The Study Of Tax Policies Regarding Venture Capital Enterprises

The investment activities of venture capital enterprises can promote the development of venture enterprises,optimize the industrial structure,and play an irreplaceable role in China's economy.The limited partnership system is the best form of organization for venture capital enterprises and promotes the development of venture capital enterprises with limited partnership systems.It's important for the entire venture capital industry.The importance of improving the income tax system that matches the development of limited partnership venture capital enterprises is self-evident.To improve the income tax system of limited partnership venture capital enterprises will reduce the tax risk of limited partnership venture capital enterprises,which is beneficial to the development of venture capital enterprises.Our country limited partnership venture capital enterprise income tax system experienced from the absence of independent system regulations,included in the partnership enterprise income tax system,to the introduction of limited partnership venture capital income tax special provisions,and the partnership enterprise income tax system separation process.At present,the limited partnership venture enterprise itself does not pay taxes,and the partners pay taxes.Its partners mainly include: natural persons,legal persons and partnerships.The natural person partner shall choose one of the two accounting methods to pay taxes in the single fund accounting and the overall accounting.The income of the legal person partner shall be taxed according to the enterprise income.There are no detailed provisions on income tax collection for partners of the partnership.In addition,the partners of the limited partnership system can also enjoy the income tax deduction policy of deducting taxable income by 70 % of the investment amount if certain conditions are met.The following problems still exist in the enterprise income tax system of limited partnership system in our country: whether the penetration of some tax preferential policies is unclear,the incidental income and management fees are not reasonably defined,and the time limit for changing accounting methods is too long.China's tax law does not make it clear that part of the tax preference policy can be applied through,which violates the clear principle of the tax element of the legal principle of taxation.Some of the tax incentives that have not been clearly penetrated are the tax exemption policy among resident enterprises and the income tax deduction policy that deducts taxable income by 70 % of the investment amount.Because the interpretation of the tax law must be carried out within the scope of the meaning of the tax law,and whether these two tax preferential policies can not be penetrated by the meaning of the tax policy,it can not be supplemented by the interpretation of the tax law.These two systems,which do not explicitly provide for the application of tax preferences,are loopholes in the tax law.In accordance with the principle of clear taxation elements,they should be clearly defined.It was suggested that the two tax incentives could be penetrated so that the tax burden on partners could be reduced.Our country limited partnership system venture capital enterprise income tax system does not carry on the reasonable characterization to the incidental income and the management fee.The individual income tax shall be calculated according to the "business income" in accordance with the Regulations on the Implementation of Personal Income Tax.Business income includes income from labor and capital earned by the operator.However,the incidental income is the performance remuneration of the individual general partner operating the partnership,and the management fee belongs to the general partner responsible for the daily operation of the partnership,both of which belong to the "labor remuneration income" obtained for the partnership providing labor services.The principle of tax fairness requires that the same means should be used for the same things and that the same tax rates should apply to income of the same nature.In view of the state's policy of encouraging venture capital enterprises,it is suggested that the partners of venture capital enterprises under the limited partnership system should be given tax payments in line with the current arrangements for the selection of venture capital enterprises for partnership.Select incidental income and management fee to pay income tax according to one of the types of income in "business income" or "labor remuneration income".The limitation period of change accounting method of limited partnership venture capital enterprise in our country is too long.Our country to venture capital enterprise is encouraging attitude,the tax policy for limited partnership venture capital enterprise should follow the state council executive meeting put forward "individual partner tax burden of venture capital enterprise has been reduced,only reduce not increase".Due to the risk and uncertainty of the limited partnership venture,it is difficult to accurately predict its future earnings.Under the condition that the calculation method can not be changed for three years after the selection of the method,the tax burden of the individual partner of the limited partnership venture enterprise can not be guaranteed.Only reduce does not increase.The means of taxation do not match the purpose of encouraging the development of venture capital enterprises and violate the principle of proportionality.The change time of accounting method should be shortened to a tax year in order to reduce the cost of collection and collection in order to encourage the development of venture capital enterprises.