Research On The Taxation Problems In The Development Of The Private Securities Investment Fund

Private securities investment fund in the country belong to the new things in the ascendant, its essence is the principle form of investment based on trust.It refers to an investment vehicle, which raises funds by way of a non-public offering of shares or fund shares, and operates specialized investment management organizations to adopt a flexible investment strategy and unique incentives, mainly for investment direction marketable securities in the capital markets to obtain income. Consider of the mode of operation, organizational structure and other aspects, in the foreign financial markets, the typical representative of the private equity investment fund is hedge funds.In recent years, the pace of its development is very rapid. According to the China Securities Investment Funds Industry Association statistics, it shows that at the end of 2014, Private securities investment fund assets under management nearly one trillion yuan, and it has been an important force in China’s capital market. The new "Securities Investment Fund Law" voted by eleventh National People’s thirtieth meeting came into effect from June 1,2013. Through that, the non-public offering funds are included in the regulation and adjustment by law in the first time, and obtain a clear legal status. In the current period of economic growth shifting, private securities investment fund will play an increasingly important role for the transformation of economic development mode, increasing the ratio of direct financing, and resolving of the debt risk.This study found that the current tax system construction of private securities investment fund is relatively backward, compared to its development speed and responsibilities. First in the lack of a comprehensive tax system, the relevant tax legislation is seriously lagging behind; Followed by the missing main body of tax, the tax type and the taxes objects lack of clearly defined elements; Finally, there are unreasonable points of the existing tax system, including the violation of principle of fairness and tax statutory. The tax rules of private securities investment fund are currently more reference to the relevant laws and regulations of the securities Investment Fund contract. It is lack of relevant tax rules to deal with the corporate funds and limited partnership securities investment funds that are developing rapidly.To solve the above problem, this paper mainly uses normative analysis and comparative analysis, and discusses the nature of private securities investment funds, tax payer status, investment income taxation, tax incentives and so on. With reference to the tax rules of US hedge funds, Japan trust securities funds and investment funds in Taiwan, Hong Kong and other regions, combined with the specific stage of development of China’s capital market, this paper proposes a series of tax rules reasonable proposals. First, insist on the legal principle of tax revenue, constructing reasonable private securities investment fund tax system; second, improve the tax factors analysis, clear the private securities investment fund tax subject identity; third, adhere to the substantive taxation principle, optimization of private securities investment fund tax collection; fourth, to encourage the development of private securities investment fund, insist on preferential tax policies; fifth, cancel the business tax by value-added tax to fit the financial industry overall reform. Sixth, with reference to the tax policy of public fund, practice the principle of fairness.