The Notice on Launching Pilot Tax Policies for Venture Capital Enterprises and Angel Investors announced that angel investors' investment in start-up technology-based enterprises can be tax-deductible according to 70% of their investment in eight pilot zones of comprehensive innovation and reform in Beijing-Tianjin-Hebei, Shanghai, Guangdong, Anhui, Sichuan, Han, An, Shenyang and Jiangsu industrial parks, and this policy will take effect from July this year.
This is the first policy in China that specifically defines the angel investment tax, and it also exceeds the expectations of angel investors and entrepreneurs including Lei Jun and Yu for tax reduction in this respect.
From June, 2065438 to June, 2006, Lei Jun, an alumnus of Wuhan University, put forward at the forum of "China Economy: New Economic Concept and New Kinetic Energy" in Davos, Tianjin: Compared with the entrepreneurial environment like Silicon Valley in the United States, China has more money and less angel investment. The reason is that at present, the state imposes a 20% tax on angel investment institutions, and investors are unwilling to do business at a loss. "Invest in 30 projects and succeed in one or two projects." When I earn the money from Project 30, you will be subject to 20% personal income tax. This business is not worthwhile! He also proposed "deduction" for the first time: the tax is accumulated in seven years, and how much personal income tax is deducted according to the loss.
Lei Jun is an entrepreneur who proposed tax reduction for angel investment earlier. Yu Zeng, the founder of New Oriental, said that the tax rate levied by the state on angel investment institutions should be reduced by at least half, so that more money can be invested in angel funds. Wang Gang, an investor in Didi Angel, believes that it is difficult to reduce it all, but it is good to reduce it by half.
According to the notice, after meeting some restrictive conditions, if angel investors directly invest in start-up technology-based enterprises for two years by means of equity investment, they can deduct the taxable income obtained by transferring the equity of start-up technology-based enterprises according to 70% of the investment amount; If the current deduction is insufficient, it can be carried forward for deduction when the taxable income of equity transfer of start-up technology-based enterprises is obtained in the future.
The enterprise income tax policy stipulated in this notice shall be tried out from 20 17 1, and the individual income tax policy shall be tried out from 20 17 1. Start-up technology enterprises invested by angels and individuals who enjoy the tax pilot policy shall be registered in the pilot areas specified in this notice.
Angel investment mainly provides new financing channels for start-ups and is an important source of early equity capital for start-ups. According to the information consulted by reporters, the investment failure rate in angel investment stage can reach up to 90%, but without the control of angel investors 19 years ago, there would be no Google today.
Before, angel investors were faced with the situation of "making money" with high tax burden and "losing money" without any tax subsidies. The government only levies taxes on income-generating projects, and will not share the risks of loss-making projects. Once the capital flows back, it will be taxed, and there is no comprehensive setting, which leads to "the cost cannot be recovered, and the tax will be levied first". Secondly, at present, the angel fund of the company system pays enterprise income tax at the company level according to the tax rate of 25%; At the shareholder level, personal income tax is required to be paid at the rate of 20% when dividends are distributed. For angel investors, the comprehensive tax rate is around 40%.
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It is conducive to promoting angel investors to accelerate their pace and create more opportunities for innovation and entrepreneurship.
What do Bole and Ma Liang think of this policy? Almost every investor and entrepreneur interviewed agrees that this is an important benefit of innovation and entrepreneurship, which is conducive to promoting outstanding angel investors to accelerate their pace and create more opportunities for innovation and entrepreneurship.
Fu Cheng, chairman of Yixun Electronics, believes that both entrepreneurship and investment are risky. The tax policy on venture capital shows the government's attitude of encouraging venture capital, and also allows investors to see the expanded venture capital income. Huilong Wang, the legal director of financing, also thinks that this is a good thing for enterprises.
It is understood that 1/3 the US state government has introduced a tax reduction policy to encourage angel investment and development. Chong Li, the founder of Lighting Capital with over 10 years of investment experience, made the first angel investment in his life and invested in Yao Xin, who founded PPTV in Huazhong University of Science and Technology. Later, he invested in science and technology, interest management and other projects in Korea. He believes that the overall business environment is more important than tax incentives.
Tens of thousands of angel investors are active in the tiny Silicon Valley with a population of millions. Li Ruxiong, president of Changjiang Angel Exchange, the first angel investor association in Wuhan, and general manager of Wuhan Optics Valley Coffee Venture Capital Co., Ltd. said that "angel investment in Wuhan is still in its infancy". After the liberalization of preferential tax policies, it is very beneficial to the development of angel investment, but the first thing should be three. "First of all, we want to be professional. Some people understand that angel investment is not a public welfare undertaking or an acquaintance. Secondly, entrepreneurial projects should be good enough. If the innovation ability is insufficient, there are no more good projects worth investing, and Bole guards the open grassland but can't see the horse; Third, there must be an exit mechanism. "
(Reporter Li Wei)