On The Construction Of The Tax Law System Of Chinese Real Estate Investment Trust

Real Estate Investment Trust(REITs)was first established in 1960 by the United States "Internal Revenue Code",and currently 36 countries and regions have established the Real Estate Investment Trust Fund legislation.Chinese Real Estate Investment Trust Fund pilot is imminent,the relevant tax law system is still blank.The tax problem restricts our country to carry out the asset securitization business both in the theory and the practice,the construction of the tax law system has the vital influence to promote our country REITs development.This paper makes a systematic investigation of Real Estate Investment Trust Fund,analyses its legal characteristics and tax legal relationship.Then by combing our country's current tax law,analysing the structure and tax of our existing real estate securitization products,we find that the development problems of Chinese Real Estate Investment Trust Fund are overweight,double and unclear taxation.In the mature Real Estate Trust Investment Fund market,American adopted tax preference drive mode while Hong Kong and Singapore adopted special legislation mode,these two typies of legislation mode have a reference to China.The author thinks that the construction of China Real Estate Investment Trust Fund tax law system needs to consider from three aspects: first,Chinese Real Estate Investment Trust Fund legislation should draw on the Asian countries' special legislation mode,rely on the government strong impetus,revise the company,the trust,the securities and related laws and regulations in the existing legal system framework.The "Public Fund + Asset Securitization" mode is the suitable path of Chinese Real Estate Investment Trust Fund development.Secondly,according to the trust conduit theory,the principle of beneficiary's tax payment and principle of no increase or decrease in taxation should be applyed.Third,we should design from the angle of specific taxes to specify which party,which links in the Real Estate Investment Trust Funds to enjoy tax concessions,so as to avoid duplication of taxation,reduce the tax burden.