Research On Tax Law Issues In China's Real Estate Investment Trusts

Real estate investment trusts are a kind of private equity or public fund operation,which gathers the idle funds of investors and invests in the real estate field with the specialization of operation management institutions.Upon completion of the transaction,the proceeds will be transferred in full to the investors participating in the transaction.Real estate investment trusts have become mainstream financial methods in developed countries such as the United States and the United Kingdom.They have also been widely used in countries such as Japan and Singapore.To a certain extent they have effectively stimulated the economic development of these countries and regions.China's economic growth rate is relatively fast.The GDP is ranked second in the world.China's real estate investment trusts and large-scale institutional design have a long way to go,regardless of the size of the transaction,the type of underlying assets or related laws and regulations.The taxation system has a significant impact on the overall business development.It is also a major constraint to business development.Starting from the real estate investment trust tax system,this paper takes the common transaction mode of real estate investment trust as thestarting point,and tries to explore the tax-related legal issues by analyzing the stages.How to develop the real estate investment trust system?In addition to the introduction and conclusion,the full text is divided into four parts.The first part mainly starts from the basic situation of the specific practical case of CITIC Sailing Real Estate Investment Trust,and expounds the main transaction model of real estate investment trust.Combined with the specific transaction structure in the case of CITIC Sailing Real Estate Investment Trust,we try to understand the real estate investment trust from the context of the specific case.And then we find out the tax law issues to be solved from the specific appearance of the individual:(1)According to the theoretical principle,the difference affects the determination of the taxpayer;(2)The problem of repeated taxation exists objectively in the entire real estate investment trust transaction.At the same time,the problem of repeated taxation has become a major barrier affecting the development of real estate investment trusts.It has a certain directive effect on its transaction structure.The second part is mainly from the microscopic point of view,combined with the analysis of legal teaching theory.We analyzes the disputes in the real estate investment trusts in China and explores the main reasons for the disputes of taxpayers.The taxpayer is an important taxation factor and the main component of the tax law.The dispute over the taxpayer in the real estate investment trust is essentially the application of the theoretical principle.The principle of the first consideration determines the dispute of the taxpayer.In the current civil legal system,it is objectively difficult to identify uncertain trust property as an independent civil subject and an independent taxpayer.Therefore,it is more difficult to accept the trust property as an independent taxpayerand then tax.On the contrary,the trust conduit theory can highlight the essence of the trust and the principle of tax law in order to meet the requirements of the principle of tax efficiency and tax equity.The third part is mainly from the overall perspective through the objective existence of repeated taxation in real estate investment trusts.At the same time,the SPV(special purpose carrier)structure is involved in the real estate investment trust.The phenomenon of repeated taxation is intensifying.The phenomenon of repeated taxation needs to be solved urgently.The fourth part is mainly based on improving the current tax system of real estate investment trusts.In view of the current tax system which is related to real estate investment trusts,the following suggestions are proposed: First,the unified basic value orientation should be determined,including the selection and confirmation of the theoretical basis,the unification of the internal structure of the tax law.Secondly,it is necessary to repair the real estate investment trust's own legislation and improve the tax regulations.It is also necessary to determine the corresponding theoretical basis and applicable principles through the plain text legal form.Finally,we try to solve the problem of tax law in real estate investment trusts with a unified thinking path.