵṇ㸦IRCi864(C)(7)㸧࡛ᑟධ῭ࡳ࡛࠶ࡿࠋLawrence Lokken, Income Effectively Connected with U.S. Trade of Business: A Survey and Appraisal, 86 Taxes 57, 67 㸦2008). 14 2008 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 107-108ࠋᐇ㉁㛵㐃ᡤᚓ⩏ࡘ࠸࡚ࡣࠊᮏሗ࿌᭩࣭ὸጔㄽᩥཧ↷ࠋ 15 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 85-87ࠋ 16 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 88ࠋ 17 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 89ࠋ 18 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 90ࠋ 19 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 92-95ࠋ 28 ࡧၟྕࡢಖㆤࠊ୪ࡧᙜヱ↓ᙧ㈨⏘ࡢ⥔ᣢ㛵ࡍࡿᶵ⬟ࡀྵࡲࢀࡿ20ࠋ ➨(2)ࡢẁ㝵ࡘ࠸࡚ࡣࠊᇶᮏⓗ TP ࢞ࢻࣛࣥ➨ 6 ❶ࡢᣦ㔪ᚑ࠺㹿↓ᙧ㈨⏘ ࡢ㛤Ⓨಀࡿᙺົࡘ࠸࡚ࡣࠊྠ➨ 7 ❶ࡀ㛵ಀࡍࡿ㹿ࡲࡓࠊPE ྠ୍ἲேࡢࡢሙᡤ ࡀඹྠ࡛㛤Ⓨࡋࡓ↓ᙧ㈨⏘ࡘ࠸࡚ࡣࠊ㈝⏝ศᢸྲྀᴟᑐࡍࡿᣦ㔪㸦ྠ 8 ❶㸧 ౫ᣐࡍࡁࡉࢀࡿࠋ ⊂❧ᴗ㛫࠾࠸࡚↓ᙧ㈨⏘ࡢᡤ᭷⪅ሗ㓘ࢆ࠼ࡿ᪉ἲࡣ᫂♧ⓗ࡞⏝ᩱࡢᨭ ᡶ࠸㝈ᐃࡉࢀࡎࠊ 㸦ṧవ㸧┈ศࡼࡿࡇࡶ࠶ࡾࠊPE ࡘ࠸࡚ࡶྠᵝ㐺ษ ሗ㓘ࡀ࠼ࡽࢀ࡚࠸ࡿ㝈ࡾࠊู㏵ෆ㒊⏝ᩱࢆㄆ㆑ࡍࡿᚲせࡣ࡞࠸21ࠋ↓ᙧ㈨⏘ࡣ」 ᩘࡢሙᡤ㸦PE ࢆྵࡴ㸧࡛ྠ⏝ࡉࢀࡿࡇࡶ࠶ࡾ࠺ࡿࡇࢁࠊࡑࡢࡼ࠺࡞ሙྜ ࡣࠊࡑࡢ⏝ࡢᶒࡢㆡΏࢆㄆ㆑ࡍࡁሙྜࡶ࠶ࢀࡤࠊ⏝チㅙࢆㄆ㆑ࡍࡁሙྜ ࡶ࠶ࡿ22ࠋ ࡞࠾ࠊ↓ᙧ㈨⏘ࡢ㐀ࠊ㛤Ⓨཪࡣ⥔ᣢ㛵ࡍࡿ㈝⏝ࡢㄆ㆑ၥ㢟ࡶ࠶ࡿࡀࠊ2010 ᖺ ሗ࿌᭩㋃ࡳ㎸ࢇࡔ⪃ᐹࡣぢࡽࢀ࡞࠸23㹿 ࢘ ⿵ຓⓗάືࡢᢅ࠸㸦ෆ㒊ᙺົᥦ౪ྲྀᘬ㸧 ୖ㏙ࡢ༢⣧ධ㠀ㄢ⛯ཎ๎ࡢᗫṆ㛵ࡍࡿ 2008 ᖺሗ࿌᭩ࡢゝཬࡽࡍࡿࠊPE ㄆ ᐃࡢእ⨨ࢀ࡚ࡁࡓ⿵ຓⓗ‽ഛⓗ࡞άືࡶࠊAOA ࡢୗ࡛ࡣᙺົᥦ౪ྲྀᘬ➼ࡋ࡚ ㄆ㆑ࡉࢀ࠺ࡿࡇࡀ๓ᥦゎࡉࢀࡿࠋ 2010 ᖺሗ࿌᭩ࡼࢀࡤࠊᙺົᥦ౪ྲྀᘬࡣᇶᮏⓗ TP ࢞ࢻࣛࣥ➨ 7 ❶ࡢᣦ㔪 ᚑ࠺ࠋ⊂❧౯᱁ẚ‽ἲࡸཎ౯ຍ⟬ἲ➼ࡀ୍⯡᭷⏝࡛࠶ࡿሙྜࡀᑡ࡞ࡃ࡞࠸ࡀࠊቑ ຍ⛯ᇳ⾜ࢥࢫࢺࡢẚ㍑ࡽࠊ㈝⏝㓄ศࡢࡳࢆㄢ⛯ᙜᒁࡀồࡵࡿᐇົࡶ┳㐣ࡉࢀ ࡿࡁ࡛ࡣ࡞࠸24ࡉࢀࡿࠋ ࢚ ෆ㒊ྲྀᘬぶᏊ㛫ྲྀᘬࡢ┦㐪Ⅼ㸦ෆ㒊㈈ົྲྀᘬ➼㸧 100%ࡢぶᏊ♫㛫࡛ࡣࠊぶ♫ࡢ㧗࠸ಙ⏝ຊࡀᏊ♫ࡢമົಀࡿ㯲♧ⓗ࡞ಖド ࡞ࡾࠊࡑࢀࡔࡅᏊ♫ࡢಙ⏝ຊࢆ㧗ࡵࡿࡶࡢࡢࠊู㏵᫂♧ⓗ࡞ぶ♫ࡼࡿಖド ᙺົ㛵ࡋᙜヱᏊ♫ࡀᑐ౯ࢆᨭᡶ࠺ࡇࡶࠊᙜヱᏊ♫ࡢಙ⏝ຊࢆ㏣ຍⓗቑຍ ࡍࡿ㝈ࡾ࡛ṇᙜࡉࢀ࠺ࡿ25ࠋ 20 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 97ࠋ 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 204ࠊ206ࠋ 22 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 207-210ࠋ 23 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 202ࠋ 24 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 216-220 ཧ↷ࠋTP ࢞ࢻࣛࣥ 7.37 ࡶཧ↷ࠋྠ࢞ࢻࣛࣥࡢ 7 ❶࡛ࡣࠊ 1㸧ࢢ࣮ࣝࣉෆᙺົࡢᥦ౪ࡢ᭷↓㸦ㄆ㆑ၥ㢟㸧ࠊ2㸧ᑐ౯ࡢỴᐃࠊࡢၥ㢟ࢆᢅ࠺㹿ㄆ㆑ၥ㢟ࡘ࠸࡚ࡣࠊᙜ ヱάືࡀࠊ⊂❧ᴗࡼࡗ࡚⾜ࢃࢀࡿሙྜẚ㍑ྍ⬟࡞≧ἣ࠶ࡿ⊂❧ᴗࡀࡑࡢάືᑐࡋ࡚㐍ࢇ࡛ ᑐ౯ࢆᨭᡶ࠺ࠊཪࡣ⮬ศ⮬㌟ࡢࡓࡵ⮬ࡽࡑࡢάືࢆ⾜࠺ࠊࡀ᳨ウࡉࢀࡿ㸦TP ࢞ࢻ࣭ࣛࣥࣃࣛ 7.6㸧ࠋᰴάືࡣࡇࡢព࡛㏻ᖖㄆ㆑ࡉࢀ࡞࠸㸦ྠ࣭ࣃࣛ 7.9㸧ࠋ࠼ࡤࠊࣜࢫࢡࡢప࠸ཷク〇㐀ࡣᙺົ ྵࡲࢀࠊཎ౯ᇶ‽ἲࡀ㐺ษ࡞ࡾ࠺ࡿ㸦ྠ࣭ࣃࣛ 7.40㸧ࠋཷク◊✲ࡘ࠸࡚ࡶࠊࡑࢀࡀཷク♫ࡢ⇍⦎ ࡋࡓேᮦࢆせࡍࡿάື࡛࠶ࡿࡋ࡚ࡶࠊ㈈ົୖࡢࣜࢫࢡࡽ㝸㞳ࡉࢀࠊࡘࠊ◊✲ࡽὴ⏕ࡍࡿ↓ᙧ㈨ ⏘ࡶጤクඖࡢ♫ᖐᒓࡍࡿ㸦ࡑࡢ⏝ಀࡿࣜࢫࢡࢆཷク♫ࡣ㈇ᢸࡋ࡞࠸㸧ࡼ࠺࡞ሙྜࡣࠊཎ౯ᇶ ‽ἲࡀ㐺ษ࡞ࡾ࠺ࡿ㸦ྠ࣭ࣃࣛ 7.41㸧ࠋ 25 TP ࢞ࢻࣛࣥ 7.13 ཧ↷ࠋぶ♫ࡼࡿᏊ♫ࡢ᫂♧ⓗ࡞ಖドᙺົࠊᏊ♫ࡢಖドᩱᨭᡶ࠸ࡣ↓ ព࡛࠶ࡾࠊᙜヱᨭᡶ࠸ࡢ㢠ࢆᦆ㔠⟬ධࢆྰㄆࡍࡁࡋࡓ࢝ࢼࢲࡢᙜᒁࡢฎศࡣ࢝ࢼࢲ㐃㑥᥍ッ 21 29 ࡋࡋࠊAOA ࡢୗ࡛ࡣࠊPE ࡣᙜヱἲேࡢࡢ㒊ศྠ୍ࡢಙ⏝ຊࢆ᭷ࡍࡿࡇ ࡞ࡾࠊᚑࡗ࡚ࠊෆ㒊ⓗ࡞ಖドᙺົࡣㄆ㆑ࡉࢀ࡞࠸26ࠋࡢࡳ࡞ࡽࡎࠊಙ⏝ຊᙳ㡪ࡍࡿ ࡢせ⣲ࠊ࠼ࡤࠊホุࠊ┈ᛶࠊ⤒Ⴀ⟶⌮ࡢ㉁ࠊࣜࢫࢡศᩓ࠸ࡗࡓせᅉࡶࠊ ᴗࡢ୍⟠ᡤᒓࡍࡁࡶࡢࡣ⪃࠼ࡽࢀ࡚࠸࡞࠸27ࠋ 2008 ᖺᨵᐃ๓ࡢࣔࢹࣝ᮲⣙ࢥ࣓ࣥࢱ࣮ࣜࡣࠊෆ㒊Ꮚ᥍㝖ࢆྰᐃࡋ࡚࠸ࡓࠋἲⓗ ࡶ PE ࡣ⩏ົࡢయࡣ࡞ࡾ࠼ࡎࠊ⤒῭ⓗࡶࠊ㈇മࢮࣟࡢἲேࡢෆ㒊࡛ᨭᡶ⩏ົ ࡢ࡞࠸Ꮚ᥍㝖ࢆㄆࡵࡿࡢࡣṍࡳ℃⏝ࢆࡶࡓࡽࡍࡇࡀᠱᛕࡉࢀࡓࡽ࡛࠶ࡿ28ࠋ ࡇࢀᑐࡋ AOA ࡣࠊෆ㒊ྲྀᘬࡢ࠺ࡕෆ㒊㈈ົྲྀᘬ㸦treasury dealings㸧ࢆㄆ㆑ࡍࡿ㹿 㸺ᅗ⾲ 3 ෆ㒊㈈ົྲྀᘬ㸼 㸦㈝⏝㓄㈿ 60㸧or, 㸦ෆ㒊Ꮚ 110㸧 እ㒊Ꮚ 100 Y ᅜᨭᗑ X ᅜᮏᗑ X ᅜ㈚ 㔜せ࡞ேⓗᶵ⬟࠶ࡾЍ10 ࡢ࠺ࡕಙ⏝ຊᕪ␗ࢆ㝖ࡃ㒊ศㄆ㆑ 㔜せ࡞ேⓗᶵ⬟࡞ࡋЍ60 ࡢ㈝⏝㓄㈿ࡢ㐺ṇᛶࡢၥ㢟㸦ᅜෆἲ㸧 ࡍ࡞ࢃࡕࠊᙜヱᴗࡢ㔠㖹㔠⼥㈨⏘ಀࡿ⤒῭ⓗᡤ᭷ᶒࡢỴᐃ㛵ಀࡍࡿ㔜せ ࡞ேⓗᶵ⬟ࡢ㐙⾜ࡢࡳࠊሗ㓘ࢆ࠼ࡿࠋࡿ㔜せ࡞ேⓗᶵ⬟ࢆḞࡃሙྜࡣࠊᙜ ヱᴗࡢᐇ㝿ࡢእ㒊ࡢᡶ࠸ࡀᙜヱᴗࡢෆ㒊ࡢྛሙᡤ㓄ศࡉࢀࡿ㐣ࡂ࡞ ࠸㹿ᚑࡗ࡚ࠊ௬እ㒊ࡽࡢമົࡀࢮࣟࡢᴗ࡛࠶ࢀࡤࠊࡇࡢព࡛㔜せ࡞ேⓗᶵ⬟ ࡀ⏕ࡌࡿࡇࡣ࡞࠸࡛࠶ࢁ࠺29ࠋ 㐺ṇሗ㓘ࡢỴᐃ㸦➨ẁ㝵ࡢၥ㢟㸧㝿ࡋ࡚ࡣࠊẚ㍑ྍ⬟࡞⊂❧ࡢ➨୕⪅ࡀࡍ ࡿᖜࢆཧ↷ࡍࡿࡇࡀ࡛ࡁࡿࡀࠊAOA ࡣྠ୍ἲேෆ࡛ࡢྠ୍ࡢಙ⏝ຊࢆ๓ᥦࡍ ࡿࡽࠊಙ⏝ຊࡢ᱁ᕪࢆᫎࡍࡿ㒊ศࡣ㝖እࡉࢀࡡࡤ࡞ࡽࡎࠊࡇࢀ௨እࡢ⌧ᐇࡢ㈈ ົᶵ⬟ࡢᥦ౪㛵ࡍࡿ᫂☜࡞ドᣐࡀ࠶ࡿሙྜ㝈ࡾࠊᖜࡢຍࡀ㐺ษ࡞ࡿࠋ ࡿ⌮ゎࡢୗ࡛ࡣࠊ࠼ࡤ⼥㈨ࡢᑟ⟶ࡋ࡚ࡢࡳᶵ⬟ࡍࡿ PE ࡣࠊ㔠㖹ཪࡣ㔠⼥㈨⏘ 㛵ࡍࡿ⤒῭ⓗᡤ᭷⪅ࡶ࡞ࡾᚓࡎࠊ༢࡞ࡿᙺົᥦ౪⪅ࡋ࡚ࠊᛂࡌࠊ㈇ᢸ ࡋࡓ㈝⏝ࡢൾ㑏ཪࡣཎ౯ຍ⟬ἲ࡛ࡢൾ㑏㸦ࡇࢀࡽࡢ㈝⏝࣭ཎ౯ࡣᏊࢆྵࡲ࡞࠸㸧 ࢆཷࡅࡿࡢࡀ㐺ษ࡞ࢁ࠺30ࠋ ุᡤࡼࡗ࡚ྲྀࡾᾘࡉࢀ࡚࠸ࡿࠋࡇࡢุ㛵ࡍࡿㄽㄝࡢ⩻ヂࡋ࡚ࠊThomas Horst㸦୍㧗㱟ྖヂ㸧ࠕᏊ ♫ಀࡿㄢ⛯ୖ᥍㝖ྍ⬟࡞㈇മ㛵㐃㈝⏝ࡢ⟬ᐃ᪉ἲࡘ࠸࡚ࠖ⛒⛯◊✲ 744 ྕ 229 㡫㸦2011㸧ཧ↷ࠋ 26 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃ࣭ࣛ100ࠊ103ࠋ 27 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 102ࠋ 28 2005 ᖺࣔࢹࣝ᮲⣙ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 18-18.3ࠋ 29 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 157ࠋ 30 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 159ࠋ 30 ࢜ ෆ㒊ྲྀᘬࡢㄆ㆑ᇶ‽ ෆ㒊ྲྀᘬࡢㄆ㆑ᇶ‽ࡣࠊ➨୍ࠊᩥ᭩ࡉࢀࡓ₯ᅾⓗෆ㒊ྲྀᘬࡀࠊࠕ┿ᐇࡢࡘ㆑ ูྍ⬟࡞㇟㸦real and identifiable event㸧㛵㐃ࡋ࡚࠸ࡿࠖ࠺࡛࠶ࡿ㸦࠼ࡤࠊ Ჴ༺㈨⏘ࡢ≀⌮ⓗ⛣㌿ࠊᙺົࡢᥦ౪ࠊ↓ᙧ㈨⏘ࡢ⏝ࠊ㈨ᮏ㈨⏘ࡢ⏝ࡢሙᡤࡢኚ ືࠊ㔠⼥㈨⏘ࡢ⛣㌿➼㸧31ࠋㄆ㆑ࡢุ᩿㝿ࡋ࡚ࡣࠊPE ࡢィグ㘓ෆ㒊ᩥ᭩ࡀฟ ⓎⅬ࡞ࡿࡶࡢࡢࠊᶵ⬟࣭ᐇศᯒࡀỴᐃᅉ࡛࠶ࡿࠋᶵ⬟࣭ᐇศᯒࢆࡗ࡚ࠊ ࡿ㇟ࡀ⏕ࡌࠊࡘࠊ➨ࠊ⤒῭ⓗ㔜せᛶࡢ࠶ࡿෆ㒊ྲྀᘬ㸦⤒῭ⓗ㔜せ࡞ ࣜࢫࢡ࣭㈐௵࣭౽┈ࡢ⛣㌿ࡢ᭷↓ࡢุ᩿ࢆక࠺㸧ࡋ࡚ィୖࡉࢀࡿࡁ࠺ࡀ ุ᩿ࡉࢀࡡࡤ࡞ࡽ࡞࠸32ࠋ AOA ࡢෆ㒊ྲྀᘬࡢㄆ㆑ࡣࠊ7 ᮲ࡢᖐᒓࡢၥ㢟ࢆᢅ࠺ࡓࡵࡢ๓ᥦ㐣ࡂࡎ33ࠊ※Ἠᚩ ➼ࡢᣑᙇࡣᐃእ࡛࠶ࡿ34ࠋࡲࡓࠊෆ㒊ྲྀᘬࠕዎ⣙᮲௳ࠖࡣᏑࡏࡎࠊTP ࢞ ࢻࣛࣥࡢ㢮᥎㐺⏝㝿ࡋ࡚ࡣࠊෆ㒊ྲྀᘬಀࡿᩥ᭩ࡀ㔜せ࡞ࡿ㸦ణࡋࠊTP ࢞ ࢻࣛࣥ⮬యࠊ㐃⤡ࠊ⾜ືࠊ⤒῭ཎ๎➼ࡶ᩵㓃ࡍࡿ㸧ࠋᙜヱᴗࡢᙇࡍࡿෆ㒊ྲྀ ᘬࡢྰㄆࡸᵓᡂࡢࡸࡾ┤ࡋࡢవᆅࡀࠊ⛣㌿౯᱁࠾ࡅࡿࡼࡾࡶᗈࡀࡾ࠺ࡿࡇࡶᣦ ࡉࢀ࡚࠸ࡿ35ࠋణࡋࠊ⛣㌿౯᱁࠾ࡅࡿᩥ᭩ࡼࡾࡶ㔜࠸ᩥ᭩ࡢせ௳ࢆㄢࡍࡇ ࡣពᅗࡉࢀ࡚࠸࡞࠸36ࠋ ⥲ࡌ࡚ࠊ⤒῭ⓗ㔜せ࡞ࣜࢫࢡ࣭㈐௵࣭౽┈ࡢ⛣㌿ಀࡿෆ㒊ྲྀᘬࢆド᫂ࡍࡿ ィグ㘓ྠⓗᩥ᭩ࡀࠊᚓࡢᖐᒓࡢ┠ⓗୖࠊ᭷⏝࡞ฟⓎⅬ࡞ࡿࠋㄢ⛯ᙜᒁࡣࠊ ぢࡏࡅࡢෆ㒊ྲྀᘬᑐࡋ࡚ࡣࠊTP ࢞ࢻࣛࣥࢆཧ↷ࡋࡘࡘᑐฎࡍࡿࡇ࡞ࢁ ࠺37ࠋ 㸦㸱㸧௦⌮ே PE ࡢᚓࡢᖐᒓ ࡲࡎࠊᚑᒓⓗ௦⌮ேᴗ㸦dependent agent enterprise㸧ࠊ㠀ᒃఫᴗࡢᚑᒓⓗ௦⌮ே PE㸦dependent agent PE㸧ࢆ༊ูࡋࠊ๓⪅ᑐࡍࡿሗ㓘ࡣࣔࢹࣝ᮲⣙ 9 ᮲ࡢၥ㢟࡛࠶ ࡾࠊᙜヱሗ㓘ࡣྠ PE ࡢᚓࡢィ⟬ୖ᥍㝖ࡉࢀ࠺ࡿ࠸࠺㛵ಀࡀ๓ᥦ࡞ࡿ38ࠋAOA ᇶ࡙ࡁࠊᚑᒓⓗ௦⌮ேᴗࡀᙜヱ㠀ᒃఫᴗࡢࡓࡵ㐙⾜ࡍࡿᶵ⬟㸦㔜せ࡞ேⓗᶵ ⬟➼㸧ࡢศᯒࡽࠊ㈨⏘ࠊࣜࢫࢡཬࡧ↓ൾ㈨ᮏࢆᚑᒓⓗ௦⌮ே PE ࡾᙜ࡚ࡿࡢ࡛࠶ ࡿࡀࠊᐇ㝿ࡣᚑᒓⓗ௦⌮ேᴗࡣࡑࡢᛶ㉁ୖࠊ㔜せ࡞ேⓗᶵ⬟ࢆᯝࡓࡋᚓࡎࠊࡑ࠺ ࡛࠶ࢀࡤ㈨⏘࣭ࣜࢫࢡ࣭↓ൾ㈨ᮏࡣᙜヱ PE ࡾᙜ࡚ࡽࢀࡎࠊࡑࡢ⤖ᯝࠊᙜヱ PE ᖐᒓࡍࡿᚓࡶ↓どࡋ࠺ࡿ⛬ᗘ࡞ࡿྍ⬟ᛶࡀ࠶ࡿ39ࠋ 31 33 34 35 36 37 38 39 32 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 177ࠋ 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 177-178ࠋ 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 173ࠋ 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 203 ཧ↷ࠋ 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 175-176ࠋ ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 26ࠋ 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 181-182ࠋTP ࢞ࢻ࣭ࣛࣥࣃࣛ 1.48-1.54ࠊ1.64-1.69 ཧ↷ࠋ 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 230ࠊ234ࠋ 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 233-234ࠋ 31 ࡇࡢࡼ࠺࡞ᖐ⤖ࡀṇࡋࡅࢀࡤࠊ࠸ࢃࡺࡿ༢୍⣡⛯⪅ࣉ࣮ࣟࢳ㸦ᚑᒓ௦⌮ேᴗ ࡢሗ㓘ࡢᨭᡶᚋࡣᚑᒓⓗ௦⌮ே PE ᚓࡣṧࡽ࡞࠸ぢࡿ㸧᥋㏆ࡍࡿ㹿ࡔࡀࠊ࠼ ࡤࠊ㈍ࡢ௦⌮࠾࠸࡚ࠊᅾᗜࣜࢫࢡࡸಙ⏝ࣜࢫࢡࢆ㈇ᢸࡍࡿࡢࡣ㠀ᒃఫᴗ㸦ᮏே㸧 ࡛࠶ࡗ࡚ࠊᚑᒓⓗ௦⌮ேᴗ࡛ࡣ࡞࠸ࠋ༢୍⣡⛯⪅ࣉ࣮ࣟࢳࡣࠊࡿࣜࢫࢡࡀᚑ ᒓⓗ௦⌮ே PE ᖐᒓࡍࡿࡇࡣ࠶ࡾᚓ࡞࠸⪃࠼ࡿࡀࠊAOA ࡣࠊᚑᒓⓗ௦⌮ேᴗ ࡀࡿࣜࢫࢡࡢᘬཷࡅᚋࡢ⟶⌮㛵ࡍࡿ㔜せ࡞ேⓗᶵ⬟ࢆ㐙⾜ࡍࡿ㝈ࡾ࠾࠸࡚ 㸦ࡢࡳ㸧ࠊࡿࣜࢫࢡࡣᚑᒓⓗ௦⌮ே PE ᖐᒓࡍࡿ⪃࠼ࡿ40ࠋ <ᅗ⾲ 4 ᚑᒓⓗ௦⌮ேᴗྠ PE㸼 Y ᅜ௦⌮ேᴗ 㔜せ࡞ேⓗᶵ⬟ࡣ A ࡀ㐙⾜㸦㸽㸧 ሗ㓘 30㸽 Y ᅜ௦⌮ே PE X ᅜᮏᗑ ୖ 130ࠊෆ㒊ධ 100 ࡢ㈝⏝ࡣࢮࣟ௬ᐃ 2010 ᖺሗ࿌᭩ࡣࠊ༢୍⣡⛯⪅ࣉ࣮ࣟࢳࡢ⌮ㄽⓗḞⅬࡋ࡚ࠊ1㸧ࣜࢫࢡࡀ㠀ᒃఫ ᴗ㈇ᢸࡉࢀࡿሙྜࡑࢀࡀᙜヱᴗࡢ PE ᖐᒓࡍࡿࡇࢆึࡵࡽㄆࡵࡎࠊ※Ἠᆅ ㄢ⛯ࢆྰᐃࡍࡿࠊ2㸧ᚑᒓⓗ௦⌮ே PE ࡢ PE ࡛␗࡞ࡿྲྀࡾᢅ࠸ࢆㄆࡵࡿࡇ ࡞ࡿࠊ3㸧ࣔࢹࣝ᮲⣙ 5 ᮲ 5 㡯ࡀ↓㥏࡞᮲ᩥ࡞ࡗ࡚ࡋࡲ࠺ࠊ࠸࠺୕Ⅼࢆᣦࡍ ࡿ41ࠋ ⚾ぢ࡛ࡣࠊ⌧ᐇࠊ1㸧㔜せ࡞ேⓗᶵ⬟ࢆ㐙⾜ࡋ࡞ࡀࡽࠊࣔࢹࣝ᮲⣙ 5 ᮲ 5 㡯࣭6 㡯 ࡢୗ࡛࡞࠾ᚑᒓⓗ௦⌮ே PE ࡋ࡚ࡢᛶ㉁ࢆᙜヱᚑᒓⓗ௦⌮ேᴗࡀ⥔ᣢ࡛ࡁࡿሙྜࡀ ࠶ࡿࡢࠊࡲࡓࠊ2㸧ᚑᒓⓗ௦⌮ேᴗᨭᡶ࠺ሗ㓘㸦PE ࡢィ⟬ୖ᥍㝖ࡉࢀࡿ㸧ࡀࠊ ࡿ㔜せ࡞ேⓗᶵ⬟ぢྜࢃࡠప㢠ࡢሙྜ࡛ࡶ⛣㌿౯᱁ㄢ⛯ࢆཷࡅࡎ᥍㝖ࡀチᐜࡉࢀ ࡿሙྜࡀ࠶ࡿࡢࠊ࠸࠺ᐇࡢၥ㢟࡞ࢁ࠺ࠋAOA ࡢᯟ⤌ࡳࡢୗ࡛ࡣࠊ㔜せ࡞ᚓ ࡢᖐᒓࡍࡿᚑᒓⓗ௦⌮ே PE ࠸࠺ࡢࡣ▩┪࡛࠶ࢁ࠺ࠋ 㸦㸲㸧ㄢ⛯ᡤᚓࡢィ⟬እᅜ⛯㢠᥍㝖 2010 ᖺሗ࿌᭩ࡣ㈝⏝㓄㈿㛵ࡍࡿ᳨ウࡣṤᏑࡋ࡞࠸ࠋAOA ࡣࠊㄢ⛯ᶒࡢ㓄ศࡢ ࡓࡵࡢᚓࡢᖐᒓࢆᢅࡗ࡚࠸ࡿࡢ࡛࠶ࡗ࡚ࠊㄢ⛯ᡤᚓࡢලయⓗ࡞⟬ᐃࡣᅜෆἲጤࡡ 40 41 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 235ࠋ 2010 ᖺሗ࿌᭩࣭Part I࣭ࣃࣛ 236-239ࠋ 32 ࡚࠸ࡿࠋࡼࡗ࡚ࠊෆ㒊ྲྀᘬࡀㄆ㆑ࡉࢀࢀࡤࠊPE ࡢᚓࡢィ⟬ୖ㈝⏝ࡢ㒊ⱝࡋࡃࡣ୍ 㒊ཪࡣ⊂❧ᴗ㛫ࡢᑐ౯ࢆ᥍㝖ࡍࡿࡇࡀồࡵࡽࢀࡿࡀ42ࠊ୧⥾⣙ᅜࡢᅜෆἲୖࡢᡤᚓ ࡢㄆ㆑ࡸ㈝⏝᥍㝖㛵ࡍࡿ࣮ࣝࣝࡀ┦㐪ࡋࠊㄢ⛯ᡤᚓࡢ㔠㢠୍⮴ࡀ⏕ࡌ࡚ࡶࠊࣔ ࢹࣝ᮲⣙ 7 ᮲ 3 㡯࡛ゎᾘࡉࢀࡿࡁ㔜ㄢ⛯࡛࠶ࡿࡣ⪃࠼ࡽࢀ࡚࠸࡞࠸43ࠋ ࡶࡗࡶࠊAOA ࡢୗ࡛ PE ࡢᚓࢆ⟬ᐃࡍࡿࡓࡵࡢෆ㒊ྲྀᘬࡢㄆ㆑ࢆ↓どࡍࡿᅜෆ ἲࡸࠊࣔࢹࣝ᮲⣙ 24 ᮲ 3 㡯ࡢ↓ᕪูࡢせㄳゐࡍࡿྲྀࡾᢅ࠸㸦࠼ࡤࠊ୍᪉⥾⣙ᅜ ࡢᴗチᐜࡉࢀࡿ⤒㈝᥍㝖ࢆྠᵝࡢάືࢆ⾜࠺᪉⥾⣙ᅜࡢᴗࡢ PE ࡣチᐜࡋ࡞ ࠸㸧ࡣࠊ⚗ࡌࡽࢀࡿ44ࠋ ࡲࡓࠊእᅜἲேࡢ PE ᖐᒓࡍࡿᚓᅜእᡤᚓࡀྵࡲࢀࠊᙜヱᅜእᡤᚓ➨୕ᅜࡀ ἲே⛯ࢆㄢࡍࡿ࡞ࡽࠊᙜヱ PE ᑐࡋ࡚ࡶෆᅜἲேᴗྠᵝ FTC ࢆㄆࡵࡿࡢࡀṇ ᙜ࡞ࡿ45ࠋ 㸦㸳㸧ᑠᣓ AOA ࡢ⤌ࡳ㆟ㄽࡽࠊࡇࢀᩚྜⓗ࡞ᅜෆἲࡢಟṇࡢࡓࡵࡢලయⓗ࡞ㄢ㢟ྵ ࡲࢀࡿࡶࡢࡋ࡚ࠊ1㸧྾ᘬຊཎ๎ࡢ㝖ࠊ2㸧ෆ㒊ྲྀᘬಀࡿ⊂❧ᴗཎ๎ࡢ㢮᥎㐺 ⏝ࠊ3㸧ᩥ᭩ಖᏑࡢᙉࠊ4㸧↓ᕪูྲྀᢅ࠸ཎ๎ࡢせㄳ࡞ࡗࡓ㔜ㄢ⛯㝖ᥐ⨨ࡢ ⢭ᰝࠊࡑࡋ࡚ࠊࡇࢀࡽࡢせㄳᩚྜⓗ࡞ࠊ5㸧ㄢ⛯ᶆ‽ࡢලయⓗィ⟬࣮ࣝࣝ㸦㈝⏝㓄㈿㸧 ࡢᩚഛࠊࡀᾋࢇ࡛ࡃࡿ㹿 㸱 ᖐᒓ⩏ࡢᅜෆἲక࠺ලయⓗㄽⅬ 㸦㸯㸧ἲே⛯࠾ࡅࡿ⥲ྜㄢ⛯ ἲே⛯࡛ࡣࠊྛ✀ࡢᅜෆ※Ἠᡤᚓࢆࠊ1㸧⥲ྜ㸦㏻⟬㸧ࡋࠊ2㸧ᚲせ⤒㈝➼ࢆ᥍㝖ࡋ ࡚ࠊ3㸧ἲே⛯⋡ࢆ㐺⏝ࡋ࡚ㄢ⛯ࡍࡿࠋ᪉ࠊᡤᚓ⛯ࡢ※Ἠศ㞳ㄢ⛯࡛ࡣࠊࡇࢀࡽࡢྰ ᐃࠊ୍ᐃࡢ※Ἠᚩ⛯⋡ࡢ㐺⏝ࢆពࡍࡿࠋἲேࡢ⣡⛯⪅ࡗ࡚࠸ࡎࢀࡀ᭷ ࡣ୍ᴫゝ࠼࡞࠸ࠋ↓ㄽࠊ྾ᘬຊࡀാࡃሙྜࡣ⣡⛯ࢥࢫࢺࡢୖ᪼ࡢၥ㢟ࡶ࠶ࡿࠋ 㸦㸰㸧AOA ࡢୗ࡛ࡢ⛒⛯ᅇ㑊 AOA ᚑࡗࡓᖐᒓ⩏ࡢୗ࡛ࡣࠊᐇࡣ┈ࡢ⋓ᚓ PE ࡢ㔜せ࡞ேⓗᶵ⬟ࡀ㈉⊩ࡋ ࡚࠸ࡿࡢࠊࡇࢀࢆ PE ᖐᒓࡋ࡞࠸ࡼ࠺ᙧᘧࡢࡳᩚ࠼ࡿሙྜ࠺ᑐฎࡍࡿ࠸ ࠺⛒⛯ᅇ㑊୍⯡ࡢၥ㢟ࡀ⏕ࡌ࠺ࡿࠋࡇࢀࡣᶵ⬟࣭ᐇศᯒࢆៅ㔜⾜࠺ࡇ࡛ᑐฎ ࡍࡿࡇ࡞ࢁ࠺ࠋ࡞࠾ࠊ⡿ᅜྠᵝࡢ㝈ᐃࡉࢀࡓ྾ᘬຊ㸦FDAP ᡤᚓㆡΏᡤᚓ௨እ㸧 ࢆ⥔ᣢࡍࢀࡤࠊ᮲⣙ୖࡢᖐᒓ⩏ࡢ㔜せ࡞㞳ࢆṧࡍࡇ࡞ࡿࠋECI ࡢࡇࡢ㒊ศ 42 44 45 43 ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 40ࠋ ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 66ࠋ ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 34ࠋ ࣔࢹࣝ᮲⣙ 24 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 67ࠋ 33 ᑐࡋ࡚ࡣࠊᢈุࡸ᮲⣙ୖࡢᖐᒓ⩏ྜࢃࡏࡿ᪨ࡢᥦࡀ┠❧ࡘ46ࠋ ⥲ྜ⩏ࡢୗ࡛ࡣࠊ⮬ᅜࡢㄢ⛯ࢆཬࡰࡍࡣᅜෆ※Ἠᡤᚓ࠸࠺ᛶ㉁ࢆᚓࡿᚲせࡀ ࠶ࡿࠋࡑࡇ࡛ࠊ⌧⾜ἲࡣࠊ࠼ࡤࡓ࡞༺㈨⏘ࡢㆡΏࡼࡿᡤᚓࡘࡁㆡΏᆅ※Ἠᆅ ࢆࡾᙜ࡚ࡿ࣮ࣝࣝࡢୗ࡛ࠊㆡΏᆅࢆ࡞ࡾᗈࡃᐃࡵ࡚࠸ࡿ㸦ἲ⛯௧ 176 ᮲ 4 㡯㸧ࠋᐇ ㉁ⓗ 1 ྕ PE ࡀᙜヱㆡΏࡢᇶᅉ࡞ࡿዎ⣙ࡢ⥾⤖ྥࡅ࡚㔜せ࡞ᙺࢆᯝࡓࡋ࡚࠸ࡿ ࡢࠊᙧᘧୖዎ⣙ࡀᅾእᮏᗑ࡛࡞ࡉࢀࡿ࠸ࡗࡓㄢ⛯㏨ࢀᑐฎࡍࡿࡇࡀពᅗࡉࢀ ࡚࠸ࡿ㸦ྠ㡯 3 ྕཧ↷㸧47ࠋ᪉ࠊAOA ࡢୗ࡛ࡣࠊ㔜せ࡞ேⓗᶵ⬟ࡢせ௳ᐇࡋ࡚ࠊ ࡿ㔜せ࡞ᙺࡀグ㏙ࡉࢀࠊྠᵝ PE ᖐᒓࡍࡿᡤᚓࡋ࡚ἲே⛯ࢆㄢࡍࡿࡇ ࡞ࢁ࠺ࠋ 㸦㸱㸧⣲ ᖐᒓ⩏/AOA ࡢᅜෆἲࡢලయⓗࡘᇶ♏ⓗ࡞᳨ウࢆ┠ⓗࡋ࡚ࠊᮏ✏ࡣࠊἲ⛯ 138 ᮲ 141 ᮲ࡢᮏ❧࡚ࡍࡿ⤌ࡳࢆ⥔ᣢࡋࡘࡘࠊἲ⛯ 141 ᮲ࢆᨵṇࡍࡿ⣲ࢆ ⏝ࡍࡿ㸦ᅗ⾲ 5 ཧ↷㸧ࠋ ᪉࡛ࠊᅜእᡤᚓࡢྲྀࡾ㎸ࡳࡣࠊἲ⛯௧ 176 ᮲ 5 㡯ࢆᨵṇࡋ࡚ἲᚊࡍࡿࡇࢆ ᐃࡍࡿࠋࡇࡢᇶᮏタィࡢୗ࡛ࠊ⌧ᅾࡢἲ⛯௧ 176 ᮲࣭188 ᮲➼ࢆᖜぢ┤ࡋ㸦୍㒊ࡣ ❧ἲࡋ㸧ࠊAOA ࢆྲྀࡾධࢀࡓᨵṇࢆ⾜࠺࠸࠺᪉ྥࡀຠ⋡ⓗ࡛࠶ࡿࡼ࠺ᛮࢃࢀࡿ㹿 ࡞࠾ࠊ⌧⾜ἲୖࡢ 1 ྕ PE 2/3 ྕ PE ࡢㄢ⛯⠊ᅖࡢ㐪࠸ࡘ࠸࡚ࡣࠊ1 ྕ PE ᑐ ࡍࡿ⥲ྜ⩏ࡀ๓ᥦ࠶ࡾࠊࡇࢀྠࡌᢅ࠸ࢆࡍࡿࡣࠊ2 ྕ PE ࡣ㛫ⓗᅛᐃࡢ⛬ ᗘࡀຎࡾࠊࡲࡓ 3 ྕ PE ࡣ௦⌮ࡢ⠊ᅖ㝈ᐃࡀ࠶ࡿࡇࡀ⪃៖ࡉࢀ࡚࠸ࡿ48ࠋࡼࡗ࡚ࠊ1 ྕ PE ᖐᒓ⩏ࢆ⏝࠸࡚⥲ྜㄢ⛯ࡍࡿࡢ࡛࠶ࢀࡤࠊ2/3 ྕ PE ࢆ␗࡞ࡿᯟ⤌ࡳ࡛ㄢ⛯ࡍ ࡁࡍࡿ᰿ᣐࡣぢ࠸ࡔࡋࡀࡓ࠸㹿ࡴࡋࢁࠊ※Ἠᚩࡢ࠶ࡿᢞ㈨┈ࡣࠊPE ࡢᴗᖐ ࡏࡽࢀࡿࡢ࡛࡞࠸㝈ࡾࠊ⥲ྜㄢ⛯㸦ἲே⛯ㄢ⛯㸧ࡋ࡞࠸࠸࠺᪉ྥࢆᇶᮏࡍࡁ ⪃࠼ࡿࠋ 46 See Lokken, supra note 13, at 73. See also American Law Institute, Federal Income Tax Project, International Aspects of United States Income Taxation, Proposals on United States Taxation of Foreign Persons and of the Foreign Income of United States Persons, 79, n. 136, and 90-92 (1987). 47 ⚟ᒣ༤㝯ࠕእᅜἲேཬࡧ㠀ᒃఫ⪅ࡢㄢ⛯ࡑࡢᅜ㝿ⓗ࡞ഃ㠃㛵ࡍࡿ⛯ไࡢᨵṇࠖ⛯⤒㏻ಙ 17 ᕳ 6 ྕ 101 㡫㸦1962㸧ࠊ112 㡫ࠋ 48 ⏣ཱྀᙪࠕ㠀ᒃఫ⪅ࠊእᅜἲேㄢ⛯ࡢᨵṇࡢᴫせࠖ⛯⤒㏻ಙ 20 ᕳ 7 ྕ 230 㡫㸦1965㸧ࠊ236 㡫ࠋ 34 㸺ᅗ⾲ 5 ἲ⛯ 141 ᮲➼ᨵṇ⣲㸼 1 ྕ/2 ྕ/3 ྕ PE ᅜෆ※Ἠᡤᚓ㸦ἲ⛯ 138 ᮲㸧 PE ᴗᖐᒓ 4 ྕ㸦PE ࡞ࡋ㸧 ※Ἠᚩ — — ྠᖐᒓ࡞ࡋ ᴗᡤᚓ㸦1 ྕ㸧 (D) ㈨⏘ࡢ㐠⏝ಖ᭷ᡤᚓ㸦1 ྕ㸧 (A) (A) ㈨⏘ࡢㆡΏࡼࡿᡤᚓ㸦1 ྕ㸧 ື⏘➼ ࡑࡢᨻ௧ᡤᚓ㸦1 ྕ㸧 ேⓗᙺົᥦ౪ᴗ㸦2 ྕ㸧 (B) (B) ື⏘㈚➼┈㸦3 ྕ㸧 (C) (C) Ꮚ➼┈㸦4 ྕ㸧 㓄ᙜ➼┈㸦5 ྕ㸧 ㈚㔠Ꮚ➼┈㸦6 ྕ㸧 ⏝ᩱ࣭↓ᙧ㈨⏘ㆡΏ┈㸦7 ྕ㸧 ᗈ࿌ᐉఏ㈹㔠㸦8 ྕ㸧 ⏕ಖᖺ㔠➼㸦9 ྕ㸧 ᡤᐃ㔠⼥ၟရಀࡿ┈➼㸦ᡤ ⛯ 174 ᮲ 3㹼8 ྕ㸧㸦10 ྕ㸧 ༏ྡ⤌ྜዎ⣙ࡢ┈㸦11 ྕ㸧 㸦㸲㸧AOA/ᖐᒓ⩏ᑟධಀࡿྛㄽ ᗈ⠊࡞ 1 ྕᡤᚓ㸦ᴗ௨እ㸧 ᅗ⾲ 5 ୰ࡢ(A)ࡣ✀ࠎࡢ㈨⏘ᛶᡤᚓ➼ࡀྵࡲࢀࠊࡇࢀࡶᖐᒓ⩏ࢆᣑᙇࡍࡿ ⤌ࡳࡶ୍࡛࠶ࡿࡀࠊ※Ἠᚩࡢせྰ࡞㡯┠ẖヲ⣽࡞᳨ウࢆせࡍࡿ49ࠋPE ࡢ࡞ ࠸እᅜἲேࡢἲே⛯ㄢ⛯㸦ἲ⛯ 141 ᮲ 4 ྕ㸧ྜࢃࡏࡿࡢࡀᇶᮏ࡛࠶ࡾࠊࡑࡢሙ ྜࡣࠊᅜෆ㈨⏘ㆡΏᡤᚓࡢㄢ⛯ࡀື⏘㸦యᰴᘧ㸧ㆡΏ┈ࠊෆᅜἲேᰴᘧㆡΏ ┈㸦ᴗㆡΏ㢮ఝࡢࡳ㸧ཬࡧᅜෆᒣᯘᡤᚓ㝈ᐃࡉࢀࠊࡇࢀ PE ᖐᒓ㈨⏘ㆡΏ┈ࢆ ྜࢃࡏࢀࡤࠊࢃࡀᅜࡢ㏆ࡢ⛒⛯᮲⣙ࡢഴྥࡶ㏆࡙ࡃ50ࠋἲ⛯ 138 ᮲ࡣໟᣓⓗ࡛࠶ ࡿࡀ㝈ᐃิᣲ࡛࠶ࡾࠊࡑࡇࡶࡋ₃ࢀࡀ࠶ࢀࡤἲ⛯௧ 178 ᮲㸦PE ࡢ᭷↓ࢆၥࢃ࡞࠸ࠋ ྠ 187 ᮲ 1 㡯 6 ྕ㸧࡛ᑐᛂࡍࡿࡇࡀᐃࡉࢀ࡚࠸ࡿ51ࠋ⌧ᅾࠊ4 㡯┠ࡢ࢟ࣕࢵ ࢳ࣮࢜ࣝⓗࠊ ࠕᅜෆ࠾࠸࡚⾜࠺ᴗົཪࡣᅜෆ࠶ࡿ㈨⏘㛵ࡋ౪ࢆཷࡅࡿ⤒῭ ⓗ࡞┈ಀࡿᡤᚓࠖ 㸦ྠ᮲ 5 㡯㸧ࡶ࠶ࡿࠋࣔࢹࣝ᮲⣙ୖࡢࡑࡢᡤᚓಀࡿᖐᒓ㸦ཪ 49 ࠼ࡤࠊᅜෆᴗಀࡿႠᴗᶒ㸦ἲ⛯௧ 177 ᮲ 12 ྕ㸧ࡣࠊࡑࡶࡑࡶ㏻ PE ᖐᒓࡍࡿ㈨⏘࡛࠶ࢁ࠺ࠋ ㉥ᯇࠗᅜ㝿ㄢ⛯ࡢ⌮ㄽᐇົ—ࢢ࣮ࣟࣂ࣭࢚ࣝࢥࣀ࣑࣮⛒⛯ἲ࠘➨୕∧㸦⛯ົ◊✲ฟ∧ᒁ࣭2011㸧 172 㡫ཧ↷ࠋ 51 ⏣ཱྀ࣭๓ᥖὀ 48ࠊ232 㡫ࠋ 50 35 ࡣᐇ㉁㛵㐃㸧⩏㸦21 ᮲ 2 㡯㸧ೌ࠺ࡢࡀ୍࡛࠶ࡿ52ࠋ ேⓗᙺົᥦ౪ᴗࡢᑐ౯ 37 ᖺᗘᨵṇ࡛ࠊእᅜἲேࡢேⓗᙺົᥦ౪ᴗ㸦ࡑࢀࡀࡓࡿᴗ࡛࠶ࡿሙྜ 㝈ࡿ㸧ࡢᑐ౯㛵ࡋ࡚ࡣࠊᙜヱእᅜἲேࡀᙜヱᴗಀࡿᡤᚓ㸦ᡤᐃࡢ㡯┠ࡢ⤒ ㈝᥍㝖ᚋ㸧㠀ᒃఫ⪅ࡓࡿⱁ⬟ே➼ᑐࡍࡿ⤥ࡢ㢠ࢆグ㍕ࡋࡓ⏦࿌᭩ࢆᙜヱᑐ౯ ࢆཷࡅࡿ๓ᨭᡶ⪅ࢆ㏻ࡌ࡚ᥦฟࡋࡓࡁࡣࠊᨭᡶ⪅ࡣࠊᙜヱᡤᚓᙜヱ⤥ࡢ㢠ࡢ ୧᪉ࡘ࠸࡚ᙜヱᨭᡶᡤᚓ⛯ࡢ※Ἠศ㞳ㄢ⛯㸦20%㸧ࢆࡍࡿไᗘࡀ᥇⏝ࡉࢀࡓ53ࠋ ࡋࡋࡇࡢࡼ࠺࡞⏦࿌᭩ࡢᥦฟࡣṤ࡞ࡉࢀࡎ㸦ࡑࡢሙྜࡣᑐ౯ࡢ㢠 20%※Ἠศ㞳 ㄢ⛯㸧ࠊࡲࡓࠊ※Ἠᚩࢆཷࡅ࡞࠸ሙྜ㸦࠼ࡤࠊ≉ᐃከᩘࡢほᐈࡽ┤᥋ᑐ౯ࢆ ཷࡅࡿሙྜ㸧ࡣᡤᚓ⛯ࡢ⏦࿌⣡⛯ࢆእᅜἲேせồࡍࡿ࡞ኚ๎ⓗ࡛ࠊୖᡭࡃᶵ⬟ ࡋ࡞ࡗࡓ54ࠋࡑࡇ࡛ 40 ᖺᗘᨵṇ࡛⌧⾜ไᗘྠࡌ⤌ࡳ㸦※Ἠᚩ㸩PE ࡞ࡋ ࡛ࡶἲே⛯ㄢ⛯㸧ࡀᑟධࡉࢀࡓࠋ ࡑࡢ㝿ࠊࡇࢀࡽࡢၥ㢟ຍ࠼ࠊ⛒⛯᮲⣙ୖᴗᡤᚓࡉࢀࠊࡘࠊࡳ࡞ࡋ PE ࡢ᪉ ᘧ࡛ㄢ⛯ࡉࢀࡿ᮲⣙ࡀቑ࠼ࡘࡘ࠶ࡿࡇࡀᣦࡉࢀ࡚࠸ࡓࠋᴗᡤᚓㄢ⛯ࡉࢀࡿ࡞ ࡽ୍⯡ⓗ࡞⤒㈝᥍㝖ࡀ࡞ࡉࢀࡿࡁ࡛࠶ࡾࠊ⥲ྜㄢ⛯㥆ᰁࡴ⪃࠼ࡽࢀࡓ55ࠋࡶࡗ ࡶࠊࡳ࡞ࡋ PE ㄢ⛯ࡣࠊ⌧ᅾࡣࠊᑐࣝࣛࣥࢻࠊࢹ࣐࣮ࣥࢡࠊࣈࣛࢪࣝࡢྛ᮲ ⣙㝈ᐃࡉࢀ࡚࠸ࡿࠋ ࡇࢀࡽࢆ᩵㓃ࡍࢀࡤࠊᅜෆἲୖࡢᴗᡤᚓㄢ⛯ࡀᖐᒓ⩏࡞ࢀࡤࠊᅗ⾲ 5 ࡢ(B) ࡘ࠸࡚ࡶἲே⛯ࡣ㠀ㄢ⛯㸦ᡤᚓ⛯ࡢࡳ㸧ࡍࡿᢅ࠸ࡶ⪃࠼ࡽࢀࡿࡀࠊ⤒㈝᥍㝖ࡢ ᚲせᛶࡀㄆࡵࡽࢀ࡚ࡁࡓ⤒⦋ࢆ㋃ࡲ࠼ࡿἲே⛯ࡢᑐ㇟ࡋ࡚ṧࡍ⌮⏤ࡶ࠶ࡿࠋ ࢘ ⯪⯧࣭⯟✵ᶵ㈚ࡅᅜ㝿㐠㍺ ἲே⛯ἲୖࠊᅜ㝿㐠㍺㸦ᐃᮇ⏝⯪ዎ⣙ࢆྵࡴ㸦ἲᇶ㏻ 20-1-15㸧㸧ಀࡿᡤᚓࡣࠊ ᴗᡤᚓࡢ୍㢮ᆺࡋ࡚ࠊ⯪✚ࡳ➼ࡢሙᡤࡀ※Ἠᆅࢆᕥྑࡋ㸦ἲ⛯௧ 176 ᮲ 1 㡯 4 ྕ㸧 ࠊ 〄⏝⯪㸦ᶵ㸧ዎ⣙ࡣࠊἲ⛯ 138 ᮲ 3 ྕ㸦മົ⪅⩏㸧ྵࡲࢀࡿࠋࣔࢹࣝ᮲⣙ࡣࠊ ⯪⯧࣭⯟✵ᶵࢆື⏘ࡢᐃ⩏ࡽ㝖እࡋ㸦6 ᮲ 2 㡯㸧ࠊ⯪⯧࣭⯟✵ᶵࡢᅜ㝿㐠㍺ࡘ ࠸࡚ࡣ⟶⌮ᨭ㓄ᆅ࠾ࡅࡿⓗㄢ⛯ࢆᐃࡵ㸦8 ᮲㸧ࠊᐃᮇ⏝⯪㸦ᶵ㸧ዎ⣙➼ࢆࡇࢀ ྵࡵࡿ୍᪉࡛ࠊ〄⏝⯪㸦ᶵ㸧ዎ⣙ࡣࠊᴗࡢᚓ㸦7 ᮲㸧ྵࡵ࡚࠸ࡿ56ࠋᡃࡀᅜ ࡢ᮲⣙ࡶࠊྠᵝࡢື⏘ࡢᐃ⩏ࡽࡢ㝖እࠊᅜ㝿㐠㍺ࡣᒃఫᆅᅜࡢࡳ࡛ㄢ⛯ ࡍࡿ┦⩏ࢆ᥇⏝ࡋ㸦⡿ᅜ➼ 7 ࢝ᅜࡢἲேࡣᅜ㝿㐠㍺ᴗᡤᚓࡢ┦ච㝖㛵ࡍࡿ 52 ᮲⣙ୖࡢࡑࡢᡤᚓ࡛ PE ᐇ㉁ⓗ㛵㐃ࡍࡿࡶࡢࢆᴗᡤᚓྵࡵࡿ᮲⣙㸦ᑐ⡿࣭ⱥ࣭ࣥࢻ࣭࢝ ࢼࢲ➼㸧ࡶᑡ࡞ࡃ࡞࠸ࠋ࡞࠾ࠊἲே⛯ἲୖࠊᅜෆࡢ㎰ᴗᡤᚓࡣᅜෆᴗᡤᚓヱᙜࡋࡼ࠺㸦ἲ⛯ 138 ᮲ 1 ྕ㸧ࡀࠊᅜෆ࠶ࡿᒣᯘࡢㆡΏࡼࡿᡤᚓࡣࠊᇶᮏⓗᅜෆ࠶ࡿ㈨⏘ࡢㆡΏࡼࡿᡤᚓྵࡲࢀࡿ ゎࡉࢀࡿ㸦ἲ⛯௧ 177 ᮲ 14 ྕ࣭187 ᮲ 1 㡯 2 ྕ㸧ࠋࣔࢹࣝ᮲⣙ 6 ᮲ 1 㡯ೌ࠸㎰ᴗᡤᚓ࣭ᯘᴗᡤᚓࢆ ᫂♧ⓗື⏘ᡤᚓྵࡵࡿ᮲⣙ࡶᏑࡍࡿ㸦ࠊ᪥⡿᮲⣙㸧ࡀࠊ୍⯡ⓗ࡛ࡣ࡞࠸ࠋ 53 ⚟ᒣ࣭๓ᥖὀ 47ࠊ121-122 㡫ࠊ⏣ཱྀ࣭๓ᥖὀ 48ࠊ237-239 㡫ཧ↷ࠋ 54 ⏣ཱྀ࣭๓ᥖὀ 48ࠊ238 㡫ࠋ 55 ྠୖཧ↷ࠋ 56 ࣔࢹࣝ᮲⣙ 8 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 5ࠋ 36 ἲᚊࡢ㐺⏝ࡶ࠶ࡿ㸧 ࠊ〄⏝⯪㸦ᶵ㸧ዎ⣙ಀࡿ㈤ᩱࡢࡳࠊᴗᡤᚓࠊ⏝ᩱ➼57ࡢつᐃ ᇶ࡙ࡁฎ⌮ࡍࡿࡶࡢゎࡉࢀࡿࠋ ࡼ࠺࡞ไᗘࡢ≧ἣࡽࠊ〄⏝⯪㸦ᶵ㸧ዎ⣙ಀࡿ㈤ᩱᑐࡍࡿ⤒㈝᥍㝖ᚋࡢ⣧ 㢠ㄢ⛯ࡣ㤳⫯ࡋ࠺ࡿࡀࠊἲே⛯ἲࡢᖐᒓ⩏ࡢᑟධᚋࠊമົ⪅⩏࡛⥲ྜㄢ⛯ࡍ ࡿࡇࡀṇᙜࡋ࠺ࡿࡣ㆟ㄽࡢవᆅࡀ࠶ࡿࠋ 40 ᖺᗘᨵṇ๓ࡣ 1 ྕࡢ㈨⏘ࡢ㐠 ⏝ཪࡣಖ᭷ࡼࡿᡤᚓࡋ࡚⥲ྜㄢ⛯ࡢࡳ࡛࠶ࡗࡓࡀᚩ⛯ࡢᐇࡀ࠶ࡀࡽࡎࠊࡑࡢᑐ ౯ࡀᐃᮇᐃ㢠ⓗ࡛※Ἠᚩ㥆ᰁࡴࡇࠊື⏘ᡤᚓ㸦ᡤ⛯ 26 ᮲㸧ࡢ⠊ᅖྵࡲࢀ ࡿࡇ࡞ࡀ⪃៖ࡉࢀ࡚ࡢ⨨࡞ࡗ࡚࠸ࡿ58ࠋ᮲⣙ୖࡣ㏻ື⏘ࡢᐃ⩏ࡽ㝖 እࡋ࡚࠸ࡿࡇࢆ⪃࠼ࢀࡤࠊᅗ⾲ 5 ࡢ(C)࠾࠸࡚ࠊ⯪⯧࣭⯟✵ᶵࡢ㈚ࢆ 1 ྕࡢ ᴗᡤᚓ㸦ᖐᒓ⩏㸧⤌ࡳ᭰࠼ࡿ㸦ື⏘ࡢ⤖ࡧࡘࡁࡣඖ᮶࡞࠸㸧ࠊཪࡣ※ Ἠᚩࡢᑐ㇟ࡋ࡚ᚩ⛯ࢆ☜ಖࡋࡘࡘࠊἲே⛯ἲୖࡣᖐᒓ⩏ࡍࡿࡇࡶ᳨ウ ್ࡍࡿࠋ 㸦㸳㸧ᖐᒓࡍࡿᡤᚓࡢ⠊ᅖ㛵ࡍࡿᇶ‽ Ꮚࠊ㓄ᙜࠊ⏝ᩱ➼ࡢᖐᒓ 37 ᖺᗘᨵṇࡢ❧ᙜᒁ⪅ࡣࠊ⌧⾜ࡢἲ⛯ 138 ᮲ 2 ྕ௨ୗࡢྛྕࡢᡤᚓ㢮ᆺ ヱᙜࡍࡿᡤᚓࡘ࠸࡚ࡣࠊᙜヱྛྕ࡛※Ἠᆅࢆุ᩿ࡍࡿࡢࡳ࡛ࠊࡇࢀࡀᩋ⪅άⓗ 1 ྕࡢᴗཪࡣ㈨⏘ᡤᚓ࡞ࡿࡇࡣ࡞࠸ࡶࡢ⪃࠼࡚࠸ࡓ59ࠋࡑࡢ⌮⏤ࡋ࡚ࡣࠊ Ꮚࠊ㓄ᙜ➼㛵ࡋࢯ࣮ࢫ࣭࣮ࣝࣝࡀᅜ㝿ⓗ⤫୍ࡉࢀ࡚ࡁ࡚࠾ࡾࠊࡇࢀࢆᴗᡤ ᚓࡋ࡚ㄢ⛯ࡍࡿᅜ㝿ⓗ୕㔜ㄢ⛯ࡀ⏕ࡌࠊFTC ࡛ࡣୖᡭࡃゎỴ࡛ࡁ࡞࠸ࡇࢆᣲ ࡆ࡚࠸ࡓ60ࠋ⌧ᅾ࡛ࡣࠊ1 ྕ PE 㛵ࡋἲ⛯௧ 176 ᮲ 5 㡯ࡀᏑࡍࡿࡇࠊࣔࢹࣝ᮲⣙ ࡛ࡶ PE ᖐᒓࡍࡿᏊࠊ㓄ᙜ➼ᴗᡤᚓ᮲㡯ࢆ㐺⏝ࡋ࡚࠸ࡿࡇࢆ⪃࠼ࡿࠊࡇ ࡢ⌮⏤ࡅࡣㄝᚓⓗ࡛ࡣ࡞࠸ࡶࡢࡢࠊᮏ✏ࡶ⌧⾜ἲࡘ࠸࡚ࡇࡢぢ᪉ᣐࡿࠋ ࡶࡗࡶࠊᮏ⣲ࡣࠊ1 ྕ PE 2 ྕ࣭3 ྕ PE ࡛ྲྀᢅ࠸༊ูࢆタࡅࡎࠊࡲࡓࠊ ࠕ㔠㖹ࡢ㈚ࡅࠊᢞ㈨ࡑࡢࡇࢀࡽ‽ࡎࡿ⾜Ⅽࡼࡾ⏕ࡎࡿᡤᚓࠖ㝈ᐃࡏࡎࠊAOA ࡢୗ࡛ PE ࢆ㏻ࡌ࡚⾜࠺ᴗᖐࡍࡁἲ⛯ 138 ᮲ 4 ྕ௨ୗࡢᡤᚓ༊ศಀࡿᅜෆ※ Ἠᡤᚓᅜእ※Ἠᡤᚓࡢ୧᪉ࢆࠊἲே⛯ࡢ⥲ྜㄢ⛯ࡢᑐ㇟ࡍࡿࠋࡇࡢ┠ⓗୖࠊ1㸧 ᅜෆ※Ἠᡤᚓࡢ࠺ࡕ PE ᖐᒓࡍࡿ㒊ศࡢせ௳ࠊཬࡧࠊ2㸧ᅜእ※Ἠᡤᚓࡢ࠺ࡕ PE ᖐᒓࡍࡿ㒊ศࡢせ௳ࠊࡀồࡵࡽࢀࡿࠋ1㸧ࡣࠊ⛒⛯᮲⣙࠾࠸࡚ࡢࡳ࡞ࡽࡎࠊྠ ᮲ 4 ྕ௨ୗࡢᅜෆ※Ἠᡤᚓࡢᖐᒓࡘࡁ᪤ 2 ྕ࣭3 ྕ PE ࡛ࢃࡀᅜࡶ⤒㦂ࢆ᭷ࡍࡿ 57 ᫂♧ⓗ⏝ᩱྵࡵࡿࡋ࡚ࠊᑐ࣐࣮ࣞࢩ᮲⣙ 12 ᮲ 3 㡯ࡀ࠶ࡿࠋࡇࡇ࡛ࡢၥ㢟Ⅼࡘࡁࠊ୍㧗 㱟ྖࠕᅜ㝿ⓗ㔜ㄢ⛯ࡢⓎ⏕ែᵝእᅜᏊ♫㓄ᙜ┈㔠⟬ධไᗘࠖỈ㔝Ṋኵඛ⏕ྂ⛥グᛕㄽᩥ㞟ࠗ⾜ ᨻᅜẸࡢᶒ࠘669 㡫㸦ἲᚊᩥ♫࣭2011㸧ࠊ682 㡫ཧ↷ࠋ 58 ⏣ཱྀ࣭๓ᥖὀ 48ࠊ233-234 㡫ࠋ 59 ⚟ᒣ࣭๓ᥖὀ 47ࠊ101-102ࠊ105ࠊ108 㡫ࠋ 60 ⚟ᒣ࣭๓ᥖὀ 47ࠊ108 㡫ࠋࡇࢀࡣᆺⓗ࡞୕ゅ≧ἣࡢၥ㢟࡛࠶ࡿࠋཧ↷ࠊ▮ෆ୍ዲࠗ⛒⛯᮲⣙ࡢㄽⅬ࠘ 㸦୰ኸ⤒῭♫࣭1997㸧➨ 5 ❶ࠊ༨㒊⿱ࠕࢺࣛࣥࢠ࣮࣭ࣗࣛࢣ࣮ࢫ࠾ࡅࡿᅜ㝿ⓗᏊㄢ⛯ࠖྠࠗ⛒ ⛯ἲࡢゎ㔘❧ἲᨻ⟇ II࠘㸦ಙᒣ♫࣭2002㸧1 㡫㸦ึฟ 1998㸧ࠋ 37 ࡽࠊࡇࢀࢆάࡋࡘࡘࠊAOA ࢆ࣮࣋ࢫ 1 ྕࡶᛂ⏝ࡍࡿࡇࡀ࡛ࡁࡼ࠺ࠋ2㸧ࡣࠊ ᖐᒓ⩏ࢆ᥇⏝ࡍࡿ⛒⛯᮲⣙61ࡢ┦ᡭᅜᒃఫ⪅ࡢ㛵ಀ࡛ࡶࠊㄢ⛯ᐇົࡣ㔜ㄢࢆ㑊ࡅ ࡚ᅜෆἲࡢຠᯝࢆ⥔ᣢࡋ࡚ࡁࡓࡶࡢ᥎ ࡍࡿࠋࡣ࠸࠼ AOA ౫ᣐࡍࡿ㝈ࡾᖐᒓ 㒊ศࢆุᐃࡍࡿ㐣⛬ 1㸧㐪࠸ࡣ࡞࠸ࡽࠊ1㸧ྠᵝࠊᅜෆἲୖࡶࠊAOA ᩚ ྜⓗ࡞せ௳ࢆ┠ᣦࡍࡇ࡞ࢁ࠺62ࠋ2㸧ࡣࠊἲ⛯௧ 176 ᮲ 5 㡯௦ࢃࡿἲᚊࡢไᐃ ࢆ㏻ࡌ࡚⾜࠺ࡢࡀᮃࡲࡋ࠸⪃࠼ࡿ㸦ࡇࡢⅬࡣࠊୖグᅗ⾲ 5 ࡢ⠊ᅖእ࡛࠶ࡿ㸧ࠋ ࡓ࡞༺㈨⏘ࡢ㸦〇㐀㸧ㆡΏࡑࡢࡢᴗ AOA ᚑ࠺௨ୖࠊධࢆ㠀ㄢ⛯ࡍࡿ࣮ࣝࣝࡣᗫṆࡉࢀࡿ㸦ἲ⛯௧ 176 ᮲ 1 㡯 1 ྕ࣭2 㡯㸧ࠋ ἲ⛯௧ 176 ᮲ 1 㡯ࡢࡢᴗࡘ࠸࡚ࡣࠊิᣲࡢ 4 ᴗ✀㸦ᘓタ➼ࠊᅜ㝿㐠㍺ࠊಖ 㝤ࠊᗈ࿌㸧ࡢ࠺ࡕࠊᗈ࿌ᴗ㸦ࡑࡢᛶ㉁ୖᅜෆ࡛ㄢ⛯ࡉࢀࡿ≧ἣࡣ࡛ࡶᑡ࡞࠸࡛࠶ ࢁ࠺63㸧ᅜ㝿㐠㍺ࢆ㝖ࡅࡤࠊࢯ࣮ࢫ࣭࣮ࣝࣝࡢẁ㝵࡛ࠊᴗࡢᖐᒓࡢ⠊ᅖࢆ࡞ ࡾࡢ⛬ᗘุᐃࡋ࡚࠸ࡿࡼ࠺ㄞࡵࡿࠋࡇࡢࡇࡣࠊࡓ࡞༺㈨⏘ࡢ〇㐀ㆡΏ┈ࡑࡢ ࠶ࡽࡺࡿᴗࡢᡤᚓࡘ࠸࡚ࡶྠᵝ࡛࠶ࡿ㸦ྠ᮲ 1 㡯 2 ྕ࣭7 ྕ㸧ࠋࡇࢀࡽࡢ࣮ࣝࣝ ࡢୗ࡛ᅜෆ※Ἠᡤᚓࡉࢀࡿ㔠㢠ࡀࠊᴫࡡᴗᖐᒓࡍࡿᡤᚓࢆᫎࡋ࡚࠸ࡿࡍ ࢀࡤࠊᙜヱᴗࡀ PE ࢆ㏻ࡌࡓࡶࡢ࡛࠶ࡿ㝈ࡾࠊᅜෆ※Ἠᡤᚓࡔࡀ PE ಀࡿᴗ ᖐᒓࡋ࡞࠸ཪࡣᅜእ※Ἠᡤᚓࡔࡀ PE ಀࡿᴗᖐᒓࡍࡿᡤᚓ࠸࠺ࡢࡀ⏕ࡌࡃ ࠸ࠋ୍ࡘࡢᴟࡣࠊ 37 ᖺᗘᨵṇ┤ᚋᡠࡗ࡚ࠕᴗࠖࢆࠊPE ࢆᅜෆ᭷ࡋ࡚⾜࠺ ᴗ➼グ㏙ࡋ┤ࡍࡇ࡛࠶ࡿ64ࠋࡑࡢሙྜࡣࠊࡓ࡞༺㈨⏘ㆡΏ┈ಀࡿࢯ࣮ࢫ࣭࣮ࣝ ࣝࡶྠᵝグ㏙ࡋ┤ࡉࢀࡿࡁ࡛࠶ࢁ࠺ࠋ ᅜෆἲࡢ௦⌮ே PE ࡢᐃ⩏ࡣ OECD ࡼࡾࡶᗈࡵ࡛࠶ࡿࡀࠊࡶࡋ AOA ࢆᫎࡍࡿᖐ ᒓ⩏ࢆᅜෆἲࡍࡿࡢ࡛࠶ࢀࡤࠊ ௦⌮ே PE ࡢᖐᒓࡍࡿᡤᚓࡢ⠊ᅖࡘ࠸࡚ࡶ AOA ▩┪ࡋ࡞࠸ࡶࡢࡍࡁ࡛࠶ࢁ࠺ࠋ ࢘ ෆ㒊ྲྀᘬࡢㄆ㆑ ⌧⾜ἲୖࠊࡓ࡞༺㈨⏘ࡢ㸦〇㐀㸧ㆡΏ┈ࡣࠊࠕࡑࡢἲேࡀࠖᅜෆཪࡣᅜእ࡛ㆡΏࢆ ࡍࡿ65ࡇࡼࡾ⏕ࡎࡿᡤᚓ࡛࠶ࡿࡽࠊㄢ⛯ᮇࡣἲேࡢእ㒊ྲྀᘬ㸦ᐇ⌧㸧࡛ 61 ཧ↷ࠊࣔࢹࣝ᮲⣙ 