Research On Tax System Of Financial Asset Management Products In China

From the perspective of academic research,the tax system of asset management products in China has not become the focus of academic and theoretical research.For such a new,extremely rapid development of the financial industry,involving the most financial sub-industry,the tax system design should follow what principles,which core issues concerned,there is a lack of sufficient theoretical research.From the point of view of policy formulation,for a long time,the basic tax system elements of asset management products are not well designed,for the issuers,managers,investors and so on.There are not found policy basis,unable to comply with the problem.Many problems have not been clearly stipulated in the past when the financial industry paid business tax.With the full implementation of business reform and increase in China since May 1st 2016,the financial industry has been included in the scope of VAT collection for the first time.This further exacerbates the complexity of the tax system of asset management products and brings greater challenges to the tax system design of asset management products.From the perspective of tax collection and management,the tax authorities,because the tax system is not clear,so in the actual work cannot carry out effective tax collection management.All along,the operation of the whole capital management products is in the blind zone of tax supervision,and there is very little record of tax payment of capital management and trust products.To the taxpayer,the unclear tax policy of the capital management product brings the potential tax risk.From the perspective of the impact of tax on the development of capital management products,the design of tax system of some capital management products is unreasonable,which objectively hinders the development of related capital management business.For example,the core advantage of asset securitization products is risk isolation,but document [2016]5 provides for income tax obligations of the sponsoring institution in the asset transfer link.The tax limits the way the sponsor considers real sales and assets out of the table.In order to reduce the tax burden,the initiator will avoid sales as much as possible and design the transaction as secured financing,which cannot really achieve risk avoidance and bankruptcy isolation.To some extent,this policy has hindered the development of asset securitization business in China.It is especially noteworthy that the above problems have become more prominent as the asset management industry of our country has entered the "era of big capital management".The main characteristics of the "era of big capital management" are: the asset management business has formed a new business pattern of mixed operation and cross-border integration,and financial companies have entered the financial business field of full license,or cross-border operations.The phenomenon of bank + trust,bank + securities,bank + trust + securities,fund + trust is common.There is a new contradiction between the business model of mixed operation and cross-border integration and the financial asset management system of separate supervision,which further increases the risks in the financial field.To this end,in April 27 th 2018,led by the people's Bank of China.Together with other relevant departments,the "guidance opinions on standardizing the Asset Management Business of Financial institutions(draft for soliciting opinions)"(hereinafter referred to as the "guidance opinions")have been issued.The general idea of standardizing the development of asset management business is to formulate a unified supervision standard according to the type of asset management products.For this reason,the financial supervision and management department has strengthened the principle of functional supervision according to the types of asset management products in the daily supervision of the market access standards determined by the asset management business.All these indicate that the adjustment of financial supervision system and system in China will change from institutional management to product management.Thus,the reform of China's financial assets supervision system has entered a new era.In this industry changes,the current tax system and theory of China's capital management products is facing a severe challenge.The traditional principle and theoretical basis of tax system design,which is directed by the nature of financial institutions,has obviously failed to meet the needs of the development of financial asset management industry in the era of "large capital management".Our country urgently needs to study the relevant tax system design idea in depth,explore the tax system design principle and basic theoretical basis for the capital management product under the background of the "era of big capital management"-this is the basic background of this paper.At present,the academic research on the tax system of asset management products has made a better analysis and interpretation in both theory and practice.Based on the objective requirements of the development of asset management industry in the "era of big capital management” to the design and adjustment of the relevant tax system,this paper combs and analyzes the existing relevant research results.Found that the theoretical circles at least in the following areas are still to be further explored: first,the perspective of the study needs to be further adjusted.On the one hand,according to the existing academic research results,there are many research results on the tax policy of a specific type of asset management business,such as whether the tax policy of trust supports the development of trust industry and so on.However,in recent years,with the rapid growth of the wealth of residents and the rapid development of asset management products,there is very little research on the systematic design of tax system elements.Although there are many problems in the design of the tax system of asset management products,it has not become the focus of the tax research field,nor has it entered the perspective of the relevant tax policy makers in China.Therefore,it is necessary to adjust the perspective of tax research in related areas to study the tax system of asset management products.On the other hand,from the existing academic research results,the tax policy of financial institutions as the subject of more literature.Such as banking tax policy and tax burden,insurance tax policy and tax burden,and so on,but the tax system of financial products as a research object of the literature is very few.This research angle of view is corresponding to the financial supervision system which has been implemented in China for a long time.The Banking Regulatory Commission,the Securities Regulatory Commission and the Insurance Regulatory Commission respectively supervise the banking,securities and insurance industries.Respectively,the introduction of their respective regulatory policies,the corresponding,tax policies are also made in accordance with the industry.This kind of tax policy formulation mechanism and research angle of view obviously cannot meet the needs of the development of our financial industry in the "era of big capital management".Therefore,it is time for the academic community to examine the perspective of research in this field;we should grasp the particularity of capital management products as financial products.It is necessary to grasp the particularity of the capital management industry as a sub-industry of the financial industry,and then scientifically and objectively reveal the theoretical and logical relationship between the law and influence of tax activities of the capital management products and the capital management industry.It provides a scientific theoretical basis for the establishment of a scientific and reasonable tax system for capital management products.Second,there is a lack of systematic research on the specific tax system of asset management products,especially the research on the tax theory and system of the whole process and complete chain from