The China Asset Management Association, which is supervised and guided by the Securities Industry Association, issued the Relevant Suggestions on Accounting and Valuation of Value-added Tax for Securities Investment Funds, which also clearly stipulated that the difference income from the fund's trading of stocks and bonds was exempted from value-added tax.
However, according to the documents of Caishui (20 16) 140, Caishui (20 17)56 and Local Taxation Bureau, private equity investment funds have been required to pay the difference between buying and selling stocks and bonds since 20 18 1. For the VAT taxable behavior during the operation of asset management products, the asset management product manager is the VAT taxpayer, and the private fund manager calculates and pays the VAT and additional taxes according to the provisions of laws and regulations and the requirements of tax authorities.
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