China tax prodigal son: From the perspective of IMF, we divide funds into three types: contractual, partnership and corporate funds. For example, the familiar railway development fund is the enterprise fund.

For corporate funds and partnership funds, the fund property is established through the establishment of partnership enterprises, limited liability companies, joint stock limited companies, etc. The fund itself is a commercial entity, and it is registered at the same time in the industrial and commercial department (later the market supervision and management department) and the tax department. If these two types of funds have VAT taxable sales and their corresponding business entities are VAT taxpayers, then it is ok to declare VAT as taxpayers. These asset management products of contractual funds usually have no entity, and managers, customers and custodians perform their respective rights and obligations according to the contract. The fund itself is not registered with the tax authorities, and it is not possible to declare VAT separately in the name of an individual. Therefore, it is necessary to identify its taxpayers separately through the tax law. Documents such as Caishui [2065 438+06] 140 confirm that the manager is a VAT taxpayer in the operation of asset management products (including funds). Caishui [2065438+07] No.56 requires that the value-added tax on the operation of asset management products shall be paid from New Year's Day of 20 18. Therefore, this policy can only be applied to asset management products, including contract funds, but not to partnership funds and corporate funds with enterprise entity attributes. If the taxable value-added tax behavior of these two types of funds is part of the reform of the camp, the value-added tax should be paid from the date of the pilot reform of the camp. For example, loan services and transfer of financial commodities will be subject to VAT from May 1 20 16.