Among the different forms of capital appreciation obtained by equity investment funds operating equity investment business, project dividends and dividend income belong to dividend income, not to the scope of value-added tax; It is not within the scope of value-added tax to extract income from projects by means of non-listed equity transfer such as mergers and acquisitions or repurchase; If the project exits through the secondary market after listing, it needs to pay VAT according to the requirements of the tax authorities.