Research On Taxation Of Enterprise Asset Securitization

Asset securitization is one of the most striking financial innovations since the 20 th century.This delicate and complex financial innovation has been praised by many countries for its role in revitalizing corporate assets,enhancing asset liquidity,and reducing asset-liability ratio.Among the many influencing factors of the asset securitization business,the tax is particularly critical.Because the factor of tax will directly affects the financing costs,which in turn affects the effectiveness of asset securitization.However,China currently has no systematic tax legislation for asset securitization.In 2006,the State Administration of Taxation issued the "Notice on Tax Policy Issues Concerning Securitization of Credit Assets" only for credit asset securitization.But as the largest proportion of China’s securitization market,Enterprise asset securitization lacks clear tax policy.The process of asset securitization is complicated,involving a large number of taxpayers and taxation links.Imperfect taxation policies will bring greater tax risks,and weaken the motivation of participating entities.Based on this,this paper mainly discusses the tax issues of corporate asset securitization.This paper focuses on the case analysis of Asset Securitization operated by Zibo Boshan Thermal Power Company,and analyzes the tax treatment of the three major tax-related links of asset securitization.The three links include basic asset transfer,SPV operation and income distribution.On the basis of case analysis,this paper summarizes the tax problems of enterprise asset securitization,and analyzes the advantages and disadvantages of different taxation models.Finally,according to the actual situation of China,the taxation design idea of enterprise asset securitization is put forward.The paper may provide a reference model for solving the problem of China’s asset securitization tax law,and help improve the taxation policy of corporate asset securitization in China.