Asset management product managers include banks, trust companies, Public Offering of Fund management companies and their subsidiaries, securities companies and their subsidiaries, futures companies and their subsidiaries, private fund managers, insurance asset management companies, professional insurance asset management institutions and endowment insurance companies.
Simply put, the essence of asset management is entrusted by people to manage money on their behalf. Among all kinds of asset management products, fund companies, trust companies and banks entrusted by investors to manage asset management products are managers of asset management products. The tax policy of asset management products has always been to see flowers in the fog. This paper combs and summarizes the tax documents of asset management products since the reform of the camp, and sees the storm clearly.
I. Interpretation of the value-added tax policy for asset management products, the main contents are as follows:
1. What VAT taxable behaviors are involved in the purchase of various asset management products by investors?
(1) How do investors (institutions and individuals) pay VAT for asset management products?
Non-principal-guaranteed income obtained by investors during the holding period (including maturity) of various asset management products does not belong to the scope of value-added tax collection, and value-added tax is not levied.
Investors should pay 6% value-added tax according to the loan interest income for the capital preservation income obtained during the holding period (including maturity) of various asset management products; For small-scale taxpayers, the rate of VAT collection is 3%.
How to distinguish between guaranteed income and non-guaranteed income?
According to Caishui [20 16]No. 140, the capital preservation income refers to "the investment income that is explicitly promised in the contract that the due principal can be fully recovered". Therefore, it is mainly determined according to the specific terms of the contract: if the contract explicitly promises to protect the capital, it will be treated as protecting the capital; If you explicitly promise not to break the money, you will be treated as breaking the money; If the contract is not clear, it is recommended to sign a supplementary agreement.
According to Caishui [2065438+06] No.36, income is guaranteed, and value-added tax is paid according to "loan service". If it is defined as non-guaranteed income, investors do not need to pay VAT.
(2) How do investors (institutions and individuals) pay VAT when transferring asset management products?
Investors who purchase various asset management products and transfer their ownership before maturity shall pay 6% value-added tax according to the transfer of financial commodities. Investors buy various asset management products and hold them until maturity, which does not belong to the transfer of financial commodities.
Individuals engaged in financial commodity transfer business are exempt from value-added tax. No distinction is made between capital preservation type and non-capital preservation type, and the income from transfer price difference is exempted from value-added tax.
Reference policy documents: Notice of State Taxation Administration of The People's Republic of China of the Ministry of Finance on Issues Related to Value-added Tax on Asset Management Products (Caishui [2065438+07] No.56), Notice on Defining Value-added Tax Policies for Finance, Real Estate Development and Educational Auxiliary Services (Caishui [2065 438+06] 140) and State Taxation Administration of The People's Republic of China of the Ministry of Finance on Changing Business Tax to Value-added Tax.
# 3ig4 #, How can asset management product managers apply the VAT rate when operating various asset management products?
(1) After July 20171day, the manager of the asset management product shall be the VAT taxpayer, and the VAT shall be paid according to the current regulations. For the time being, the simple tax calculation method is applied, and the value-added tax is paid at the rate of 3%.
According to Caishui [2065438+06] No.36, income is guaranteed, and value-added tax is paid according to "loan service". If it is defined as non-guaranteed income, the asset management product manager does not need to pay VAT.
(2) Transfer of spread income of financial products
During the operation of asset management products, 3% value-added tax (simple tax calculation) should be paid for the difference income from buying and selling financial commodities.
Reference Policy Document: Notice on Defining Value-added Tax Policies for Finance, Real Estate Development, Educational Auxiliary Services, etc. (Caishui [20 16] 140No.) and Caishui [2016] No.36 "Notice of State Taxation Administration of The People's Republic of China, Ministry of Finance of People's Republic of China (PRC) on comprehensively pushing forward the pilot of changing business tax to value-added tax".
Second, on the issue of income tax.
1. Interpretation of income tax policy of securities investment funds, the main contents are as follows:
-For institutional investors:
(1) The income obtained by securities investment funds from the securities market, including the price difference income from buying and selling stocks and bonds, dividend income from equity, interest income from bonds and other income, will not be collected for the time being.
(2) No enterprise income tax shall be levied on the income obtained by institutional investors from the distribution of securities investment funds for the time being.