10 ᮲ 4 㡯ࠊ11 ᮲ 4 㡯ࠊ12 ᮲ 3 㡯ࠊ21 ᮲ 2 㡯ࠋ ࣔࢹࣝ᮲⣙ 11 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 25.1 ཧ↷ࠋ⡿ᅜἲୖࡣࠊ1㸧ࡘ࠸࡚ࡣ㈨⏘ࢸࢫࢺᴗάືࢸ ࢫࢺࡀࠊ2㸧ࡘ࠸࡚ࡣᴗࡢᅛᐃⓗሙᡤࡢᖐᒓࡀࠊࡑࢀࡒࢀุᐃᇶ‽࡞ࡿ㸦IRCi864(c)(2)㸧 ࠋᮏሗ ࿌᭩࣭ὸጔㄽᩥཧ↷ࠋ 63 ⚟ᒣ࣭๓ᥖὀ 47ࠊ110-111 㡫ཧ↷ࠋ 64 ᪧἲ⛯ 1 ᮲ 8 㡯ཧ↷ࠋ 40 ᖺᗘᨵṇ࡛ᴗ PE ࢆษࡾ㞳ࡋࡓ㝿ࠊᪧἲࡢྠ㡯ࡢᐃࡵ᪉ࡣࠊ ࠕ࠶ࡿ ᡤᚓࡀᜏஂⓗタࢆ᭷ࡋ࡚⾜࠺ᴗᖐࡏࡽࢀࡿྰࢆุᐃࡍࡿࡓࡵࡣ౽ࠖࡔࡀࠊ ࠕㄢ⛯せ௳ㄢ ⛯≀௳ࡀ┦ࡼࡾࡾྜࡗ࡚࠸ࡿࡢ࡛ࠊ୧⪅ࡢ༊ูࡀ᫂☜࡞ࡽࡎࠊ⌮ゎࡋ㞴࠸ࡤࡾ࡛࡞ࡃࠊㄗ ゎࢆᣍࡃࢀࡀ࠶ࡗࡓࠖㄝ᫂ࡉࢀ࡚࠸ࡿࠋ⏣ཱྀ࣭๓ᥖὀ 48ࠊ236 㡫ࠋ࡞࠾ࠊࢻࢶ࡛ࡣࠊᴗᡤࡢᡤ ᅾᆅࢆᴗᡤᚓࡢࢯ࣮ࢫ࣭࣮ࣝࣝࡋࠊࡑࡢᴗᡤᚓࡢ⠊ᅖࢆᙜヱᴗᡤᖐᒓࡍࡿࡍ࡚ࡢᡤᚓࡍ ࡿᖐᒓ⩏ࡀ᥇⏝ࡉࢀ࡚ࡁࡓࠋ㇂ཱྀໃὠኵࠕእᅜᴗㄢ⛯㛵ࡍࡿᖐᒓ⩏ᡤᚓ⩏(1)ࠖ⛯ἲᏛ 389 ྕ 1 㡫㸦1983㸧ࠋ⡿ᅜ࡛ࡶࠊᅜෆᴗࢆ⾜࠺ᅛᐃⓗሙᡤࢆ᭷ࡍࡿእᅜἲே➼㛵ࡋ࡚ࡣࠊື⏘㸦ࡓ࡞༺ ㈨⏘ࢆྵࡴ㸧ࡢ㈍ಀࡿᡤᚓ࡛ᙜヱᅛᐃⓗሙᡤᖐᒓࡍࡿࡶࡢࡣࠊࡢࢯ࣮ࢫ࣭࣮ࣝࣝࢃࡽࡎ ᅜෆ※Ἠᡤᚓࡉࢀࡿ≉๎ࡀ࠶ࡿ㸦IRCi865(e)(2) and (g)㸧ࠋ 65 ㆡΏᆅࡘ࠸࡚ࡣࠊ1㸧ࡓ࡞༺㈨⏘ࡢᘬΏ┤๓ࡢᡤᅾᆅཪࡣᴗୖࡢ⟶⌮ᆅࠊ2㸧ዎ⣙⥾⤖ᆅࠊཪࡣ 3㸧 62 38 ࠶ࡿࠋᩥ⌮ୖࡇࢀࡽࡣࡢᴗ✀ࡢᴗᡤᚓࡘ࠸࡚ࡶᙜ࡚ࡣࡲࡿ㸦ἲ⛯௧ 176 ᮲ 1 㡯࣭2 㡯㸧ࠋྠ୍ἲேෆࡢᅜቃࢆ㉺࠼ࡿᴗ㛫࡛࡞ࡉࢀࡿࠕᗈ࿌ࠊᐉఏࠊሗࡢᥦ౪ࠊ ᕷሙㄪᰝࠊᇶ♏ⓗ◊✲ࡑࡢᙜヱᴗࡢ㐙⾜ࡗ࡚⿵ຓⓗ࡞ᶵ⬟ࢆ᭷ࡍࡿ⾜Ⅽࠖ 㸦௨ୗࠊࠕ⿵ຓⓗ⾜Ⅽࠖゝ࠺㸧ࠕ㔠㖹ࠊᕤᴗᡤ᭷ᶒࡑࡢࡢ㈨⏘ࢆ࣭࣭࣭ᴗࡢ ⏝౪ࡍࡿ⾜Ⅽࠖࡽࡣࠊᡤᚓࡣ⏕ࡌ࡞࠸㸦ྠ᮲ 3 㡯㸧ࠋࡇࢀࡽࡶ㈝⏝㓄㈿ࡢࡳࢆせ ồࡍࡿつᐃ࡛࠶ࡿ66ࠋ AOA ᚑ࠺㝈ࡾࠊࡇࢀࡽࡢඛỴⓗ࣮ࣝࣝࡶぢ┤ࡋࡀᚲせ࡞ࡿࡀࠊAOA ࡢୗ࡛ࡶ ෆ㒊Ꮚࡣࡴࡋࢁཎ๎㠀ㄆ㆑㏆࠸࡛࠶ࢁ࠺ࡋࠊᙺົᥦ౪ࡣᐇົୖ㈝⏝㓄㈿࡛㊊ࡾ ࡿ⠊ᅖࡶ࡞ࡾṧࡗ࡚࠸ࡿࠋࡢࡳ࡞ࡽࡎࠊୖ㏙ࡢ࠾ࡾಙ⏝ᗘࡑࡢࡢࢀࢇⓗせ⣲ ࡣᑡ࡞ࡽࡎࡑࡢᖐᒓࡀἲேෆ࡛ᆒ୍ࡉࢀࡿࠋෆ㒊Ꮚࡣ㖟⾜➼࡛ࡣㄆ㆑ࡉࢀ࡚ ࡁࡓࡶࡢ࡛࠶ࡿࡽ67ࠊAOA ࡣࡇࡢㄆ㆑ࢆࠊᴗ✀ࢆၥࢃࡎᶵ⬟ཪࡣྲྀᘬࢆ༢ࡋ ࡚ᐈほⓗ⾜࠺ࡃኚ᭦ࢆຍ࠼ࡓࡶࡢ⌮ゎࡉࢀࡿ㹿ࡑ࠺࡛࠶ࢀࡤࠊཎ๎ࡋ࡚ᚑ᮶ ࠾ࡾෆ㒊Ꮚ➼ࡸ⿵ຓⓗ⾜Ⅽࡣ㈝⏝㓄㈿ࡢၥ㢟ࡋ࡚࠾࠸࡚ࠊᡤᚓࡀⓎ⏕ࡍࡿࡢ ࡣࠊࡓࡿᴗ༉ᩛࡍࡿ㔜せ࡞ேⓗᶵ⬟ࡢ㐙⾜ࡀ࠶ࡿሙྜ➼㝈ᐃࡍࡿࡢࡶ୍ ࡛࠶ࡿ㹿 ࡲࡓࠊAOA ࡢୗ࡛ࡣࠊㄢ⛯ᮇࡘ࠸࡚ࡶᅜෆἲḟ➨ゎࡉࢀࡿࠋࡇࢀࡲ࡛ࠊእ ᅜἲேࡼࡿᅜෆ〇㐀࣭ᅜእㆡΏࡢሙྜ࡛ࡶࠊㆡΏࡼࡿᐇ⌧ࢆᚅࡗ࡚ࠊ〇㐀 PE ಀࡿᡤᚓㄢ⛯ࡋ࡚ࡁࡓࡍࢀࡤࠊAOA ࡢୗ࡛ࡶࠊ〇㐀ㆡΏ┈ࡘࡁྠᵝἲே ࡋ࡚ࡢᐇ⌧ࢆ PE ࡢㄢ⛯ᮇࡍࡿࡇࡶྍ⬟࡛ࡣ࡞࠸ࠋPE ↓ᕪูࡢせㄳ ↷ࡽࡋࠊෆᅜἲேࡢᅜෆᕤሙ〇㐀㸦ཪࡣධ㸧 ࣭ᅜእᨭᗑㆡΏࡢሙྜࡣ㍺ฟ㸦እ 㒊ㆡΏ๓㸧ࡢᖺᗘㄢ⛯ࡋ࡞࠸ࡢ࡛࠶ࢀࡤࠊྠᵝࡢάືࢆ⾜࠺ PE ࡢሙྜࡢࡳ㍺ฟ ㄢ⛯ࡍࡿࡇࡣၥ㢟ࡀ࠶ࡿࡶゝ࠼ࡿࠋ ࢚ ㈝⏝ࡢᖐᒓ 㸦㸧㐺⏝࣮ࣝࣝࡢ㑅ᢥ ἲே⛯ἲୖࠊྛ✀ࡢᅜෆ※Ἠᡤᚓࢆ⥲ྜࡋࠊࠕᅜෆ※Ἠᡤᚓಀࡿᡤᚓࡢ㔠㢠ࠖ 㸦ἲ⛯ 141 ᮲࣭142 ᮲㸧ࡋ࡚ㄢ⛯ࡍࡿ㝿ࡣࠊෆᅜἲே㐺⏝ࡉࢀࡿ㏻ᖖࡢィ⟬ ࣮ࣝࣝ‽ࡌࠊㅖ㈝⏝➼ࡢ᥍㝖ࡀྍ⬟࡛࠶ࡿ㸦ἲ⛯ 142 ᮲㸧68ࠋࡿ࣮ࣝࣝࡢ㐺 ⏝ࡢ᭷↓ཪࡣ⠊ᅖࡘ࠸࡚ࡣࠊ㈍㈝ཬࡧ୍⯡⟶⌮㈝➼ࡢ㈝⏝㛵ࡍࡿ࣮ࣝࣝࢆ ྵࡵ࡚ 20 ࡢಶูࡢᐃࡵࡀᏑࡍࡿ㸦ἲ⛯௧ 188 ᮲㸧ࠋ ࠼ࡤࠊୖཎ౯ࡣࠊᅜෆ࠶ࡿࡓ࡞༺㈨⏘㝈ࡗ࡚ࠊ㏻ᖖࡢィ⟬࣮࡛ࣝࣝ࠶ ࡿἲ⛯ 29 ᮲‽ࡌ࡚ィ⟬ࡉࢀࡿ㸦ἲ⛯௧ 188 ᮲ 1 㡯 3 ྕ㸧 ࠋࡼࡗ࡚ࠊ௬᪥ᮏ ዎ⣙ࡢࡓࡵࡢὀᩥྲྀᚓࠊ༠㆟➼ࡢ⾜Ⅽࡢ㔜せ࡞㐙⾜ᆅࠊࡢ࠸ࡎࢀ୍ࡘࡀᅜෆ࠶ࡿྰุ࡛ᐃࡉࢀ ࡿ㸦ἲ⛯௧ 176 ᮲ 4 㡯㸧ࠋ2㸧ཬࡧ 3 ࡘ࠸࡚ࡣࠊ௦⌮ே➼ࡼࡿ⾜Ⅽࢆྵࡴࡉࢀࡿ㸦ἲᇶ㏻ 20-1-8㸧ࠋ 66 ⚟ᒣ࣭๓ᥖὀ 47ࠊ111 㡫ཧ↷ࠋ 67 ㉥ᯇ࣭๓ᥖὀ 50ࠊ69-70 㡫ཧ↷ࠋ 68 እᅜἲேࡶ☜ᐃỴ⟬ᇶ‽⩏ࡣጇᙜࡍࡿࠋᮾி㧗ุ 54 ᖺ 3 ᭶ 14 ᪥⾜㞟 35 ᕳ 3 ྕ 231 㡫ཧ↷ࠋ ࡲࡓࠊἲᇶ㏻ 20-3-1 ཧ↷ࠋ⏦࿌᭩ࢆᥦฟࡍࡿ㝿ࡣࠊෆᅜἲேࡢሙྜྠᵝࡢᡭ⥆ୖࡢせ௳ࡀㄢࡉࢀ࡚ ࠸ࡿ㸦ἲ⛯ 145 ᮲࣭146 ᮲㸧ࠋ 39 PE ࢆ᭷ࡍࡿ A ᅜἲேࡀࠊ᪥ᮏ࡛⥾⤖ࡉࢀࡓዎ⣙ᇶ࡙ࡁࠊB ᅜࡢ㢳ᐈ B ᅜᏑ ࡍࡿࡓ࡞༺㈨⏘ࢆ㈍ࡍࢀࡤࠊ᪥ᮏࡢᅜෆ※Ἠᡤᚓࡀ⏕ࡌࡿ㸦ἲ⛯௧ 176 ᮲ 4 㡯㸧 ୍᪉࡛ࠊἲ⛯ 29 ᮲ࡢ㐺⏝ࡣ࡞࠸ࠋࡣ࠸࠼ୖཎ౯ࡢィୖࡀྰᐃࡉࢀࡿࢃࡅ࡛ࡣ ࡞ࡃࠊ࠼ࡤ B ᅜࡢබṇጇᙜ࡞࣮ࣝࣝ‽ࡌ࡚ィ⟬ࡉࢀࡿゎࡉࢀ࡚࠸ࡿ69ࠋణࡋࠊ B ᅜࡣࠊ≉ PE ࡀዎ⣙⥾⤖㛵ࡋ࡚࠸࡞࠸ሙྜࠊᙜヱᡤᚓࡀ B ᅜ※Ἠ࡛࠶ࡿ ぢࡿྍ⬟ᛶࡀ࠶ࡿࠋ ࡇࡢ༢⣧࡞ࡢྵពࢆ㏙ࡿࠋ➨୍ࠊἲ⛯௧ 188 ᮲ࡣࡑࡢᛶ᱁ᣦ♧ࡀ᫂ ░࡛࠶ࡿࠋ㏻ᖖࡢィ⟬࣮ࣝࣝᚑ࠸ィ⟬ࡍࡿࡓࡵࡢᇶ‽ࢆ⮬ᕫ⤖ⓗࡣᥦ౪ࡋ ࡚࠾ࡽࡎࠊ㒊ศⓗእᅜἲ➼ࡢᇶ‽㯲♧ⓗᣐࡗ࡚࠸ࡿ70ࠋ➨ࠊἲே⛯ἲࡢ ᴗᡤᚓࡢᐃࡵࡣࠊᖐᒓ⩏ࢆ᥇⏝ࡍࡿᅜࡢㄢ⛯ࡢ⾪✺ࡀ⏕ࡌࡸࡍ࠸ࠋFTC ࠾ࡅࡿᰂ㌾࡞ၥ㢟ゎỴ㸦ἲ⛯௧ 142 ᮲ 4 㡯71㸧ࡣࠊእᅜἲேㄢ⛯ࡣぢࡽࢀ࡞࠸ࠋ 㔜ㄢ⛯ࡢ㝖ࡣᒃఫᆅᅜ㸦A ᅜ㸧ࡢ୍⩏ⓗ࡞㈐ົࡢୗ࠶ࡿࡀࠊᜏᖖⓗ࡞㔜ㄢ ⛯Ⓨ⏕ཎᅉࢆ㝖ཤࡍࡿࡇࡣࠊᅜ㝿ㄪࡢほⅬࡽᨭᣢ࡛ࡁࡿࠋ➨୕ࠊ᪥ᮏࡀ ※Ἠᆅᅜ⟶㎄ࢆᙇࡍࡿ≉ᐃࡢ㡯┠ࡢ┈┤᥋ᑐᛂࡍࡿཎ౯ࡢィ⟬᪥ᮏࡢ ࣮ࣝࣝࡢ㐺⏝ࢆ㝖ࡍࡿ࠸࠺ࡢࡣ୍㈏ᛶࢆḞࡃࠋ 㸦㸧㈝⏝㓄㈿ᇶ‽ ㈍㈝ཬࡧ୍⯡⟶⌮㈝ࡑࡢࡢ㈝⏝㸦ἲ⛯ 22 ᮲ 3 㡯 2 ྕ㸧ࡣࠊࠕᅜෆ※Ἠᡤᚓ ಀࡿධ㔠㢠ⱝࡋࡃࡣ⤒㈝ཪࡣᅛᐃ㈨⏘ࡢ౯㢠ࡑࡢࡢྜ⌮ⓗ࡞ᇶ‽ࠖࡼࡾࠊ ᅜෆᴗົ㓄ศࡉࢀࡿ㸦ἲ⛯௧ 188 ᮲ 1 㡯㸧ࠋ㏻㐩ࡣࠊᅜෆᴗົࡣࠊᅜෆ※Ἠᡤ ᚓࢆ⏕ࡎࡁᴗົ࡛࠶ࡿࡇࢆᬯ♧ࡍࡿ㸦ἲᇶ㏻ 20-3-4㸧ࠋ࠼ࡤࠊᅜእᴗࡢࡓ ࡵࡢ⿵ຓⓗ⾜Ⅽక࠺㈝⏝ࡣࠊࡑࢀࡀᅜෆ※Ἠᡤᚓࢆ⏕ࡌ࡞࠸⾜Ⅽ࡛࠶ࡿࡀᨾ ᅜෆᴗົ㓄ศࡉࢀᚓ࡞࠸㸦ἲᇶ㏻ 20-3-4㸧72ࠋ ㈝┠ࡈࡢ㓄ศࡀᅔ㞴࡛࠶ࡿሙྜࡣࠊᐇົୖࠊFTC ไᗘ࠾ࡅࡿ㏻㐩ୖࡢྲྀᢅ ࠸‽ࡌࡿࡇࡉࢀࡿ㸦ἲᇶ㏻ 20-3-5㸧ࠋࡇࢀࢆ‽⏝ࡍࢀࡤࠊཎ๎ࡋ࡚ࠊඹ㏻ ㈝⏝㸦㈇മᏊࢆ㝖ࡃ㸧ࡢ㢠ࢆ୍ᣓࡋ࡚ୖ⥲┈ࡢ㢠㸦Ꮚࠊ㓄ᙜ➼ཬࡧ⏝ ᩱࡣධ㔠㢠㸧࡛ᣨศࡍࡿ㸦ඹ㏻㈝⏝ᅜෆᴗົୖ⥲┈/ୖ⥲┈㸧ࠋୖ ⥲┈࣮࣋ࢫࡢᣨศࡀᴗົࡢෆᐜ➼㐺ྜࡋ࡞࠸ࡁࡣࠊᡤ㎄⛯ົ⨫㛗ࡢ☜ㄆࢆ ཷࡅ࡚ࠊධ㔠㢠ࠊ┤᥋⤒㈝ࡢ㢠ࠊ㈨⏘ࡢ౯㢠ࠊ⏝ேࡢᩘࡑࡢࡢᇶ‽ࡢ࠺ࡕࠊ ࡑࡢᴗົࡢෆᐜ➼㐺ྜࡍࡿᇶ‽ࡼࡾィ⟬ࡍࡿࡇࡀ࡛ࡁࡿ㸦ἲᇶ㏻ 16-3-14㸧ࠋ ࡇࢀࡣ≉ࡶ࠶ࡿ73ࠋ࡞࠾ࠊ◊✲㛤Ⓨάືಀࡿ㈝⏝㛵ࡍࡿලయⓗ㓄ศ࣮ࣝࣝ 69 ᑠᯇⰾ᫂ࠗᅜ㝿⛒⛯ἲㅮ⩏㸦ቑ⿵∧㸧 ࠘㸦⛯ົ⤒⌮༠࣭1998㸧ࠊ94-96 㡫ཧ↷ࠋ ❧ᙜᒁ⪅ࡶࠊ᮲⌮ᚑ࠸㏻ᖖࡢィ⟬࣮ࣝࣝࢆ㐺ᐅಟṇࡋ࡚ㄞࡴࡇࡀᮇᚅࡉࢀ࡚࠸ࡿ࠸࠺ࠋ⏣ཱྀ࣭ ๓ᥖὀ 48ࠊ241 㡫ࠋ 71 ࡓ࡞༺㈨⏘㛵ࡋࠊ1㸧ᅜእᴗᡤ➼ࢆ㏻ࡌࡓ㈍ࡢሙྜࡢࡳᅜእㆡΏࡉࢀࠊࡿ㈍௨እ࡛ࡶࠊ 2㸧ᐇ㝿ㄢࡉࢀࡓእᅜἲே⛯ࡀ࠶ࢀࡤᅜእㆡΏᢅ࠸ࡢ㑅ᢥࡀチᐜࡉࢀࡿࠋ 72 እᅜἲேࡣࠊࡑࡢᮏᗑ➼ࡽᅜෆᴗົ㓄ศࡉࢀࡓᦆ㔠ࡘࡁࠊᡤ㎄⛯ົ⨫㛗ࡢᣦ♧ࡀ࠶ࢀࡤࠊドᣐ ᭩㢮ࡢᥦ♧ࡑࡢྜ⌮ⓗ࡞᪉ἲࡼࡾド᫂ࡍࡿࡇࡀせồࡉࢀࡿ㸦ἲᇶ㏻ 20-3-11㸧ࠋ 73 ἲே㸦㔠⼥࣭ಖ㝤ᴗࢆ㝖ࡃ㸧ࡢᅜእᴗົಀࡿධ㔠㢠ࡢ㒊ཪࡣ㒊ศࡀᏊࠊ㓄ᙜ➼ཪࡣ⏝ᩱ ࡛࠶ࡾࠊࡘᡤᚓࡢ㔠㢠ࡢ࠺ࡕᅜእᡤᚓ㔠㢠ࡢ༨ࡵࡿྜࡀప࠸࡞ࡢࡓࡵㄢ⛯ୖᘢᐖࡀ࡞࠸ㄆࡵ 70 40 ࡣぢࡘࡽ࡞࠸74ࠋ ㈇മࡢᏊࡘ࠸࡚ࡣࠊ(1) ᅜෆᴗᡤ➼࠾ࡅࡿᅜෆᴗົࡢࡓࡵ┤᥋㛵㐃ࡋ ࡓ㈇മࡢᏊ㸦┤᥋Ꮚ㸧ࡣࠊᙜヱᅜෆᴗົಀࡿᅜෆ※Ἠᡤᚓࡢィ⟬ྲྀࡾ㎸ ࡲࢀࡿࡀࠊ(2) ࡇࢀ௨እࡢᏊ㸦ඹ㏻Ꮚ㸧ࡣࠊ㞧ᢕゝ࠼ࡤࠊ(a) ༺ᴗ࣭〇 㐀ᴗࡣࠊᅜෆᴗົಀࡿ㈨⏘/㈨⏘ࠊ(b) 㖟⾜ᴗࡣࠊᅜෆ※Ἠᡤᚓࡢ※Ἠ࡞ࡿ㔠 ⼥㈨⏘/㸦㈇മ㸩⮬ᕫ㈨ᮏ㸫ᅛᐃ㈨⏘㸧ࠊ(c) ࡑࡢࡢᴗࡣࠊ(a) ཪࡣ (b) ‽ࡎ ࡿ㓄㈿ᇶ‽ࠊࡼࡗ࡚ࠊᅜෆᴗົಀࡿᦆ㔠ࡢ㢠ࢆ㓄ศࡍࡿ㸦ἲᇶ㏻ 16-3-13㸧ࠋࡉ ࡽࠊ(d) ࡇࢀࡽࡀ㐺ྜࡋ࡞࠸ሙྜࡣࠊᡤ㎄⛯ົ⨫㛗ࡢ☜ㄆࢆཷࡅ࡚ࠊධ㔠㢠ࠊ ┤᥋⤒㈝ࡢ㢠ࠊ㈨⏘ࡢ౯㢠ࠊ⏝ேࡢᩘࡑࡢࡢᇶ‽ࢆ⏝࠸ࡓ㓄ศࡶㄆࡵࡽࢀࡿ 㸦ἲᇶ㏻ 16-3-14㸧ࠋ ᪉ࠊᦆኻ㸦ἲ⛯ 22 ᮲ 3 㡯 3 ྕ㸧ࡣࠊᅜෆᴗົཪࡣᅜෆ࠶ࡿ㈨⏘ࡘࡁ⏕ࡌ ࡓᦆኻࡢࡳ⪃៖ࡉࢀࡿ㸦ἲ⛯௧ 188 ᮲ 1 㡯 1 ྕ㸧ࠋ 㸦࢘㸧ᖐᒓ⩏ࡢᑐᛂ ἲே⛯ἲࡣࠊ㈝⏝➼ࢆࠊࡑࡢᆅ⌮ⓗ࡞Ⓨ⏕ᆅࡼࡾࡣࠊἲே⛯ࡢᑐ㇟࡞ࡿᅜෆ ※Ἠᡤᚓࢆ⏕ࡎࡁᴗົ୍ᐃࡢᇶ‽ࢆࡗ࡚ࡾᙜ࡚ࡼ࠺ࡋ࡚࠸ࡿࠋࡑ࠺࡛ ࠶ࢀࡤࠊᮏ᮶ࠊࡑࡢ⠊ᅖࡣ 1 ྕ PE ࡢሙྜ㸦⥲ྜ⩏㸧 2 ྕ࣭3 ྕ PE ࡢሙྜ㸦୍ 㒊ᖐᒓ⩏㸧࡛┦㐪ࡍࡿࡣࡎ࡛࠶ࡿࡋࠊ᮲⣙┦ᡭᅜᒃఫ⪅ࡢ㛵ಀ࡛ࡣᖐᒓ ⩏࡞ࡾ㈝⏝ࡢ⠊ᅖࡶኚࡍࡿࡣࡎ࡛࠶ࡿࡀ75ࠊ⌧⾜ἲ௧ࡀ༑ศࡇࢀᑐᛂࡋ࡚࠸ ࡿࡣ⪃࠼㞴࠸ࠋࡼ࠺᭕࡞୰࡛ࠊୖ⥲┈࣮࣋ࢫ࡛ࡢඹ㏻㈝⏝ࡢ㓄ศࢆ ᗈࡃ⏝࠸ࡿࡢࡀᐇົ࡞ࡢࡶࡋࢀ࡞࠸ࠋ ࣔࢹࣝ᮲⣙ࡣࠊ7 ᮲࠾ࡅࡿ㈝⏝ࡢ᥍㝖ྍ⬟ᛶࡣᅜෆἲࡢၥ㢟ࡍࡿ76ࠋྠᵝࡢ άືࢆ⾜࠺ෆᅜἲேࡢᴗ࡞ࡽㄆࡵࡽࢀࡿ㈝⏝ࡢ᥍㝖ࢆྰᐃࡍࡿࡇࡣ࡛ࡁ࡞࠸ ࡽ77ࠊPE ᖐᒓࡍࡿ┈࣭ᚓࡢ㛵㐃࡙ࡅࢆࡼࡾᙉࡵࡓ㈝⏝㓄ศ࣮ࣝࣝࡢୗ ࡛ࠊෆᅜἲேྠࡌࡃἲே⛯ἲୖࡢ㏻ᖖࡢィ⟬࣮ࣝࣝࢆ㐺⏝ࡍࡿࡁ࡛࠶ࡿࠋ ┈ࡢ㓄ศᙜヱ┈ࡢᒓࡍࡿ⠊ࡢ㓄ศཪࡣ㓄㈿ࢆᐃࡵࡿ⡿ᅜࡢ㈈ົ┬つ ๎ࠊཬࡧࡑࡇ࡛ࡢ㆟ㄽࢆཧ⪃ࡋࡓ࠸78ࠋࡲࡓࠊෆ㒊ྲྀᘬࡀㄆ㆑ࡉࢀࡿሙྜࡣࠊ ࡽࢀࡿሙྜࡣࠊᅜእᴗົ㛵㐃ࡍࡿࡇࡀ᫂ࡽ࡞㈝⏝ࡢࡳࢆඹ㏻㈝⏝ࡋ࡚ࠊᅜእᴗົࡢ㓄ศ㢠 ࢆỴࡵࡿࡇࡀ࡛ࡁࡿ㸦ἲᇶ㏻ 16-3-12㸦ὀ㸧㸧ࠋ 74 ⡿ᅜ㈈ົ┬つ๎㸦Treas. Reg.i1.861-17㸧ୖࠊ◊✲㛤Ⓨ㈝㛵ࡋ࡚ࡣࠊࡲࡎᶆ‽⏘ᴗศ㢮ᚑ࠸〇ရࢆ ศ㢮ࡋࠊᙜヱ〇ရศ㢮ࡽ⏕ࡌࡿ⢒ᡤᚓ㛵㐃ࡍࡿ◊✲㛤Ⓨ㈝ࢆỴࡵࡿࠋࡑࡢୖ࡛ࠊᨻᗓࡢつไୖせ ồࡉࢀࡿ㸦ࠊ⸆ရ㸧◊✲㛤Ⓨ㈝ࢆࡑࡢ㐙⾜ࡍࡁ⟶㎄ᶒᙜ࡚ࠊ1㸧ṧ㢠ࡢ 50%ࡣ◊✲㛤Ⓨάືࡢ 50%㉸ࢆᐇࡍࡿᆅ⌮ⓗሙᡤᙜ࡚ࠊ2㸧ṧࡾ 50%ࢆୖࡢ※Ἠᆅ࣮࣋ࢫ࡛㓄ศࡍࡿࠊ࠸࠺࣮ࣝࣝࡀ ࠶ࡿࠋ࡞࠾ࠊ2㸧ࡣࠊୖ⥲┈࣮࣋ࢫ࡛௦᭰ࡍࡿࡇࡶྍ⬟࡛࠶ࡿࡀࠊࡑࡢሙྜࡣࠊ1㸧ᚑࡗ࡚ ࡾᙜ࡚ࡽࢀࡿ◊✲㛤Ⓨ㈝ࡢྜࡣ 50%࡛ࡣ࡞ࡃ 25%࡞ࡾࠊṧࡾࡣୖ⥲┈࣮࣋ࢫ࡛ࡾᙜ࡚ࡽࢀࡿ ࡇ࡞ࡿࠋSee Gustafson, Peroni and Pugh, Taxation of International Transactions, Materials, Text and Problems, 123-125 (3d ed. 2006). 75 ࡑࡢሙྜᅜෆἲୖࡢ᥍㝖ࡢ⠊ᅖࢆ⊃ࡵࡿಟṇࡀྍ⬟࠺࠸࠺ၥ㢟ࡀ⏕ࡌ࠺ࡿࠋ 76 ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 30ࠋ 77 ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 33ࠋ 78 See IRCi861(.b), Treas. Reg.i1.861-8; Temp. Reg.i1.861-8T. ㈝⏝ࠊᦆኻࡑࡢࡢ᥍㝖㸦௨ୗࠊ᥍㝖㸧 ࡣࠊᅜෆ※Ἠᡤᚓཪࡣᅜእ※Ἠᡤᚓ㐺ษ㓄㈿㸦apportion㸧ཪࡣ㓄ศ㸦allocate㸧ࡋ࠺ࡿࡶࡢࢆࡑࡢࡼ 41 PE 㛵㐃ࡍࡿ㈝⏝ࡢ㒊ⱝࡋࡃࡣ୍㒊ཪࡣ⊂❧ᴗ㛫ᑐ౯ࡢ᥍㝖ࡀチᐜࡉࢀࡡࡤ࡞ ࡽ࡞࠸79ࠋ 㸦࢚㸧↓ൾ㈨ᮏࡢ㓄㈿ ἲே⛯ἲୖチᐜࡉࢀ࠺ࡿ PE ࡢ㈇മẚ⋡ࡢୖ㝈ࡢၥ㢟ࡶ࠸࠼ࡿࠋཝᐦ࡞⛉Ꮫ࡛ ࡣ࡞ࡃࠊAOA ࡢ㑅ᢥ⫥ࡢ࠺ࡕ㈨⏘࣮࣋ࢫࢆᇶ♏ࡍࢀࡤࠊᏊ㈝⏝ࡢ㓄㈿ࡶᩚ ྜࡍࡿࠋ㈨⏘ࡢᖐᒓࡀ⤒῭ⓗᡤ᭷ᶒᚑࡗ࡚࠸ࡿ㝈ࡾࠊࣜࢫࢡ࣮࣋ࢫࡢ㓄㈿ࡢ 㔜せ࡞ゐࡶ࡞࠸ࡣࡎ࡛࠶ࡿࠋᚑࡗ࡚ࡇࢀࢆཎ๎ࡋ࡚ࠊ㢧ⴭ࡞ಶูࡢࣜࢫࢡࡣ ู㏵ࡾᙜ࡚ࡘࡘࠊ㐣ᑡ㈨ᮏ⛯ไࡸ㐣ᨭᡶᏊ⛯ไࢆ⤌ࡳྜࢃࡏࡿ࠸࠺ࡢࡀ ⌧ᐇⓗ࡞ࣉ࣮ࣟࢳࡢ୍ࡘ࡛࠶ࢁ࠺ࠋ 㸦㸴㸧㔜㸦㠀㸧ㄢ⛯ࡢㄪᩚ ἲே⛯ἲୖࠊእᅜἲேࡢᅜእ※Ἠᡤᚓᡃࡀᅜࡣㄢ⛯ࡋ࡞࠸ࡽࠊእᅜἲே FTC ࡢ㐺⏝ࡣ࡞ࡃ㸦ἲᇶ㏻ 20-4-2㸧ࠊእᅜἲே⛯㢠ࡣᦆ㔠⟬ධ୍ᛂゎࡉࢀࡿ㸦ἲ⛯௧ 188 ᮲ 1 㡯 9 ྕ㸧80ࠋࡲࡓࠊእᅜᏊ♫㓄ᙜ┈㔠⟬ධไᗘࡢ㐺⏝ࡶ࡞࠸㸦ἲ⛯ 142 ᮲ᣓᘼ ࠺᥍㝖ࡋࠊ⢒ᡤᚓࡢ㡯┠ཪࡣศ㢮☜ᐇ㓄ศࡉࡏࡿࡇࡀ࡛ࡁ࡞࠸᥍㝖ࡘ࠸࡚ࡣࠊẚⓗ㓄㈿ ཪࡣ㓄ศࡉࢀࡿ㸦IRCi861(b); 862(b); 863(a)㸧ࠋࡇࢀࡣ㈈ົ┬つ๎ᬻᐃつ๎ࡀ࠶ࡾࠊࡑࡇ࡛ࡣࠊࡲࡎ ࠕ㓄ศࠖࡘࡲࡾ≉ᐃࡢ✀㢮㸦」ᩘࡶྍ㸧ࡢ⢒ᡤᚓࡢ᥍㝖ࡢᑐᛂࡅࡀ࡞ࡉࢀࠊḟ࠸࡛ࠊࠕ㓄㈿ࠖࡘࡲࡾ ࡼ࠺㓄ศࡉࢀࡓ᥍㝖ࢆᙜヱ✀㢮ࡢ⢒ᡤᚓ㛵ࡍࡿไᐃἲୖࡢྛ⠊ࡾᙜ࡚ࡿࡇࡀ࡞ࡉࢀࡿ 㸦ᅉࡳࡇࡢ㈈ົ┬つ๎ࡢ࣮ࣝࣝࡣእ⛯᥍㝖┠ⓗ࡞࡛ࡶ⏝࡛ࡁࡿࡼ࠺୍⯡ⓗ࣭ᢳ㇟ⓗ࡞⏝ㄒ࡛グ㏙ ࡉࢀ࡚࠸ࡿ㸧ࠋࡲࡎࠊ1㸧࠶ࡿ✀㢮ࡢ⢒ᡤᚓ㸦a class of gross income㸧ᑐࡋࠊᇶᅉ࡞ࡿάືཪࡣ㈈⏘ࡢ ඹ㏻ᛶࡽ☜ᐇ㸦definitely㸧㓄ศࡉࢀࡿ᥍㝖ࡣᙜヱᡤᚓ㓄ศࡋ㸦ᙜヱᡤᚓࡢᐇ㝿ୖࡢᏑྰࡣၥࢃ࡞ ࠸㸧ࠊ2㸧ࡼ࠺㓄ศࡉࢀࡓ᥍㝖ࡣࠊᙜヱᡤᚓࡀᒓࡍࡿไᐃἲୖࡢ⢒ᡤᚓࡢ≉ᐃࡢ⠊㸦the statutory grouping of gross income㸧ࡑࡢࡲࡲ㓄ศࡉࢀࡿ㸦㓄㈿࡞ࡋ㸧ࠊཪࡣࠊᙜヱᡤᚓࡀᒓࡍࡿࡑࡢࡼ࠺࡞⠊ ࡀ」ᩘ࠶ࢀࡤࠊᙜヱ᥍㝖ࡣࠊᙜヱ」ᩘࡢ⠊㓄㈿ࡉࢀࡿ㸦࠸ࡎࢀࡶ☜ᐇ㓄ศࡋ࠼࡞࠸᥍㝖ࡀ࠶ ࢀࡤࠊࡑࢀࡣྛ⠊⢒ᡤᚓࡢ㢠ᇶ࡙ࡁẚⓗ㓄㈿ࡉࢀࡿ㸧ࠋ㓄㈿せ⣲ࡋ࡚ࡣࠊi㸧㈍༢ᩘࠊii㸧 ⥲ୖ㸦ධ㸧 ࠊiii㸧ୖཎ౯ࠊiv㸧ᚓࡢ㈉⊩ࠊv㸧Ⓨ⏕㈝⏝ࠊ⏝㈨⏘ࠊ⤥ࠊ⏝ሙᡤࡢᗈࡉཬࡧ 㛫㸦ᙜヱ⠊ࡢ⢒ᡤᚓࢆ⏕ࡌࡿάືཪࡣ㈈⏘ᖐࡍࡿࡶࡢ㸧ࠊvi㸧⢒ᡤᚓࡢ㔠㢠ࠊࡀ♧ࡉࢀࡿࠋ࡞࠾ࠊ Ꮚࠊ◊✲㛤Ⓨ㈝㸦๓ᥖὀ 74 ཧ↷㸧ࠊᰴ⟶⌮㈝ࠊἲᚊ࣭ィࢧ࣮ࣅࢫࡢᑐ౯ࠊᕞ࣭ᆅ᪉࣭እᅜᡤᚓ⛯ ➼ࠊ㈨⏘ᦆኻࠊබ┈ⓗᐤ㝃➼ࡘ࠸࡚ಶูࡢ࣮ࣝࣝࡀ࠶ࡿࠋࢆᣲࡆࡿࠊィࢧ࣮ࣅࢫࡣࠊḟ➨ ࡛ࠊ≉ᐃࡢ✀㢮ࡢ⢒ᡤᚓ☜ᐇ㓄ศࡉࢀࡿཪࡣ࡚ࡢᡤᚓ㓄ศࡉࢀࡿࡀࠊ࠼ࡤࠊ≉ᐃࡢ〇ရࡢ 〇㐀ཎ౯ಀࡿㄪᰝ᭩ࡢసᡂࡢࡓࡵᨭᡶࡗࡓᩱ㔠ࡣࠊ㏻ᖖࠊᙜヱ〇ရࡽ⏕ࡌࡿ≉ᐃࡢ✀㢮ࡢ⢒ᡤᚓ ☜ᐇ㛵㐃࡙ࡅࡽࢀࡿ㸦ࡑࡋ࡚ࡑࡢ〇ရࡽ⏕ࡌࡿୖ➼ࡢ⢒ᡤᚓࡢ※Ἠᆅᛂࡌ࡚ᙜヱᩱ㔠㈝⏝ࡢ ※ἨᆅࡶỴࡲࡿࠋ㸻୍㧗㸧ࠋࡲࡓࠊ≉ᐃࡢ㈨⏘ࡢᦆኻ㸦࠼ࡤ↓ᙧ㈨⏘ࡢㆡΏᦆ㸧ࡣࠊᙜヱ㈨⏘ࡽ⏕ࡌ ࡿ≉ᐃࡢ✀㢮ࡢ⢒ᡤᚓ㸦࠼ࡤ⏝ᩱ㸧☜ᐇ㓄ศࡉࢀࡿ࡞ࡽࠊ⏝ᆅ⩏ࡢୗ࡛ᙜヱ㈨⏘ࡢ⏝ࡀ ᅜෆᅜእࡢ᪉࡛࡞ࡉࢀࡿࡁࡣࠊࡇࢀᛂࡌ࡚ᙜヱᦆኻࡢ㓄㈿ࡀᚲせ࡞ࡿࠋ࡞࠾ࠊᏊࡘ࠸࡚ ࡣࠊ㔠㖹ࡢ௦᭰ᛶࡽࡑࡢ㓄ศ㓄㈿ࡣ⢒ᡤᚓ࡛ࡣ࡞ࡃࠊ㈨⏘ࢆᇶ♏࡞ࡉࢀࡿࡇࢁ㸦IRCi864(e)(2)㸧ࠊ ヲ⣽࡞ᬻᐃつ๎㸦Temp. Reg.i1.861-9T㸧ࡀ࠶ࡿࠋSee Gustafson et al, supra note 74, at 118-123. ࡇࡢ࣮ࣝࣝ ࡢ⪃࠼᪉ᚑ࠼ࡤࠊ࠼ࡤࠊ࠶ࡿ᥍㝖ࡢ㓄ศඛࡢ⢒ᡤᚓࡀࡍ࡚ᐇ㉁㛵㐃ᡤᚓᒓࡍࡿ࡞ࡽࡤࠊᙜヱ᥍ 㝖ࡶࡍ࡚ྠᵝᒓࡍࡿࡇ࡞ࢁ࠺ࠋࡇࡢ࣮ࣝࣝࡢᢈุⓗ࡞᳨ウࡋ࡚ࠊSee generally, Fuller and Granwell, The Allocation and Apportionment of Deductions, 31 Tax Law. 125 (1977). 