Description du cours

Intitulé de l'Unité d'Enseignement

International Finance and Fiscality

Code de l'Unité d'Enseignement

21IDM40

Année académique

2023 - 2024

Cycle

MASTER

Nombre de crédits

Nombre heures

Quadrimestre

Pondération

Site

Anjou

Langue d'enseignement

Anglais

Enseignant responsable

VLAMINCK Luc

Objectifs et contribution de l'Unité d'Enseignement au programme

Part A - International Finance
General objectives
• The course is designed to understand the nature of financial risks associated with different corporate business models. In that perspective, the student will be confronted with the basic financial products (Foreign Exchange and Interest Rate). The good management of these financial products will allow him to elaborate adequate risk hedging strategies.
• The student will also be introduced to financial markets behavior.
• Finally, he will become acquainted with the role of a treasury department within the corporate organization.
Learning Objectives & Goals
a. Acquire a good understanding of all financial products
b. Understanding of financial market behavior
c. Ability to evaluate financial risks
d. Ability to elaborate appropriate hedging strategies
e. Ability to quote basic financial products
Part B – International Trade Finance
General objectives
• The course is designed from the perspective of a company that evolves on the world trade market. Cross country exchanges through multi-national firms have been significantly growing with the globalization of the economy.
• Concepts in the course are developed through themes of international management such as risks in international markets and the way to assess and mitigate them. Various methods of payments are analyzed in the details to highlight the inherent credit risk and their operational processes. A focus is also given on key negotiation issues in international contracts, incoterms, customs and recent regulatory requirements. Finally, the course concentrates on short and long term financing of international commercial transactions, under various schemes with the intervention of commercial banks and export credit agencies.
Learning Objectives & Goals
f. risk categories, risk assessment and risk mitigation
g. key financial issues in commercial agreements
h. risk transfer and cost acceptance in Incoterms
i. ways to mitigate open account payments
j. financing techniques for deferred payments
k. supporting institutions for international trade financing
l. understand risks and opportunities of international trade finance
m. develop diversified tools in international payments
n. manage working capital requirements by various financial techniques
Part C – International Fiscality
General objectives
Due to increase in the number of cross border transactions, signing of new free trade agreements and globalization, international taxation is becoming more and more complex. Being aware of the growing tax complexity and its impact on commercial operations both within the EU and with non-EU countries is critical for effective international business management. From this perspective, the course is designed to provide firstly an understanding of the basic principles of how taxation applies to international trade transactions and secondly the knowledge to recognize key tax issues & risks and to get edge information. The emphasis will be on the fundamental concepts of corporate taxation and on the transfer pricing principles regarding direct taxes, and on the EU VAT main rules and customs concerning indirect taxes.
Learning Objectives & Goals
a. Basics of international taxation
b. VAT and custom duties impact in an international context (intra-Community acquisition, export and import transactions).
c. Transfer pricing principles in cross-border relationships within a group.
d. Recognize key tax issues and risks.
e. Understand the basics of international taxation.
f. Identify direct tax risks associated with international transactions/financial flows.
g. Be aware of VAT and custom duties impact in an international context (intra-Community acquisition, export and import transactions).
h. Understand transfer pricing principles in cross-border relationships within a group.
i. Have acquired sufficient knowledge to recognize key tax issues and risks.
j. Elaborate basic strategies to decrease tax costs.

Competency Goals :

CG 1 Disciplinary Knowledge
CG2 Operational
CG4 Open to the world
CG5 Aware of complexity / Critical Mind
CG6 Communicate orally and in writing in several languages

Prérequis et corequis

Part A - International Finance
• International economic fundamentals
• Financial management

Part B – International Trade Finance
• Basics in accounting, tax , treasury, financial management and strategy
• Students might be asked to read one or more business cases in advance of each class (a few pages per case).

Part C – International Fiscality
• Tax law (13DR010)
• Students might be asked to read one or more business cases in advance of each class (a few pages per case).

Description du contenu

Part A - International Finance
• The origin of financial markets
• The foreign exchange risk
• The interest rate risk
• The corporate treasury organization

Part B – International Trade Finance
? Opportunities and risks
? International operations unfolded
? Short term financing of international operations
? Long term financing of international operations

Part C – International Fiscality
? Basics of international taxation
? International Tax Treaties, EU Directives, and Double Tax Relief & Avoidance
? Corporate taxation (computation of the taxable base) and transfer pricing principles.
? Indirect tax: the EU VAT main rules and customs related to intra-Community acquisition and import/export transactions.
? International taxation as leverage for corporate strategy in the global marketplace

Méthodes pédagogiques

Ex cathedra teaching and case studies.

Mode d'évaluation

Part A - International Finance - Written exam

Part B - International Trade Finance - Written exam

Part C - International Fiscality - Written exam

Méthode de calcul

Lorsqu'une unité d'enseignement (UE) comporte plusieurs activités d'apprentissage (AA), la note globale pour l'UE est calculée comme suit :
- Si toutes les notes obtenues pour les différentes activités d'apprentissage sont supérieures ou égales à 10/20, la note globale sera la moyenne arithmétique pondérée (en fonction de l'importance relative de chacune des AA dans l'UE) de ces notes.
- Si au moins une des notes obtenues pour une AA est inférieure à 10/20, la note globale sera alors la moyenne géométrique pondérée des notes des AA.

Références bibliographiques

See pedagogical document