| Asset securitization is one of the greatest global financial innovations since the1970s, compared with traditional financing method,it’s an asset-based credit which isbased on the cash flows in future. In the United States, Britain and other developedcountries, it has become mainstream financial way. In Japan, Korea and other Asiancountries, it’s also gained widespread use and promoting financial development andeconomic growth in these countries and regions.China’s economic growth rate remained at a high level every year, the amount ofGDP has ranked second in the world. However, our asset securitization business isstill in early stages, compared with the developed countries in Europe and America,there is an obvious gap in transaction size, product type and corresponding laws andregulations. There are many factors restricting the development of asset securitization,transaction costs is one of the key factors without question. As an important part ofthe transaction costs, the size of the tax cost is worth paying attention to. In view oftransaction costs, the core carrier of asset securitization, which was called SPV, wastreated as the entry point in this paper. Based on the detailed analysis of typical cases,this essay puts forward several significant tax-related legal issues, author anticipatesto solve the problem from the tax point of view in order to promote the developmentof asset securitization business in our country.There are five parts in this paper except for the introduction and conclusion, thefirst part discusses the theoretical basis of taxing on SPV in asset securitization. Onthe one hand, this part describes the basic concept of asset securitization as well as SPV and analyzes two legal forms of the SPV. On the other hand，this part describestax theories and principles in regard to taxing on SPV. The second and third partsdiscuss different tax-related legal issues on SPV by the means of case studies. In spiteof similar structure of the two cases, the tax-related legal issues are different.Thesecond part describes the tax-related legal issues on SPV in credit asset securitization,mainly involving stamp duty, sales tax and income tax. The third part introduces thetax-related legal issues on SPV in securities company asset securitization, mainlyincluding tax risks owing to undefined tax policy. The fourth part mainly introducesthe tax system in asset securitization of the other countries, such as the United States,France, Japan and Taiwan, including the legal form of the SPV, tax legal status, and soon. The purpose of this part is to summarize successful experience for reference. Thefifth part proposes several suggestions regarding taxing on SPV in order to improvecurrent tax system.The innovations of this paper have three aspects. First of all, the viewing angle isoriginal. There is very little research on tax issues of asset securitization specificallyfrom the perspective of SPV. Furthermore, the discussed tax-related legal issues haveimportant theoretical and practical meanings. The research of this paper based on tworeal cases which are typical in their respective fields. Last but not least, combinedwith the latest regulations, author puts forward suggestions for SPV tax policy on thebasis of previous studies. |
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