-For fund managers:
Enterprise income tax will not be levied on the difference income of securities investment fund managers using funds to buy and sell stocks and bonds for the time being.
-For individual investors:
(1) Individual income tax will not be levied on the difference income obtained by individual investors from buying and selling fund shares until the individual income tax on the difference income from buying and selling stocks is resumed.
(2) For dividends, stock dividend income and corporate bond interest income obtained by individual investors from fund distribution, listed companies and bond issuing enterprises withhold and remit 20% of personal income tax when distributing dividends, bonuses and interest to the fund, while the fund does not withhold and remit personal income tax when distributing dividends, bonuses and interest to individual investors.
(3) The debt interest, savings deposit interest and stock price difference income obtained by investors from fund distribution are not subject to income tax for the time being, and will be collected after the debt interest income, personal savings deposit interest income and stock price difference income are resumed.
(4) Individual income tax shall be levied on individual investors for the differential income of corporate bonds obtained by individual investors from fund distribution, and the tax shall be withheld and remitted by the fund according to law;
Reference policy documents: Notice of State Taxation Administration of The People's Republic of China, Ministry of Finance of People's Republic of China (PRC) on Taxation of Securities Investment Funds (Caishuizi [1998] No.55), Notice of State Taxation Administration of The People's Republic of China, Ministry of Finance of People's Republic of China (PRC) on Partial Preferential Policies for Enterprise Income Tax (Caishui [2008] 1 No.0) and Announcement on Catalogue of Preferential Policies for Individual Income Tax (Announcement of State Taxation Administration of The People's Republic of China, Ministry of Finance of People's Republic of China (PRC)
2. Income tax on trust income:
Do individual investors pay income tax on the income from subscription of trust products?
Trust is not the taxpayer. At present, trust products are not taxed when distributing income, and the current laws and regulations do not clearly stipulate that trust companies have the obligation to withhold and pay personal income tax. Income earned by individuals should belong to "income from interest, dividends and bonuses", and personal income tax is levied in full at the tax rate of 20%. However, in the current tax declaration system for individual investors, trust companies do not collect and remit individual income tax of investors, and individual investors need to declare tax when subscribing for trusts. At present, China's tax law does not clearly stipulate whether the income from purchasing trust products needs to pay income tax, so after the trust expires, the principal and income obtained by investors do not need to pay income tax. In the case that individual investors do not declare individual taxes on their own initiative, it is difficult to collect and manage individual investment trusts' income. The author understands that the tax payment of trust income has not attracted much attention, and the tax bureau has not strictly collected and managed it.
How to deal with the income tax of enterprise investors who subscribe for trust products?
According to the provisions of Article 17 of the Implementation Regulations of the Enterprise Income Tax Law, the dividends, bonuses and other equity investment income mentioned in the fourth paragraph of Article 6 of the Enterprise Income Tax Law refers to the income obtained by the enterprise from the invested unit.
With regard to the confirmation of dividends and bonuses from equity investment, Article 4 of the Notice of State Taxation Administration of The People's Republic of China on Several Tax Issues Concerning the Implementation of the Enterprise Income Tax Law (Guo [2010] No.79) stipulates that the realization of dividends and bonuses from equity investment of an enterprise shall be determined on the day when the shareholders' meeting or shareholders' meeting of the invested enterprise makes a decision on profit distribution or share conversion.
Dividends and bonus income obtained by resident enterprises shall be treated as enterprise income tax after the investment income is confirmed within the time stipulated in the tax law. The specific measures are as follows: Article 26 of the Enterprise Income Tax Law stipulates that the following income obtained by enterprises belongs to tax-free income: (2) income from dividends, bonuses and other equity investments between qualified resident enterprises; (3) Non-resident enterprises set up institutions and places in China, and obtain dividends, bonuses and other equity investment income actually related to the institutions and places from resident enterprises.
Dividends, bonuses and other equity investment income mentioned in the second and third paragraphs of Article 26 of the Enterprise Income Tax Law do not include the investment income obtained by residents' enterprises after holding publicly issued and circulated stocks for less than 12 months.
According to the above provisions, investors who invest in other resident enterprises in China, excluding those who have continuously held shares publicly issued and circulated by resident enterprises for less than 12 months, are tax-free and do not pay enterprise income tax.