79 ࣔࢹࣝ᮲⣙ 7 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 40ࠋ 80 ᑠᯇ࣭๓ᥖὀ 69ࠊ98 㡫ཧ↷ࠋణࡋࠊ୰㔝ⓒࠎ㐀ࠗᅜ㝿ㄢ⛯ࡢ⌮ㄽᐇົ➨ 2 ᕳ እᅜ⛯㢠᥍㝖࠘ 㸦⛯ົ ⤒⌮༠࣭2000㸧5 㡫ࡣࠊእᅜ⛯㢠ࡢᦆ㔠⟬ධࡀྍ⬟࡛࠶ࡿࡇࢆ♧၀ࡍࡿࠋࡲࡓࠊቑⰋၨࠕᅜ㛫 ⛒⛯᮲⣙࠾ࡅࡿᜏஂⓗタ↓ᕪูࡢつᐃᅜෆ⛒⛯ἲ௧࠾ࡅࡿእᅜ⛯㢠᥍㝖ࡢேⓗ㐺⏝⠊ᅖ —OECD ࡢ 2007 ᖺ 5 ᭶ 3 ᪥ public discussion draft ࢆࡵࡄࡗ࡚ࠖCOE ࢯࣇࢺ࣮࣭ࣟࢹࢫ࢝ࢵࢩ࣭࣮ࣙࣥ࣌ ࣃ࣮࣭ࢩ࣮ࣜࢬ㸦http://www.j.u-tokyo.ac.jp/coelaw/COESOFTLAW-2007-13.pdf ࡽྲྀᚓ㸦2012 ᖺ 1 ᭶ 12 ᪥㸧㸧9 㡫ࡣࠊἲ⛯ 41 ᮲ࡢ㐺⏝ࢆἲ⛯ 142 ᮲ࡀ≉㝖ࡋ࡚࠸࡞࠸ࡽࠊᒃఫᆅᅜ௨እࡢ➨୕ᅜ࡛࠶ࡿ 42 ᭩ࡁ㸧ࠋ A ᅜἲே X ࡢ 1 ྕ PE ࡀࠊᅜእྥࡅᢞ㈨ಀࡿᅜෆᴗᡤᚓࡘࡁ B ᅜ࡛ࡶㄢ⛯ࢆ ཷࡅࡿሙྜ᪥ᮏࡀㆡṌࡍࡿไᗘ㸦ἲ⛯௧ 176 ᮲ 5 㡯㸧ࡀ᥇⏝ࡉࢀ࡚࠸ࡿࡀࠊ ᅜእྥࡅࡢᢞ㈨➼௨እࡢᴗົࡽᙜヱ PE ࡀᚓࡿᅜෆ※Ἠᡤᚓᑐࡋ B ᅜ࡛ࡶㄢ⛯ࢆཷ ࡅࡿሙྜࡣࠊ᪥ᮏ B ᅜࡢ㛫ㄢ⛯ࡢ㔜」ࡀṧࡾ࠺ࡿࠋࡓ࠼ A ᅜࡀ FTC ᪉ᘧࢆ ᥇ࡿࡋ࡚ࡶࠊၥ㢟ࡣᡃࡀᅜ B ᅜࡢ※Ἠᆅ⟶㎄ࡢ㔜」࡛࠶ࡿࡽࠊ⛒⛯᮲⣙ୖࡢ┦ ༠㆟ࡀ⏝࡛ࡁ࡞࠸㝈ࡾࠊA ᅜἲୖᜍࡽࡃࡣᩆ῭ࡉࢀ࡞࠸ࠋ㏫ B ᅜࡀ䬀 ࡞ㄢ⛯ࢆ⾜࠺࡞ࡽࡤࠊ᪥ᮏࡢࢱࢵࢡࢫ࣊ࣈࣥࡋ࡚ࡢ⏝ࡢ㜵Ṇࡶ࡞ࡽࡎࠊ᪉ ࡛ B ᅜࡀ㧗⛯⋡ㄢ⛯ࢆ⾜࠺ሙྜࠊ↓ᕪู㐪ࡣᙜࡓࡽ࡞࠸ࡋ࡚ࡶ FTC ࡞ࡽாཷ ྍ⬟࡞ᙼṈὶ⏝ࡢ౽┈ࡣ㛢ࡊࡉࢀࡿࠋෆᅜἲேࡣ FTC ࡛ࠊPE ࡣච㝖᪉ᘧ࠸࠺ࡢ ࡣࡸࡣࡾ୍㈏ࡋ࡞࠸81ࠋ AOA ࡢᑟධࡼࡾࠊPE ࡢᅜእᡤᚓࡢㄢ⛯⮳ࡿ࡞ࡽࡤࠊFTC ࢆ PE ᣑᙇࡍࡿࡢ ࡀṇᙜ࡞ࡿ82ࠋᅜෆἲಶูࡢ᮲⣙ࡢ࠸ࡎࢀࡢཪࡣࡢࡼ࠺࡞ᥐ⨨ࡍࡿࡶࠊ㆟ㄽ ࡞ࡾᚓࡿ83ࠋ⡿ᅜࡶࠊECI ᑐࡍࡿእᅜᡤᚓ⛯ࡘࡁ⛯㢠᥍㝖ࢆㄆࡵ࡚࠸ࡿ㸦IRCi 906㸧ࠋ ࡶࡗࡶࠊᖐᒓ⩏ࢆᅜෆ※Ἠᡤᚓࡋ࡚グ㏙ࡍࡿࠊእᅜἲே⛯᪥ᮏࡀㆡṌࡍ ࡁࡉࢀࡿ⠊ᅖࡀࡑࡢศ⊃ࡃ࡞ࡿࠋἲ⛯௧ 176 ᮲ 1 㡯ࡢᴗᡤᚓࡢせ௳㝿ࡋࠊ PE ࢆ㏻ࡌ࡚⾜࠺ᴗࡋ࡚グ㏙ࡍࡿࠊཪࡣࠊPE ᖐᒓࡍࡿᡤᚓࡋ࡚ྲྀࡾ㎸ࡲࢀࡓ ᅜእ※ἨᡤᚓࢆࠊFTC ┠ⓗୖࡣᅜෆ※Ἠᡤᚓࡳ࡞ࡍ࠸࠺ᐃࡵ᪉ࡶ࠶ࡾ࠼ࡼ࠺ࠋ⡿ ᅜἲࡶ FTC ࡣᇶᮏⓗᅜእ※Ἠᡤᚓࡢࡳ㐺⏝ࡉࢀࡿࡽࠊᐇ㝿እᅜἲேࡀ FTC ࢆ ⏝ࡍࡿ≧ἣࡣ㝈ᐃⓗ࡛࠶ࡿࡉࢀࡿ84ࠋ ࡲࡓࠊAOA ࡢୗ࡛ࠊෆᅜἲேࡢᅜእ PE ᑐࡋᙜヱእᅜࡢ᭦ṇฎศ➼ࡀ࠶ࡗࡓሙྜ ࡸࠊㄢ⛯ࡢ㔜」ཪࡣ✵ⓑࢆ㜵ࡄ┠ⓗୖ㤳ᑿ୍㈏ࡍࡿᮏᗑഃࡢฎ⌮ࢆࡢ⠊ᅖ࡛チᐜࡍ ࡿࡢࡶ᳨ウ㡯࡞ࡿࠋ 㸦㸵㸧⛣㌿౯᱁⛯ไࡢ㐃ᦠ AOA ࡢ➨ẁ㝵ࡣࠊ⛣㌿౯᱁⛯ไୖࡢ࣮ࣝࣝࡢከࡃࢆ㸦ㄪᩚࢆ⤒࡚㸧ᛂ⏝࡛ࡁࡿࠋ ᩥ᭩➼⣡⛯࣭ᚩ⛯㛵ࢃࡿつᐃ㸦⛯≉ᥐ 66 ᮲ࡢ 4 ➨ 6 㡯௨ୗ㸧ࡢ࠺ࡕྠᵝᛂ⏝ࡍ ࡁࡶࡢࡢ⢭ᰝࡶㄢ㢟࡛࠶ࡿࠋ እᅜࡢἲே⛯ࡘ࠸࡚ࡣᦆ㔠⟬ධྍ⬟ㄞࡴవᆅࡶ࠶ࡿ᪨㏙ࡿࠋ PE ↓ᕪูࡘ࠸࡚ࡣࠊᮧṇࠕᅜ㝿⛒⛯ἲ࠾ࡅࡿ↓ᕪูྲྀᢅ࠸ཎ๎ࠖྠࠗ⛒⛯ἲ—⌮ㄽᨻ⟇㸦➨ 3 ∧㸧࠘㸦㟷ᯘ᭩㝔࣭1999㸧281 㡫ᡤ㸦ึฟ 1995㸧ࠊቑ࣭๓ᥖὀ 80 ㄽᩥཧ↷ࠋἲ⛯௧ 176 ᮲ 5 㡯ࡢၥ 㢟Ⅼࡘࡁࠊ୰㔛ᐇࠕᅜ㝿⛒⛯ἲୖࡢㅖၥ㢟ࠖ ࠗከᅜ⡠ᴗࡢἲᨻ⟇࠘87 㡫㸦⥲ྜ◊✲㛤Ⓨᶵᵓ࣭1986㸧ࠊ 141 㡫ཧ↷ࠋ 82 ࣔࢹࣝ᮲⣙ 24 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 67ࠋ 83 ࣔࢹࣝ᮲⣙ 24 ᮲ࢥ࣓ࣥࢱ࣮࣭ࣜࣃࣛ 70 ௨ୗࠋ 84 Gustafson et al., supra note 74, at 160. 81 43 㸲 ࠾ࢃࡾ ᮏ✏ࡣࠊAOA ࡢせⅬࢆලయ༶ࡋ࡚グ㏙ࡋࠊࡇࢀࢆᫎࡍࡿᖐᒓ⩏ᩚྜⓗ⪃ ࠼ࡽࢀࡿἲே⛯ἲᨵṇࡢ⣲ࢆᇶࠊᨵṇ࠶ࡓࡗ࡚⏕ࡌ࠺ࡿせ࡞ලయⓗㄽⅬࡢᗄࡘ ➨୍ḟⓗ࡞᳨ウࢆຍ࠼ࡿࡇ࡛ࠊᖐᒓ⩏ࡢぢ┤ࡋࡢ᳨ウ㈉⊩ࡋࡼ࠺ࡋࡓࠋ 44 ➨㸲❶ ↓ᙧ㈨⏘ࢆᕠࡿ⛣㌿౯᱁ㄢ⛯ୖࡢㅖၥ㢟 ᒸ⏣ ⮳ᗣ 㸯 ⫼ᬒ 㸦㸯㸧ᴗࡢᾏእ㐍ฟᙧែ ⤒῭ࡢࢢ࣮ࣟࣂࣝక࠸ࠊᅜ㝿ⓗ࡞άືࢆ⾜࠺ᴗࡣࠊᅜእࡢ┤᥋ⓗ࡞ࣔࣀ➼ ࡢྲྀᘬࡽࠊᾏእᢞ㈨ࡼࡿᴗᒎ㛤ࢆ୍ᒙ㐍ࡵࡿࡼ࠺࡞ࡗ࡚࠸ࡿࠋࡇࡢࡇࡣ࠸ ࢃࡺࡿእ㸫እྲྀᘬࡢቑຍࡼࡿぶ♫㛵ྲྀᘬࡢྜࡢᖜῶᑡ࠸࠺≧ἣࢆࡶࡓࡽ ࡋ࡚࠾ࡾࠊぶ♫ࡢ┈ᵓ㐀ᙳ㡪ࢆ࠼࡚࠸ࡿࠋࡲࡓࠊ୍᪉࡛ࠊᅜ㝿⛯ไ㠃࡛ࡶࠊ ᾏእࡽࡢཷྲྀ㓄ᙜච㝖ไᗘࡀࠊࢃࡀᅜࢆࡣࡌࡵ࡞ࡾᗈࡃ᥇⏝ࡉࢀࡿࡼ࠺࡞ࡿ➼ࠊ ぶ♫ᒃఫᆅᅜࡢ⛯ᵓ㐀ࡶኚࡀ⏕ࡌ࡚࠸ࡿࠋ༶ࡕࠊࣔࣀ➼ࡢྲྀᘬࡽ↓ᙧ㈨⏘ ࡢㄆ㆑ࡼࡿᡤᚓὀ┠ࡏࡊࡿࢆ࠼࡞࠸ࡼ࠺࡞≧ἣࡀ⏕ࡌ࡚࠸ࡿࠋ ࡇࡢࡼ࠺࡞≧ἣࢆཷࡅ࡚ࠊྛᅜ࠾࠸࡚ࠊᚑ᮶ࡽࡢ R&D ᨭฟࡢඃ㐝ᥐ⨨ࡢᣑ ຍ࠼࡚ࠊ↓ᙧ㈨⏘ྲྀᘬಀࡿᚓࡢඃ㐝ᥐ⨨ࡋ࡚࠸ࢃࡺࡿࣃࢸࣥࢺ࣎ࢵࢡࢫࡢ ᑟධࡀ✚ᴟⓗ᳨ウࡉࢀࡿࡼ࠺࡞ࡗ࡚࠸ࡿࠊᨵࡵ࡚↓ᙧ㈨⏘ࡢᅜእ⛣㌿ࡢᑐ ᛂཬࡧ↓ᙧ㈨⏘ྲྀᘬࡢ㐺ษ࡞ㄢ⛯ࡀ᳨ウࡉࢀࡿࡼ࠺࡞ࡗ࡚࠸ࡿࠋ 㸦㸰㸧⛣㌿౯᱁ၥ㢟ࡢⓎ⏕ ࡇࡢࡼ࠺࡞≧ἣࡣࠊ↓ᙧ㈨⏘ࡢᅜቃࢆ㉺࠼࡚ࡢ⛣㌿࣭ㆡΏཬࡧ↓ᙧ㈨⏘ࡽ⏕ࡌࡿ ᡤᚓࡢ⟬ᐃࡘ࠸࡚ࠊྛᅜᙜᒁࡢ㛵ᚰࢆᙉࡵࡿࡇ࡞ࡗ࡚࠸ࡿࠋ࠼ࡤࠊ⡿ᅜ࡛ࡣࠊ ࡡ࡚ࡽከᅜ⡠ᴗࡢᐇ㝿ࡢᐇຠ⛯⋡ἲᐃᐇຠ⛯⋡ࡢ㞳ࡀၥ㢟ࡉࢀࠊ⡿ᅜ ㆟ሗ࿌᭩㸦2010 ᖺ 7 ᭶㸧࡛ࡶࠊᴗ⦅ࡼࡿ㧗┈ᴗࡢᾏእ⛣㌿ࡸ↓ᙧ㈨⏘ ಀࡿప⛯⋡ᅜࡢᡤᚓ⛣㌿➼ࡼࡿከ㢠ࡢ㐃㑥⛯ࡢῶᑡࡑࢀࡢᑐᛂࡀ᥇ࡾୖࡆ ࡽࢀࠊࡑࢀࡽࡶࠊෆᅜṓධἲ࠾ࡅࡿ↓ᙧ㈨⏘ࡢつᐃࡢᣑࠊ㈝⏝ศᢸዎ⣙ ಀࡿつ๎ࡢᐇࠊ➼ࡀලయⓗ᳨ウࡉࢀ࡚࠸ࡿࠋ୍᪉ࠊࡇࡢࡼ࠺࡞ືࡁᑐࡋ࡚ࠊ࠸ ࢃࡺࡿ᪂⯆ᅜ࠾࠸࡚ࡶࠊ↓ᙧ㈨⏘ࡢ⮬ᅜ࡛ࡢᏑᅾࢆᙉࡃᙇࡍࡿࡼ࠺࡞≧ἣࡀ⏕ࡌ ࡚ࡁ࡚࠸ࡿࠋ ࡋࡋ࡞ࡀࡽࠊࡑࡶࡑࡶ⛯ົୖ㸦⛣㌿౯᱁ୖ㸧ࡢ↓ᙧ㈨⏘ࡣఱࠊᚑࡗ࡚↓ᙧ㈨ ⏘ࡢᡤᅾࡣࡇࠊࡲࡓࠊ↓ᙧ㈨⏘ࡽ⏕ࡌࡿᡤᚓࡢ⟬ᐃࡣ࠺ࡍࡿࠊ➼ࡘ࠸࡚ࠊ ᚲࡎࡋࡶᅜ㝿ⓗ࡞ྜពࡣᙧᡂࡉࢀ࡚࠸࡞࠸ࡢࡀᐇែ࡛࠶ࡿࠋ↓ᙧ㈨⏘ࡢෆᐜࡣከᵝ࡛ࠊ ୍ᴫỴࡵࡿࡇࡀᅔ㞴࡛࠶ࡿࡶࡋࢀ࡞࠸ࡀࠊఱࡽࡢᅜ㝿ⓗྜពࡉࢀࡓලయⓗ ᣦ㔪ࡀồࡵࡽࢀ࡚࠸ࡿࡢࡶᐇ࡛࠶ࢁ࠺ࠋ 㸰 ↓ᙧ㈨⏘ಀࡿ⛣㌿౯᱁ࢆᕠࡿ⣮த 㸦㸯㸧↓ᙧ㈨⏘ࡢᾏእ⛣㌿➼ ↓ᙧ㈨⏘ࢆᕠࡗ࡚ࡣࠊࡇࢀࡲ࡛ࡶప⛯⋡ᅜ↓ᙧ㈨⏘ࢆ⛣㌿ࡍࡿࡇࡼࡾࠊᐇ 45 ୖࡑࢀࡽ↓ᙧ㈨⏘ࡽ⏕ࡌࡿᑗ᮶┈ࢆᾏእ⛣㌿ࡍࡿࡇࡼࡿ⛣㌿౯᱁ୖࡢၥ㢟 ࡀࠊ≉⡿ᅜ࡛࡞ࡾࡢッゴぢࡽࢀ࡚ࡁࡓ㸦Eli-Lilly ௳ࠊBausch-Lomb ௳ࠊ➼㸧ࠋ ࡲࡓࠊ౯್࠶ࡿ↓ᙧ㈨⏘ࡑࡢࡶࡢࡢᾏእ⛣㌿ࡀ≉⏕ࡌ࡚࠸࡞࠸ሙྜ࡛ࡶࠊ࠼ࡤ↓ ᙧ㈨⏘ࡢ⏝ࡢᑐ౯ࡋ࡚ࡢࣟࣖࣜࢸ࣮ࡢᨭᡶ㢠ࢆᕠࡿ⣮தࡀ࠶ࡿ㸦Ciba-Geigy ௳➼㸧ࠋ ࡇࡢࡼ࠺࡞≧ἣࡣࡲࡓࠊ⡿ᅜ IRS ࡀࠊᮏ᮶ⓗ⡿ᅜᴗࡢᾏእࡢᡤᚓ⛣㌿ࠊ≉ ౯್࠶ࡿ↓ᙧ㈨⏘ಀࡿ⛣㌿౯᱁ၥ㢟༑ศᑐᛂ࡛ࡁ࡚࠸࡞࠸ࡇࢆ♧ࡋ࡚࠸ࡿ ࡶゝࢃࢀࢀ࡚࠸ࡿࡀࠊ≉᪥࠾࠸࡚ࡣࠊ༢ᙜᒁഃࡢၥ㢟ࡤࡾ࡛ࡣ࡞ࡃࠊᅜ㝿 ࡢ㐍ࢇࡔከᅜ⡠ᴗ࡛ࡣ㛵㐃⪅㛫ྲྀᘬࡶᴟࡵ࡚ከᵝ࣭」㞧ࡋ࡚࠸ࡿࡇࡼࡿ ⛣㌿౯᱁ၥ㢟ࡢᅔ㞴ᛶࢆ♧ࡋ࡚࠸ࡿࡶᣦࡉࢀࡼ࠺ࠋ 㸦㸰㸧↓ᙧ㈨⏘ࡢᏑྰཬࡧホ౯ ࡲࡓࠊ↓ᙧ㈨⏘ࡢᏑྰཬࡧホ౯ࢆᕠࡗ࡚ࡶத࠸ࡀ⏕ࡌ࡚࠸ࡿࠋ⡿ᅜᙜᒁࡼࡿ᭦ṇ 㢠ࡢࡁࡉ࡛᭷ྡ࡞ࡗࡓࡢࡼ࠺ࠊඛ㐍ᅜ㸦⡿࣭ⱥ㸧㛫࡛ࠊ〇㐀㈍ࡢ↓ᙧ ㈨⏘ࢆᕠࡿத࠸ࡀ⏕ࡌ࡚࠸ࡿ㸦GlaxoSmithKline ௳㸧ࠋࡾࢃࡅ㈍ࡢ↓ᙧ㈨⏘ࢆࡇ ࡲ࡛ㄆࡵࡿࡣྛࡢෆᐜࡼࡿࡣ࠸࠺ࡶࡢࡢࠊྛᅜ㛫ࡢ⤫୍ⓗ࡞⪃࠼ࡀࡳࡽࢀ ࡎࠊ᭱㏆ࡣࠊ≉ඛ㐍ᅜᑐ㏵ୖᅜ࡛ࡁ࡞ពぢࡢ┦㐪ࢆ⏕ࡴ୍ᅉ࡞ࡗ࡚࠸ࡿ㸦ࣥ ࢻࡢ Maruti Suzuki ௳➼㸧ࠋ ᭦ࠊ㈝⏝ศᢸዎ⣙ࢆᕠࡗ࡚ࡣࠊࡑࡢᑐ㇟⠊ᅖ࠶ࡿ࠸ࡣホ౯㛵ࡋ࡚ᇶᮏⓗ࡞த࠸ ࡶࡳࡽࢀ࡚࠸ࡿ㸦Xilinx ௳ࠊVeritas ௳㸧ࠋᚋࠊ㈝⏝ศᢸዎ⣙ࡢ㔜せᛶࡀ୍ᒙቑࡍ ࡢక࠸ࠊ⣮தࡶቑຍࡍࡿࡇࡀ⪃࠼ࡽࢀࡿࠋ 㸦㸱㸧ࢃࡀᅜ࡛ࡢ≧ἣ ᖹᡂ 22 ົᖺᗘࡢࢃࡀᅜࡢ┦༠㆟࠾ࡅࡿ↓ᙧ㈨⏘ྲྀᘬࡢྜࡣ⣙ 23㸣 ࡞ࡾࡁࡃ࡞ࡗ࡚࠸ࡿ㸦ὀ 1㸧ࠋࡇࢀࡣྛᅜ࡛⛣㌿౯᱁ㄢ⛯࠾ࡅࡿ↓ᙧ㈨⏘ྲྀᘬࡢ㔜 せᛶࡀቑࡋ࡚࠸ࡿࡇࡢ࡛ᫎ࠶ࡿ⪃࠼ࡽࢀࠊࢃࡀᅜ࠾࠸࡚ࡶࠊ࠸ࢃࡺࡿእ㸫እ ྲྀᘬࡢቑຍࡶ≀ὶ࣭ၟὶࡀࢃࡀᅜࢆ㏻ࡽ࡞࠸ࡓࡵࠊᲴ༺ྲྀᘬ࡛↓ᙧ㈨⏘ಀ ࡿᑐ౯ࢆᅇࡍࡿࡇࡀ࡛ࡁࡎࠊ↓ᙧ㈨⏘ࡽ⏕ࡌࡿᡤᚓࢆู㏵ᅇࡍࡿᚲせᛶ㏕ ࡽࢀ࡚࠸ࡿࠋࢃࡀᅜᴗࡶࡇࡢࡼ࠺࡞≧ἣࡢᑐᛂࢆ㐍ࡵ࡚࠸ࡿࡳࡽࢀࡿࡀࠊࡑࡢ ࡇࡣ༙ࡤᚲ↛ⓗ┦ᡭᅜࡢ⣮தࡢ✀࡞ࡾࡡ࡞࠸ࡇࢁ࡛࠶ࡿࠋ 㸱 ↓ᙧ㈨⏘ྲྀᘬಀࡿ⛣㌿౯᱁ࡢ୍⯡ⓗᣦ㔪 㸦㸯㸧OECD ⛣㌿౯᱁࢞ࢻࣛࣥ ࡇࢀࡲ࡛ࠊ↓ᙧ㈨⏘ಀࡿ⛣㌿౯᱁ࡘ࠸࡚ᐇୖࡢᅜ㝿ⓗ࡞ᣦ㔪࡞ࡗ࡚࠸ࡿࡢ ࡣࠊOECD ⛣㌿౯᱁࢞ࢻࣛࣥ㸦௨ୗࠊOECD ࢞ࢻࣛࣥ㸧➨ 6 ❶㸦↓ᙧ㈨⏘㸧࡛ ࠶ࡾࠊࡇࢀࡣࠊẚ㍑ᑐ㇟ྲྀᘬࡀᚲࡎࡋࡶᏑᅾࡋ࡞࠸↓ᙧ㈨⏘ಀࡿྲྀᢅ࠸ࡢᅔ㞴ᛶ➼ 46 ࡽࠊู㏵ࡢ❶ࢆタࡅ࡚グ㏙ࡉࢀ࡚࠸ࡿࡉࢀࡿࡶࡢ࡛ࡣ࠶ࡿࡀࠊࡇࡇ࡛ࡢつᐃࡀ༑ ศࡢゎỴ㈨ࡍࡿࡶࡢ࡞ࡗ࡚࠸ࡿࡣゝ࠼࡞࠸ࡇࢁ࡛࠶ࡿࠋ≉ࠊ⛣㌿౯ ᱁ୖࡢᑐ㇟࡞ࡿ↓ᙧ㈨⏘ࡢ⠊ᅖࠊᡤ᭷㛵ಀࠊホ౯ࠊ➼ࡘ࠸࡚ࠊ༑ศ࡞ᣦ㔪ࡀ࡞࠸ ࡶᣦࡉࢀ࡚࠸ࡿࠋࡇࡢࡓࡵࠊ⌧ᅾࡑࡢᨵᐃసᴗࡀ㐍ࡵࡽࢀࠊ2012 ᖺᮎࡲ࡛ࡢウ㆟ ᩥ᭩බ⾲ྥࡅ࡚ࠊ᳨ウసᴗࡀ㐍ࡵࡽࢀ࡚࠸ࡿࡇࢁ࡛࠶ࡿࠋ᭦ࠊሙྜࡼࡗ࡚ࡣ ㈝⏝ศᢸዎ⣙㸦CCA㸧ಀࡿ➨ 8 ❶ࡶᨵᐃసᴗࡀ࡞ࡉࢀࡿྍ⬟ᛶࡀ࠶ࡿࠋ ୍᪉ࠊᅜ㐃࡛ࡣⓎᒎ㏵ୖᅜࡢពྥࢆ㋃ࡲ࠼ࡓᙧ࡛ࠊ⛣㌿౯᱁࣐ࢽࣗࣝࡢసᡂࡀ㐍 ࡵࡽࢀ࡚࠸ࡿࠋᇶᮏⓗ࡞⪃࠼ࡣ OECD ࢞ࢻࣛࣥࡣ␗࡞ࡽ࡞࠸ࡋࡘࡘࡶࠊ㏵ୖ ᅜࡢ❧ሙࡽ᳨ウࡉࢀ࡚࠸ࡿࡶࡢ࡛࠶ࡾࠊᚋࡢ᪂⯆ᅜ➼ࡢ⤒῭ⓗᆅࡢྥୖࡶ ࠊࡑࡢෆᐜࡘ࠸࡚ࡶ㛵ᚰࢆᐤࡏࡊࡿࢆᚓ࡞࠸ࡇࢁ࡛࠶ࡿࠋ 㸦㸰㸧ࢃࡀᅜࡢつᐃ ࢃࡀᅜ࠾࠸࡚ࡣࠊ⛣㌿౯᱁⛯ไ㛵㐃ࡢつᐃࡋ࡚ࠊ⛒⛯≉ูᥐ⨨ἲ㏻㐩 66 ࡢ 4(3) 㸫3 ࠾࠸࡚ࠊẚ㍑ᑐ㇟ྲྀᘬࡢ㑅ᐃᙜࡓࡗ᳨࡚ウࡍࡁㅖせ⣲➼ࡋ࡚ᶵ⬟ࡢ㢮ఝᛶ ࢆᣲࡆࠊࡑࡢ㝿⪃៖ࡍࡁࡶࡢࡋ࡚ࠊ͆↓ᙧ㈨⏘㸦ⴭసᶒࠊᇶᮏ㏻㐩 20㸫1㸫21 ᐃ ࡵࡿᕤᴗᡤ᭷ᶒ➼ࡢࠊ㢳ᐈࣜࢫࢺࠊ㈍⥙➼ࡢ㔜せ࡞౯್ࡢ࠶ࡿࡶࡢࢆ࠸࠺ࠋ㸧͇ グ㏙ࡉࢀ࡚࠾ࡾࠊࡲࡓࠊྠ 66 ࡢ 4(5)㸫4㸦ṧవ┈ศἲ㸧࡛ࡶ↓ᙧ㈨⏘ࡢゝཬࡀ ࡞ࡉࢀ࡚࠸ࡿࠋ ᭦ලయⓗ࡞つᐃࡋ࡚ࡣࠊ⛣㌿౯᱁ົ㐠Ⴀᣦ㔪ࡢ 2㸫11㸦ㄪᰝ࠾࠸᳨࡚ウࡍ ࡁ↓ᙧ㈨⏘㸧ࠊ2㸫12㸦↓ᙧ㈨⏘ࡢᙧᡂࠊ⥔ᣢཪࡣⓎᒎࡢ㈉⊩㸧ࠊ2㸫13㸦↓ᙧ㈨⏘ࡢ ⏝チㅙྲྀᘬ㸧グ㏙ࡀ࠶ࡾࠊ᭦ࠊྠᣦ㔪ࡢ 2㸫14㹼2㸫18 ㈝⏝ศᢸዎ⣙ಀࡿつ ᐃࡀ⨨ࢀ࡚࠸ࡿࠋࡲࡓࠊࡇࡢົ㐠Ⴀᣦ㔪ࡢูࡋ࡚㞟ࡀබ⾲ࡉࢀࠊ↓ᙧ㈨ ⏘ಀࡿྲྀᢅ࠸ཬࡧ┈ศἲ㐺⏝ᙜࡓࡗ࡚ࡢ␃ព㡯➼ࡘ࠸࡚ࡢࡀᥖ㍕ࡉ ࢀ࡚࠸ࡿࠋ ࡞࠾ࠊῶ౯ൾ༷㛵ಀ࡛ࠊἲே⛯ἲ㸦➨ 2 ᮲㸧ཬࡧྠ⾜௧㸦➨ 13 ᮲㸧↓ᙧ㈨⏘ ಀࡿつᐃࡀ⨨ࢀࠊࡲࡓࠊἲே⛯ᇶᮏ㏻㐩㸦20㸫1㸫21㸧࠾࠸࡚ࠊ⏝ᩱ➼ࡢᑐ㇟ ࡞ࡿࡶࡢࢆලయⓗグ㏙ࡋ࡚࠸ࡿࠋ 㸦㸱㸧ᅜࡢ≧ἣ ⡿ᅜࡢ⛣㌿౯᱁ಀࡿつᐃ࡛࠶ࡿෆᅜṓධἲ➨ 482 ᮲࡛ࡣࠊ࠸ࢃࡺࡿࢫ࣮ࣃ࣮ࣟ ࣖࣜࢸ࣮᮲㡯ࡀ⨨ࢀࠊ↓ᙧ㈨⏘ࡢ⛣㌿࠶ࡿ࠸ࡣࣛࢭࣥࢫಀࡿᡤᚓࡣࠊᙜヱ↓ ᙧ㈨⏘ᖐࡍࡿࡇࡀ࡛ࡁࡿᡤᚓ┦ᛂࡍࡿࡶࡢ࡛࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠊࡉࢀ࡚࠾ࡾࠊ ྠ➨ 936 ᮲(h)(3)(B)࠾࠸࡚ࠊ↓ᙧ㈨⏘ヱᙜࡍࡿࡶࡢࢆิᣲࡋ࡚࠸ࡿࠋࡲࡓࠊ㈈ົ┬ つ๎i1.482㸫4(b)࠾࠸࡚ࡶྠᵝࡢᐃ⩏つᐃࢆ⨨࠸࡚࠸ࡿࠋ࡞࠾ῶ౯ൾ༷㛵ಀ࡛ࡣࠊෆ ᅜṓධἲ➨ 197 ᮲࡛↓ᙧ㈨⏘ಀࡿලయⓗ࡞つᐃࢆ⨨࠸࡚࠸ࡿࠋ ࢻࢶ࡛ࡣࠊᅜ㝿㛵㐃ᴗ࠾ࡅࡿᡤᚓࡢᖐᒓ㛵ࡍࡿุᐃᣦ㔪㏻㐩࠾࠸࡚↓ᙧ 47 ㈨⏘ࡢ⏝ಀࡿつᐃࡀ⨨ࢀ࡚࠸ࡿࠊᶵ⬟⛣㌿ㄢ⛯ࡘ࠸࡚ࡢつᐃࡀእᅜ⛯ἲ つᐃࡉࢀࠊ࠸ࢃࡺࡿᡤᚓ┦ᛂᛶᇶ‽ࡀ᥇⏝ࡉࢀ࡚࠸ࡿࠋ ࡲࡓࠊ୰ᅜ࡛ࡶࠊ⟶⌮つ๎࠾࠸࡚ࠊ㛵㐃⪅㛫ྲྀᘬಀࡿ↓ᙧ㈨⏘ࡢㆡΏཬࡧ⏝ ࡢᑐ㇟࡞ࡿ↓ᙧ㈨⏘ࢆ♧ࡋ࡚࠸ࡿࠋ 㸲 ⛣㌿౯᱁ㄢ⛯ୖࡢ↓ᙧ㈨⏘ࡢ⠊ᅖ㸦ᐃ⩏㸧 㸦㸯㸧OECD ࢞ࢻࣛࣥ ⛣㌿౯᱁࡛ၥ㢟ࡉࢀࡿ↓ᙧ㈨⏘ࡢ⠊ᅖࡘ࠸࡚ࠊᅜ㝿ⓗ࡞ྜពࡣ≉࡞ࡉࢀ࡚࠸ ࡞࠸ࠋOECD ࢞ࢻ࡛ࣛࣥࡣࠊ ͆ ࠕ↓ᙧ㈨⏘㸦intangible property㸧ࠖࡣࠊ≉チࠊၟᶆࠊ ၟྕࠊࢹࢨࣥࠊᆺᘧ➼ࡢ⏘ᴗୖࡢ㈨⏘ࢆ⏝ࡍࡿᶒࡀྵࡲࢀࡿࠋ᭦ࠊᩥᏛୖࠊ Ꮫ⾡ୖࡢ㈈⏘ᶒࠊཬࡧࣀ࢘ࣁ࢘ࠊᴗ⛎ᐦ➼ࡢ▱ⓗ㈈⏘ᶒࡶྵࡲࢀࡿࠋ͇ 㸦ࣃࣛ 6.2㸧ࠊ ͆ၟ ᴗୖࡢ↓ᙧ㈨⏘㸦commercial intangibles㸧ࡣࠊ㢳ᐈㆡΏࡉࢀࠊ࠶ࡿ࠸ࡣᴗάື ⏝ࡉࢀࡿᴗ㈨⏘㸦࠼ࡤࠊࢥࣥࣆ࣮ࣗࢱ࣮ࢯࣇࢺ࢚࢘㸧࡛࠶ࡿ↓ᙧ㈨⏘ࡢᶒ ྠᵝࠊ〇ရࡢ〇㐀࠶ࡿ࠸ࡣࠊᙺົࡢᥦ౪ࡢࡓࡵ⏝ࡉࢀࡿ≉チࠊࣀ࢘ࣁ࢘ࠊࢹ ࢨࣥཬࡧᆺᘧࡀྵࡲࢀࡿࠋ͇㸦ࣃࣛ 6.3㸧ࠊ࣐࣮͆ࢣࢸࣥࢢୖࡢ↓ᙧ㈨⏘㸦marketing intangibles㸧ࡣࠊ〇ရ࠶ࡿ࠸ࡣࢧ࣮ࣅࢫࡢᐉఏᙺ❧ࡘၟᶆཬࡧၟྕࠊ㢳ᐈࣜࢫࢺࠊ㈍ ⥙ࠊ᭦㛵㐃〇ရᑐࡋ࡚㔜せ࡞ᐉఏⓗ౯್ࢆ᭷ࡍࡿࣘࢽ࣮ࢡ࡞ྡ⛠ࠊグྕࠊ┿ ࢆྵࡴࠋ͇㸦ࣃࣛ 6.4㸧ࠊつᐃࡉࢀ࡚࠸ࡿࠋ ࡓࡔࠊᅜ㝿ⓗࡑࡢ⠊ᅖࡀලయⓗ☜ᐃࡋ࡚࠸ࡿࡣゝ࠼࡞࠸≧ἣ࠾࠸࡚ࠊ᭦ ࡣࠊ↓ᙧ㈨⏘ࡢᡤᅾࠊ↓ᙧ㈨⏘ࡽ⏕ࡌࡿᡤᚓࠊࡘ࠸࡚ࡢ⪃࠼᪉ࡶ☜ᐃⓗ࡛ࡣ࡞࠸ ࡞࡛ࠊᅜ㝿ⓗ࡞⣮தࡢࡁ࡞せᅉ࡞ࡗ࡚࠸ࡿゝ࠼ࡼ࠺ࠋ 㸦㸰㸧ࢃࡀᅜ➼ࡢ≧ἣ ࢃࡀᅜࡢ⛣㌿౯᱁ົ㐠Ⴀᣦ㔪㸦2㸫11㸧࡛ࡣࠊ ͆࠼ࡤࠊḟᥖࡆࡿ㔜せ࡞౯್ࢆ᭷ ࡋᡤᚓࡢ※Ἠ࡞ࡿࡶࡢࢆ⥲ྜⓗ຺ࡍࡿࡇ␃ពࡍࡿࠋ ᢏ⾡㠉᪂ࢆせᅉ ࡋ࡚ᙧᡂࡉࢀࡿ≉チᶒࠊႠᴗ⛎ᐦ➼ ࣟ ᚑᴗဨ➼ࡀ⤒ႠࠊႠᴗࠊ⏕⏘ࠊ◊✲㛤Ⓨࠊ ㈍ಁ㐍➼ࡢᴗάື࠾ࡅࡿ⤒㦂➼ࢆ㏻ࡌ࡚ᙧᡂࡋࡓࣀ࢘ࣁ࢘➼ ࣁ ⏕⏘ᕤ⛬ࠊ ΅ᡭ㡰ཬࡧ㛤Ⓨࠊ㈍ࠊ㈨㔠ㄪ㐩➼ಀࡿྲྀᘬ⥙➼͇つᐃࡋ࡚࠸ࡿࠋ ⡿ᅜ࡛ࡣࠊ↓ᙧ㈨⏘ࡢ⛣㌿ಀࡿ≉ูつ๎ࢆつᐃࡋ㸦IRC367 ᮲(d)㸧ࠊࡲࡓࠊ͆ࠕ↓ᙧ ㈨⏘ࠖࡣࠊ௨ୗࡢࡶࡢ࡛ࠊಶேࡢᙺົᥦ౪ࡽ⊂❧ࡋࡓ㔜せ࡞౯್ࢆ᭷ࡍࡿ㈨⏘ࢆ ࠸࠺ࠋ(ϸ) ≉チࠊⓎ᫂ࠊ⛎ᐦ᪉ᘧࠊ⛎ᐦᕤ⛬ࠊពࠊᵝᘧࠊࣀ࢘ࣁ࢘ (Ϲ) ⴭసᶒࠊ ᩥᏛୖࠊ㡢ᴦୖཪࡣ⨾⾡ୖࡢⴭస≀ (Ϻ) ၟᶆࠊၟྕཪࡣࣈࣛࣥࢻࢿ࣮࣒ (ϻ) ୍ᡭ ㈍ᶒࠊࣛࢭࣥࢫཪࡣዎ⣙ (ϼ) ᪉ἲࠊࣉࣟࢢ࣒ࣛࠊࢩࢫࢸ࣒ࠊᡭ⥆ࡁࠊᐉఏࠊㄪ ᰝࠊ◊✲ࠊண ࠊぢ✚ࠊ㢳ᐈࣜࢫࢺཪࡣᢏ⾡ࢹ࣮ࢱ (Ͻ) ࡇࢀࡽ㢮ఝࡍࡿࡶࡢ͇ 㸦IRC936 ᮲㸧(h)(3)(B)㸧つᐃࡋ࡚࠾ࡾࠊࡇࢀࡣ᭦ࠊᬮ䭃㸦goodwill㸧ཬࡧປാຊ㈨※ 㸦workforce-in-place㸧➼ࢆ㏣グࡍࡿࡇࡀ᳨ウࡉࢀ࡚࠸ࡿࡼ࠺࡛࠶ࡿࠋ 48 㸦㸱㸧⌧⾜つᐃୖࡢၥ㢟 ⛣㌿౯᱁ୖၥ㢟࡞ࡿ↓ᙧ㈨⏘ࡢ⠊ᅖ㸦ᐃ⩏㸧ࡘ࠸࡚ࡣࠊࡇࡢࡼ࠺ࠊ≉チᶒ➼ ࡢἲⓗಖㆤࡉࢀࡓ↓ᙧ㈨⏘ࡢࡳ࡞ࡽࡎࠊ࠸ࢃࡺࡿࢯࣇࢺࣥࢱࣥࢪࣈࣝࡶྵࡴᗈ࠸ ᴫᛕ࡛࠶ࡿࡉࢀࡿࡀࠊࡑࡢ⠊ᅖࡣᚲࡎࡋࡶ᫂☜ࡣ࡞ࡗ࡚࠸࡞࠸ࠋᴗィ㸦IAS38 ྕ➼㸧ࡸ♫ἲ➼ࡢ⛯ົ௨እࡢศ㔝࡛ࡢつᐃࡀཧ⪃ࡣ࡞ࡿࡶࡢࡢࠊ⛯ົࡣ࠶ࡃࡲ࡛ ࡑ ࢀ ࡽ ᤊ ࢃ ࢀ ࡿ ᚲ せ ࡣ ࡞ ࡃ ࠊ OECD ࢞ ࢻ ࣛ ࣥ ࡛ ࡣ ࠊ͆ ࡇ ࢀ ࡽ ࡢ ↓ ᙧ ㈨ ⏘ 㸦intangibles㸧ࡣࠊࡓ࠼ᙜヱᴗࡢ㈚ᑐ↷⾲ୖ⡙౯ࢆ᭷ࡋ࡚࠸࡞࠸ሙྜ࡛࠶ࡗ࡚ࡶࠊ 㔜せ࡞౯್ࢆ᭷ࡍࡿ㈨⏘㸦assets㸧࡛࠶ࡿࠋ͇ 㸦ࣃࣛ 6.2㸧つᐃࡋ࡚࠸ࡿࠋࡲࡓࠊ⏝ᩱ ࡢᑐ㇟࡞ࡿ↓ᙧ㈨⏘ࡢ⠊ᅖࡶྠ୍࡛ࡣ࡞࠸ࠋ ࡞࠾ࠊయࡢᴗάືࡣูಶ༢⊂࡛⛣㌿ྍ⬟࡞↓ᙧ㈨⏘ࢆၥ㢟ࡍࡁ࡛࠶ࡿࠊ ࡲࡓࠊ↓ᙧ㈨⏘ࡢᐃ⩏ࢆ⛣㌿ྍ⬟࡞ࡶࡢ㝈ࡾࠊ࠶ࡢせ⣲ࡣホ౯ᫎࡉࡏࢀࡤࡼ ࠸ࠊࡢ⪃࠼ࡀ࠶ࡿࡀࠊ⌧ᐇ⛣㌿౯᱁㠃࡛ࡣࠊ✀ࠎࡢせᅉࢆ⪃៖ࡏࡊࡿࢆᚓ࡞࠸ࡢ ࡣᐇ࡛࠶ࢁ࠺ࠋ࠼ࡤࠊᬮ䭃㸦goodwill㸧ࡣࠊṧవ౯್࡞࠸ࡋ⥅⥆ᴗࡢᚓࢆᫎ ࡍࡿࡶࡢ࡛࠶ࢀࡤࠊࡇࢀࡔࡅࢆู㏵⛣㌿ࡍࡿࡇࡣ࡛ࡁ࡞࠸࡛࠶ࢁ࠺ࡀࠊ⛣㌿౯᱁ୖ ⪃៖ࡍࡁࡶࡢ࡛࠶ࡿ⪃࠼ࡽࢀࡿࠋࡓࡔࠊᚑᴗဨࡢ⬟ຊ࣭▱㆑➼ࡢࠕேⓗ㈨※㛵 ࡍࡿ↓ᙧ㈨⏘ࠖࡸࣉࣟࢭࢫ࣭ࢿࢵࢺ࣮࣡ࢡ➼ࡢࠕ⤌⧊㛵ࡍࡿ↓ᙧ㈨⏘ࠖࢆ↓ᙧ㈨⏘ ྵࡵ࡚࠸ࡿࡇࡽࠊ⛯ົᇳ⾜࠾ࡅࡿ㔞ࡢవᆅࡀࡁࡃ࡞ࡗ࡚࠸ࡿࠊࡶゝࢃ ࢀ࡚࠸ࡿࠋᚑࡗ࡚ࠊ⛣㌿ྍ⬟࡞ࡶࡢ㸦intangible asset㸧ࡑ࠺࡛࡞࠸ࡶࡢࢆ༊ูࡋ࡚ࠊ ᶵ⬟ศᯒ➼⏕ࡍࡇࡣ༑ศ⪃࠼ࡽࢀࡿࠋ OECD ࢞ࢻ࡛ࣛࣥࡣࠊࡋ࡚ၟᴗୖࡢ↓ᙧ㈨⏘ཬࡧ࣐࣮ࢣࢸࣥࢢୖࡢ↓ᙧ㈨ ⏘ࡘ࠸࡚グ㏙ࡉࢀ࡚࠸ࡿࡀࠊ⛣㌿౯᱁ୖࡣࠊ⊂❧ᴗ㛫౯᱁࠸࠺ࡇ࡛ࡣࠊ᭦ࠊ ✀ࠎࡢせᅉࢆྵࡴࡶࡢ࡞ࡽࡊࡿࢆᚓ࡞࠸ࡶࡢ⪃࠼ࡽࢀࡿࠋ࠸ࢃࡺࡿࢯࣇࢺࣥࢱ ࣥࢪࣈࣝࡘ࠸࡚ࡣࠊࡑࢀࡽࡢ౯್ࡣ㞟ྜⓗᅗࡽࢀࡿࡇࡀከࡃࠊᑐ౯ᛶࡢ᭷↓ཬ ࡧᑐ౯㢠ࡢỴᐃࡀᐜ࡛᫆ࡣ࡞࠸ࠋᣦ㔪ࡀᚲせ࡛㔜せ࡞ࡶࡢࡋ࡚ࠊ₯ᅾⓗᑗ᮶ᚓ 㸦future profit potential㸧ࠊࣜࢫࢡᘬཷάື㸦risk bearing activities㸧ࠊᬮ䭃㸦goodwill㸧ࠊ⥅⥆ ᴗ㸦going concern㸧ࠊປാຊ㈨※㸦workforce –in-place㸧ࠊࢿࢵࢺ࣮࣡ࢡ㸦network intangibles㸧 ࠊඛ⾜⪅౽㸦first mover advantage㸧ࠊつᶍࡢ⤒῭㸦economies of scale㸧ࠊཧ ධ㞀ቨ㸦barriers to entry㸧ࠊඃࢀࡓ⤒Ⴀ㸦superior management㸧ࠊࢢ࣮ࣝࣉࢿࢵࢺ࣮࣡ࢡ 㸦group network attributes㸧 ࠊ➼ࡀ࠶ࡿࠊࡉࢀࡿࠋ ࡲࡓࠊࣈࣛࣥࢻ㸦brand㸧ࡘ࠸࡚ࡣࠊ㏆≉ࡑࡢ㔜せᛶࢆቑࡋ࡚࠸ࡿ↓ᙧ㈨⏘࡛ ࠶ࡗ࡚ࠊࣟࣖࣜࢸ࣮ࠊ㉸㐣ᚓ➼ࢆ⏕ࡌࡉࡏࠊண౽┈ࡀ⪃៖ࡉࢀࡿࡶࡢ࡛࠶ࢁ ࠺ࡀࠊࡑࡢ㛤Ⓨࡢ୍᪉࡛ࠊ┦ᡭᅜ࠾ࡅࡿᗈ࿌ᐉఏάືࡼࡿຠᯝࡢ㛵ಀ࡛ࠊࡑࡢ ⠊ᅖࡢㄆ㆑ࡶᐜ࡛᫆ࡣ࡞ࡃࠊྛᅜ㛫࡛ࡢពぢࡢᐇ㝿ⓗ┦㐪➼ࢆ㋃ࡲ࠼ࡿࠊఱࡽࡢ ලయⓗᣦ㔪ࡀᚲせ⪃࠼ࡽࢀࡿࠋ ୍᪉ࠊࢩࢼࢪ࣮㸦synergy㸧ࡘ࠸࡚ࡣࠊࢢ࣮ࣝࣉᴗయࡽࡶࡓࡽࡉࢀࡿࡶࡢ࡛ࠊ ࡑࡢ౯್ࡣ㈙➼ࡢሙྜ⾲㠃ࡍࡿࡀࠊOECD ࢞ࢻࣛࣥ➨ 9 ❶࠾࠸࡚ࠊࢢ࣮ࣟ 49 ࣂࣝࣅࢪࢿࢫࣔࢹࣝࡼࡿࢩࢼࢪ࣮ࡘ࠸࡚ⱝᖸゐࢀࡽࢀ࡚࠸ࡿࡶࡢࡢࠊࡑࡢ౯್ࢆ ࠺ᢅ࠺ࡘ࠸࡚ࡢලయⓗᣦ㔪ࡣ࡞࠸ࠋࢩࢼࢪ࣮ࡢຠᯝࡋ࡚ࠊࣉࣟࢭࢫࡸ〇ရࡢ ᨵၿࠊᕷሙࣉࣞࢮࣥࢫࡢቑຍࠊᴗ⤌⧊ෆࢿࢵࢺ࣮࣡ࢡຠᯝ➼ࡀゝࢃࢀࡿࡀࠊࡑࢀࡀ ᚓࡢቑຍ㈨ࡍࡿ࠺ࡣᐃ࡛ࡣ࡞ࡃࠊࡲࡓࠊᬮ䭃ࡢ୍㒊࡛࠶ࡿྍ⬟ᛶࡶ࠶ࡿࠊ ᴗ⦅➼ࡼࡿᑕⓗຠᯝ㐣ࡂ࡞࠸ࠊ➼ࡶゝࢃࢀࠊࡑࡢ㆑ูཬࡧホ౯ࡣᴟࡵ࡚ ᅔ㞴࡛࠶ࡿࠋᚑࡗ࡚ࠊ୍⯡ⓗࡣࠊࡇࢀࢆ⛣㌿౯᱁ୖ↓ᙧ㈨⏘ࡋ࡚ㄆ㆑ࡍࡿࡢࡣᅔ 㞴࡛࠶ࡿ⪃࠼ࡽࢀࡿࠋࡲࡓࠊ࠸ࢃࡺࡿࣟࢣ࣮ࢩࣙࣥࢭ࣮ࣅࣥࢢ㸦location saving㸧 ࡘ࠸࡚ࡣࠊ㆑ูཬࡧホ౯ࡀྍ⬟࡛࠶ࡾࠊࡇࢀࢆ↓ᙧ㈨⏘ࡋ࡚⪃៖ࡍࡿᅜࡶ࠶ࡿࡼ࠺ ࡛࠶ࡿࡀࠊࡇࢀࡣ༢ࢥࢫࢺඃࡽࡶࡓࡽࡉࢀࡿࡶࡢ࡛࠶ࡾࠊࡲࡓࠊ↓ᙧ㈨⏘ࡢᴫ ᛕࢆ࠶ࡲࡾᗈࡃゎࡍࡿࡇࡣᅜ㝿ⓗ⤫୍ࡋࡓ⌮ゎࢆጉࡆࡿࡇࡶ࡞ࡿࡢ࡛ࠊࡇ ࢀࡣ↓ᙧ㈨⏘ࡣูಶࡢࡶࡢ࡛࠶ࡿ⪃࠼ࡽࢀࡿࡇࢆ᫂☜ࡍࡁࡶࡢ⪃࠼ࡽࢀ ࡿࠋ ࡲࡓࠊᙺົ㸦≉㧗౯್ᙺົ㸧ᥦ౪ࡢ༊ูࡶ᫂☜࡛ࡣ࡞࠸ࡉࢀࠊ≉↓ᙧ㈨⏘ ୍యࡋ࡚ᥦ౪ࡉࢀࡿሙྜ➼ࡢྲྀࡾᢅ࠸ࢆ᫂☜ࡍࡁ࡛࠶ࡿࠊ➼ࡢࡇࡀゝࢃࢀ ࡚࠸ࡿࠋ 㸦㸲㸧ᑐᛂ ࠸ࡎࢀࡋ࡚ࡶࠊ↓ᙧ㈨⏘ࡘ࠸࡚ࡣࠊࡑࡢᛶ㉁ࡀ」㞧࡛ࠊ⛣㌿౯᱁ࡢᑐ㇟࡞ࡿ ࡶࡢࡢ⠊ᅖࡀ᫂☜࡛࡞ࡃࠊᚑࡗ࡚ࡑࡢᐃ⩏ࡣᐜ࡛᫆ࡣ࡞࠸ࡇࠊಶࠎࡢࡼࡾ౯ ್࠶ࡿࡶࡢ࠺ࡢุ᩿ࡶ␗࡞ࡾᚓࡿࡇࠊㄢ⛯࠸࠺ഃ㠃࠾ࡅࡿྛᅜᅜෆἲ ࡢᩚྜᛶࢆᅗࡿࡇࡶồࡵࡽࢀࡿࡇࠊ᭦ࡣࠊఱࡼࡾࡶ⣡⛯⪅ࡢணぢྍ⬟ᛶࢆ࡛ࡁ ࡿࡔࡅ⪃៖ࡍࡿᚲせࡀ࠶ࡿࡇࠊ➼ࢆ⪃࠼ࢀࡤࠊᅜ㝿ⓗྜពࡀ࡞ࡉࢀ࡚࠸࡞࠸ࡶࡢ ࡘ࠸࡚ࡣࠊࡑࡢ᭷↓ཬࡧᑐ౯㢠ࡢ⟬ᐃ࠾࠸࡚ࠊᇶᮏⓗࡣ࡛ࡁࡿࡔࡅᾘᴟⓗ࣭㝈ᐃ ⓗゎࡍࡁࡶࡢ⪃࠼ࡽࢀࡿࠋ ᑐ㇟࡞ࡿ↓ᙧ㈨⏘ࡢ⠊ᅖࡀ☜ᐇࡢሙྜࡣࠊᙜ↛⣮த࡞ࡿࡇࡀከࡃࠊࡇࢀ ࡘ࠸࡚ྛᅜᅜෆἲୖࡢッゴࡢࡳ࡞ࡽࡎࠊ᮲⣙ୖࡢ┦༠㆟࡛ࡢゎỴࢆᣦྥࡋ࡚ࡶࠊ 㔜ㄢ⛯ࡀṧࡿࣜࢫࢡࡀᴟࡵ࡚㧗࠸ࡶࡢ⪃࠼ࡽࢀࡿࠋᚑࡗ࡚ࠊ⛣㌿౯᱁ࡢᑐ㇟࡞ ࡿ↓ᙧ㈨⏘ࡢ⠊ᅖࢆࠊ࡛ࡁࡿࡔࡅ㝈ᐃⓗゎࡍࡿࡇࡼࡗ࡚ᅜ㝿ⓗ࡞ゎ㔘ࡢ୍㈏ᛶ ࢆಖࡘࡇࡀᚲせ࡛࠶ࡿࡶࠊࡇࢀࡽࡢ↓ᙧ㈨⏘ࡑࢀࡒࢀࡘ࠸࡚⛣㌿౯᱁࡛⪃ ៖ࡍࡁࡶࡢࡋ࡚ࡢ౯್ࡀ⏕ࡌࡿሙྜࡘ࠸࡚ࠊ࡛ࡁࡿࡔࡅ᫂☜ࡍࡿࡼ࠺ࠊ ࠼ࡤࠊOECD ࢞ࢻ࡛ࣛࣥࡢタࢆᐇࡍࡿࡇ➼ࡼࡾࠊ⣡⛯⪅ࡢணぢྍ⬟ᛶࢆᑡ ࡋ࡛ࡶ㧗ࡵࡿࡇࡀồࡵࡽࢀࡿࠋ 㸳 ↓ᙧ㈨⏘ࡼࡿᡤᚓࡢᖐᒓᡤᚓࡢ⟬ᐃ᪉ἲ࣭ホ౯ 㸦㸯㸧ᡤᚓࡢᖐᒓ ↓ᙧ㈨⏘ࡽ⏕ࡌࡿᡤᚓࡘ࠸࡚ࡣࠊ↓ᙧ㈨⏘ࡢ㛤Ⓨ⪅࠺ࠊ㛵㐃⪅ࡢ↓ᙧ 50 ㈨⏘ࡢ⏝チㅙࠊ㛵㐃⪅ࡢ↓ᙧ㈨⏘ࡢ⛣㌿࣭ㆡΏࠊ୧㛵㐃⪅ࡀ␗࡞ࡿ↓ᙧ㈨⏘ࢆ㛤 Ⓨ࣭ಖᣢࡍࡿࡇࠊ୧㛵㐃⪅ࡀ༢୍ࡢ↓ᙧ㈨⏘ࡢ㛤Ⓨࢆ⾜࠺ࡇ➼ࡼࡾࠊࡑࢀࡒࢀ ྛ㛵㐃⪅ࡢ↓ᙧ㈨⏘ಀࡿᡤᚓࡢෆᐜࡣ࡞ࡾࡢᙳ㡪ࡀ࠶ࡿࠋ ↓ᙧ㈨⏘ࡽ⏕ࡌࡿᡤᚓࡘ࠸࡚ࠊἲⓗᡤ᭷㸦legal ownership㸧⤒῭ⓗᡤ᭷㸦economic ownership㸧ࡢᴫᛕࡀゝࢃࢀ㸦OECD ࢞ࢻ࣭ࣛࣥࣃࣛ 6.3㸧ࠊ⤒῭ⓗᡤ᭷ࡣ↓ᙧ㈨⏘ ࡢ㔊ᡂಀࡿࢥࢫࢺࣜࢫࢡࢆ㈇ࡗ࡚ࡑࢀᖐᒓࡍࡿᡤᚓࢆᚓࡿࡶࡢࡉࢀ࡚࠸ࡿࠋ ㏆ࡣࠊ⤒῭ⓗᡤ᭷ࡢᖜᗈ࠸ㄆ㆑ࡶἲⓗᡤ᭷ಀࡿࣜࢫࢡࡢ㍍どᑐࡍࡿᠱ ᛕࡽࠊἲⓗᡤ᭷ࡢព⩏ࡀぢ┤ࡉࢀ࡚࠸ࡿࡼ࠺࡛࠶ࡾࠊࡲࡓࡑࡢࡢᡤ᭷ᴫᛕࡀゝࢃ ࢀࡿࡇࡶ࠶ࡿࡀࠊ࠶ࡃࡲ࡛ࠊ⊂❧ᴗ㛫࡛ᡤᚓࢆ⏕ࡳฟࡍࡶࡢࡣࡇࡢほⅬ ࡽࠊἲⓗᡤ᭷ࡽ⏕ࡌࡿᡤᚓࢆ㋃ࡲ࠼ࡘࡘࠊ୧ᙜ⪅ࡀᯝࡓࡍᶵ⬟ࣜࢫࢡ➼ࢆ⪃៖ ࡍࡿࡇ࡞ࡿࡶࡢ⪃࠼ࡽࢀࡿࠋ㏆ࠊ▱ⓗ㈈⏘ᶒࡢ㞟୰⟶⌮ࡢࡓࡵࠊࡇࢀࡽ↓ ᙧ㈨⏘ࡢ㸦ἲⓗ㸧ᡤ᭷⪅ࢆࠊ↓ᙧ㈨⏘ࡢ㛤Ⓨ⪅࣭㈝⏝㈇ᢸ⪅࣭⏝⪅ࡣ␗࡞ࡿ⪅ ࡍࡿሙྜࡀ࠶ࡿ࡞ࠊࣅࢪࢿࢫࣔࢹࣝࡀከᵝࡋ࡚࠸ࡿ࡞࡛ࠊἲⓗ࣭⤒῭ⓗᡤ᭷⪅ ࡢ≉ᐃࡀ」㞧࡞ၥ㢟࡞ࡗ࡚࠸ࡿࡀࠊᡤ᭷ࡢ␗࡞ࡿᴫᛕࢆྛᅜࡀᙇࡍࢀࡤࠊᙜ↛࡞ ࡀࡽ㔜ㄢ⛯࡞ࡿࡇࡽࠊ࠼ࡤࠊࢢ࣮ࣝࣉෆᗈࡃࡲࡓࡀࡗ࡚࠸ࡿၟᶆᶒ࣭ⴭ సᶒ➼ࡘ࠸࡚ࡢ⪃࠼᪉➼ࠊἲⓗᡤ᭷࣭⤒῭ⓗᡤ᭷ࡢุ᩿せ⣲ࠊ୧⪅ࡢ᭷ࡍࡿ౯್㛵 ಀࠊ➼ࡘ࠸࡚ࡢᴫᛕᩚ⌮ࡶྍ⬟࡞㝈ࡾ࡛ᚲせ⪃࠼ࡽࢀࡿࠋࡲࡓࠊᶵ⬟࣭ࣜࢫࢡ ࡘ࠸࡚ࡣࠊ✀ࠎࡢᶵ⬟࣭ࣜࢫࢡࡢෆᐜ⛣㌿ࡢ᭷↓ཬࡧホ౯ࢆุ᩿ࡍࡿᙜࡓࡗ࡚ ࡢලయⓗᣦ㔪ࡀồࡵࡽࢀࡿࠋ ࢃࡀᅜࡢົ㐠Ⴀせ㡿࡛ࡣࠊ ͆↓ᙧ㈨⏘ࡢ⏝チㅙྲྀᘬ➼ࡘ࠸࡚ㄪᰝࢆ⾜࠺ሙྜ ࡣࠊ↓ᙧ㈨⏘ࡢἲⓗ࡞ᡤ᭷㛵ಀࡢࡳ࡞ࡽࡎࠊ↓ᙧ㈨⏘ࢆᙧᡂࠊ⥔ᣢཪࡣⓎᒎࡉࡏࡿࡓ ࡵࡢάື࠾࠸࡚ἲேཪࡣᅜእ㛵㐃⪅ࡢ⾜ࡗࡓ㈉⊩ࡢ⛬ᗘࡶ຺ࡍࡿᚲせࡀ࠶ࡿࡇ ␃ពࡍࡿࠋ࡞࠾ࠊ↓ᙧ㈨⏘ࡢᙧᡂ➼ࡢ㈉⊩⛬ᗘࢆุ᩿ࡍࡿᙜࡓࡗ࡚ࡣࠊᙜヱ↓ ᙧ㈨⏘ࡢᙧᡂ➼ࡢࡓࡵࡢពᛮỴᐃࠊᙺົࡢᥦ౪ࠊ㈝⏝ࡢ㈇ᢸཬࡧࣜࢫࢡࡢ⟶⌮࠾࠸ ࡚ἲேཪࡣᅜእ㛵㐃⪅ࡀᯝࡓࡋࡓᶵ⬟➼ࢆ⥲ྜⓗ຺ࡍࡿࠋ͇㸦2㸫12㸧ࠊつᐃࡋ࡚ ࠸ࡿࠋ 㸦㸰㸧ẚ㍑ྍ⬟ᛶ ↓ᙧ㈨⏘ࡽ⏕ࡌࡿᡤᚓࡢ⟬ᐃ㛵ࡋࠊOECD ࢞ࢻࣛࣥࡣࠊ͆ࡇࡢ㸦⊂❧ᴗ㸧 ཎ๎ࢆ↓ᙧ㈨⏘ࡀࢃࡿ㛵㐃⪅㛫ྲྀᘬ㐺⏝ࡍࡿࡢࡣᅔ㞴ࡶࡋࢀ࡞࠸ࠋ࡞ࡐ࡞ࡽࠊ ࡑࡢࡼ࠺࡞㈈⏘ࡣࠊẚ㍑ᑐ㇟ྲྀᘬࢆ᥈ࡍࡢࡀᅔ㞴࡛࠶ࡾࠊࡲࡓሙྜࡼࡗ࡚ࡣྲྀᘬ ౯᱁ࡢ⟬ᐃࡀᅔ㞴࡛࠶ࡿ࠸࠺≉ู࡞ᛶ᱁ࢆᣢࡗ࡚࠸ࡿࡽ࡛࠶ࡿࠋ͇㸦ࣃࣛ 6.13㸧ࠊ つᐃࡍࡿ୍᪉ࠊ ͆ẚ㍑ྍ⬟ᛶࢆỴᐃࡍࡿ㝿ࠊᙜヱ㈨⏘ࡢ᭷⏝ᛶ㸦usefulness㸧ࡀ⪃៖ ࡉࢀࡿࡁ࡛࠶ࡿࠋ͇㸦ࣃࣛ 6.15㸧ࠊ͆⊂❧ᴗཎ๎ࢆ㐺⏝ࡍࡿ㝿ࡣࠊ㛵㐃⪅㛫ྲྀᘬ 㠀㛵㐃⪅㛫ྲྀᘬࡢẚ㍑ྍ⬟ᛶ㛵ಀࡍࡿ࠸ࡃࡘࡢ≉ู࡞せ⣲ࡀ⪃៖ࡉࢀࡿࡁ࡛࠶ ࡿࠋࡇࢀࡽࡢせ⣲ࡣ㸦ᘬ⌧ᅾ౯᱁ࡢ⟬ᐃࡼࡾỴᐃࡉࢀࡿࡶࡋࢀ࡞࠸㸧↓ᙧ㈨ 51 ⏘ࡽࡢண౽┈㸦expected benefits㸧ࡀྵࡲࢀࡿࠋࡑࡢࡢせ⣲ࡋ࡚ࠊࡑࡢᶒࡀ⾜ ࡛ࡁࡿᆅ⌮ⓗ࡞ሙᡤࡢไ㝈ࠊㆡΏࡉࢀࡿᶒࡼࡾ〇㐀ࡉࢀࡿ〇ရࡢ㍺ฟไ㝈ࠊㆡ Ώࡉࢀࡿᶒࡢᛶ᱁ࡀⓗྰ㸦᪂ᕤሙᘓタࠊ࠶ࡿ࠸ࡣ≉ู࡞ᶵᲔࡢ㉎ධࡢࡓࡵ ࡢ㸧ࠊ㈨ᮏᢞ㈨ࠊᙜヱᕷሙ࡛ᚲせ࡞❧ࡕୖࡀࡾ㈝⏝ཬࡧ㛤Ⓨసᴗࠊࢧࣈࣛࢭࣥࢫࡢྍ ྰࠊ⏝⪅ࡢ㈍⥙ࠊ୪ࡧࣛࢭࣥࢫࡢ⏝⪅ࡀᡤ᭷⪅ࡢᙜヱ㈈⏘ࡢ᭦࡞ࡿ㛤Ⓨ ཧຍࡍࡿᶒࢆᣢࡘྰ࠸ࡗࡓせ⣲ࡀ࠶ࡿࠋ͇㸦ࣃࣛ 6.20㸧ࠊẚ㍑ྍ⬟ᛶࡢせ⣲ ࡋ࡚↓ᙧ㈨⏘≉᭷ࡢࡶࡢࡘ࠸࡚ࡶつᐃࡋ࡚࠸ࡿࠋ ࡲࡓࠊ↓ᙧ㈨⏘┦ࡢ㛵ಀࠊ࠼ࡤࠊ≉チᶒࡸⴭసᶒࡢ㉁ࡢⰋྰࡣၟᶆࡢᕷሙࡢ ᙳ㡪ຊࡶ㛵ಀࡍࡿࡼ࠺ࠊ㈍ࡢ↓ᙧ㈨⏘〇㐀ࡢ↓ᙧ㈨⏘ࡢ㛵ಀࡢၥ㢟ࡶ࠶ࡾࠊ ࡑࢀࡒࢀࡢ↓ᙧ㈨⏘ࡢᛶ㉁࣭≧ἣ➼ࢆࡶ᳨ウࡍࡿࡇࡀồࡵࡽࢀࡼ࠺ࠋ᭦ࠊࡢ⤒ 㐣ࡼࡿ↓ᙧ㈨⏘ࡢᙧᡂࡣ」ᩘࡢせᅉࡀ㛵ಀࡋ࡚ࡃࡿࡓࡵ」㞧ࡉࢆቑࡍࡇ࡞ ࡾࠊ࣋ࣥࢳ࣐࣮ࢡࢆ⾜࠺ࡢࡶ୍ᒙᅔ㞴࡞ࡶࡢ࡞ࡿ⪃࠼ࡽࢀࡿࠋࡇࡢࡼ࠺ࠊ↓ᙧ ㈨⏘ಀࡿẚ㍑ྍ⬟ᛶศᯒࡣᐜ࡛᫆ࡣ࡞࠸࠸࠺ࡢࡀ୍⮴ࡋࡓぢ᪉࡛࠶ࡿᛮࢃࢀ ࡿࠋ 㸦㸱㸧⟬ᐃ᪉ἲ ⛣㌿౯᱁ࡢ⟬ᐃ᪉ἲࡋ࡚ࡣࠊOECD ࢞ࢻ࡛ࣛࣥࡣࠊࡲࡎ͆↓ᙧ㈨⏘ࡢㆡΏ࠶ࡿ ࠸ࡣࣛࢭࣥࢫ౪ࡘ࠸࡚ࠊ⊂❧ᴗ㛫౯᱁ࢆ⟬ᐃࡍࡿ㝿ࠊྠ୍ࡢᡤ᭷⪅ࡀ⊂❧ ᴗᑐࡋ࡚ẚ㍑ྍ⬟࡞≧ἣࡢୗ࡛ẚ㍑ྍ⬟࡞↓ᙧ㈨⏘ࢆㆡΏ࠶ࡿ࠸ࡣࣛࢭࣥࢫࡍ ࡿሙྜࡣ CUP ἲࢆ⏝ࡍࡿࡇࡀྍ⬟࡛࠶ࡿࠋ͇ 㸦ࣃࣛ 6.23㸧ࠊࡉࢀࡿࠋࡓࡔࠊ↓ᙧ ㈨⏘ࡢሙྜࡣࠊୖ㏙ࡋࡓẚ㍑ྍ⬟ᛶศᯒ࠾࠸࡚ࡶグࡉࢀ࡚࠸ࡿࡼ࠺ࠊᙜヱ㈨⏘ ࡢ༢࡞ࡿ⏝౯್㝈ࡽࡎࠊண౽┈➼ࡀ⪃៖ࡉࢀᚓࡿࡇࡽࠊ࠸ࢃࡺࡿ CUT ἲࡣ CUP ἲࡣࡑࡢᐇែ࠾࠸࡚ᚲࡎࡋࡶྠࡌ࡛ࡣ࡞ࡃࠊᙜヱྲྀᘬẚ㍑ᑐ㇟ྲྀᘬࡢ ᮇࡢᕪ➼ࡢ≧ἣࡘ࠸࡚᭦༑ศ࡞᳨ウࡀồࡵࡽࢀࡼ࠺ࠋ ࡲࡓࠊ ͆↓ᙧ㈨⏘ࢆྵࡴ〇ရࡢ㈍ࡣࠊ➨ 2 ❶ࡢཎ๎ᇶ࡙ࡃ CUP ἲ࠶ࡿ࠸ࡣ㈍ ౯᱁ᇶ‽ἲࡢ⏝ࡀྍ⬟ࡶࡋࢀ࡞࠸ࠋ͇㸦ࣃࣛ 6.24㸧ࠊࡉࢀ࡚࠸ࡿࠋ୍᪉ࠊཎ౯ᇶ ‽ἲࡘ࠸࡚ࡣࠊ≉ゝཬࡀ࡞ࡉࢀ࡚࠸࡞࠸ࡀࠊ୍⯡ࠊ㈝⏝↓ᙧ㈨⏘ᇶ࡙ࡃ౯ ್ࡢ㛫ࡢࡘ࡞ࡀࡾࡣஈࡋ࠸ࡇࡽࠊࡑࢀࡀ㐺⏝ࡉࢀࡿሙ㠃ࡘ࠸࡚ࡣࠊ୍ᒙὀព ῝࠸᳨ウࡀồࡵࡽࢀࡼ࠺ࠋ ᭦ࠊ͆౯್ࡢ࠶ࡿ↓ᙧ㈨⏘ࡀࢃࡿሙྜࡣࠊẚ㍑ྍ⬟࡞㠀㛵㐃⪅㛫ྲྀᘬࢆぢࡘ ࡅࡿࡢࡣᅔ㞴࡛࠶ࢁ࠺ࠋࡑࢀࡺ࠼ࠊ ࣭࣭࣭ࡑࡢ㐺⏝࠾࠸࡚ᐇົୖࡢၥ㢟ࡀ࠶ࡿࡶࡋ ࢀ࡞࠸ࡶࡢࡢࠊ┈ศἲࡀ㐺ᙜ࡛࠶ࢁ࠺ࠋ͇㸦ࣃࣛ 6.26㸧ࡉࢀࡿࠋ┈ศἲࡘ ࠸࡚ࡣࠊ┈ẚ‽ἲ㸦CPM㸧ࢆ࠸ࢃࡺࡿ࣒ࣥ࢝ࢡ࣮࢚࣮ࣜࢩࣙࣥࢆ⏕ࡌࡡ࡞࠸ ࡋ࡚ᢈุࡋ࡚ࡁࡓᅜࠎࡢࡳ࡞ࡽࡎࠊ⡿ᅜ࠾࠸࡚ࡶṔྐⓗ࡞ࡾࡢ᳨ウᑐ㇟ࡉࢀ ࡚ࡁࡓࡇࢁ࡛࠶ࡾࠊ≉ᚋࠊᅜ㝿ྲྀᘬάືࡢ」㞧ࠊ⤫ྜࣅࢪࢿࢫࣔࢹࣝࡢ᥇⏝ࠊ ࢢ࣮ࣝࣉ୍య࡛ࡢ↓ᙧ㈨⏘㛤Ⓨࠊ➼ࢆ㋃ࡲ࠼ࢀࡤࠊ┈ศἲࡢ᭷⏝ᛶࡣቑ࠼࡚࠸ࡃ 52 ࡶࡢ⪃࠼ࡽࢀࡿࠋࡓࡔࠊ୍⯡ẚ㍑ᑐ㇟ࢆ⏝ࡋ࡞࠸ࡇࡽࠊࡇࢀࡲ࡛ࡶࠊ⊂❧ ᴗཎ๎ࡢᩚྜᛶၥࡀ࿊ࡉࢀ࡚ࡁࡓࡢࡣᐇ࡛࠶ࡿࡀࠊẚ㍑ᑐ㇟ศᯒࡀᴟࡵ࡚ ᅔ㞴࡞↓ᙧ㈨⏘ྲྀᘬࡣࠊ┈ศἲࡣࡴࡋࢁ᭷ຠ࡞⟬ᐃ᪉ἲ࡛࠶ࡿ⪃࠼ࡽࢀࡿࠋ ࡲࡓࠊ┈ศἲࡘ࠸࡚ࡣࠊ┈ศせ⣲ࡢỴᐃࡢᅔ㞴ᛶ➼ࡀᣦࡉࢀ࡚ࡁࡓ ࡇࢁ࡛࠶ࡾࠊ ͆≉┈ศἲࡀ⏝ࡉࢀࡿሙྜࡣࠊ↓ᙧ㈨⏘ࢆ㛤Ⓨ࠶ࡿ࠸ࡣ⥔ᣢࡍ ࡿࡓࡵ㈇ᢸࡉࢀࡿ㈝⏝ࡢ㔠㢠ࠊᛶ᱁ࠊᙳ㡪ࡀࠊẚ㍑ྍ⬟ᛶࡸྛ㛵ಀ⪅ࡢ㈉⊩ࡢ┦ᑐ ⓗ౯್ࡢỴᐃࢆࡅࡿࡓࡵㄪᰝࡉࢀࡿࡶࡋࢀ࡞࠸ࠋࡋࡋ࡞ࡀࡽࠊ㈝⏝౯್ ࡢ㛫ࡣᚲ↛ⓗ࡞ࡘ࡞ࡀࡾࡣ࡞࠸ࠋ≉ࠊ↓ᙧ㈨⏘ࡢᐇ㝿ࡢᕷሙ౯᱁ࡣࠊᙜヱ㈨⏘ ࡢ㛤Ⓨࠊ⥔ᣢࡢࡓࡵࡢ㈝⏝ࡢ㛵㐃ࡽࡣࡋࡤࡋࡤ ᐃ࡛ࡁ࡞࠸ࠋ͇ 㸦ࣃࣛ 6.27㸧 ࠊࡉ ࢀࡿࠋ༶ࡕࠊ┈ศἲࡢ㐺⏝ᙜࡓࡗ࡚ࡣࠊࡢせ⣲࣭せᅉࡀᡤᚓࡢⓎ⏕ᐤࡋ ࡚࠸ࡿࢆ⢭ᰝࡍࡿᚲせࡀ࠶ࡿ࠸࠺ࡇ࡛࠶ࢁ࠺ࡀࠊࢃࡀᅜࡢ㏻㐩࡛ࡣࠊṧవ┈ ศἲࡢ㐺⏝ᙜࡓࡗ࡚ࠊ͆࠼ࡤࠊἲேཬࡧᅜእ㛵㐃⪅ࡀ↓ᙧ㈨⏘ࢆ⏝࠸ࡿࡇࡼ ࡾ⊂⮬ࡢᶵ⬟ࢆᯝࡓࡋ࡚࠸ࡿሙྜࡣࠊᙜヱ↓ᙧ㈨⏘ࡼࡿᐤࡢ⛬ᗘࢆ᥎ ࡍࡿ ㊊ࡾࡿࡶࡢࡋ࡚ࠊࡇࢀࡽࡢ⪅ࡀ᭷ࡍࡿ↓ᙧ㈨⏘ࡢ౯㢠ࠊᙜヱ↓ᙧ㈨⏘ࡢ㛤Ⓨࡢࡓࡵ ᨭฟࡋࡓ㈝⏝ࡢ㢠➼ࢆ⏝࠸ࡿࡇࡀ࡛ࡁࡿࡇ␃ពࡍࡿࠋ͇㸦⛒⛯≉ูᥐ⨨ἲ㏻㐩 66 ࡢ 4(5)㸫4㸧つᐃࡋ࡚ࠊᐇົⓗ࡞ゎỴࢆࡶᣦྥࡋ࡚࠸ࡿࠋࡋࡤࡋࡤ〇㐀㈍ࢆ⾜ ࠺୧㛵㐃⪅㛫࡛ࠊࡾࢃࡅṧవ┈ࡢศᙜࡓࡗ࡚ࠊ◊✲㛤Ⓨ㈝㈍㈝ࡢᨭฟ㢠 ࢆ┈ศせ⣲ࡍࡿࡇࡀᐇົⓗ࡞ゎỴ⟇ࡋ࡚ά⏝ࡉࢀ࡚࠾ࡾࠊ౽ᐅ࡛࠶ࡿࠋࡓ ࡔࠊ࡛ࡁࢀࡤ࡛ࡁࡿࡔࡅ┿౯್࠶ࡿ↓ᙧ㈨⏘ࡢ㈉⊩㈨ࡍࡿࡶࡢࢆᏊ⣽᳨ウࡍ ࡿࡇࡀᮃࡲࡋ࠸㸦ὀ 2㸧ࠋ ࡞࠾ࠊ㏆ࠊḢᕞ࠾ࡅࡿἲேㄢ⛯ᡤᚓ࣮࣋ࢫࡢඹ㏻㸦CCCTB㸧ࡢືࡁ➼ࡶ ࠊ㛵㐃♫㛫࡛ࡢ┈㓄ศᙜࡓࡗ࡚ࠊ࠸ࢃࡺࡿᐃᘧ㓄ศࢆࠊ࠼ࡤṧవ┈ศ ࡢ᪉ἲࡍࡿ࡞ࠊఱࡽࡢᙧ࡛ά⏝ࡍࡿࡶ࠶ࡿࡼ࠺࡛࠶ࡿࡀࠊලయⓗ࡞ືࡁࡣ ⮳ࡗ࡚࠸࡞࠸ࠋ 㸦㸲㸧↓ᙧ㈨⏘ࡢホ౯ ↓ᙧ㈨⏘ࡢ⠊ᅖࡶࠊ↓ᙧ㈨⏘ࡢホ౯ࡘ࠸࡚ࠊ≉ࡑࡢ⛣㌿࣭ㆡΏ➼ࡢ㛵 ಀ࡛⟬ᐃ᪉ἲࡀၥ㢟࡞ࡿࠋOECD ࢞ࢻࣛࣥࡣࠊ͆ᐇࡸ≧ἣᛂࡌ࡚ࠊ⊂❧ᴗ ࡀྲྀᘬࡢ౯᱁⟬ᐃࡢ㝿ᴟࡵ࡚☜࡞ホ౯ᑐฎࡍࡿࡓࡵㅮࡌࡿᡭẁࡣᵝࠎࡢ ࡶࡢࡀ࠶ࡿࠋ୍ࡘࡢྍ⬟ᛶࡋ࡚ࡣࠊ㸦ࡍ࡚ࡢ㛵㐃ࡍࡿ⤒῭ⓗせ⣲ࢆ⪃៖ࡋ࡚㸧ண ┈ࢆᙜヱྲྀᘬࡢ㛤ጞ࠾ࡅࡿ౯᱁⟬ᐃࡢỴᐃࡢࡓࡵࡢᡭẁࡋ࡚⏝ࡍࡿࡇ࡛ ࠶ࡿ͇㸦ࣃࣛ 6.29㸧ࠊ͆ࡑࡢࡢሙྜࡣࠊ࣭࣭࣭ண ࡛ࡁ࡞࠸ࡑࡢᚋࡢືྥᑐฎࡍࡿ ࡓࡵࠊ⊂❧ᴗࡣ▷ᮇࡢዎ⣙ࢆ⥾⤖ࡍࡿࠊ࠶ࡿ࠸ࡣዎ⣙᮲௳ࡢ୰ㄪᩚ᮲㡯ࢆධࢀ ࡿࡶࡋࢀ࡞࠸ࠋ͇㸦ࣃࣛ 6.30㸧ࠊつᐃࡋ࡚࠸ࡿࠋ ୍⯡ⓗࠊ↓ᙧ㈨⏘ࡢホ౯᪉ἲࡋ࡚ࠊࢥࢫࢺࣉ࣮ࣟࢳࠊ࣐࣮ࢣࢵࢺࣉ࣮ࣟࢳࠊ ࣒ࣥ࢝ࣉ࣮ࣟࢳࠊࡀ᥇ࡾୖࡆࡽࢀࡿࡀ㸦ὀ 3㸧ࠊࢥࢫࢺࣉ࣮ࣟࢳࡣ୍ᐃࡢሙྜࢆ 53 㝖࠸୍࡚⯡ⓗ࡞᪉ἲࡣゝ࠼ࡎࠊࡲࡓ⛣㌿౯᱁ࡀ➨୕⪅㛫࡛ࡢྲྀᘬ౯᱁ࢆᛕ㢌࠾ࡃ ࡇࡽࠊ⛯ົୖ୍⯡ⓗ࡞࣐࣮ࢣࢵࢺࣉ࣮ࣟࢳࢆ㋃ࡲ࠼ࡿࡁࡢ⪃࠼ࡶ࠶ࢁ࠺ࡀࠊ ↓ᙧ㈨⏘ྲྀᘬಀࡿẚ㍑ྍ⬟ᛶศᯒࡢᅔ㞴ᛶࢆ๓ᥦࡍࢀࡤࠊ⌧ᐇⓗࡣࠊᙜヱ↓ᙧ ㈨⏘ࡽ⏕ࡌࡿᚓ㸦࡞࠸ࡋ౽┈㸧ࡀࡁ࡞ุ᩿せ⣲࡞ࡽࡊࡿࢆᚓ࡞࠸ࡶࡢ⪃࠼ ࡽࢀࡿࠋࡑࡢព࡛ࠊ࣒ࣥ࢝ࣉ࣮ࣟࢳࡀᗈࡃ㐺ࡋ࡚࠸ࡿࡉࢀࠊ࠸ࢃࡺࡿᡤᚓ┦ ᛂᛶᇶ‽ࡢ⏝ྍ⬟ᛶࡘ࠸࡚⪃៖ࡏࡊࡿࢆᚓ࡞࠸ࡼ࠺⪃࠼ࡽࢀࡿࠋࡓࡔࠊ↓ᙧ㈨ ⏘ࡀ⏕ࡳฟࡍணᚓࢆ⪃៖ࡍࡿࡋ࡚ࡶࠊࡑࡢ⟬ᐃᙜࡓࡗ࡚ࠊ↓ᙧ㈨⏘ࡢ⏝ྍ ⬟ᮇ㛫ࡸ⌧ᅾ౯್⟬ᐃࡢᘬ⋡➼㛵ࡋ࡚ࠊ☜ᐃ࡞せᅉࡀከࡃࠊࡑࡢ⟬ᐃࡣᇶᮏⓗ ࡞⪃࠼᪉ࡼࡾࠊ⟬ᐃ⤖ᯝࡁ࡞ᕪࡀ⏕ࡌࡿࡇࡀ⪃࠼ࡽࢀࡿࠋ⏝ྍ⬟ᮇ㛫ࡋ ࡚ࡶࠊᐇ㝿ࡣࡁ࡞ᕪࡀ⏕ࡌࡡ࡞࠸ࡼ࠺࡛࠶ࡾࠊ᭦ࡣࠊ」ᩘࡢ↓ᙧ㈨⏘ࡼࡿ ┦స⏝ࡸ⿵ᛶࡽ⏕ࡌࡿྜ⟬౯್➼ࢆࡇࡲ࡛ࡳࡿ➼ࠊࡑࡢ⤒῭ⓗ౯್ᇶ࡙ ࡃ⟬ᐃࡶᐜ࡛᫆ࡣ࡞࠸ࠋᚑࡗ࡚ࠊணᚓࢆ⪃៖ࡍࡿሙྜࡣࠊ࡛ࡁࡿࡔࡅྜ⌮ⓗ ࡘ㝈ᐃⓗゎࡍࡿࡇࡀᮃࡲࢀࡿࠋࡲࡓࠊࡇࡇ࡛ࡶࠊಶࠎࡢ↓ᙧ㈨⏘ࡢෆᐜࡸࣜࢫࢡ ≧ἣ➼ࡢᐇ≧ἣࢆ㋃ࡲ࠼ࡓ࡛ࡁࡿࡔࡅከࡃࡢලయⓗ࡞タࡢグ㏙ࡀᮃࡲࢀࡿࠋ ࡲࡓࠊணᚓࢆ⪃៖ࡍࡿࡇࡘ࠸࡚ࡣࠊ⛯ົࡀᮏ᮶ᐇ⌧ࡋࡓᚓㄢ⛯ࡍࡿࡇ ࡽࡳ࡚ࠊၥ㢟ࡀ࠶ࡿࡢ⪃࠼ࡶ࠶ࡿࡀࠊࡑࡢホ౯ᅔ㞴ᛶࡀ࠶ࡿࡣ࠸࠼ࠊࡑࡢ Ⅼ࡛ࡢ➨୕⪅㛫ྲྀᘬ౯᱁ࡀࡑࢀࢆ㋃ࡲ࠼ࡿࡶࡢ࡛࠶ࡾࠊࡘྲྀᘬࡢⓗ☜࡞≧ἣ➼ ᛂࡌࡓࡶࡢ࡛࠶ࡿ㝈ࡾ࠾࠸࡚ࡣࠊࡑࢀࢆ⪃៖ࡍࡿࡇ࡞ࡿࡶࡢ⪃࠼ࡽࢀࡿࠋࡓ ࡔࡣࠊࡑࡶࡑࡶ↓ᙧ㈨⏘ࡢ⛣㌿ࡢ᭷↓࣭⛣㌿ᮇ➼ࡘ࠸࡚ࠊᚲࡎࡋࡶ᫂☜࡛࡞ ࠸ሙྜࡶ࠶ࡿࡇࡽࠊ༑ศ࡞ᐇែศᯒࡀḞࡏ࡞࠸ࡇࢁ࡛࠶ࡿࠋࡲࡓࠊᡤᚓ┦ᛂ ᛶᇶ‽ࡘ࠸࡚ࡣࠊᇶᮏⓗ⊂❧ᴗᇶ‽ࡢ㛵ಀ࡛ၥࡀ࿊ࡉࢀ࡚ࡁࡓࡢࡣᐇ࡛ ࠶ࡾࠊ⊂❧ᴗ㛫࡛ࡢホ౯ࡢ࠶ࡾ᪉୍⮴ࡋ࡞࠸ࡼ࠺࡞ሙྜࡣࠊᙜ↛࡞ࡀࡽู㏵ࡢ ⪃៖ࡀᡶࢃࢀࡿࡁ࡛࠶ࢁ࠺ࠋࡲࡓࠊ」ᩘࡢ⟬ᐃ᪉ἲࡀ⪃៖ࡉࢀࡿࡼ࠺࡞ሙྜࡢࡓࡵ ࡶࠊᖜࡢᴫᛕࢆᑟධࡍࡿࡇࡣ᭷⏝࡛࠶ࡿ⪃࠼ࡽࢀࡿࠋ ≉ࠊၥ㢟ࡉࢀࡿࡢࡀࠊணᚓ⤖ᯝࡢᐇ⌧ᚓᕪࡀ⏕ࡌࡓሙྜࡢᑐᛂ࡛࠶ ࡿࠋࡇࢀࡼࡗ࡚ᙜึ౯㢠ࡢಟṇࢆ⾜࠺ࡇࡣࠊࡲࡉ OECD ࡀྰᐃⓗ࡞ᚋ▱ᜨ 㸦hindsight㸧࡞ࡿ⪃࠼ࡽࢀࡿࡀࠊ࠶ࡃࡲ࡛⊂❧ᴗ㛫࡛࠶ࢀࡤࡢࡼ࠺ㄪᩚࢆ⾜ࡗ ࡓุ࡛᩿ࡍࡁࡶࡢ⪃࠼ࡽࢀࡿ㸦OECD ࢞ࢻ࣭ࣛࣥࣃࣛ 6.28㹼6.34㸧ࠋྲྀᘬ Ⅼ࠾࠸࡚ࠊ⊂❧ᴗ㛫࡛ࡶᑗ᮶ࡢㄪᩚࢆࡃ⪃៖ࡋ࡞࠸ࡼ࠺࡞ሙྜ࡛࠶ࢀࡤࠊᚋ᪥ ࡛ࡢㄪᩚࡣࡓ࠼ᕪࡀ⏕ࡌࡓሙྜ࡛ࡶせ࡛࠶ࡿ⪃࠼ࡽࢀࡿࡀࠊ┦ᡭᅜ࡛ࡶྠᵝ ゎࡍࡿࡇࡀồࡵࡽࢀࡿࠋࡲࡓࠊ࡛ࡁࡿࡔࡅࡇࡢࡼ࠺࡞≧ἣࢆ⏕ࡌ࡞࠸ࡼ࠺࡞⤌ࡳ ࡋ࡚ࠊ⡿ᅜṓධつ๎࡛つᐃࡉࢀ࡚࠸ࡿࡼ࠺࡞ࢭ࣮ࣇࣁ࣮ࣂ࣮㸦つ๎i1.482㸫4(f)ࠊ80㸣 㹼120㸣㸧ࢆά⏝ࡍࡿࡇࠊ࠶ࡿ࠸ࡣ๓☜ㄆ㸦APA㸧ࡼࡾண ྍ⬟ᛶࢆ☜ಖࡍࡿࡇ ࡣ᭷⏝࡛࠶ࡿ⪃࠼ࡽࢀࡿࠋ࡞࠾ࠊࡇࡇ࡛ࡢ๓☜ㄆ࠾࠸࡚ࡣࠊ㔜せ࡞๓ᥦ᮲௳ 㸦ࢡࣜࢸ࢝ࣝࢧࣥࣉࢩࣙࣥ㸧ࢆ୍ᒙά⏝ࡍࡿవᆅࡀ࠶ࡿࡼ࠺ᛮࢃࢀࡿࠋ ࡲࡓࠊ࠸ࢃࡺࡿᴗಀࡿ㏥ฟ⛯㸦exit tax㸧ࡘ࠸࡚ࡶࠊࢻࢶ➼࡛㏆ᑟධࡉࢀ࡚ 54 ࠸ࡿࡀࠊᡤᚓ┦ᛂᛶᇶ‽ࢆ࠺ලయⓗ㐺⏝ࡍࡿࡢᚲࡎࡋࡶᐃ࡛ࡣ࡞ࡃࠊࡲࡓࠊ ┦ᡭᅜࡢ㛵ಀ➼ࡽࠊㄢ⛯ࡢᮇࡀᑗ᮶࠾࠸࡚ࡶ༑ศ☜ಖࡉࢀࡿࡼ࠺࡞≧ἣ ࠾࠸࡚ࡶᮍᐇ⌧ࡢ࢟ࣕࣆࢱࣝࢤࣥࢆฟᅜⅬ࡛ㄢ⛯ࡍࡿࡢࡀ㐺ษ࠺ࠊၥࡀ ࿊ࡉࢀ࡚࠸ࡿࠋ ࠸ࡎࢀࡏࡼࠊᡤᚓ┦ᛂᛶᇶ‽ࡢලయⓗ࡞㐺⏝ࢆᕠࡗ࡚ࡣࠊࡑࡢཎ๎ⓗ࡞ྲྀᢅ࠸᪉ ࢆࡣࡌࡵࠊከࡃࡢᮍ☜ᐃ࡞ࡇࢁࡀ࠶ࡾࠊᅜ㝿ⓗ࡞ྜពࡢ࡞࠸ࡲࡲ࡛ࡣ㔜ㄢ⛯ࡢゎ ᾘࡉࢀ࡞࠸ែࡀ⏕ࡌࡿࡇࡀ༑ศணࡉࢀࡿࡇࡽࠊྛᅜྜពྥࡅࡓᚋࡢ ᭦࡞ࡿ᳨ウࡀᚲせ࡞ࡇࢁ⪃࠼ࡽࢀࡿࠋ ࡞࠾ࠊ↓ᙧ㈨⏘ࡢࣛࢭࣥࢫ౪ࡢሙྜ࠾࠸࡚ࡶࠊᙜヱ↓ᙧ㈨⏘ࡢ⏝ྍ⬟ᮇ㛫 ➼ಀࡿၥ㢟ࡣ㔜せ࡛࠶ࡾࠊ㛫⤒㐣క࠺ᕷሙ౯್ࡢపୗࡀ࠶ࢀࡤࠊࣛࢭࣥࢫᩱ ࡶᫎࡉࢀࡿࡁ࡛࠶ࢁ࠺ࠋࡓࡔࠊࣛࢭࣥࢫ౪ࡢሙྜࡣࠊࣛࢭࣥࢫᩱ⋡ࡑ ࡢࡶࡢࡸࣛࢭࣥࢫᩱᨭᡶᚋࡢ┈≧ἣࡢ᳨ウ➼ࡼࡾࠊ๓☜ㄆࡀẚ㍑ⓗά⏝ࡋࡸ ࡍ࠸ࡼ࠺ᛮࢃࢀࡿࠋ 㸴 ᐇົⓗ࡞ၥ㢟 㸦㸯㸧↓ᙧ㈨⏘ࡢ⠊ᅖ ↓ᙧ㈨⏘ࡘ࠸࡚ࡣࠊࡇࢀࡲ࡛ࡢࡇࢁࠊࡓ࠼ᴫᛕⓗࡣ⛣㌿౯᱁ࡢᑐ㇟࡞ࡿ ࡋ࡚ࡶࠊලయⓗࡢࡼ࠺࡞≧ἣࡢሙྜࡑࡢᑐ㇟ࡉࢀࡿࡢࡀ᫂ࡽ࡛ࡣ࡞ࡃࠊ ྛᅜ࡛ಶࠎࡢᛂࡌ࡚ࠊᚲࡎࡋࡶ୍㈏ࡋࡓᙇࡀ࡞ࡉࢀ࡚ࡁ࡚࠸࡞࠸ࡼ࠺࡛࠶ࡿࠋ ࠼ࡤࠊ㈍ࡢ↓ᙧ㈨⏘ࡘ࠸࡚ࠊ౯್࠶ࡿ↓ᙧ㈨⏘ࡢ⠊ᅖࡘ࠸࡚ࠊࡑࢀࡒࢀࡢᅜ ࡢ⤒῭ᵓ㐀ᛂࡌ࡚␗࡞ࡗࡓゎ㔘ࡀ⾜ࢃࢀࠊᅜෆⓗࡣ✀ࠎࡢ㆟ㄽࡀࡉࢀ࡚࠸࡚ࡶ⮬ ᅜࡢ㈍ࡢ↓ᙧ㈨⏘ࡘ࠸࡚ᗈࡃゎ㔘ࡀ⾜ࢃࢀࡓࡾࠊእᅜࣈࣛࣥࢻࡢ⮬ᅜ࡛ࡢᙧᡂ➼ ࡘ࠸࡚ᴟࡵ࡚ᙉ࠸ᙇࡀ࡞ࡉࢀࡓࡾࡋ࡚࠸ࡿࡼ࠺࡛࠶ࡿࠋၟᶆࡢᡤ᭷ࡣぶ♫࠶ ࡿࡋ࡚ࡶࠊࡑࡢ౯್ࢆቑຍࡉࡏࡓࡢࡣ⌧ᆅᴗ࡛࠶ࡿࡋ࡚ࠊぶᏊ♫㛫࡛ࡢၟᶆ ⏝ಀࡿᑐ౯ࡣᨭᡶ࠺ᚲせࡀ࡞࠸ࠊ࠸ࡗࡓᙇࡶ࡞ࡉࢀ࡚࠸ࡿࡼ࠺࡛࠶ࡿࠋ ࡲࡓࠊᙺົᥦ౪ࡢ༊ูࡘ࠸࡚ࡣࠊᚲࡎࡋࡶ᫂☜࡛ࡣ࡞ࡃࠊ≉↓ᙧ㈨⏘୍య ࡛ྲྀᘬࡀ࡞ࡉࢀࡿሙྜࡣ✀ࠎࡢᅔ㞴ࡀ࠶ࡿࡀࠊ୍᪉ࠊࢯࣇࢺࣥࢱࣥࢪࣈࣝࡳࡽ ࢀࡿࡶࡢࢆᙺົࡋ࡚ศ㢮ࡍࡿࡇࡼࡗ࡚㧗┈⋡ࢆ㑊ࡅࡿ㑅ᢥࢆࡍࡿࡇࡣၥ㢟 ࡛࠶ࡿࠋࡓࡔࠊࢢ࣮ࣝࣉᴗࡀࠊຠ⋡ࡢࡓࡵ୍ᣓࡋ࡚⾜࠺⾜Ⅽ㸦ࠊ㉎㈙άື㸧 ➼ࡣࠊ࠶ࡃࡲ࡛ࡢᐇ≧ἣࡼࡿࡇࢁ࡛࠶ࡿࡶࡢࡢ㸦OECD ࢞ࢻ࣭ࣛࣥࣃ ࣛ 9.154㸧ࠊ୍⯡ࡣᙺົᥦ౪ࡋ࡚ྲྀࡾᢅࢃࢀࡿࡶࡢ࡛࠶ࢁ࠺ࠋ ࠸ࡎࢀࡏࡼࠊ⮬ᅜㄢ⛯ᶒ☜ಖࡢࡓࡵ↓ᙧ㈨⏘ࡢ⠊ᅖࡀḟ➨ᣑᙇゎ㔘ࡉࢀ࡚࠸ ࡁࡡ࡞࠸ࡇࢁ࡛࠶ࡾࠊOECD ࡋ࡚ࠊ࠸ࢃࡺࡿ౯್࠶ࡿ↓ᙧ㈨⏘ࡑࢀ௨እࡢࡶࡢ ࡢ༊ู➼ࡘ࠸࡚ࡢᅜ㝿ⓗ࡞ྜពࡀ᪩ᮇ࡞ࡉࢀࡿࡇࡀồࡵࡽࢀ࡚࠸ࡿࡇࢁ࡛ ࠶ࡿࠋ 55 㸦㸰㸧↓ᙧ㈨⏘ࡢホ౯ ↓ᙧ㈨⏘ࡘ࠸࡚ࡣࠊᙜึࡢ㛤Ⓨẁ㝵ᑗ᮶ࡢ㧗┈ࡢ㛵ಀ࡛ࡣࠊࣜࢫࢡᴫᛕࡢ ᭦࡞ࡿศᯒࡀồࡵࡽࢀࡿࠋࡲࡓࠊලయⓗࡣ↓ᙧ㈨⏘ࡢ⛣㌿➼㝿ࡋ࡚ࡢᡤᚓ┦ᛂᛶ ᇶ‽➼ࡘ࠸࡚࠺⪃࠼ࡿࡢࠊఏ⤫ⓗ࡞⪃࠼᪉ࡣ␗࡞ࡿ౯᱁⟬ᐃ᪉ἲࡀồࡵࡽࢀ ࡚࠸ࡿ࠸࠼ࡼ࠺ࠋ ᐇ㝿ⓗࡣࠊࡓ࠼ R&D άືࡀ⾜ࢃࢀࡿࡋ࡚ࡶࠊࡑࢀࡀ↓ᙧ㈨⏘ࡢ⏕㈨ࡍࡿ ࠺ࡣࠊࡑࡢෆᐜࡼࡗ࡚ࡁࡃ␗࡞ࡗ࡚࠾ࡾࠊ≉ࠊ་⸆ရࡢࡼ࠺࡞ศ㔝࡛ࡣࠊ ከ㢠ࡢ R&D ㈝⏝ࡀᴟࡵ࡚㛗ᮇࢃࡓࡗ࡚Ⓨ⏕ࡍࡿࡀࠊ୍⯡ࡑࢀࡀၟᴗ⮳ࡿ ࠺ࡣᴟࡵ࡚☜ᐇ࡛࠶ࡿࠋᚑࡗ࡚ࠊṧవ┈ศἲࡢ㐺⏝ᙜࡓࡗ࡚ࡢศせ⣲ ࡋ࡚ࡢ⏝ࠊண౽┈ಀࡿ⌧ᅾ౯್ࡢ⟬ᐃࠊ➼࠾࠸࡚ៅ㔜࡞᳨ウࡀồࡵࡽࢀࡿࠋ ㏆ࡢ↓ᙧ㈨⏘㞟⣙ⓗ࡞⏘ᴗࡋ࡚ࡢ࢚ࣞࢡࢺࣟࢽࢡࢫࡸࢯࣇࢺ࢚࢘⏘ᴗ࠾࠸࡚ ࡶࠊྠᵝࡢၥ㢟ࡀ࠶ࡿࠋ ↓ᙧ㈨⏘ࡢ⛣㌿㝿ࡋ࡚ࡣࠊࡋࡤࡋࡤ⤌⧊⦅ࡼࡿᶵ⬟⛣㌿ࡢ⤖ᯝࠊ㛵㐃⪅ࡀ࠸ ࢃࡺࡿጤク〇㐀⪅➼࡞ࡿሙྜࡀ࠶ࡿࡀࠊࡑࡢ㝿ࠊࣜࢫࢡ➼ࡶ⛣㌿ࡋ࡚࠸ࡿ࠺ ࡀၥࢃࢀࠊࡑࡢⅬ࡛ࡢ⛣㌿౯᱁ࡢၥ㢟ࡀ⏕ࡌᚓࡿࠋࣜࢫࢡࡣዎ⣙ࡼࡗ࡚⛣㌿ࡋ ᚓࡿࡋ࡚ࡶࠊࡑࡢ㝿ࡢᴗ≧ἣ➼ࡘ࠸࡚ࡢ᳨ウࡶ༑ศ࡞ࡉࢀࡿࡁࡶࡢ࡛࠶ࢁ ࠺ࠋࡲࡓࠊ㈍Ꮚ♫ࡽ࠸ࢃࡺࡿࢥ࣑ࢵࢩࣙࢿᴗ⦅ࡀ࡞ࡉࢀࡓሙྜࡣࠊ ࣮࣐࣮ࣟ࢝ࣝࢣࢵࢺࣥࢱࣥࢪࣈࣝࡢᑐ౯ࡢせྰࡀၥ㢟ࡉࢀࡼ࠺㸦OECD ࢞ࢻࣛ ࣭ࣥࣃࣛ 9.89ࠊ9.90㸧ࠋ ↓ᙧ㈨⏘ホ౯ಀࡿሗࡘ࠸࡚ࠊᙜᒁࡢ㠀ᑐ⛠ᛶࡀホ౯ᙳ㡪ࡍࡿࡇࡀ࠶ࡿ ࡢᣦࡶ࠶ࡾࠊሗࡢඹ᭷ࡶࠊබ㛤ሗࡼࡿ↓ᙧ㈨⏘ホ౯ࡢ⤌ࡳࡘ ࠸࡚ྍ⬟࡞⠊ᅖ᳨࡛ウࡉࢀࡿࡁ࡛࠶ࢁ࠺ࠋ 㸦㸱㸧㈝⏝ศᢸዎ⣙㸦CCA㸧 ㈝⏝ศᢸዎ⣙ࡘ࠸࡚ࡣࠊOECD ࢞ࢻࣛࣥ➨ 8 ❶グ㏙ࡉࢀࠊᚋ㡰ḟᨵᐃసᴗ ࡀ㐍ࡵࡽࢀࡿྍ⬟ᛶࡶ࠶ࡿࡀࠊࡇࢀࡲ࡛⡿ᅜ࠾࠸࡚ከࡃࡢ⛒⛯ࢫ࣮࣒࢟ࡢ୰࡛㈝⏝ ศᢸዎ⣙ࡀ⏝ࡉࢀࠊࡲࡓッゴࡶ⏕ࡌ࡚࠸ࡿࡇࡽࠊ࠸ࢃࡺࡿࣂࣥᨭᡶ㢠 ࡢ⟬ᐃ࣒ࣥ࢝ࣉ࣮ࣟࢳ࡛ࡢணᚓࢆ⪃៖ࡍࡿࡇ࡞ࡘ࠸࡚ࠊつ๎ᨵᐃ ࡼࡿ᫂☜ࡀᅗࡽࢀ࡚࠸ࡿࠋࢃࡀᅜ࡛ࡶࠊ⛣㌿౯᱁ົ㐠Ⴀせ㡿㸦2㸫14㹼2㸫18㸧 ࠾࠸࡚ࠊOECD ࢞ࢻࣛࣥἢࡗࡓෆᐜࡢつᐃࡀ⨨ࢀ࡚࠸ࡿࡀࠊලయⓗ࡞㐺⏝㛵ಀ ࡘ࠸࡚ࡣࠊᚲࡎࡋࡶ᫂☜࡛ࡣ࡞ࡃࠊᚋࡢ OECD ࡛ࡢ㆟ㄽࡢ㐍ᒎక࠺᫂☜ࡀồ ࡵࡽࢀࡿࠋ ୍᪉ࠊ↓ᙧ㈨⏘ࡢᙧᡂࡣ࡞ࡽ࡞࠸ᙺົᥦ౪ಀࡿ㈝⏝ศᢸዎ⣙㸦ࢧ࣮ࣅࢫ CCA㸧 ࡀࠊ㔠⼥άືࠊㄪ㐩㛵ಀࠊ➼࡛ࡳࡽࢀࡿࡀࠊࢢ࣮ࣝࣉෆᙺົᥦ౪ࡢ༊ูࡶ㋃ࡲ࠼࡚ࠊ ᳨ウࡀ࡞ࡉࢀ࡚࠸ࡿゝࢃࢀ࡚࠸ࡿࠋ 56 㸦㸲㸧㔜ㄢ⛯ࡢⓎ⏕⣮தゎỴ ࡇࡢࡼ࠺↓ᙧ㈨⏘ࡘ࠸࡚ࡣࠊࡑࡢㄆ㆑࣭ホ౯➼ࢆᕠࡿᅜ㝿ⓗ࡞ྜពஈࡋ࠸ࡇ ࡽࠊGlaxo ௳࠾࠸࡚ᆺⓗࡳࡽࢀࡿࡼ࠺ಶู࡛ࡢྛᅜ㛫ࡢྜពᙧᡂࡀ ᴟࡵ࡚ᅔ㞴࡛ࠊ῝้࡞㔜ㄢ⛯ࡢ≧ἣࢆ⏕ࡌࡡ࡞࠸≧ἣ࡞ࡗ࡚࠸ࡿࠋࡲࡓࠊ᭦ࠊ ㏆ࡣ᪂⯆ᅜ➼ࡀ⛣㌿౯᱁ㄢ⛯ࡢᙉࢆᅗࡗ࡚࠸ࡃ࡞࡛ࠊᏳ᫆↓ᙧ㈨⏘ࡢᏑᅾࢆ ᙇࡍࡿሙྜࡀ࠶ࡾࠊࡇࢀࡲ࡛ࡢඛ㐍ᅜ࡛ࡢၥ㢟ࡽࠊࡼࡾᗈ⠊ᅖ୍࡛ᒙ㞴ࡋ࠸ၥ㢟 ࡞ࡗ࡚࠸ࡿࡼ࠺࡛࠶ࡿࠋ ࠸ࡎࢀࡏࡼࠊࡲࡍࡲࡍࢢ࣮ࣟࣂ࡛ࣝࡢᑐᛂࡀồࡵࡽࢀࡿࡇࢁ࡛࠶ࡿࡀࠊ⣮தゎ Ỵᡭẁ㛵㐃ࡍࡿ㡯ࡘ࠸࡚ࡣࠊOECD ࢞ࢻࣛࣥ➨ 4 ❶㸦┦༠㆟ࠊࢭ࣮ࣇࣁ࣮ ࣂ࣮ࠊ๓☜ㄆ㸦APA㸧ࠊ௰㸧ཬࡧ➨ 5 ❶㸦ᩥ᭩㸧࡛㏙ࡽࢀ࡚࠸ࡿࡀࠊ↓ᙧ㈨⏘ ࢆᕠࡿ⣮தゎỴࡢᅔ㞴ᛶࢆࡳࢀࡤࠊ࡛ࡁࡿࡔࡅ⣮தࡢⓎ⏕ࢆ㜵Ṇࡍࡿࡓࡵࡢᡭẁࢆྛ ᅜ࡛ྜពࡍࡿࡇࡀᮃࡲࢀࡿࠋࡑࡢព࡛ࡣࠊࢭ࣮ࣇࣁ࣮ࣂ࣮ࡢά⏝ࡀ⪃࠼ࡽࢀࠊࡇ ࢀ࡞ࡾྰᐃⓗ࡞➨ 4 ❶࡛ࡢグ㏙ࡣࠊ᭦ࣂࣛࣥࢫࡢࢀࡓࡶࡢᨵᐃࡍࡿࡇࡀ ồࡵࡽࢀࡿࠋࡓࡔࠊලయⓗ࡞ྜពࡣ࡞ࡾᅔ㞴ࡀక࠺ࡇࡶ⪃࠼ࡽࢀࠊࢭ࣮ࣇࣁ࣮ ࣂ࣮ࢆタࡅࡿࡇࡀ㐺ᙜ࡞ศ㔝ࡸྲྀᘬ㢮ᆺ➼ࡘ࠸࡚ࠊఱࡽࡢᙧ࡛ᩚ⌮ࡍࡿࡇࡶ ⪃࠼ࡽࢀࡿࠋ ࡲࡓࠊ๓☜ㄆࡢά⏝ࡶ᭷⏝⪃࠼ࡽࢀࡿࠋࡓࡔࠊ↓ᙧ㈨⏘ྲྀᘬࡢᑗ᮶ࡢᙳ㡪 ࡼࡿ㛵ಀᙜᒁ㛫ྜពࡢᅔ㞴ᛶࡶᣦࡉࢀࠊࡸࡣࡾ OECD ࡛ࡢ࡛ࡁࡿࡔࡅࡢᇶᮏⓗ࡞ྜ ពࡀᨵࡵ࡚ᙉࡃồࡵࡽࢀࡿࠋ㏆⡆᫆࡞ၥ㢟ゎỴᡭẁࡋ࡚ࠊ୍᪉ࡢᙜᒁࡢ⡆᫆ APA ➼ࡶᣦྥࡉࢀ࡚࠸ࡿࡀࠊࡇࢀࢆㄆࡵࡿሙྜࡣࠊ┦ᡭᅜࡢ㛵ಀ࡛ၥ㢟ࡀ⏕ࡌࡿࡤ ࡾ࡛࡞ࡃࠊ≉↓ᙧ㈨⏘ࡽ⏕ࡌࡿணᚓࡢ㛵ಀ࡛ࠊ࠸ࢃࡺࡿᚋ▱ᜨࡢᑟධࡀ⪃ ៖ࡉࢀࡿࡇࡶ⪃࠼ࡽࢀࠊὀព῝ࡃ᳨ウࡍࡿᚲせࡀ࠶ࢁ࠺ࠋ ᭦ࡣࠊ⤖ᒁࡢࡇࢁࠊྛᅜ࡛ࡢྜពࡣᴟࡵ࡚ᅔ㞴࡛࠶ࡿࡇࡽࠊᙉไ௰ࡢ ⛣⾜ࢆ᭱⤊ⓗ☜ಖࡍࡿࡇࢆ⪃៖ࡍࡿࡁ࡛࠶ࡿࡢ⪃࠼ࡶ࠶ࢁ࠺ࡀࠊ↓ᙧ㈨⏘ ಀࡿᡤᚓࡢ⟬ᐃࡀၥ㢟࡞ࡗ࡚࠸ࡿሙྜ࡛࠶ࢀࡤ᱁ูࠊ↓ᙧ㈨⏘ࡢ⠊ᅖ㸦ᐃ⩏㸧ཬࡧ ᡤᚓᖐᒓࡢ᭷↓ࡘ࠸࡚ࡣࠊࡲࡎྛᅜ㛫࡛ࡢᇶᮏⓗྜពࡀᚲせ࡛࠶ࡾࠊࡑࢀ࡞ࡃࡋ࡚ ௰ࢆᑟධࡍࡿࡇࡣ༷ࡗ࡚ΰࢆᣍࡁࡡ࡞࠸ࡶࡢ⪃࠼ࡽࢀࡿࠋ 㸵 ࠾ࢃࡾ 㸦㸯㸧ࢃࡀᅜᴗࢆྲྀࡾᕳࡃ⎔ቃࡢᩚഛ ࢃࡀᅜᴗࡢᾏእᒎ㛤ࡀ㑊ࡅࡽࢀ࡞࠸≧ἣࡢ୰࡛ࠊ⛣㌿౯᱁⛯ไࡘ࠸࡚ࡣࠊ࠸ࢃ ࡺࡿ⊂❧ᴗཎ๎ࡀୡ⏺ⓗཷࡅධࢀࡽࢀ࡚࠸ࡿࠋࡋࡋ࡞ࡀࡽࠊࡑࡢලయⓗෆᐜࡣ ྛᅜࡀ⨨ࢀ࡚࠸ࡿ❧ሙࡼࡾᚲࡎࡋࡶྠࡌ࡛ࡣ࡞ࡃࠊࢃࡀᅜᴗࡀᾏእάືࢆάⓎ ࡉࡏࡿࡓࡵࡢ⎔ቃᩚഛࡢ୍⎔ࡋ࡚ࠊ≉⛣㌿౯᱁⛯ไࡢᅜ㝿ⓗᩚഛࡣ㔜せ࡛࠶ࡿࠋ ࡸࠊ㈨ᮏ㍺ฟᅜࡋ࡚ࡢ❧ሙࡀࡁࡃ࡞ࡗ࡚࠸ࡿࢃࡀᅜࡋ࡚ࠊ〇㐀㸦◊✲㛤Ⓨ㸧 ࡢ↓ᙧ㈨⏘ࡢ㔜せᛶࢆᨵࡵ࡚ㄆ㆑ࡍࡿ୍᪉࡛ࠊ❧ሙࡢ␗࡞ࡿᅜࡢᙇᑐࡋ࡚ࡣࠊ⛣ 57 ㌿౯᱁ࡢᮏ᪨❧ࡕ㏉ࡗ࡚㆟ㄽࢆ㐍ࡵ࡚࠸ࡃࡇࡀồࡵࡽࢀࡼ࠺ࠋ ࠕᴗࡢᾏእ㐍ฟࡀ 㐍ࡴࠊ⏘ᴗࡢ✵Ὕ࡛ᅜෆࡢ㞠⏝ࡀῶࡿࡢぢ᪉ࡀ࠶ࡿࠋࡔࡀࠊࡑࢀࡣᚲࡎࡋࡶᙜ ࡓࡗ࡚࠸࡞࠸ࠋࠖࠕࢢ࣮ࣟࣂࣝᕷሙ࡛┈ࢆ⏕ࡵࡤࠊ᪥ᮏάຊࢆࡶࡓࡽࡍࠋᅜࡶᴗ ࡶࠊࡑࡢࡓࡵࡢᨻ⟇ࡸ⤒Ⴀࢆࡉࡽ᥎ࡋ㐍ࡵࡿࡁࡔࠋࠖ 㸦ὀ 4㸧ࡢពぢᑐࡋ࡚ࠊࡲ ࡎᅜࡋ࡚ࠊᴗࡢᾏእάືࡢ㜼ᐖ࡞ࡽ࡞࠸ࡼ࠺࡞ᅜ㝿⛯ົ⎔ቃࡢ㔊ᡂྥࡅ࡚᭦ ࡞ࡿᨻ⟇㐙⾜ົࡵࡿࡇࡀồࡵࡽࢀ࡚࠸ࡿࠋ 㸦㸰㸧ᅜ㝿ⓗ⤫୍ⓗ࡞࣮ࣝࣝ⟇ᐃཬࡧゎ㔘ࡢ᫂☜ ྛᅜᴗࡀࠊᅜ㝿ⓗ࡞⛯ົ⣮தࠊࡾࢃࡅ⛣㌿౯᱁ၥ㢟ᖖ┤㠃ࡋ࡚࠸ࡿࡇࢆ ⪃࠼ࢀࡤࠊ≉↓ᙧ㈨⏘ࢆᕠࡿ࣮ࣝࣝࡀ☜ᐇ࡛ࠊࡑࡢࡓࡵᚋ⣮தࡀቑࡍࡿྍ ⬟ᛶࡸࡑࡢᙳ㡪ࡢࡁࡉࢆ⪃࠼ࢀࡤࠊ᪩ᮇᅜ㝿ⓗ⤫୍ࡋࡓ↓ᙧ㈨⏘ࡢ᫂☜࡞࣮ࣝ ࣝࡢ⟇ᐃཬࡧࡑࢀࡽࡢゎ㔘ࡢ᫂☜࣭⤫୍ࡀྍḞ࡛࠶ࡿࠋOECD ࢞ࢻࣛࣥ➨ 6 ❶ࢆ୰ᚰࡋࡓ㛵㐃つᐃࡢᩚഛᐇࢆᅗࡿ୍᪉࡛ࠊྠ㘓ࡢ➨ 6 ❶㛵ࡍࡿタ➼ࢆ ᐇࡉࡏࡿࡢࡀᮃࡲࡋࡃࠊࡑࡢࡓࡵࡶࠊྛᅜᴗࡀᐇ㝿┤㠃ࡋ࡚࠸ࡿࢆ OECD ࡛㞟⣙ࡋ࡚ࠊఱࡽࡢ⤫୍ⓗゎ㔘ᣦ㔪ࢆᥦ♧ࡍࡿࡇࡶᚲせ࡛࠶ࢁ࠺ࠋࡑࡢࡓࡵࡢࢃ ࡀᅜࡢ✚ᴟⓗ࡞㈉⊩ࡶồࡵࡽࢀࡿࡇࢁ࡛࠶ࡿࠋ 㸦㸱㸧ࢢ࣮ࣝࣉᴗయࡢᑐᛂ ↓ᙧ㈨⏘ࡘ࠸࡚ࡣࠊᴗഃ࡛ࠊࡑࡢ⟶⌮࣭ᡤ᭷ࡘ࠸࡚ࠊᶵືⓗ㞟୰࡞࠸ࡋศ ᩓࡉࡏࡿࡼ࠺࡞ࡗ࡚࠾ࡾࠊ㛵㐃ࡍࡿ㇟ࡘ࠸࡚ࠊ⛣㌿౯᱁㠃࡛ࡁ࡞ၥ㢟࡞ࡾ ࡘࡘ࠶ࡿࠋࢃࡀᅜ࡛ࡣࠊ㈝⏝ศᢸዎ⣙ࢆ⾜࠺ᴗࡀᮍࡔᑡ࡞࠸ࡀࠊ↓ᙧ㈨⏘㛤Ⓨ࣭⟶ ⌮ࢆᴗࢢ࣮ࣝࣉࡋ࡚㐍ࡵࡿࡇࡣᚋࡢࢃࡀᅜᴗࡗ࡚㔜せ࡞ࡇ࡛࠶ࡾࠊ ࡑࡢࡓࡵࡶࠊ㈝⏝ศᢸዎ⣙ಀࡿᅜ㝿ⓗ࡞࣮ࣝࣝࡢ୍ᒙࡢ᫂☜ࠊ࡞ࡽࡧᅜෆつ ᐃࡢᐇཬࡧᐇົⓗ࡞㐍ᒎࡀᮃࡲࢀࡿࠋ᭦ࠊ᪥ࡢ㐍ࢇࡔᢏ⾡࣭ྲྀᘬᙧែࠊࣥࢱ࣮ ࢿࢵࢺ➼ࡢⓎ㐩ࠊࢆࡳࡓሙྜࠊࢢ࣮ࣝࣉᴗయࡋ࡚」㞧࣭㧗ᗘࡋࡓྲྀᘬᙧ ែࡸᴗᐇែᑐᛂ࡛ࡁࡿࡼ࠺࡞ࠊᰂ㌾࡛ከゅⓗᛮ⪃ࢆ㐺ᐅྲྀࡾ㎸ࢇࡔᑐฎ᪉ἲࡀࠊ ᚋࡣࠊ⛣㌿౯᱁ࡢศ㔝ࡶᚲせ࡛ࡣ࡞࠸⪃࠼ࡽࢀࡿࠋ 㸦ὀ 1㸧 ͆ᖹᡂ 22 ົᖺᗘࡢࠕ┦༠㆟ࡢ≧ἣࠖࡘ࠸࡚͇㸦2011 ᖺ 10 ᭶ 14 ᪥ࠊᅜ⛯ᗇ Ⓨ⾲㸧ࡼࡾࠋ 㸦ὀ 2㸧 ͆ࠕ⛣㌿౯᱁ົ㐠Ⴀせ㡿ࡢไᐃࡘ࠸࡚ࠖ 㸦ᅜ⛯ᗇົ㐠Ⴀᣦ㔪㸧 ࠊ ࠕู ⛣㌿౯ ᱁⛯ไࡢ㐺⏝ᙜࡓࡗ࡚ࡢཧ⪃㞟ࠖ ͇ 22㸦ṧవ┈➼ࡢศせᅉ㸧ࢆཧ↷ࠋ 㸦ὀ 3㸧 㜿㒊ጤဨࡼࡿ͆↓ᙧ㈨⏘ࢆࡵࡄࡿᅜ㝿ྲྀᘬಀࡿ⛯ົୖࡢྲྀᢅ࠸ࡢ⌧≧ㄢ㢟͇ ࢆཧ↷ࠋ 㸦ὀ 4㸧 2012 ᖺ 1 ᭶ 4 ᪥ࠊ᪥⤒᪂⪺♫ㄝࠋ 58 [ཧ↷] ࠕۑ⡿ᅜෆᅜṓධἲ➨ 482 ᮲㸦⛣㌿౯᱁㸧㛵ࡍࡿ㈈ົ┬つ๎ࠖ㸦1995 ᖺ 12 ᭶ࠊ㟷ᒣ ┘ヂ㸧㸦♫ᅋἲே᪥ᮏ⛒⛯◊✲༠㸧 ۑTransfer Pricing and Intangibles: Scope of the OECD Project㸦OECD࣭CTPAࠊ2011 ᖺ 1 ᭶ 25 ᪥㸧 ۑPublic Comments on the Transfer Pricing Aspects of Intangibles㸦OECDࠊ2010 ᖺ 9 ᭶㸧 㸦ྵࠊ ♫ᅋἲே᪥ᮏ㈠᫆ࢥ࣓ࣥࢺ㸦2010 ᖺ 9 ᭶ 14 ᪥㸧㸧 ྠۑ㸦2010 ᖺ 11 ᭶㸧 ྠۑ㸦2011 ᖺ 3 ᭶㸧 ྠۑ㸦2011 ᖺ 11 ᭶㸧 59 ➨㸳❶ ↓ᙧ㈨⏘ࢆࡵࡄࡿᅜ㝿ྲྀᘬಀࡿ⛯ົୖࡢྲྀᢅ࠸ࡢ⌧≧ㄢ㢟 㜿㒊 Ὀஂ ࡣࡌࡵ ⛯ไㄪᰝᑓ㛛ᐙጤဨࠕᅜ㝿ㄢ⛯㛵ࡍࡿㄽⅬᩚ⌮ࠖ㸦ᖹᡂ 22 ᖺ 11 ᭶ 9 ᪥ࠊ௨ୗࠕㄽ Ⅼᩚ⌮ࠖ㸧࡛ࡣࠊᅜ㝿ㄢ⛯㛵ࡍࡿ୰ᮇⓗ࡞ㄢ㢟ࡢ୍ࡘࡋ࡚ࠊࠕ↓ᙧ㈨⏘ࡢㄢ⛯ୖࡢホ౯ ࡢᢅ࠸ࠖࢆᣲࡆࡓ࠺࠼࡛ࠊᅜ㝿ⓗ⛒⛯ᅇ㑊ࡢ㜵Ṇྥࡅࡓᚋࡢㄢ㢟ࡢ୰࡛ࠊࠕ㉸㐣㈨⏘ࡢ ※Ἠ࡛࠶ࡿ↓ᙧ㈨⏘ࢆᾏእ⛣㌿ࡉࡏࡿࡼ࠺࡞ᴗ⦅ᑐࡋ࡚ㄢ⛯ࡢ࠶ࡾ᪉ࢆ᳨ウࠖࡍ ࡿࡇࢆᥦ㉳ࡋ࡚࠸ࡿࠋ ࡑࡇ࡛ࠊᮏ❶࡛ࡣࠊࡇࡢၥ㢟ᥦ㉳ᑐࡍࡿᅇ⟅ྥࡅࡓ୰㛫ሗ࿌ࡋ࡚ࠊ⌧⾜⛯ไ࠾ ࡅࡿ↓ᙧ㈨⏘ಀࡿ᪤ᐃࡢḞⴠ➼ࢆᣦࡋࡘࡘࠊࢃࡀᅜࡢᅜ㝿ㄢ⛯ไᗘ࠾ࡅࡿ↓ᙧ㈨⏘ ࡢྲྀᢅ࠸ࡢ⌧≧ࢆ☜ㄆࡋࡓୖ࡛ࠊ⤒῭⏺ࡢ❧ሙࡽࠊࡑࡢၥ㢟Ⅼࢆᣦࡋ࡚࠸ࡁࡓ࠸ࠋ ࡞࠾ࠊ⛣㌿౯᱁㛵ࡍࡿ↓ᙧ㈨⏘ࢆࡵࡄࡿၥ㢟ࡘ࠸࡚ࡣࠊᒸ⏣ጤဨࡼࡿヲ⣽࡞ㄽ㏙ ࡀ࡞ࡉࢀ࡚࠸ࡿࡢ࡛㸦➨㸲❶㸧ࠊᮏ❶࡛ࡣࠊࡑࢀ௨እࡢሙ㠃↔Ⅼࢆᙜ࡚࡚࠸ࡁࡓ࠸ࠋ 㸯 ᅜ㝿ྲྀᘬ࠾ࡅࡿ↓ᙧ㈨⏘ࢆࡵࡄࡿၥ㢟 㸦㸯㸧⛯ไㄪᰝᑓ㛛ᐙጤဨࡼࡾࡢၥ㢟ᥦ㉳ ࠕㄽⅬᩚ⌮ࠖ 㸦ᖹᡂ 22 ᖺ 11 ᭶ 9 ᪥㸧࡛ࡣࠊࠕከᅜ⡠ᴗࢢ࣮ࣝࣉࡀᴗ⦅ࢆ㏻ࡌ࡚ ↓ᙧ㈨⏘ࢆ㍍ㄢ⛯ᅜ⛣㌿ࡍࡿࡇ࡛⛯㈇ᢸࡢ㍍ῶࢆᅗࡿࢱࢵࢡࢫ࣭ࣉࣛࣥࢽࣥࢢࠖ ࡀࢃࡀᅜ࡛ၥ㢟࡞ࡾᚓࡿࡋ࡚ࠊࡼࡾලయⓗࡣࠊ௨ୗࡢࡼ࠺ᣦࡋ࡚࠸ࡿࠋ ࠕᡃࡀᅜ࠾࠸࡚ࡶࠊࣥࣂ࢘ࣥࢻ㸦ᑐෆᢞ㈨㸧ཬࡧ࢘ࢺࣂ࢘ࣥࢻ㸦ᑐእᢞ㈨㸧ࡢ ୧㠃࠾࠸࡚ࠊᴗ⦅క࠺↓ᙧ㈨⏘ࡢ⛣㌿క࠺ᡤᚓ⛣㌿ࡢࣜࢫࢡࡀ㧗ࡲࡾࡘࡘ ࠶ࡿࠋ࠼ࡤࠊᡃࡀᅜࡢᴗࡘ࠸࡚ࡶࠊࢪ࡞ప⛯⋡ᅜタ❧ࡋࡓ⤫ᣓ♫࡞ ⤒Ⴀࣀ࢘ࣁ࢘࡞↓ᙧ㈨⏘ࢆ⛣㌿ࡍࡿࡇ࡛ࠊᡃࡀᅜࡢ⛯㈇ᢸࢆ㍍ῶࡍࡿࢱࢵࢡ ࢫ࣭ࣉࣛࣥࢽࣥࢢࡢࣜࢫࢡࡀ㧗ࡲࡗ࡚ࡁ࡚࠸ࡿࠋᚋࠊ࠼ࡤࠊᡃࡀᅜ࠾࠸࡚ࠊἲ ே⛯⋡ࡢᘬୗࡆ࠶ࢃࡏ࡚ㄢ⛯࣮࣋ࢫࡢᣑࡀ᳨ウࡉࢀࡿ㝿࡞ࡢᶵࢆᤊ࠼࡚ࠊ OECD ࠾ࡅࡿᚋࡢᅜ㝿ⓗ࡞㆟ㄽࡢ㐍ᒎࡸ⤒῭άືࡢᐇែ࡞ࡶぢᴟࡵࡘࡘࠊ㉸㐣㈨ ⏘ࡢ※Ἠ࡛࠶ࡿ↓ᙧ㈨⏘ࢆᾏእ⛣㌿ࡉࡏࡿࡼ࠺࡞ᴗ⦅ᑐࡋ࡚ㄢ⛯ࡢ࠶ࡾ᪉ࢆ ᳨ウࡋ࡚ࡣ࠺ࠋࠖ ࡉࡽࠊࠕㄽⅬᩚ⌮࡛ࠖࡣࠊ⡿ᅜࠊࢻࢶ࠾ࡅࡿࠕᡤᚓ┦ᛂᛶᇶ‽ࠖࡢᑟධࢆ⤂ ࡋࡓୖ࡛ࠊࠕ㉸㐣┈ࡢ※Ἠ࡛࠶ࡿ↓ᙧ㈨⏘ࢆᾏእ⛣㌿ࡉࡏࡿᴗᑐࡋ࡚ࠊࡇࡲ ࡛⛣㌿౯᱁⛯ไ࡛ᡤᚓ⛣㌿ࢆ㜵Ṇ࡛ࡁࡿࡢࠖࡋ࡚ࠊከᅜ⡠ᴗࢢ࣮ࣝࣉࡀᴗ ⦅ࢆ㏻ࡌ࡚↓ᙧ㈨⏘ࢆ㍍ㄢ⛯ᅜ⛣㌿ࡍࡿࡇ࡛⛯㈇ᢸࡢ㍍ῶࢆᅗࡿࡇࢆ㜵ࡄࡓࡵ ࠊࠕ㏥ฟ⛯ࠖࡸྵࡳ┈ࡢ࠶ࡿ㈨⏘ࡢᾏእ⛣㌿ᑐࡍࡿࠕࢺ࣮࣭ࣝࢳ࣮ࣕࢪࠖⓗㄢ⛯ࢆ ᳨ウࡍࡁࡇࡀ♧၀ࡉࢀ࡚࠸ࡿࡼ࠺࡛࠶ࡿࠋ 60 㸦㸰㸧↓ᙧ㈨⏘㛵ࡍࡿつᐃࡢഛ ⌧⾜⛯ไ࡛ࡣ↓ᙧ㈨⏘ࡢᐃ⩏ࠊホ౯ࠊ┈ࡢᖐᒓ㛵ࡍࡿつᐃࡣᴟࡵ࡚ஈࡋ࠸ࠋᐃ ⩏ࡘ࠸࡚ࡣࠊἲே⛯ἲ⾜௧࡛ࡣࠊලయⓗ࡞ᶒࡲࡓࡣࡇࢀ㢮ࡍࡿࡶࡢࢆᐃࡵࠊ Ⴀᴗୖࡢࣀ࢘ࣁ࢘ࡸࣈࣛࣥࢻ౯್➼ࡢ࠸ࢃࡺࡿࢯࣇࢺ࣭ࣥࢱࣥࢪࣈࣝᑐࡋ࡚ࡣつ ᐃࡀ࡞ࡃࠊᐇୖࠕႠᴗᶒࠖࡢ࡞ໟᦤࡉࢀࡿࡶࡢࡋ࡚ゎ㔘ࡉࢀ࡚࠸ࡿࡍࡂ࡞ ࠸ࠋ ホ౯ࡘ࠸࡚ࡢලయⓗつᐃࡣࠊ㈈⏘ホ౯ᇶᮏ㏻㐩ࡋ࡞ࡃࠊࡇࢀࡀἲே⛯ࡢୖ࡛ ࡢࡼ࠺࡞⨨࡙ࡅ࡛࠶ࡿࡣ᭕࡛࠶ࡿࠋࡲࡓࠊ▱ⓗᡤ᭷ᶒࡢἲⓗᡤ᭷⪅௨እࡢ㛵 㐃⪅ࡢ┈ࡢ㓄ศࡸࠊேⓗᙺົࡢᥦ౪ࡼࡿ↓ᙧ㈨⏘ࡢ⛣㌿ࡣࠊࡑࡶࡑࡶἲ௧ୖࡢ つᐃࡀᏑᅾࡋ࡞࠸ࠋ ୍᪉࡛ࠊ⛣㌿౯᱁ㄢ⛯㛵ࡋ࡚ࡣࠊOECD ࢞ࢻࣛࣥ➼ࡢᩚྜᛶࢆࡿࡓࡵࡋ ࡚ࠊົ㐠Ⴀせ㡿➼ࡢᨵゞࡸཧ⪃㞟࠾࠸࡚↓ᙧ㈨⏘ྲྀᘬࡘ࠸࡚ヲ⣽࡞つᐃࡀ ⨨ࢀࡿࡼ࠺࡞ࡗ࡚࠾ࡾࠊᚋࡢ OECD ࠾ࡅࡿ↓ᙧ㈨⏘ࢆࡵࡄࡿ᳨ウࡢ㐍ᒎᛂ ࡌ࡚ࠊࡉࡽ࡞ࡿᨵゞࡀᚲ⮳࡛࠶ࢁ࠺ࠋ ἲ௧ୖࡢ᰿ᣐࢆḞࡁ࡞ࡀࡽࠊᇶᮏ㏻㐩ࡸົ㐠Ⴀせ㡿➼ࡼࡾつᐃࡉࢀ࡚࠸ࡿࡍ ࡂ࡞࠸ࡇࡣࠊ↓ᙧ㈨⏘ࢆࡵࡄࡿᾏእྲྀᘬ㛵ࡍࡿணᮇࡏࡊࡿㄢ⛯ࡢࣜࢫࢡࢆ㧗ࡵ࡚ ࠸ࡿࠋ 㸦㸱㸧⛣㌿౯᱁⛯ไ࠾ࡅࡿၥ㢟 ⛣㌿౯᱁⛯ไ࡛ࡣࠊᖹᡂ 23 ᖺ OECD ࢞ࢻࣛࣥᨵゞ‽ᣐࡋࡓᙧ࡛⊂❧ᴗ㛫 ౯᱁ࡢ⟬ᐃ᪉ᘧࡀᢤᮏⓗᨵṇࡉࢀࠊࡈ᭱ࡶ㐺ࡋࡓ᪉ἲࢆ㐺⏝ࡍࡿࡇࡉ ࢀࡓࡇࡼࡾࠊᚑ᮶ࡣᇶᮏ୕ἲຎᚋࡍࡿࡶࡢࡉࢀ࡚࠸ࡓ┈ศἲ≉ṧవ ┈ศἲࡸࠊྲྀᘬ༢Ⴀᴗ┈ἲࡢඃඛᗘࡀ㧗ࡵࡽࢀ࡚࠾ࡾࠊ↓ᙧ㈨⏘ࢆࡵࡄࡿ⛣㌿ ౯᱁⛯ไࡢ㐺⏝ࡣᚑ᮶௨ୖ㢧ⴭ࡞ࡿࡇᛮࢃࢀࡿࠋ ୍᪉࡛ࠊ⣡⛯⪅࡛࠶ࡿᴗഃࡍࢀࡤࠊ⤒῭ⓗ࡞ྜ⌮ᛶ࠶ࡿ࠸ࡣᚲ↛ᛶࡀ࠶ࡿᾏእ ᒎ㛤ᑐࡋ࡚ࡲ࡛ࠊ↓ᙧ㈨⏘ࡢ⛣㌿ࢆక࠺࡞ࡽࡤㄢ⛯ࡉࢀࡿࣜࢫࢡࡀᾋୖࡋࡘࡘ࠶ࡿࠋ ᪤ࠊ୰ᅜ➼ࡢࢪㅖᅜࡢ〇㐀ᴗࡢ⛣㌿ᑐࡋ࡚ࠊ≉チᶒ➼ࡢ▱ⓗ㈈മᶒࡢᑐ౯ ࡢ㐺ṇᛶࡸ⏝ᩱࡢጇᙜᛶࡢほⅬࡽࡢ⛯ົㄪᰝࡀᙉࡉࢀ࡚࠾ࡾࠊࡲࡓࠊ㐣ཤ࠾ ࠸࡚ࡣᕞࡢ㈨※ᢞ㈨㛵ࡋ࡚ࡣࠊࣀ࢘ࣁ࢘ࡸேⓗᙺົࡢᥦ౪ࡼࡿᡤᚓ⛣㌿ࡀၥ 㢟ࡉࢀࡓࡀ⏕ࡌ࡚࠸ࡿࠋ 㸦㸲㸧እᅜᏊ♫ྜ⟬⛯ไ࠾ࡅࡿၥ㢟 ᖹᡂ 22 ᖺᗘ⛯ไᨵṇ࠾ࡅࡿእᅜᏊ♫ྜ⟬⛯ไ㸦ࢱࢵࢡࢫ࣭࣊ࣈࣥ⛯ไ㸧ࡢᨵ ṇࡢ୰࡛ࠊ≉ᐃእᅜᏊ♫ࡀ㐺⏝㝖እᇶ‽ࢆ‶ࡓࡍሙྜ࡛࠶ࡗ࡚ࡶࠊෆᅜἲே➼ࡢᡤ ᚓྜ⟬ࡋ࡚ㄢ⛯ࡉࢀࡿࠕ㈨⏘ᛶᡤᚓࠖࠊᕤᴗᡤ᭷ᶒཬࡧⴭసᶒ㸦ฟ∧ᶒཬࡧⴭస 㞄᥋ᶒࢆྵࡴ㸧ࡢᥦ౪ࡼࡿᡤᚓ㸦≉ᐃእᅜᏊ♫➼ࡼࡾ㛤Ⓨࡉࢀࡓࡶࡢ➼ࡽ⏕ 61 ࡎࡿᡤᚓࢆ㝖ࡃ㸧ࡀつᐃࡉࢀ࡚࠸ࡿࠋࡇࢀࡼࡾࠊᐇୖࡢࠕ↓ᙧ㈨⏘ࢆᾏእ⛣㌿ ࡉࡏࡿࡼ࠺࡞ᴗ⦅ࠖࡼࡿ⛒⛯ᅇ㑊⾜Ⅽࡢᑐᛂࡀ㛤ጞࡉࢀ࡚࠸ࡿࠋ 㸦㸳㸧᪥ᮏᴗࡀ㛵ࢃࡿᾏእ࡛ࡢ↓ᙧ㈨⏘ྲྀᘬࢆࡵࡄࡿၥ㢟 ⌧ᐇࠊࢃࡀᅜㄢ⛯ᙜᒁࡶࠊ↓ᙧ㈨⏘㛵ࢃࡿྲྀᘬᑐࡍࡿㄢ⛯ࢆᙉࡵ࡚࠾ࡾࠊ ࡃ⛣㌿౯᱁ㄢ⛯࡛ࡣࠊᾏእ㛵㐃♫ࡽ᪥ᮏࡢぶ♫ᨭᡶࢃࢀࡿ⏝ᩱࡢከᐻࡀ ၥ㢟ࡉࢀࡿࡽࠊᾏእ㛵㐃♫ࡢタ❧ࡸᴗែኚ᭦⤡ࡴࠊ࠶ࡿ࠸ࡣᕤᴗᡤ ᭷ᶒ➼ࡢᶒ⮳ࡽ࡞࠸ࣀ࢘ࣁ࢘➼ࡢࢯࣇࢺ࣭ࣥࢱࣥࢪࣈࣝࡸேⓗᙺົᥦ౪ࡀၥ㢟 ࡉࢀࡿࡶ⌧ࢀ࡚࠸ࡿࠋ ࡲࡓࠊ᪥ᮏᴗࡀᾏእ࡛↓ᙧ㈨⏘ࢆࡵࡄࡿㄢ⛯ࢺࣛࣈࣝ㐼࠺ࡶᛴቑࡋ࡚࠸ࡿࠋ ࡃ୰ᅜ࡛ࡣࠊ⌧ᆅ〇㐀♫ࡢ୰ᅜᕷሙྥࡅࡢ㈍ಀࡿᡤᚓ㔠㢠ࡢィ⟬ࡢ୰࡛ࠊ ᪥ᮏぶ♫ᨭᡶ࠺⏝ᩱࡀ㧗㢠࡛࠶ࡾ⌧ᆅἲேࡢᡤᚓࡀᐖࡉࢀ࡚࠸ࡿࡍࡿ ࡔࡅ࡛࡞ࡃࠊ㏫పᗮ࡛࠶ࡿࡉࢀࡿࡶ⌧ࢀࡿ࡞ΰ㏞ࡋ࡚࠸ࡿࠋᚋ⪅ࡣࠊࣇࣝ ࢥࢫࢺ࣐࣮ࢡࢵࣉࡼࡾྲྀᘬ༢Ⴀᴗ┈ἲࢆ㐺⏝ࡍࡿ㝿ࡢࢥࢫࢺࢆᘬࡁୖࡆ࡚⌧ ᆅ〇㐀♫ࡢႠᴗ┈㢠ࢆቑ㢠ㄪᩚࡍࡿࡓࡵࠊ࠾ࡼࡧ⏝ᩱಀࡿ※Ἠᚩ⛯㢠ࢆ☜ ಖࡍࡿࡓࡵᛮࢃࢀࡿࠋ ࡲࡓࠊࣥࢻ➼ࡢࡢࢪㅖᅜ࠾ࡅࡿ↓ᙧ㈨⏘㛵㐃ࡢࡶቑຍࡋ࡚࠸ࡿࠋ 㸦21 ୡ⣖◊ࠕᅜ㝿⛒⛯ไᗘࡢືྥࢪ࠾ࡅࡿࢃࡀᅜᴗࡢㄢ⛯ၥ㢟ࠖཧ↷㸧 ࠙⥲ྜၟ♫ 2 ♫ࡢ࣮࢜ࢫࢺࣛࣜ࠾ࡅࡿᾮኳ↛࢞ࢫᴗಀࡿࠚ ᮏ௳ࡣࠊᾏእࡢ㈨※㛤Ⓨ࠾࠸࡚ࠊぶ♫ࡢ᭷ࡍࡿࣀ࢘ࣁ࢘➼ࢆࡶㄢ⛯ࡉࢀࡓ ࡛࠶ࡾࠊ᪂⪺ሗ㐨➼ࡶྲྀࡾୖࡆࡽࢀ࡚࠸ࡿࡢ࡛ࠊබ⾲ࡉࢀࡓሗᇶ࡙ࡁᴫ␎ ࢆ⤂ࡍࡿࠋ ୕⳻ၟ୕≀⏘ࡣࠊ1985 ᖺྛ 50㸣ࡢฟ㈨ࡼࡾ࣮࢜ࢫࢺࣛࣜྜᘚ♫ Japan Australia LNG (MIMI) Pty. Ltd. ࢆタ❧ࡋࠊྠ♫ࡣ᪥ᮏ LNGࠊ࣮࢜ࢫࢺࣛࣜᅜ ෆྥࡅኳ↛࢞ࢫࠊࡑࡢࡢᅜ㝿ᕷሙࢥࣥࢹࣥࢭ࣮ࢺࠊཎἜࠊLPG ࢆ㈍ࡋ࡚࠸ࡓ ࡀࠊ2006 ᖺ 6 ᭶௨㝆ࠊ㡰ḟࠊ௨ୗࡢ᭦ṇฎศࢆཷࡅࡓࠋ ᮏ௳࡛ၥ㢟ࡉࢀࡓࡢࡣࠊ࣮࢜ࢫࢺࣛࣜྜᘚ♫ࡽ᪥ᮏࡢぶ♫࡛࠶ࡿ୧♫ ᨭᡶࢃࢀࡓሗᥦ౪ࡸ⤒Ⴀᣦᑟ㛵ࡍࡿᑐ౯ࡀጇᙜ࡛࡞࠸ᅜ⛯ᒁࡀㄆᐃࡋࡓⅬ࡛࠶ ࡿࠋྜᘚ♫୧♫ࡢ㛫࡛ࡢ〇ရྲྀᘬࡢ࢚࢘ࢺࡀᑡ࡞ࡃࠊ㏻ᖖࡢ⛣㌿౯᱁ㄢ⛯࡛ ࡣ༑ศ࡛࠶ࡿࠋࡑࡇ࡛ࠊ᪥ᮏぶ♫ࡀᮏ௳ᴗཧධ๓ࡽ LNG ᴗཧධᚲせ࡞◊ ✲㛤Ⓨࡸሗ㞟సᴗࢆ⾜ࡗ࡚ࣀ࢘ࣁ࢘ࢆ✚ࡋ࡚࠸ࡓࡶࡢ⪃࠼ࠊሗᥦ౪ࡸ⤒Ⴀ ᣦᑟᩱࡢᑐ౯ࡀపࡍࡂࡿࡋ࡚ㄢ⛯ࡋࡓࡶࡢᛮࢃࢀࡿࠋ 62 ୕≀⏘ ᡤᚓ㔠㢠 ㏣ᚩ⛯㢠 ୕⳻ၟ ᡤᚓ㔠㢠 ㏣ᚩ⛯㢠 2006/6㸦2000/3 ᭶ᮇ㸧 49 ൨ 25 ൨ ᫂ 22 ൨ 2007/6㸦2001/3 ᭶ᮇ㸧 82 ൨ 39 ൨ 89 ൨ 36 ൨ 2008/6㸦2002/3 ᭶ᮇ㸧 100 ൨ 47 ൨ 116 ൨ 48 ൨ ୧♫ࡣᮾிᅜ⛯ᒁᑐࡋ࡚␗㆟⏦❧ࢆ⾜࠺ඹࠊ᪥⛒⛯᮲⣙ᇶ࡙ࡁ┦༠㆟ ࡢ⏦❧ࢆ⾜࠸ࠊ᪥୧ᙜᒁࡣࠊ2006 ᖺ 9 ᭶ࡽᅜ㛫༠㆟ࢆ㛤ጞࡋࠊ2008 ᖺ 12 ᭶ ྜព⮳ࡗࡓࠋࡑࡢ⤖ᯝࠊྜᘚ♫ࡀ࣮࢜ࢫࢺࣛࣜᨭᡶ࠺⛯㔠ࡀῶ㢠ࡉࢀࡿ୍᪉ ࡛ࠊ᪥ᮏഃ࡛ࡶ㏣ᚩ⛯㢠ࡀῶ㢠᭦ṇࡉࢀࡓᶍᵝ࡛࠶ࡿࠋ 㸰 ⌧⾜⛯ไ࠾ࡅࡿ↓ᙧ㈨⏘㛵ࡍࡿつᐃ ⌧⾜⛯ไ࠾ࡅࡿ↓ᙧ㈨⏘ࡢつᐃࠊ≉ࡑࡢホ౯㛵ࡍࡿつᐃࡣᴟࡵ࡚ஈࡋ࠸ࠋ୍᪉ࠊ ⛣㌿౯᱁ົ㐠Ⴀせ㡿࡛ࡣࠊ↓ᙧ㈨⏘ࡢᐃ⩏ࠊホ౯ࠊ┈ࡢᖐᒓ࡞࠸ࡋ㓄ศࡘ࠸࡚ࡢ つᐃࡀ࠶ࡿࡀࠊἲ௧ୖࡢ᰿ᣐࡀ࡞࠸ࡇࡘ࠸࡚ၥ㢟ࡀ⏕ࡌᚓࡼ࠺ࠋ 㸦㸯㸧↓ᙧ㈨⏘ࡢᐃ⩏㛵ࡍࡿつᐃ ↓ᙧ㈨⏘⮬యࡢᐃ⩏ࡣࠊἲே⛯࡛ࡣࠊῶ౯ൾ༷㈨⏘ࡢ⠊ᅖࢆᐃࡵࡿἲே⛯ἲ⾜௧ ➨ 13 ᮲ࡢ➨ඵྕ࠾࠸࡚ࠊἲᚊୖࡢᶒཪࡣᶒ‽ࡌ࡚࠸ࡿࡇࡀ☜ᐇㄆ㆑ࡉࢀ ࡿࡶࡢࡋ࡚ࠊ㖔ᴗᶒࠊ⁺ᴗᶒࠊࢲ࣒⏝ᶒࠊỈᶒࠊ≉チᶒࠊᐇ⏝᪂ᶒࠊពᶒࠊ ၟᶆᶒࠊࢯࣇࢺ࢚࢘ࠊ⫱ᡂ⪅ᶒࠊබඹタ➼㐠ႠᶒࠊႠᴗᶒࠊᑓ⏝ഃ⥺⏝ᶒࠊ㕲 㐨㌶㐨㐃⤡㏻⾜タ⏝ᶒࠊ㟁Ẽ࢞ࢫ౪⤥タ⏝ᶒࠊ⇕౪⤥タ⏝ᶒࠊỈ㐨タ ⏝ᶒࠊᕤᴗ⏝Ỉ㐨タ⏝ᶒࠊ㟁Ẽ㏻ಙタ⏝ᶒࡢ 19 ࡀิᣲࡉࢀ࡚࠸ࡿࡀࠊࣀ࢘ ࣁ࢘ࡸ㢳ᐈྡ⡙࡞ࡣࠕႠᴗᶒࠖࡢ࠺ࡕྵࡲࢀࡿሙྜ௨እࡣ⌧ࢀ࡚࠸࡞࠸ࠋ ୍᪉ࠊ⛣㌿౯᱁ົ㐠Ⴀせ㡿࡛ࡣࠊㄪᰝ࠾࠸᳨࡚ウࡍࡁ↓ᙧ㈨⏘ࡋ࡚ࠕ㔜せ ࡞౯್ࢆ᭷ࡋᡤᚓࡢ※Ἠ࡞ࡿࡶࡢࠖࡋ࡚ࠊ௨ୗࡀ♧ࡉࢀ࡚࠸ࡿ㸦2㸫11㸧ࠋ ᢏ⾡㠉᪂ࢆせᅉࡋ࡚ᙧᡂࡉࢀࡿ≉チᶒࠊႠᴗ⛎ᐦ➼ ࣟ ᚑᴗဨ➼ࡀ⤒ႠࠊႠᴗࠊ⏕⏘ࠊ◊✲㛤Ⓨࠊ㈍ಁ㐍➼ࡢᴗάື࠾ࡅࡿ⤒㦂 ➼ࢆ㏻ࡌ࡚ᙧᡂࡋࡓࣀ࢘ࣁ࢘➼ ࣁ ⏕⏘ᕤ⛬ࠊ΅ᡭ㡰ཬࡧ㛤Ⓨࠊ㈍ࠊ㈨㔠ㄪ㐩➼ಀࡿྲྀᘬ⥙➼ ࡉࡽࠊ⛣㌿౯᱁ົ㐠Ⴀせ㡿࡛ࡣࠊᙺົᥦ౪↓ᙧ㈨⏘ࡀ⏝ࡉࢀ࡚࠸ࡿሙྜࡢ ᙺົᥦ౪↓ᙧ㈨⏘ࡢ㛵ಀࡘ࠸࡚ࡣࠊ ࠕᙺົࡢᥦ౪↓ᙧ㈨⏘ࡢ⏝ࡣᴫᛕⓗࡣู ࡢࡶࡢ࡛࠶ࡿࡇ␃ពࡋࠊᙺົࡢᥦ౪⪅ࡀᙜヱᙺົᥦ౪ࡢࡼ࠺࡞↓ᙧ㈨⏘ࢆ ⏝࠸࡚࠸ࡿࠊᙜヱᙺົᥦ౪ࡀᙺົࡢᥦ౪ࢆཷࡅࡿἲேࡢάືࠊᶵ⬟➼ࡢࡼ࠺࡞ ᙳ㡪ࢆ࠼࡚࠸ࡿ➼ࡘ࠸᳨࡚ウࢆ⾜࠺㸦2-8(1)ࡢ㸦ὀ㸧 㸧ࡇࡉࢀ࡚࠸ࡿࠋ 63 㸦㸰㸧↓ᙧ㈨⏘ࡢホ౯㛵ࡍࡿつᐃ ↓ᙧ㈨⏘ࡢホ౯㛵ࡍࡿつᐃࡣἲே⛯ࡣ࡞ࡃࠊ㈨⏘⛯࠾࠸࡚ࡣ㈈⏘ホ౯ᇶᮏ㏻ 㐩ලయⓗ࡞ィ⟬つᐃࢆྵࡵࡓつᐃࡀ࠶ࡿࠋ ࡓ࠼ࡤ≉チᶒཬࡧࡑࡢᐇᶒࡢホ౯㸦140㸧ࡣࠊࠕ145㸦㸦ᶒ⪅ࡀ⮬ࡽ≉チⓎ᫂ࢆ ᐇࡋ࡚࠸ࡿሙྜࡢ≉チᶒཬࡧᐇᶒࡢホ౯㸧 㸧ࡢᐃࡵࡼࡾホ౯ࡍࡿࡶࡢࢆ㝖ࡁࠊࡑ ࡢᶒᇶ࡙ࡁᑗ᮶ཷࡅࡿ⿵ൾ㔠ࡢ㢠ࡢᇶ‽ᖺ⋡ࡼࡿ」⌧౯ࡢ㢠ࡢྜィ㢠 ࡼࡗ࡚ホ౯ࡍࡿࠋࠖつᐃࡉࢀ࡚࠸ࡿࠋࡑࡢ⟬ᘧࡣ 141 ࠾࠸࡚♧ࡉࢀ࡚࠸ࡿࠋ ࡋࡋࠊ ࠕ≉チᶒཪࡣࡑࡢᐇᶒࡢྲྀᚓ⪅ࡀ⮬ࡽࡑࡢ≉チⓎ᫂ࢆᐇࡋ࡚࠸ࡿሙྜ ࠾ࡅࡿࡑࡢ≉チᶒཪࡣࡑࡢᐇᶒࡢ౯㢠ࡣࠊࡑࡢ⪅ࡢႠᴗᶒࡢ౯㢠ྵࡵ࡚ホ౯ࡍࡿࠖ ࡇࡉࢀ࡚࠾ࡾ㸦145㸧ࠊᐇୖࡣᨺᨈࡉࢀ࡚࠸ࡿ➼ࡋ࠸ࠋ ࡲࡓࠊᐇ⏝᪂ᶒࠊពᶒཬࡧࡑࢀࡽࡢᐇᶒ㸦146㸧ࠊၟᶆᶒཬࡧࡑࡢ⏝ᶒࡢホ ౯㸦147㸧ࡘ࠸࡚ࡣࠊ≉チᶒཬࡧࡑࡢᐇᶒࡢホ౯‽ࡎࡿࡶࡢࡉࢀ࡚࠸ࡿࠋ 㸦㸱㸧↓ᙧ㈨⏘ࡽ⏕ࡌࡿ┈ࡢᖐᒓ㛵ࡍࡿつᐃ ⌧⾜ἲே⛯࡛ࡣࠊ↓ᙧ㈨⏘ࡣἲᚊୖࡢᶒཪࡣᶒ‽ࡌ࡚࠸ࡿࡇࡀ☜ᐇㄆ㆑ ࡉࢀࡿࡶࡢࡉࢀ࡚࠸ࡿࡇࡽࠊ↓ᙧ㈨⏘ࡽ⏕ࡌࡿ┈ࡣࡑࡢᶒ➼ࡢἲⓗ࡞ᡤ ᭷⪅ᖐᒓࡍࡿࡶࡢ⪃࠼ࡽࢀࡿࠋ ୍᪉ࠊ⛣㌿౯᱁ົ㐠Ⴀせ㡿࡛ࡣࠊ ࠕ↓ᙧ㈨⏘ࡢ⏝チㅙྲྀᘬ➼ࡘ࠸࡚ㄪᰝࢆ⾜࠺ ሙྜࡣࠊ↓ᙧ㈨⏘ࡢἲⓗ࡞ᡤ᭷㛵ಀࡢࡳ࡞ࡽࡎࠊ↓ᙧ㈨⏘ࢆᙧᡂࠊ⥔ᣢཪࡣⓎᒎ㸦௨ ୗࠕᙧᡂ➼ࠖ࠸࠺ࠋ㸧ࡉࡏࡿࡓࡵࡢάື࠾࠸࡚ἲேཪࡣᅜእ㛵㐃⪅ࡢ⾜ࡗࡓ㈉⊩ࡢ ⛬ᗘࡶ຺ࡍࡿᚲせࡀ࠶ࡿࡇ␃ពࡍࡿࠋࠖࡋࡓୖ࡛ࠊࠕ↓ᙧ㈨⏘ࡢᙧᡂ➼ࡢ㈉ ⊩ࡢ⛬ᗘࢆุ᩿ࡍࡿᙜࡓࡗ࡚ࡣࠊᙜヱ↓ᙧ㈨⏘ࡢᙧᡂ➼ࡢࡓࡵࡢពᛮỴᐃࠊᙺົࡢ ᥦ౪ࠊ㈝⏝ࡢ㈇ᢸཬࡧࣜࢫࢡࡢ⟶⌮࠾࠸࡚ἲேཪࡣᅜእ㛵㐃⪅ࡀᯝࡓࡋࡓᶵ⬟➼ࢆ ⥲ྜⓗ຺ࡍࡿࠋࠖ㸦2㸫12 ↓ᙧ㈨⏘ࡢᙧᡂࠊ⥔ᣢཪࡣⓎᒎࡢ㈉⊩㸧ࡉࢀ࡚࠸ࡿࠋ ࡍ࡞ࢃࡕࠊ⡿ᅜ⛣㌿౯᱁⛯ไ࠾ࡅࡿ Economic Ownership㸦⤒῭ⓗᡤ᭷⪅㸧ᴫᛕྠᵝ ࠊ↓ᙧ㈨⏘ࡢᙧᡂ➼㈉⊩ࡋࡓᅜእ㛵㐃⪅ࠊἲⓗᡤ᭷⪅࡛ࡣ࡞ࡃࡶ୍ᐃ⛬ᗘࡢ ┈ࡢᖐᒓࢆㄆࡵࡿࡶࡢ⪃࠼ࡽࢀࡿࠋࡓࡔࡋࠊ㓄ศ᪉ἲࡘ࠸࡚ࡣලయⓗ࡞つᐃࢆ Ḟ࠸࡚࠸ࡿࠋ ୍᪉࡛ࠊࣥࢻࠊ୰ᅜ➼࡛ࡣࠊࣈࣛࣥࢻࡘ࠸࡚ࡢἲⓗᡤ᭷ᶒࢆぶ♫ࡀᡤ᭷ࡋ࡚ ࠸ࡿሙྜࡣࠊ⌧ᆅᏊἲேࡼࡿࣈࣛࣥࢻᗈ࿌ᐉఏ㈝ࡢ㈇ᢸࡘ࠸࡚ᦆ㔠⟬ධࢆྰㄆ ࡍࡿᅜࡶ࠶ࡾࠊ᪥⡿㛫ࠊ᪥Ḣ㛫࡛ࡣ୍⯡ⓗ࡞ࡗ࡚࠸ࡿ⌧ᆅ㈍Ꮚἲேࡼࡿᗈ࿌ᐉ ఏάື㸦㈝⏝㈇ᢸࢆྵࡴ㸧ࡢᐇᩚྜᛶࡀྲྀࡾ࡙ࡽࡃⱞ៖ࡋ࡚࠸ࡿᴗࡶከ࠸ࠋ 64 Ӑ⿵ㄽ㸯㸫ᐇົ࠾ࡅࡿ↓ᙧ㈨⏘ࡢホ౯ӑ ⛯௨๓ࡢၥ㢟ࡋ࡚ࠊᴗィ࠾࠸࡚ࡶ↓ᙧ㈨⏘ࡢホ౯㛵ࡍࡿᇶ‽ࡣᮍᩚഛ࡛࠶ࡿࠋ ᅜ㝿㈈ົሗ࿌ᇶ‽㸦IFRS㸧ࡢࢥࣥࣂ࣮ࢪ࢙ࣥࢫసᴗࡣ㡻ࡋ࡚࠾ࡾࠊᨵࡵ࡚᪥ᮏ⊂⮬ࡢ ᇶ‽సᡂࡀᶍ⣴ࡉࢀ࡚࠸ࡿࠋ࡞࠾ࠊ⡿ᅜィᇶ‽㸦FAS㸧ᅜ㝿㈈ົሗ࿌ᇶ‽ࡢ㛫ࡶᩚྜ ᛶࡀ࡞࠸ࠋᴗィ࠾࠸࡚ࡶ↓ᙧ㈨⏘ࡢබṇ౯್ホ౯ࡀ㞴ၥ࡛࠶ࡿ≧ἣࡣᙜ㠃ࡣゎᾘ࡛ ࡁ࡞࠸࡛࠶ࢁ࠺ࠋ ᙜ↛ࠊᐇົ࠾࠸࡚ࡶࠊ↓ᙧ㈨⏘ࡢホ౯㛵ࡍࡿᐃࡲࡗࡓᡭἲࡣᏑᅾࡏࡎࠊሙ㠃ࡈ ᵝࠎ࡞ᡭἲࡀ⏝࠸ࡽࢀ࡚࠸ࡿࡀࠊ௦⾲ⓗࡉࢀ࡚࠸ࡿࡢࡣࠊࢥࢫࢺࣉ࣮ࣟࢳࠊ࣐࣮ࢣࢵ ࢺࣉ࣮ࣟࢳࠊ࣒ࣥ࢝ࣉ࣮ࣟࢳࡢ 3 ᡭἲ࡛࠶ࡿࠋ ձࢥࢫࢺࣉ࣮ࣟࢳ ホ౯ᑐ㇟ࡢ㈨⏘ࢆྲྀᚓࡲࡓࡣ⏕⏘ࡍࡿࡓࡵせࡍࡿࢥࢫࢺࢆᙜヱ↓ᙧ㈨⏘ࡢホ౯ 㢠ࡍࡿ᪉ἲࠋ༢ࢥࢫࢺࢆྜィࡍࡿࡢ࡛ࡣ࡞ࡃࠊࣥࣇࣞせ⣲ࡸῶ౯せ⣲ࠊ࣐࣮ࢣࢵ ࢺࡢ≧ἣ࡞ࡶ⪃៖ࡉࢀࡿࠋ ղ࣐࣮ࢣࢵࢺࣉ࣮ࣟࢳ ↓ᙧ㈨⏘ࡢ㈙ࡸࠊ㢮ఝࡢࣛࢭࣥࢫዎ⣙ࡢࣟࣖࣜࢸ࣮ࣞࢺࡽ⟬ฟࡍࡿ᪉ ἲࠋࡋࡋ࡞ࡀࡽࠊ㈙➼ࡽ㢮ఝࢆぢฟࡍࡇࡣᅔ㞴࡛࠶ࡿࡇࡽࠊᐇ㝿 ࡣࠊ㢮ఝࡢࣛࢭࣥࢫዎ⣙ࡢࣟࣖࣜࢸධ➼ಀࡿᑗ᮶࢟ࣕࢵࢩࣗࣇ࣮ࣟࡢ⌧ᅾ ౯್ྜィ㢠ࢆ↓ᙧ㈨⏘ࡢ౯್ࡍࡿሙྜࡀከࡃࠊᐇ㉁ⓗࡣ࣒ࣥ࢝ࣉ࣮ࣟࢳኚࢃ ࡿࡇࢁࡣᑡ࡞࠸ࠋ ճ࣒ࣥ࢝ࣉ࣮ࣟࢳ ホ౯ᑐ㇟ࡢ↓ᙧ㈨⏘ࡀᑗ᮶⏕ࡳฟࡍ࢟ࣕࢵࢩࣗࣇ࣮ࣟࡸ┈ࡢ⌧ᅾ౯್ྜィ㢠ࢆࠊᙜ ヱ↓ᙧ㈨⏘ࡢ౯್ࡍࡿ᪉ἲࠋ㉸㐣┈ἲࠊᴗ౯್ᕪ㢠ἲࡢ 2 ࡘࡢᡭἲࡀ࠶ࡿࠋ㉸㐣 ┈ἲࡣᮇᚅ┈ࢆ㉸㐣ࡋࡓ┈ศࡢ⌧ᅾ౯್ࢆ↓ᙧ㈨⏘ࡢ౯್ࡍࡿࡢᑐࡋࠊᴗ ౯್ᕪ㢠ἲࡣ౯ࡢ㈨⏘౯್ࢆ㉸㐣ࡋࡓศࡢ౯್ࢆ↓ᙧ㈨⏘ᤊ࠼ࡿࠋࡍ࡞ࢃࡕࠊ㉸㐣 ┈ἲ࡛ࡣࠊඛ┈ࡢᕪ㢠ࢆ⟬ฟࡋࠊᚋ࡛ᕪ㢠ࢆ⌧ᅾ౯್ᡠࡋࠊᴗ౯್ᕪ㢠ἲ࡛ ࡣࠊඛ࢟ࣕࢵࢩࣗࣇ࣮ࣟࡢ⌧ᅾ౯್࡛࠶ࡿᴗ౯್ࢆ⟬ฟࡋࠊᚋ࡛ᕪ㢠ࢆ⟬ฟࡍࡿⅬ ࡀ␗࡞ࡿࠋ ձ㉸㐣┈ἲ 㸸ᐇ㝿┈ࡽᮇᚅ┈ࢆ᥍㝖ࡋࡓࡶࡢࢆ㉸㐣┈ࡋࠊ㉸㐣┈ࢆ㈨ᮏ㑏ඖ⋡࡛ 㝖ࡋࡓࡶࡢࢆ↓ᙧ㈨⏘ࡢ౯್ࡍࡿ᪉ἲࠋ 㸺⟬ᘧ㸼 ᐇ㝿┈㸫ᮇᚅ┈㸦ᙜヱ↓ᙧ㈨⏘௨እࡢᢞୗ㈨ᮏᮇᚅ┈⋡㸧 65 㸻㉸㐣┈ ㉸㐣┈¹㈨ᮏ㑏ඖ⋡㸻↓ᙧ㈨⏘ ղᴗ౯್ᕪ㢠ἲ 㸸࣐࣮ࢣࢵࢺࣉ࣮ࣟࢳࡸ࣒ࣥ࢝ࣉ࣮ࣟࢳࡼࡾ⟬ฟࡉࢀࡓᴗ౯್ࡽ౯ ㈨⏘㢠ࢆ᥍㝖ࡋࡓ㢠ࢆ↓ᙧ㈨⏘ࡍࡿ᪉ἲࠋ 㸺⟬ᘧ㸼 ࢟ࣕࢵࢩࣗࣇ࣮ࣟࡢ⌧ᅾ౯್ྜィ㸻ᴗ౯್ ᴗ౯್㸫౯㈨⏘㸦᭷ᙧ㈨⏘ࡢ౯㸩ホ౯ᑐ㇟እࡢ↓ᙧ㈨⏘ࡢ౯㸩㐠㌿㈨ᮏ ࡢ౯㸧㸻↓ᙧ㈨⏘ Ӑ⿵ㄽ㸰㸫↓ᙧ㈨⏘ホ౯ࡋ࡚ࡢࠕᡤᚓ┦ᛂᛶᇶ‽ࠖӑ ᡤᚓ┦ᛂᛶᇶ‽㸦Commensurate With Income Standard㸧ࡣࠊ⡿ᅜ࠾࠸࡚ 1986 ᖺᑟධࡉ ࢀࡓ⪃࠼᪉࡛࠶ࡿࠋ ⡿ᅜ࡛ࡣࠊ1960 ᖺ௦ᚋ༙ࡼࡾࠊከᅜ⡠ᴗࡀ㍍ㄢ⛯ᅜ㛵㐃Ꮚ♫➼ࢆタ❧ࡋࡓ࠺࠼࡛ࠊ ≉チᶒ➼ࡢ↓ᙧ㈨⏘ࢆ⛣㌿࠶ࡿ࠸ࡣ⏝チㅙࡍࡿࡇ࡛ࠊ㛵㐃Ꮚ♫➼ᡤᚓࢆ⛣㌿ࡉࡏ ࡓࡍࡿ௳ࡀ┦ḟࡂࠊᙜึࠊෆᅜṓධᗇ㸦IRS㸧ࡣ⛣㌿౯᱁⛯ไࢆ㐺⏝ࡋ࡚ㄢ⛯ࢆヨࡳࡓ ࡀࠊ1980 ᖺ௦௨㝆ࡢ⛒⛯ุᡤࡢุỴ࠾࠸࡚ࠊ࠸ࡎࢀࡢࡘ࠸࡚ࡶ IRS ᩋッࡢุ᩿ ࡀ♧ࡉࢀࡓࠋ ࡑࡇ࡛ࠊ1986 ᖺࠊෆᅜṓධἲ㸦IRC㸧➨ 482 ᮲ࠊࠕ↓ᙧ㈨⏘ࡢㆡΏࡲࡓࡣ⏝ᶒࡢチ ㅙࡀ࡞ࡉࢀࡓሙྜࡣࠊࡑࡢㆡΏࡲࡓࡣ⏝ᶒࡢチㅙಀࡿᡤᚓࡢ㔠㢠ࡣࠊᙜヱ↓ᙧ㈨⏘ ᖐᒓࡍࡿᡤᚓ┦ᛂࡍࡿࡶࡢ࡛࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋࠖࡢつᐃࡀ㏣ຍࡉࢀࡓࠋ ࡉࡽࠊ1993 ᖺࡣ㈈ົ┬つ๎ 1.482.4 ᮲ࠊ↓ᙧ㈨⏘ࡢㆡΏᚋ↓ᙧ㈨⏘ᖐᒓࡍࡿᡤ ᚓᖜ࡞ኚືࡀ࠶ࡿሙྜࡣࠊ↓ᙧ㈨⏘⛣㌿ᚋࡢྛㄢ⛯ᖺᗘ࠾࠸࡚ᑐ౯ࡢಟṇࢆồࡵ ࡿࡇࡋࠊ⏦࿌ᙜึࡢホ౯ࡀ㐺ṇ౯᱁࡛࠶ࡗࡓࡋ࡚ࡶࠊᚋᖺᗘ㸦5 ᖺ㛫㸧࡛ࡢᑐ౯ࡢಟ ṇࢆጉࡆ࡞࠸ࡍࡿࠕᐃᮇⓗㄪᩚࠖ 㸦Periodic adjustments㸧ࡢつᐃࡀタࡅࡽࢀࡓࠋࡲࡓࠊ1993 ᖺ┈ẚ‽ἲࡀࠊ1994 ᖺ┈ศἲࡀࠊࡑࢀࡒࢀ㈈ົ┬つ๎つᐃࡉࢀࡓࡀࠊࡇࢀࡽ ࡶ↓ᙧ㈨⏘⛣㌿ᚋࡢྛㄢ⛯ᖺᗘ࠾ࡅࡿᑐ౯ࡢಟṇ㢠ࢆỴᐃࡍࡿࡓࡵࠊྛㄢ⛯ᖺᗘ࠾࠸ ࡚↓ᙧ㈨⏘ᖐᒓࡍࡿᐇ㝿ࡢ┈ࢆ⟬ᐃࡍࡿ᪉ἲࡋ࡚⪃ࡉࢀࡓࡶࡢ࡛࠶ࡿࠋ ࢻࢶ࠾࠸࡚ࡶ 2008 ᖺᴗ⛯ไᨵ㠉ࡼࡿἲே⛯⋡ࡢᘬୗࡆ㸦25㸣Ѝ15㸣㸧ࡢ௦᭰㈈ ※ࡢࡦࡘࡋ࡚ࡢ⛣㌿౯᱁⛯ไᙉࡢ࡞࡛ࠊࢻࢶᴗࡀᴗ⦅➼ࡼࡾᅜእ㏨ 