Pay taxes according to different classifications.

Value-added tax is an indirect tax levied on taxable activities. How taxpayers pay value-added tax depends on their specific taxable activities. The Policy Interpretation of Some Clauses in Caishui [216] No.14 Document issued by the Department of Taxation and Administration of the Ministry of Finance also clearly stipulates that "it is necessary to judge whether VAT is taxable according to the nature of the income obtained, and pay VAT according to the current regulations".

according to the classification of "financial services" in the pilot implementation measures for changing business tax to value-added tax, the taxable behaviors of value-added tax of private equity funds are mainly as follows:

(1) loan services

The private equity funds obtain interest income by lending funds to others, including interest income (including guaranteed income, remuneration, capital occupation fee, compensation, etc.) during the holding period of financial goods, and buying and selling back finance.

among them, the above-mentioned "capital preservation income, remuneration, capital occupation fee, compensation, etc." refers to the investment income that is clearly promised in the contract that the due principal can be fully recovered.

in other words, if private equity funds invest in bank loans, corporate bonds, etc., they should pay value-added tax. Considering that the input tax deduction that private fund managers can get for "loan service" is limited, the provision of "paying value-added tax at the rate of 3%" in Caishui [217] No.56 document substantially reduces the value-added tax burden of "loan service".

It should be reminded that according to the Provisions on the Pilot Transition Policy of Changing Business Tax to VAT, the interest income earned by private equity funds from investing in government bonds and local government bonds is exempt from VAT.

(2) transfer of financial commodities

according to the provisions of the pilot transition policy of changing business tax to value-added tax, the income from the transfer of financial commodities obtained by managers of securities investment funds (closed-end securities investment funds and open-end securities investment funds) by using funds to buy and sell stocks and bonds is exempt from value-added tax.

since the securities investment fund law has clearly included private equity funds in the category of securities investment funds, the above-mentioned preferential policy of exemption from value-added tax is also applicable to the income from the transfer of financial commodities obtained by private equity funds from buying and selling stocks and bonds.

as for the private equity fund's income from the transfer of financial commodities due to the trading of foreign exchange, non-goods futures and other financial commodities, it shall be subject to VAT according to Caishui [217] No.56.

Of course, private equity funds may get stock dividends while holding stocks. Since stock dividends are not guaranteed income, according to Caishui [216] No.14 document, these stock dividends are not subject to VAT taxation. Extended information

Note: It is assumed that VAT surcharge = tax payable ×12%. In practice, the value-added tax surcharge rate will vary from place to place.

(1) Contractual private equity fund A received a fund management fee of 5, yuan (no input tax) in the current period. In addition, corporate bonds were bought and sold in the current period, with a purchase price of 1 million yuan and a selling price of 11 million yuan. During this period, I received interest of RMB 5, from corporate bonds and RMB 3, from debt interest.

1. Management fee

5, yuan is the sales amount of financial services charged directly, and the tax payable is calculated at the tax rate of 6% according to the general tax calculation method.

tax payable = [tax-included sales ÷(1+ tax rate )× tax rate-current input tax amount] ×(1+ additional tax rate for value-added tax)

= [5 ÷ (1+6% )× 6%- ]× (1+12%)

about 3.

2. The bond bid-ask spread

1,1-1,, = 1,, yuan is the sales amount of the financial commodity transfer, and the taxable amount is calculated according to the simple tax calculation method and the 3% levy rate.

Taxable amount = sales amount including tax ÷ (1+collection rate) × collection rate ×(1+ VAT additional tax rate)

=1W÷(1+3%)×3% ×(1+12%)

About 32,6

Taxpayer:

3. Bond interest

Corporate bond interest of 5, yuan is the sales of loan services, and debt interest's income is tax-free. According to the simple tax calculation method, the tax payable is calculated at the rate of 3%.

tax payable = sales including tax ÷ (1+collection rate) × collection rate ×(1+ additional tax rate for value-added tax)

=5W÷(1+3%)×3% ×(1+12%)

About 16,3

Taxpayer:

(2) Limited partnership private equity funds bought and sold local government bonds in the current period, with a purchase price of 5 million yuan and a selling price of 5.2 million yuan. The limited partnership is a general taxpayer.

bond bid-ask spread

52-5 = 2, yuan is the sales amount of the financial commodity transfer. In this case, the tax payable should be calculated according to the general tax method of 6%.

tax payable = [tax-included sales ÷ (1+tax rate )× tax rate-current input tax amount ]×(1+ additional tax rate for value-added tax)

= [2 ÷ (1+6% )× 6%- ]× (1+12%)

Baidu Encyclopedia-Value-added Tax

Baidu Encyclopedia-Pilot Implementation Measures for Changing Business Tax to Value-added Tax

Policy Interpretation of Tax Administration Department of the Ministry of Finance-Goods and Services Tax Department of State Taxation Administration of The People's Republic of China on Some Terms of Caishui [216] No.14 Document.