design to form products to operation management and sales.Asset management industry and its products are a new and changing industry and products,especially in the new era of globalization,financialization and digital economy.It is really very difficult to follow and study the implementation,operation and change of the tax theory and system of the products from the two aspects of theory and practice at the same time.This is also an important reason for the lag of research in this area.This paper mainly studies the tax system of asset management products.The main use of literature classification comparative research method and case analysis,standard research method and other research methods to analyze and comb the tax system design of our national assets management products.The train of thought of the research is: take the main asset management product business model as the breakthrough point,analyzes the present related tax system and the stipulation,discovers the question which the policy stipulation exists.In line with the principle of tax fairness and efficiency to sort out these problems,and draw lessons from international experience,combined with the reality of our country,put forward the overall proposal to improve the design of asset management product tax system.Especially in how to systematically design the main asset management products-asset securitization products,private equity investment fund products,trust products tax system put forward policy recommendations.The core point of view of this paper: first,under the background of "the era of big capital management",the research on tax issues in the field of capital management must be targeted to change the perspective of research,correspondingly.The mechanism of tax system design should also change from the traditional mechanism of establishing tax system according to financial institutions to the mechanism of determining tax system according to the nature of capital management products.Based on this analysis,this paper proposes a tax system design from the perspective of financial business and financial products,rather than from the perspective of financial institutions.To the same kind of business should unify the tax system formulation and the implementation standard policy recommendation.Secondly,the author tries to apply the principle of tax fairness and efficiency to the theoretical analysis of the tax system design of investment management products.Furthermore,the author puts forward the principle of tax fairness that investors should get more consistent tax treatment,whether they adopt the strategy of direct investment or invest through managers.At the same time,it is also proposed that tax policies should enable investors not to bear a heavier tax burden by investing in asset management products through asset managers,thereby changing their behavior choices.And then achieve the tax efficiency principle that the tax policy does not have the "distortion" influence to the market as far as possible.The third is the in-depth analysis of the existing problems in the design of asset management product tax system,especially in the design of the core tax system-taxpayer.It is pointed out clearly that the tax system with the manager of capital management products as the taxpayer of VAT is unreasonable,and that the VAT taxpayer of the product of capital management should be the beneficiary or holder of the product.The administrator of the capital management product shall be the withholding agent.This redesign conforms to the objective law of the capital management industry and the law of tax activity of the capital management industry..Fourth,this paper puts forward the overall proposal to further improve the tax system design of our national capital management products,and tries to lay a foundation for the establishment of relatively unified tax rules for the mixed operation of the capital management industry.On this basis,this paper strive to be more in-depth and concrete,three types of specific asset management products for the tax system design,so that the recommendations more pragmatic and operational.The innovation of this paper is mainly reflected in the following aspects:1.Based on the background of "the era of big capital management",it is proposed that the research perspective of the tax system of capital management products should be changed from the traditional financial institutions to asset management products,and that the tax system should be designed according to the nature of the capital management products.This paper puts forward that the same kind of asset management products should be unified in the formulation principles and implementation standards of the tax system.In the past,the establishment of the tax system in the financial field was based on the financial institutions,and the policy was directed to the determined financial institutions,which did not adapt to the reality and trend of the financial development of the current mixed operation and the integration of the forms of finance.Bring all kinds of problems such as tax fairness and efficiency.The establishment of a tax system based on financial products will effectively address these problems.Through the scientific and objective revelation of the theory and logic relationship between the law and influence of tax activity in the capital management products and the capital management industry,it provides a scientific theoretical basis for the establishment of a scientific and reasonable tax system for the capital management industry.In addition,this paper puts forward the idea of studying and designing the tax system based on the nature of financial products.It is not only suitable for the asset management industry,which has the earliest time,the most rapid development and the most full characteristic of the mixed operation in the financial field.More conducive to the financial sector in other sub-areas of tax issues to provide a research perspective and ideas.2.This paper makes an in-depth study on the difficult problems that have puzzled the design of the tax system of asset management products for a long time,especially puts forward some suggestions on the design of the core tax system of asset management products-taxpayers.It is pointed out that the tax system with the manager of capital management products as the tax payer of VAT is unreasonable,and it is suggested that the VAT taxpayer of the product should be the beneficiary or holder of the product.The administrator of the capital management product shall be the withholding agent.This redesign is based on the relevant theories in the field of law,finance and taxation,and accords with the objective law of the capital management industry and the law of tax activity of the capital management industry.3.In terms of research methods,this paper insists on the combination of generality analysis and personality research.On the basis of the general analysis,this paper puts forward the general suggestion of further perfecting the tax system design of our national capital management products,and makes every effort to lay the foundation for the establishment of relatively unified tax rules for the mixed operation of the capital management industry.On this basis,this paper adhere to personality research,further in-depth and concrete,three specific asset management products for the tax system design.This is because asset management products also have a variety of different product patterns,each product form in product design,operational links,operation process have different characteristics,so.Different products in the specific design of the tax system is bound to be different.Especially after the reform of the financial industry,the VAT related system needs to be improved,and the specific system design of a certain asset management product is even more inadequate.Therefore,this paper selects three kinds of specific products with fast growth rate: asset securitization products,private equity investment fund products,trust products,and refine the specific tax system design.With a view to making the recommendations more pragmatic and operational.