㑊ࡍࡿࡇᑐࡍࡿㄢ⛯⟇ࡋ࡚ᡤᚓ┦ᛂᛶᇶ‽ࡀᑟධࡉࢀࡓࠋලయⓗࡣࠊᴗ⦅ ࡼࡿࠕᶵ⬟ࡢ⛣㌿ࠖᑐࡋ࡚ࠊᐈほⓗࢹ࣮ࢱࡀ⏝ྍ⬟࡛࠶ࡿሙྜࡣࠕ㈼᫂࡞ᴗ⤒ Ⴀ⪅ཎ๎ࠖᇶ࡙ࡃ௬ⓗ⊂❧ᴗ㛫ࢸࢫࢺ㸦Hypothetical Arm's-Length Test㸧ࢆ⾜࠸⊂❧ ᴗ㛫౯᱁ࢆỴᐃࡋࡓ࠺࠼࡛ࠊࡑࡢᚋ 10 ᖺ㛫ࢃࡓࡾࠊ⊂❧ᴗ㛫౯᱁Ỵᐃࡢᇶᮏⓗ௬ᐃ 66 ࡽᐇ㝿ࡢ≧ἣࡀ㞳ࡋࡓሙྜࡣࠊ⊂❧ᴗ㛫౯᱁ࢆ䭧ཬㄪᩚࡋ࡚⣡⛯㢠ࢆỴᐃࡍࡿࡶࡢ ࡛࠶ࡿࠋ ᡤᚓ┦ᛂᛶᇶ‽ࡣࠊ↓ᙧ㈨⏘ࡢㆡΏࡲࡓࡣ⏝チㅙⅬ࠾ࡅࡿண┈ᇶ࡙ࡃ⤯ ᑐ㢠ࡋ࡚ࡢホ౯ࢆᅇ㑊ࡋ࡚ࠊࡑࡢᚋࡢᙜヱ↓ᙧ㈨⏘ࡽ⏕ࡌࡿᐇ㝿┈࠸࠺ᐈほⓗ࡞ ࢹ࣮ࢱࡼࡗ࡚ᙜヱ↓ᙧ㈨⏘ᖐᒓࡍࡿᡤᚓࢆ⟬ᐃࡍࡿࡇྜ⌮ᛶࡀ࠶ࡿࡍࡿࡶࡢ࡛ ࠶ࡿࠋࡋࡋࠊ↓ᙧ㈨⏘ࡢㆡΏࡀ࡞ࡉࢀࡓᚋࠊㆡΏඛ࠾࠸࡚↓ᙧ㈨⏘ࡽ⏕ࡌࡿᡤᚓ ࡼࡾ↓ᙧ㈨⏘ࢆホ౯ࡍࡿࡢ⪃࠼ᑐࡋ࡚ࡣࠊ⡿ᅜࡀᑟධࡋࡓᙜึࡣḢᕞㅖᅜ➼ࡽ ࠕᚋ▱ᜨࠖ 㸦hindsight㸧ࡍࡂ࡞࠸ࡢᙉ࠸ᢈุࡀ࡞ࡉࢀ࡚࠸ࡓࠋࡲࡓࠊOECD ⛣㌿౯᱁࢞ ࢻࣛࣥ࠾࠸࡚ࡶᮍࡔཷࡅධࢀࡽࢀࡿࡶࡢࡣࡉࢀ࡚࠸࡞࠸ࠋ 㸱 㺀ᅜෆ※Ἠᡤᚓࠖ࠾ࡅࡿ↓ᙧ㈨⏘ࡢᢅ࠸ እᅜἲேࡀ᪥ᮏᅜෆᜏஂⓗタࢆ᭷ࡍࡿሙྜࡣࠊ⛒⛯᮲⣙࠾࠸࡚␗࡞ࡿᐃࡵࡀ ࡞ࡉࢀ࡚࠸࡞࠸㝈ࡾࠊྛᴗᖺᗘࡢᡤᚓࡢ࠺ࡕᅜෆ※Ἠᡤᚓࡘ࠸࡚ἲே⛯ࡀㄢ⛯ࡉࢀ ࡿ㸦ἲே⛯ἲ➨ 4 ᮲㸧ࠋࡇࡢࠕᅜෆ※Ἠᡤᚓࠖ㛵ࡋ࡚ࡣἲே⛯ἲ➨ 138 ᮲ࡀලయⓗᐃ ࡵ࡚࠸ࡿࡀࠊࡑࡢ୰࡛ࠊ↓ᙧ㈨⏘ࡽ⏕ࡌࡿᡤᚓࠊ࠾ࡼࡧேⓗᙺົࡢᥦ౪ࢆࡓࡿෆᐜ ࡍࡿᴗࡘ࠸࡚ࠊἲே⛯ἲୖࡋ࡚ࡣ၏୍ࡢつᐃࡀ⨨ࢀ࡚࠸ࡿࠋ ↓ᙧ㈨⏘㛵ࡋ࡚ࡣࠕᅜෆ࠾࠸࡚ᴗົࢆ⾜࠺⪅ࡽཷࡅࡿḟᥖࡆࡿ⏝ᩱཪࡣᑐ ౯࡛ᙜヱᴗົಀࡿࡶࡢ㸦➨ྕ㸧 ࠖࡋ࡚௨ୗࡢつᐃࡀ⨨ࢀ࡚࠸ࡿࠋ ᕤᴗᡤ᭷ᶒࡑࡢࡢᢏ⾡㛵ࡍࡿᶒࠊ≉ูࡢᢏ⾡ࡼࡿ⏕⏘᪉ᘧⱝࡋࡃࡣࡇࢀ ࡽ‽ࡎࡿࡶࡢࡢ⏝ᩱཪࡣࡑࡢㆡΏࡼࡿᑐ౯ ࣟ ⴭసᶒ㸦ฟ∧ᶒཬࡧⴭస㞄᥋ᶒࡑࡢࡇࢀ‽ࡎࡿࡶࡢࢆྵࡴࠋ 㸧ࡢ⏝ᩱཪࡣࡑ ࡢㆡΏࡼࡿᑐ౯ ࣁ ᶵᲔࠊ⨨ࡑࡢᨻ௧࡛ᐃࡵࡿ⏝ලࡢ⏝ᩱ ࡲࡓࠊ ࠕᅜෆ࠾࠸࡚ேⓗᙺົࡢᥦ౪ࢆࡓࡿෆᐜࡍࡿᴗ࡛ᨻ௧࡛ᐃࡵࡿࡶࡢࢆ⾜ ࠺ἲேࡀཷࡅࡿᙜヱேⓗᙺົࡢᥦ౪ಀࡿᑐ౯ࠖࡀࠕᅜෆ※Ἠᡤᚓࠖྵࡲࢀࡿࡇࢆ ᫂グࡋ㸦ྠ➨ྕ㸧ࠊ ලయⓗࡣࠊἲே⛯ἲ⾜௧ 179 ᮲࠾࠸࡚ࠕேⓗᙺົࡢᥦ౪ࢆ ࡓࡿෆᐜࡍࡿᴗࡢ⠊ᅖࠖࢆࠊ௨ୗࡢࡼ࠺つᐃࡋ࡚࠸ࡿࠋ ୍ ᫎ⏬ⱝࡋࡃࡣ₇ࡢತඃࠊ㡢ᴦᐙࡑࡢࡢⱁ⬟ேཪࡣ⫋ᴗ㐠ືᐙࡢᙺົࡢᥦ౪ࢆ ࡓࡿෆᐜࡍࡿᴗ ᘚㆤኈࠊබㄆィኈࠊᘓ⠏ኈࡑࡢࡢ⮬⏤⫋ᴗ⪅ࡢᙺົࡢᥦ౪ࢆࡓࡿෆᐜࡍ ࡿᴗ ୕ ⛉Ꮫᢏ⾡ࠊ⤒Ⴀ⟶⌮ࡑࡢࡢศ㔝㛵ࡍࡿᑓ㛛ⓗ▱㆑ཪࡣ≉ูࡢᢏ⬟ࢆ᭷ࡍࡿ⪅ ࡢᙜヱ▱㆑ཪࡣᢏ⬟ࢆά⏝ࡋ࡚⾜࠺ᙺົࡢᥦ౪ࢆࡓࡿෆᐜࡍࡿᴗ㸦ᶵᲔタഛ ࡢ㈍ࡑࡢᴗࢆ⾜࠺⪅ࡢࡓࡿᴗົ㝃㝶ࡋ࡚⾜ࢃࢀࡿሙྜ࠾ࡅࡿᙜヱᴗ ཬࡧἲ➨ 141 ᮲➨ྕ㸦እᅜἲேಀࡿἲே⛯ࡢㄢ⛯ᶆ‽㸧つᐃࡍࡿᘓタࠊࡍ࠼ 67 ࡅࠊ⤌❧࡚ࡑࡢࡢసᴗࡢᣦ┘╩ࡢᙺົࡢᥦ౪ࢆࡓࡿෆᐜࡍࡿᴗࢆ㝖 ࡃࠋ㸧 ࡞࠾ࠊ➨୕ྕつᐃࡍࡿࠕᶵᲔタഛࡢ㈍ࡑࡢᴗࢆ⾜࠺⪅ࡢࡓࡿᴗົ㝶ࡋ ࡚⾜ࢃࢀࡿሙྜ࠾ࡅࡿᙜヱᴗࠖࡣࠊḟᥖࡆࡿࡼ࠺࡞⾜Ⅽಀࡿᴗࡉࢀ࡚࠸ ࡿ㸦ἲே⛯ἲᇶᮏ㏻㐩 20㸫1㸫14㸧ࠋ (1) ᶵᲔタഛࡢ㈍ᴗ⪅ࡀᶵᲔタഛࡢ㈍క࠸ࡑࡢ㈍ඛᑐࡋᙜヱᶵᲔタഛࡢᤣ ࡅࠊ⤌❧࡚ࠊヨ㐠㌿➼ࡢࡓࡵᢏ⾡⪅➼ࢆὴ㐵ࡍࡿ⾜Ⅽ (2) ᕤᴗᡤ᭷ᶒࠊࣀ࣮ࣁ࢘➼ࡢᶒ⪅ࡀࡑࡢᶒࡢᥦ౪ࢆࡓࡿෆᐜࡍࡿᴗົࢆ⾜ ࠺ࡇక࠸ࡑࡢᥦ౪ඛᑐࡋࡑࡢᶒࡢᐇࡢࡓࡵᢏ⾡⪅➼ࢆὴ㐵ࡍࡿ⾜Ⅽ ἲே⛯ἲ➨ 138 ᮲➨ྕࡢ⏝ᩱ࣭ᑐ౯ࡘ࠸࡚ࡣࠊࡉࡽࠊἲே⛯ἲᇶᮏ㏻㐩 20㸫1 㸫20㸦ᅜෆᴗົಀࡿ⏝ᩱ➼㸧㹼20㸫1㸫23㸦ேⓗᙺົ➼ࡢᥦ౪ࡢᑐ౯⏝ᩱࡢ༊ ศ㸧ࡀ⨨ࢀ࡚࠸ࡿࠋ ࡃࠊ20㸫1㸫22㸦ᕤᴗᡤ᭷ᶒ➼ࡢព⩏㸧࡛ࡣࠊࠕᕤᴗᡤ᭷ᶒ➼ࠖࡋ࡚ࠕ≉チᶒࠊ ᐇ⏝᪂ᶒࠊពᶒࠊၟᶆᶒࡢᕤᴗᡤ᭷ᶒཬࡧࡑࡢᐇᶒ➼ࡢࠊࡇࢀࡽࡢᶒࡢ┠ ⓗࡣ࡞ࡗ࡚࠸࡞࠸ࡀࠊ⏕⏘ࡑࡢᴗົ㛵ࡋ⧞ࡾ㏉ࡋ⏝ࡋᚓࡿࡲ࡛ᙧᡂࡉࢀࡓ సࠊࡍ࡞ࢃࡕࠊ≉ูࡢཎᩱࠊฎ᪉ࠊᶵᲔࠊჾලࠊᕤ⛬ࡼࡿ࡞⊂⮬ࡢ⪃ཪࡣ᪉ἲࢆ ⏝࠸ࡓ⏕⏘ࡘ࠸࡚ࡢ᪉ᘧࠊࡇࢀ‽ࡎࡿ⛎ࡅࡘࠊ⛎ఏࡑࡢ≉ูᢏ⾡ⓗ౯್ࢆ᭷ࡍ ࡿ▱㆑ཬࡧព➼ࢆ࠸࠺ࠋࡋࡓࡀࡗ࡚ࠊࣀ࣮ࣁ࢘ࡣࡶࡕࢁࢇࠊᶵᲔࠊタഛ➼ࡢタィཬࡧ ᅗ㠃➼యࡉࢀࡓ⏕⏘᪉ᘧࠊࢹࢨࣥࡶࡇࢀྵࡲࢀࡿ㺁ࡍࡿ୍᪉࡛ࠊࠕᾏእ࠾ࡅ ࡿᢏ⾡ࡢືྥࠊ〇ရࡢ㈍㊰ࠊ≉ᐃࡢရ┠ࡢ⏕⏘㧗➼ࡢሗཪࡣᶵᲔࠊ⨨ࠊཎᮦᩱ➼ࡢ ᮦ㉁➼ࡢ㚷ᐃⱝࡋࡃࡣᛶ⬟ࡢㄪᰝࠊ᳨ᰝ➼ࠖࡣࠊࡇࢀヱᙜࡋ࡞࠸ࡍࡿࠋ ࡲࡓேⓗᙺົ➼ࡢᥦ౪ࡢᑐ౯⏝ᩱࡢ༊ศࡘ࠸࡚ࡣ 20㸫1㸫23 ࠾࠸࡚ࠊ ࠕᕤᴗ ᡤ᭷ᶒ➼ࢆᥦ౪ࡋཪࡣఏᤵࡍࡿࡓࡵᅗ㠃ࠊᆺ⣬ࠊぢᮏ➼ࡢ≀ཪࡣேⓗᙺົࢆᥦ౪ࡋࠊ ࡘࠊࡑࡢᥦ౪ཪࡣఏᤵࡢᑐ౯ࡢࡍ࡚ࢆࡑࡢᥦ౪ࡋࡓ≀ཪࡣேⓗᙺົࡢᥦ౪ࡢᑐ౯ ࡋ࡚ᨭᡶࢆཷࡅࡿሙྜࡣࠊᙜヱᑐ౯ࡋ࡚ᨭᡶࢆཷࡅࡿࡶࡢࠖࡢ࠺ࡕࠊḟࡢ࠸ࡎࢀ ヱᙜࡍࡿࡶࡢࡣἲ➨ 138 ᮲➨ 7 ྕᥖࡆࡿ⏝ᩱヱᙜࡋࠊࡑࡢࡢࡶࡢࡣᙜヱ≀ ཪࡣேⓗᙺົࡢᥦ౪ࡢᑐ౯ヱᙜࡍࡿࡶࡢࡍࡿࠋ (1) ᙜヱᑐ౯ࡋ࡚ᨭᡶࢆཷࡅࡿ㔠㢠ࡀࠊࡑࡢᥦ౪ࡋཪࡣఏᤵࡋࡓᕤᴗᡤ᭷ᶒ➼ࢆ ⏝ࡋࡓᅇᩘࠊᮇ㛫ࠊ⏕⏘㧗ཪࡣࡑࡢ⏝ࡼࡿ┈ࡢ㢠ᛂࡌ࡚⟬ᐃࡉࢀࡿࡶࡢ (2) (1)ᥖࡆࡿࡶࡢࡢࠊᙜヱᑐ౯ࡋ࡚ᨭᡶࢆཷࡅࡿ㔠㢠ࡀࠊᙜヱᅗ㠃ࡑࡢࡢ ≀ࡢసᡂཪࡣᙜヱேⓗᙺົࡢᥦ౪ࡢࡓࡵせࡋࡓ⤒㈝ࡢ㢠㏻ᖖࡢ₶ࡢ㢠ࢆຍ⟬ ࡋࡓ㔠㢠┦ᙜࡍࡿ㔠㢠ࢆ㉸࠼ࡿࡶࡢ ࡞࠾ࠊ≀ࡲࡓࡣேⓗᙺົࡢᥦ౪ࡢᑐ౯ヱᙜࡍࡿࡶࡢࡣࠊ㏻ᖖࡑࡢᅗ㠃➼ࡀసᡂࡉࢀࠊ 68 ࡲࡓࡣேⓗᙺົࡢᥦ౪ࡀ⾜ࢃࢀࡓሙᡤ※Ἠࡀ࠶ࡿᡤᚓ࡞ࡿࡍࡿࠋ 㸲 ᅜ㝿ⓗᴗ⦅࠾ࡅࡿ↓ᙧ㈨⏘ㄢ⛯ࡢၥ㢟 㸦㸯㸧ࢥ࣮࣏࣮ࣞࢺ࣭ࣥࣂ࣮ࢪࣙࣥᑐ⟇⛯ไ ࢥ࣮࣏࣮ࣞࢺ࣭ࣥࣂ࣮ࢪࣙࣥ㸦Corporate inversion㸧ࡣࠊ⊃⩏ࡣࠊ㍍ㄢ⛯ᅜ࣭ᆅ ᇦ➼ぶ♫࡞ࡿ㛵㐃♫ࢆタ❧ࡋࠊࡇࡢእᅜぶ♫ᰴᘧࡸ↓ᙧ㈨⏘➼ࡢಖ᭷㈨ ⏘ࢆ⛣㌿ࡍࡿࡇࡼࡾ⛯㈇ᢸࡢ㍍ῶࢆᅗࡿ⾜Ⅽࢆᣦࡍࡶࡢ࡛࠶ࡿࡀࠊᮏ❶࡛ࡣࠊእ ᅜぶ♫ࡢタ❧㝈ࡽࡎࠊࠕㄽⅬᩚ⌮ࠖࡢᣦࡍࡿࠕከᅜ⡠ᴗࢢ࣮ࣝࣉࡀᴗ⦅ࢆ ㏻ࡌ࡚↓ᙧ㈨⏘ࢆ㍍ㄢ⛯ᅜ⛣㌿ࡍࡿࡇ࡛⛯㈇ᢸࡢ㍍ῶࢆᅗࡿࢱࢵࢡࢫ࣭ࣉࣛࣥࢽ ࣥࢢࠖࡋ࡚⪃ᐹࡍࡿࠋࡲࡓࠊ᪂ࡓእᅜ㛵㐃♫ࢆタ❧ࡍࡿሙྜࡢࡳ࡛࡞ࡃࠊ᪤Ꮡ ࡢእᅜ㛵㐃♫↓ᙧ㈨⏘➼ࢆㆡΏࡍࡿሙྜࢆࡶᑐ㇟ࡍࡿࠋ ලయⓗࡣࠊ௨ୗࡢࡼ࠺࡞ࡀ⪃࠼ࡽࢀࡿࠋ ձ ᾏእࡢ㈍Ꮚ♫ࡢᴗົᙧែࢆࢥ࣑ࢵࢩࣙࢼ࣮ኚ࠼ࡓ࠺࠼࡛ࠊ㍍ㄢ⛯ᅜタ❧ ࡋࡓᾏእ㛵㐃♫ࡢ㛫࡛ၥᒇዎ⣙ࢆ⥾⤖ࡍࡿࡇ࡛ࠊྲྀᘬࡢ㛫ᅾࡉࡏࡓ㍍ㄢ ⛯ᅜࡢᾏእ㛵㐃♫┈ࢆ⛣㌿ࡉࡏࡿࠋ ղ ㍍ㄢ⛯ᅜタ❧ࡋࡓᾏእ㛵㐃♫ࢧࣉࣛࢳ࢙࣮ࣥᶵ⬟➼ࡢ↓ᙧ㈨⏘ࢆ㞟⣙ࡋ ࡓ࠺࠼࡛ࠊ〇㐀Ꮚ♫ࡢ㛫࡛ጤク〇㐀ዎ⣙ࢆ⥾⤖ࡍࡿࡇ࡛ࠊ㍍ㄢ⛯ᅜࡢᾏእ㛵 㐃♫ࢢ࣮ࣝࣉࡢ┈ࢆ⛣㌿ࡉࡏࡿࠋ ճ ぶ♫ࡀᾏእ࠾࠸࡚㖔≀㈨※➼ࡢ㛤Ⓨࢆ⾜࠸ࠊᴗࡀ࡞ࡗࡓⅬ࡛ࠊ⌧ᆅ タ❧ࡋࡓᾏእᏊ♫᥇᥀ᶒࢆබṇ౯᱁࡛ㆡΏࡋࡓ࠺࠼࡛ࠊᾏእ㛵㐃♫ࡽ㖔≀ ㈨※ࢆ㉎ධࡍࡿࡇ࡛ࠊᾏእ㛵㐃Ꮚ♫ᡤᚓࢆࣉ࣮ࣝࡍࡿࠋ ձ ⡿ᅜࡢࢥ࣮࣏࣮ࣞࢺ࣭ࣥࣂ࣮ࢪࣙࣥᑐ⟇⛯ไ ࢥ࣮࣏࣮ࣞࢺ࣭ࣥࣂ࣮ࢪࣙࣥࡀ⛯ົୖࡢၥ㢟ࡋ࡚᫂☜ព㆑ࡉࢀࡿࡼ࠺࡞ࡗ ࡓࡢࡣ 1990 ᖺ௦ࡢ⡿ᅜ࡛࠶ࡾࠊࡑࡢ㜵Ṇࢆពᅗࡋࡓ⛯ไᥐ⨨ࡶ 2004 ᖺᩚഛࡉࢀࡓࠋ ⡿ᅜ࡛ࡣࠊᚑ᮶ࡼࡾࠕ㏻⾜⛯ࠖ 㸦toll charge㸧ࡋ࡚ࠊᅜቃࢆ㉺࠼ࡓᴗ⤌⧊⦅ࡼ ࡾ⡿ᅜἲேࡀಖ᭷ࡍࡿᅜෆ㈨⏘ࡀእᅜἲே⛣㌿ࡉࢀࡓሙྜࡣࠊࡑࡢ⤌⧊⦅ᡂࡀ ୍ᐃࡢᇶ‽㸦㈨⏘ࡢᒓᛶࠊᰴᘧಖ᭷ྜཬࡧ⏝ᙧែ➼㸧ࢆࡓࡉ࡞࠸㝈ࡾࠊᅜእ ⛣㌿ࡉࢀࡿ㈨⏘ࡢㆡΏ┈ᑐࡋ࡚ㄢ⛯⧞ᘏࢆㄆࡵ࡞࠸ࡍࡿつᐃ㸦ෆᅜṓධἲ➨ 367 ᮲㸧ࡀ⨨ࢀ࡚࠸ࡓࠋ ࡋࡋࠊࡇࢀ࡛ࡣᐇ㝿ࡢࢥ࣮࣏࣮ࣞࢺ࣭ࣥࣂ࣮ࢪࣙࣥᑐࡍࡿ≌ไࡋ࡚༑ศ ࡉࢀࠊ2004 ᖺࠊᮏ᱁ⓗ࡞ࢥ࣮࣏࣮ࣞࢺ࣭ࣥࣂ࣮ࢪࣙࣥᑐ⟇ࡀᑟධࡉࢀ࡚࠸ࡿ㸦ෆ ᅜṓධἲ➨ 7874 ᮲㸧ࠋලయⓗࡣࠊ⡿ᅜἲேࡀࠊᅜእ࡛タ❧ࡉࢀࡓ᪂タぶἲேࡢᏊ ♫࡞ࡾࠊࡲࡓࡣ㈨⏘ࡢࢇ࡚ࡀᙜヱእᅜἲே⛣㌿ࡉࢀࡿࡇ࡞ࡼࡾࠊ ⡿ᅜෆᅜἲேࡢᰴࡀࠊࢥ࣮࣏࣮ࣞࢺ࣭ࣥࣂ࣮ࢪࣙࣥࡢᚋࠊ᪂タእᅜぶἲேᰴᘧࡢ ㆟Ỵᶒࡲࡓࡣ౯್ࡢ 80㸣௨ୖࢆಖ᭷ࡍࡿࡇ࡞ࡾࠊࡘࠊ᪂タእᅜぶἲேࡀタ❧ᅜ 69 ࡛┦ᙜ⛬ᗘࡢᴗάືࢆ⾜ࡗ࡚࠸࡞࠸ሙྜࡣࠊᙜヱ᪂タእᅜぶἲேࡣࠕ௦⌮እᅜἲ ேࠖࡉࢀࠊ⡿ᅜἲேࡳ࡞ࡋ࡚ㄢ⛯ࡉࢀࡿࠋ ຍ࠼࡚ࠊእᅜ⛯㢠᥍㝖ไᗘࢆᨵṇࡋࠊᚑ᮶ࡣ 9 ศ㢮ࡢᡤᚓẖ᥍㝖㢠ࢆィ⟬ࡍࡿ᪉ ᘧࢆ 2 ศ㢮๐ῶࡋࠊไᗘࢆ⡆⣲ࡋ࡚ᅜእᴗᡤᚓᑐࡍࡿᅜ㝿ⓗ㔜ㄢ⛯ࡢ㝖 ࢆᐜ᫆ࡋ࡚࠸ࡿࠋ ղ ࢻࢶࠕ㏥ฟ⛯ࠖ ࢻࢶ࡛ࡣࠊ2008 ᖺᴗ⛯ไᨵ㠉࠾࠸࡚ࠊᡤᚓ┦ᛂᛶᇶ‽ࢆࠕᶵ⬟ࡢ⛣㌿ࠖ㐺 ⏝ࡍࡿࡢつᐃࢆᑐእྲྀᘬㄢ⛯ἲ➨ 1 ᮲ 3 㡯ᐃࡵ࡚࠸ࡿࡀࠊࡇࢀࡣ୍⯡ࠕ㏥ฟ⛯ࠖ 㸦exit charge㸧ࡋ࡚⌮ゎࡉࢀ࡚࠸ࡿࠋ 㻌 㸦㸰㸧⌧⾜⛯ไ࠾ࡅࡿ㛵ಀࡍࡿつᐃ ࢃࡀᅜ࠾࠸࡚ࡶࠊᅜ㝿ⓗ࡞ᴗ⦅ࡼࡿ⛒⛯ᅇ㑊⾜Ⅽᑐࡋ࡚ࡣࠊ௨ୗࡢࡼ࠺ ࡞つᐃࡀ⨨ࢀ࡚࠸ࡿࠋ ձ ≉Ṧ㛵ಀᰴ➼࡛࠶ࡿෆᅜἲேಀࡿ≉ᐃእᅜἲேࡢㄢ⛯ᑐ㇟㔠㢠ࡢ┈㔠⟬ධ㸦⛒ ⛯≉ูᥐ⨨ἲ➨ 66 ᮲ࡢ 9 ࡢ 2㸧 ෆᅜἲேࡢᰴ㸦≉Ṧ㛵ಀᰴ➼㸧ࡀࠊ୕ゅྜే➼ࡢ⤌⧊⦅ᡂࡼࡾࠊ㍍ㄢ⛯ᅜ ᡤᅾࡍࡿእᅜἲே㸦≉ᐃእᅜἲே㸧ࢆ㏻ࡌ࡚ࡑࡢෆᅜἲே㸦≉Ṧ㛵ಀෆᅜἲே㸧ࡢ Ⓨ⾜῭ᰴᘧ➼ࡢ 80㸣௨ୖࢆ㛫᥋ಖ᭷ࡍࡿࡇ࡞ࡗࡓሙྜࡣࠊࡑࡢ≉ᐃእᅜἲேࡀ ྛᴗᖺᗘ࠾࠸࡚␃ಖࡋࡓᡤᚓࢆࡑࡢᣢᰴྜᛂࡌ࡚ࠊࡑࡢ≉ᐃእᅜἲேࡢ≉Ṧ 㛵ಀᰴ➼࡛࠶ࡿෆᅜἲேࡢ┈ࡢ㢠ࡳ࡞ࡋ࡚ࠊ┈㔠ࡢ㢠⟬ධࡍࡿࠋ ղ ⛒㐺᱁ྜే➼ࡢ⠊ᅖ㛵ࡍࡿ≉㸦⛯≉ูᥐ⨨ἲ➨ 68 ᮲ࡢ 2 ࡢ 3㸧 ୕ゅྜేࢆ⏝ࡋࡓ୍ᐃࡢᅜ㝿ⓗ⛒⛯ᅇ㑊➼ࡘ࠸࡚ࡣࠊ㐺᱁せ௳ࢆ‶ࡓࡉ࡞࠸ྜ ేࡋ࡚ᰴᘧㆡΏ┈ࡢㄢ⛯⧞ᘏࢆㄆࡵ࡞࠸ࠋ ճ ࡑࡢ ࡉࡽࠊ⛒⛯≉ูᥐ⨨ἲ➨ 40 ᮲ࡢ 7㸦≉Ṧ㛵ಀᰴ➼࡛࠶ࡿᒃఫ⪅ಀࡿ≉ᐃእᅜ ἲேࡢㄢ⛯ᑐ㇟㔠㢠ࡢ⥲ධ㔠㢠⟬ධ㸧ࠊྠἲ➨ 66 ᮲ࡢ 4㸦ᅜእ㛵㐃⪅ࡢྲྀᘬಀࡿ ㄢ⛯ࡢ≉㸧 ࠊἲே⛯ἲ➨ 132 ᮲ࡢ 2㸦⤌⧊⦅ᡂಀࡿ⾜Ⅽࡲࡓࡣィ⟬ࡢྰㄆつᐃ㸧 ➼ࡢつᐃࡶᅜ㝿ⓗ࡞ᴗ⦅ࡼࡿ⛒⛯ᅇ㑊⾜Ⅽᑐᛂࡋᚓࡿつᐃ࡛࠶ࡿࠋ 㸦㸱㸧እᅜᏊ♫ྜ⟬⛯ไ࠾ࡅࡿ㈨⏘ᛶᡤᚓྜ⟬ㄢ⛯ ᅜ㝿ⓗ࡞ᴗ⦅ᡂࢆకࢃ࡞࠸↓ᙧ㈨⏘ࡢㆡΏ➼ࡼࡿἲே㈨⏘➼ࡢᅜእ⛣㌿ᑐ ࡋ࡚ࡣࠊ⛣㌿౯᱁⛯ไࡢ㐺⏝ࡸᐤ㔠ㄢ⛯㸦㢠ᦆ㔠⟬ධ㸧ࡼࡿᑐᛂࡀྍ⬟࡛࠶ 70 ࡿࡀࠊࡉࡽᖹᡂ 22 ᖺᗘᨵṇ࡛タࡉࢀࡓእᅜᏊ♫ྜ⟬⛯ไ࠾ࡅࡿ㈨⏘ᛶᡤᚓྜ ⟬ㄢ⛯ࡢつᐃࡶࠊ⛒⛯ᅇ㑊⾜Ⅽࡢ㜵Ṇࡢഃ㠃ࢆᙉㄪࡋࡘࡘࡶࠊᴗ⦅ࡼࡿᾏእ㛵 㐃⪅ࡢ↓ᙧ㈨⏘ࡢ⛣㌿ᑐࡍࡿ≌ไࡋ࡚ࡢຠᯝࢆ᫂☜᭷ࡍࡿࡶࡢ࡛࠶ࡿࠋ ᖹᡂ 22 ᖺᗘ⛯ไᨵṇ࡛ࡣࠊእᅜᏊ♫ྜ⟬⛯ไࡘ࠸࡚ࠊձ≉ᐃእᅜᏊ♫➼ヱ ᙜࡍࡿࡇࡉࢀࡿⴭࡋࡃప࠸⛒⛯㈇ᢸྜࡢᇶ‽㸦ࢺ࣮ࣜ࢞⛯⋡㸧ࡢ 25㸣௨ୗࡽ 20㸣௨ୗࡢᘬୗࡆࠊղእᅜᏊ♫ྜ⟬⛯ไࡢ㐺⏝ࢆཷࡅࡿෆᅜἲே➼ࡢ┤᥋ཬࡧ㛫 ᥋ࡢእᅜ㛵ಀ♫ᰴᘧ➼ࡢಖ᭷ྜせ௳ࡢ 5㸣௨ୖࡽ 10㸣௨ୖࡢᘬୖࡆࠊճ≉ᐃ እᅜᏊ♫➼ࡢ㐺⏝㝖እᇶ‽㛵ࡍࡿ⤫ᣓ♫࣭⿕⤫ᣓ♫ᴫᛕࡢᑟධࠊմ≉Ṧ㛵ಀ ᰴ➼࡛࠶ࡿෆᅜἲே➼ಀࡿ≉ᐃእᅜἲேಀࡿᡤᚓࡢㄢ⛯ࡢ≉ࡢぢ┤ࡋ࡞ ࡶࠊ㈨⏘ᛶᡤᚓᑐࡍࡿྜ⟬ไᗘࡀタࡉࢀࡓ㸦⛒⛯≉ูᥐ⨨ἲ➨ 66 ࡢ 6մ㸧ࠋ ࡍ࡞ࢃࡕࠊ㐺⏝㝖እᇶ‽ࢆ‶ࡓࡍ≉ᐃእᅜᏊ♫࡛࠶ࡗ࡚ࡶࠊ୍ᐃࡢవ㔠ࡢ㓄ᙜ ➼ࠊᏊࠊൾ㑏ᕪ┈ࠊㆡΏᑐ౯ࠊ⏝ᩱཪࡣ㈚ࡋࡅࡼࡿᑐ౯ಀࡿᡤᚓ㸻ࠕ≉ᐃ ᡤᚓࠖ㸦ᥐ⨨௧➨ 37 ࡢ 19 ࡢ 2㸧ࢆ᭷ࡍࡿሙྜࡣࠊ≉ᐃᡤᚓࡢ㔠㢠ࡢྜィ㢠ࡢ࠺ࡕෆ ᅜἲே➼ࡢ᭷ࡍࡿᰴᘧ➼ᑐᛂࡍࡿ㒊ศࡋ࡚ィ⟬ࡋࡓ㔠㢠㸦㒊ศ㐺⏝ᑐ㇟㔠㢠㸧ࢆࠊ ┈ࡢ㢠ࡳ࡞ࡋ࡚ᙜヱෆᅜἲே➼ࡢᡤᚓࡢ㔠㢠ࡢィ⟬ୖ㸪┈㔠ࡢ㢠⟬ධࡍࡿࡇ ࡉࢀࡓࠋࡓࡔࡋࠊ㒊ศ㐺⏝ᑐ㇟㔠㢠ࡀ 1,000 ௨ୗࡢሙྜࠊ≉ᐃእᅜᏊ♫ࡢᡤᚓ ࡢ 5㸣௨ୗࡢሙྜࡣ㐺⏝㝖እࡍࡿࢹ࣑ࢽ࣐ࢫᇶ‽ࡀタࡅࡽࢀ࡚࠸ࡿࠋ ࡞࠾ࠊ㈈ົ┬ᢸᙜ⪅ࡼࡿᨵṇ࡛ࡣࠊࢃࡀᅜẚ࡚ⴭࡋࡃ⛯㈇ᢸࡀప࠸እᅜᏊ ♫࠾࠸࡚ࠊ㈨⏘㐠⏝ⓗ࡞ᡤᚓࢆక࠺ྲྀᘬࢆ⾜࠺ࡇࡣ✚ᴟⓗ࡞⤒῭ⓗ࡞ྜ⌮ᛶࡣ ࡞ࡃࠊእᅜᏊ♫ࡢᡤᚓࡢࡅ᭰࠼ࡼࡿ⛒⛯ᅇ㑊⾜Ⅽ࡛࠶ࡿ᩿ࡌ࡚࠸ࡿࠋ ࡇࡢ≉ᐃᡤᚓࡣࠊ≉チᶒ➼ࡢ⏝ᩱࡢྜィ㢠ࡽᙜヱ⏝ᩱࢆ┤᥋ᚓࡿࡓࡵせ ࡋࡓ㈝⏝ࢆ᥍㝖ࡋࡓṧ㢠ࡀྵࡲࢀ࡚࠾ࡾࠊ≉チᶒ➼ࡣࠊ≉チᶒࡢࠊᐇ⏝᪂ᶒࠊ ពᶒⱝࡋࡃࡣၟᶆᶒཪࡣⴭసᶒ㸦ฟ∧ᶒཬࡧⴭస㞄᥋ᶒࢆྵࡴ㸧ࡢ⏝ᩱࡀヱᙜࡍ ࡿࠋࡲࡓࠊ௨ୗࡢ⏝ᩱࡘ࠸࡚ࡣࠊ⛒⛯ᅇ㑊ⓗ࡞ពᅗࡀ࡞࠸ࡇࡀ᫂ࡽ࡛࠶ࡿࡓ ࡵࠊෆᅜἲேࡀࡑࢀヱᙜࡍࡿࡶࡢ࡛࠶ࡿࡇࢆド᫂ࡍࡿ᭩㢮ࢆಖᏑࡍࡿࡇࢆせ௳ ࡋ࡚ࠊ㝖እࡉࢀ࡚࠸ࡿ㸦ᥐ⨨௧➨ 37 ࡢ 19 ࡢ 2տ㸧ࠋ ձ ≉ᐃእᅜᏊ♫➼ࡀ⮬ࡽ⾜ࡗࡓ◊✲㛤Ⓨࡢᡂᯝಀࡿ≉チᶒ➼ ᙜヱ≉ᐃእᅜᏊ ♫➼ࡀᙜヱ◊✲㛤Ⓨࢆࡋ࡚⾜ࡗࡓሙྜࡢᙜヱ≉チᶒ➼ࡢ⏝ᩱ ղ ≉ᐃእᅜᏊ♫➼ࡀྲྀᚓࢆࡋࡓ≉チᶒ➼ ᙜヱ≉ᐃእᅜᏊ♫➼ࡀᙜヱྲྀᚓࡘ ࡁᑐ౯ࢆᨭᡶ࠸ࠊࡘࠊᙜヱ≉チᶒ➼ࢆࡑࡢᴗࡢ⏝౪ࡋ࡚࠸ࡿሙྜࡢᙜヱ≉チ ᶒ➼ࡢ⏝ᩱ ճ ≉ᐃእᅜᏊ♫➼ࡀ⏝ࢆチㅙࡉࢀࡓ≉チᶒ➼ ᙜヱ≉ᐃእᅜᏊ♫➼ࡀᙜヱチ ㅙࡘࡁᑐ౯ࢆᨭᡶ࠸ࠊࡘࠊᙜヱ≉チᶒ➼ࢆࡑࡢᴗࡢ⏝౪ࡋ࡚࠸ࡿሙྜࡢᙜ ヱ≉チᶒ➼ࡢ⏝ᩱ 71 㸳 ᚋࡢ᳨ウㄢ㢟ࡘ࠸࡚ ᮏሗ࿌ࡣࠊ࠶ࡃࡲ࡛ࡶ୰㛫ẁ㝵࡛ࡢࡶࡢࡋ࡚ࠊ↓ᙧ㈨⏘ࢆࡵࡄࡿᅜ㝿ྲྀᘬಀࡿ⛯ ົୖࡢၥ㢟ࢆᣦࡋࡓࡶࡢ㐣ࡂ࡞࠸ࠋᚋࠊᚋ༙ࡢ᳨ウసᴗ⨨࠸࡚ࡣࠊ௨ୗࡢࡼ࠺ ࡞ㅖⅬࢆ᥀ࡾୗࡆ࡚ࠊලయⓗ࡞ᥦࢆྵࡵࡓゎỴ⟇ࡢᥦ♧⮳ࡿࡇࡀ㔜せ࡛࠶ࡿࠋ ձ ↓ᙧ㈨⏘ࡢᐃ⩏ࡢ᫂☜ ⛯ἲ࠶ࡿ࠸ࡣ⾜௧࠾࠸࡚↓ᙧ㈨⏘ࡢᐃ⩏ࢆࡼࡾ᫂☜ࡍࡁ࡛࠶ࡿࠋἲே⛯ἲ ୖࠊ↓ᙧ㈨⏘ࡉࢀ࡚࠸ࡿࡢࡣ≉チᶒࠊᐇ⏝᪂ᶒࡸⴭసᶒ➼ࡢἲᚊୖࡢᶒ࠾ࡼࡧ ࡑࢀ‽ࡎࡿࡶࡢ࡛ࡋ࡞ࡃࠊ⛣㌿౯᱁ົ㐠Ⴀせ㡿࡛♧ࡉࢀ࡚࠸ࡿࣀ࢘ࣁ࢘ࠊ⏕⏘ ᕤ⛬ࠊ΅ᡭ㡰ཬࡧ㛤Ⓨࠊ㈍ࠊ㈨㔠ㄪ㐩➼ಀࡿྲྀᘬ⥙➼࠶ࡿ࠸ࡣࣈࣛࣥࢻ➼ࡀ↓ ᙧ㈨⏘ྵࡲࢀࡿྰࢆࠊἲ௧ୖ᫂☜ࡍࡁ࡛ࡣ࡞࠸ࠋ ղ ↓ᙧ㈨⏘ࡢホ౯᪉ἲ ↓ᙧ㈨⏘ࡢホ౯᪉ἲࡋ࡚ࡣ㈈⏘ホ౯ᇶᮏ㏻㐩ࡋつᐃࡀ࡞ࡃࠊἲே⛯࠾࠸࡚ ࡣලయⓗ࡞ホ౯᪉ἲࡣᐃࡵࡽࢀ࡚࠸࡞࠸ࠋලయⓗ☜ᐃⓗ࡞ホ౯᪉ἲࢆ♧ࡍࡇࡣᅔ 㞴࡛ࡶ࠶ࡿࡀࠊᐇົୖ࡛⏝࠸ࡽࢀ࡚࠸ࡿྛᡭἲࢆ๓ᥦࡋ࡚ࠊ↓ᙧ㈨⏘ࡢ㢮ᆺࡈ ⏝࡛ࡁࡿホ౯᪉ἲࢆࠊᑡ࡞ࡃࡶ♧ࡋ࡚ලయⓗิᣲࡍࡁ࡛ࡣ࡞࠸ࠋ ճ ↓ᙧ㈨⏘ࡢ⏝ࡼࡾ⏕ࡌࡓ┈ࡢᖐᒓཬࡧ㓄ศ ↓ᙧ㈨⏘ࡢἲⓗᡤ᭷⪅௨እ」ᩘࡢ㛵㐃⪅ࡀ↓ᙧ㈨⏘ࡢᙧᡂ㈉⊩ࡋ࡚࠸ࡿࡉࢀ ࡿሙྜࡣࠊ↓ᙧ㈨⏘ࡢ⏝ࡼࡾ⏕ࡌࡓ┈ࡀ㛵㐃⪅ࡶᖐᒓࡍࡇࢆἲᚊୖ᫂ ☜ࡋࠊࡲࡓࠊ┈ࢆ㛵㐃⪅㛫࡛ྜ⌮ⓗ㓄ศࡍࡿࡓࡵࡢලయⓗᡭἲࡘ࠸࡚ࡢつᐃ ࢆᨻ௧࠶ࡿ࠸ࡣᇶᮏ㏻㐩⨨ࡃࡁ࡛ࡣ࡞࠸ࠋ մ ⛣㌿౯᱁⛯ไࡢᩚഛ➼ OECD ࠾࠸࡚↓ᙧ㈨⏘㛵ࡋ࡚⛣㌿౯᱁࢞ࢻࣛࣥࡀᨵゞࡉࢀࡿሙྜࡣᙜ↛ࠊ⛣ ㌿౯᱁⛯ไ㛵ࡍࡿつᐃᮏయࢆᨵṇࡍࡁ࡛࠶ࡿࡀࠊࡑࢀࢆᚅࡘࡇ࡞ࡃࠊOECD ࠾ ࡅࡿ᳨ウࡢ㐍䬖ࢆ㋃ࡲ࠼ࡘࡘࠊᚲせ࡞⠊ᅖ࡛ົ㐠Ⴀせ㡿ࡢᨵṇࢆ㐍ࡵࡿࡁ࡛ࡣ࡞ ࠸ࠋ 72 ǰȭȸȐȫˊƴƓƚǔ ૼƨƳᨥᅽᆋСࡇƷƋǓ૾ Ტᄂᆮɼ࠴ ᩷ ޛঅʚᲣ ࠰ உႆᘍ ɭኔሊᄂᆮ ிʮᣃҘˊဋғٻထ ኺׇᡲ˟ ᨞ Ƅ 6'.Ჴ (#:Ჴ țȸȠȚȸǸᲴJVVRYYYRRKQTI
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