Research On Legal Issues Of Value Added Tax Of Asset Management Products

With the steady development of the financial market and the continuous accumulation of private wealth,the asset management industry is developing rapidly driven by the demand of public financial investment.In recent years,the asset management industry of China’s financial institutions is booming,and the total scale has reached one million billion yuan in 2017.This is due to the fact that after May2012,the financial regulatory authorities relaxed the supervision of the asset management industry,reduced the access threshold of the asset management industry,and introduced a series of policies to encourage industry innovation and eliminate the problems of banks,futures companies,insurance companies and securities companies In order welcome the coming of the "era of big asset management",we should strengthen the competition barriers between financial institutions such as the Department of Finance and so on.The legal framework of value-added tax on asset management products in China contains a series of tax documents.However,most of the documents are independent of each other,and even contradict each other many times.The main reason is that these tax documents do not belong to legislation.In practice,due to the lack of macro level supervision,and the different policy standards for different types of asset management products,some asset management products are not in reality The frequent arbitrage of products leads to frequent liquidity risks in the whole capital pool,which is manifested in the widespread phenomenon of rigid cashing of some products,gradually deriving from shadow banking,wandering outside the formal financial system,aggravating the flow of financial risks among all walks of life,and the chaos of asset management industry has not been effectively solved.This paper mainly through the study of the current asset management product value-added tax system,raise suggestions for the healthy development of the asset management industry.This paper first introduces the nature and definition of asset management products in the era of big asset management,consider the current situation of asset management industry in China and the background of relevant value-added tax policies,and makes a analysis of the legal nature and taxable behavior of asset management products,points out the tax risk caused by fuzzy qualitative research of asset management products,and summarizes three qualitative paths prevailing in the academic circle.The second part focuses on the identification of the taxable behavior of asset management products and the tax disputes between financial institutions and tax authorities in the actual operation.The third part analyzes the problems of several typical asset management products in the process of value-added tax collection,including the identification of breakeven and non-breakeven,the refinement of holding to maturity,and the dispute of asset management product managers as taxpayers.At the end of the article,it raises corresponding recommendation for the problems in the third part,including the identification of taxpayers of asset management products and specific measures to improve the tax collection and management of all aspects of asset management products.