Research On Tax Policy Of Asset Securitization In China

Asset securitization,usually by the promoter(or original equity owner),will own the assets with the support of future cash flow income(usually lack of liquidity),through a structured approach,restructuring,credit enhancement A financing act by which asset-backed securities are issued.Asset securitization as a financing method can not only reduce financing costs,but also revitalize corporate assets,optimize corporate capital structure,and greatly enrich the variety of financial investment products.Since the first batch of credit CLO pilots in 2005,asset securitization has continued to explore and develop in China,with an ever-larger scale and richer product types.The success of the asset securitization product issuance is one of the decisive factors,and tax costs account for a large part of the financing cost.Asset securitization involves complex transactions,resulting in complex taxation processes and taxpayers.Incomplete tax policies will greatly increase the tax risks of all parties,affect the judgment of tax costs,and may reduce profits,thereby weakening the investment of participating entities Power,so perfecting the asset securitization tax policy is very important for the current asset securitization market.At present,there are fewer experts studying tax policies on asset securitization in China.The focus of research is also credit asset securitization,which is relatively fragmented.There is no research on tax policies for the complete process.This article analyzes the tax policy of asset securitization,and discusses the problems of tax policy according to the entire asset securitization business process.The beginning of this article introduces the related concepts,business processes,and development status of asset securitization,and introduces thinking about business transaction taxation.Then sort out the tax-related policies that are mainly involved in China's current asset securitization,and analyze them in conjunction with the main business links of asset securitization,leading to the main problems in current tax policies,such as whether to determine the scope of VAT taxation,duplication.Taxation,etc.Then,in order to corroborate the existing problems,the main tax problems in practice are analyzed in combination with actual cases.Finally,based on the analysis of theory and practice,the corresponding suggestions for improving the tax policy are put forward.It is hoped that it can improve the tax-related policy system of asset securities in China and guide the healthy development of asset securitization.