Study On The Improvement Of Income Tax Law Of Limited Partnership Venture Capital

The limited partnership venture capital(hereinafter referred to as "partnership venture capital")has gradually developed after the incorporation of limited partnerships in the revised Partnership Law in 2006.In view of the role of partnership venture capital in promoting scientific and technological innovation,the state has adopted many tax policies to support its development,but due to the imperfect income tax system of partnership venture capital,there are many problems in its development.This paper will discuss the main problems of partnership venture capital,and suggest on how to improve these problems based on the principles of tax law on the basis of analyzing the problems and investigating the experience abroad.This paper is divided into four chapters.The first chapter is about the introduction of the basic theories of partnership venture capital,which will become the basis of the later discussion.Through the introduction of the definition of venture capital and venture capital enterprise in law,this paper introduces the definition and basic category of the income tax on partnership venture capital,which limits the scope of the following study.The introduction of different tax modes of partnership venture capital in the world is to lay a foundation for the discussion of tax modes and their improvement in China,and the basic principle of improving partnership venture capital is the analysis path of the ideas and suggestions.The second chapter is about the analysis of the existing problems of partnership venture capital income tax.First of all,by examining the historical evolution of the income tax system of partnership venture capital between the central and local governments,it is found that there are differences between them in the applicable tax items of "income from equity transfer",the tax regulations of general partners and limited partners,and the setting of tax incentives.The introduction of Cai Shui [2019] No.8 is conducive to alleviating the dispute between the central and local governments on "equity transfer income",but due to the existence of the "sunset clause",and failed to touch on the issue of taxation of carried income of general partners,this relief can only be temporary.Therefore,it is necessary to analyze the reasons behind the existing problems through further discussion,which mainly include: the dispute over the applicable tax items of the equity transfer income,the difficulty in defining the tax on carried interest,and the differences between the central and local governments in terms of tax payment.So as to clarify the direction for improving these problems.The third chapter introduces the extraterritorial experience of the existing problems of partnership venture capital from the perspective of extraterritorial investigation.This part will mainly discuss: first,the tax treatment of equity transfer income by different extraterritorial taxation models,as well as the advantages and disadvantages of different taxation models;second,the taxation and the debate on the taxation of carried income in the United States;third,the tax system of extraterritorial partnership venture capital,which respectively introduces the design of the basic tax system of partnership in the United States and the special legislative model of tax incentives in Japan and South Korea.On the basis of the analysis of the previous problems and the investigation of foreign experience,the fourth chapter puts forward some ideas and suggestions on how to improve the existing problems of partnership venture capital in China in combination with the basic principles of tax law: first,from the principles of substantive taxation and capacity taxation,this paper analyzes the nature of equity transfer income and whether it should be taxed on the penetration,and examines the rationality of the application of the current taxation model in our country,and then put forward the adjustment way of taxation on the income from equity transfer;second,by analyzing the rationality of the extraterritorial taxation of carried income under the present situation of the development of partnership venture capital in our country,and then analyzing how to make it clear in our country according to the requirement of the principle of proportionality;third,from the perspective of the legal principle of taxation,combined with the experience of the United States,Japan and South Korea in designing the tax system of partnerships and tax incentives,according to the principle of statutory tax elements and legal priority,this paper puts forward some suggestions to improve the current situation of the lack of coordination and systematicness of the partnership venture capital tax system in China.