Research On Tax-related Legal Issues In Corporate Asset Securitizatio

Asset securitization has gained more popularity in recent years,and it is also a relatively successful innovation of financing methods and financial products all over the world.Its advantages are very obvious.The credit level of divestiture assets is not affected by the credit level and solvency of the originator,so that the originator can use part of the higher quality assets.From the economic point of view,the tax is one of the most important parts.Our country is still lack of tax provisions for the securitization business,especially compared with the asset securitization business scale.The draft provides special regulation only over the earlier-developed securitization businesses of credit assets.As the funds in asset securitization are of a large scale and long operating cycle,and the entities and tax steps involved are more complicated and difficult to judge compared with general financing models.Deficient or imperfect tax provisions may plunge the originator into uncertainty of tax burden costs,resulting in great tax risks and affecting the originator’s financing ability.Considering the importance of asset securitization,the lack of tax-related legal provisions in asset securitization,and the existence of special tax-related provisions in the securitization of credit assets,this article attempts to study the tax-related legal issues in enterprise asset securitization.Specifically: Based on the clarification of the legal nature of enterprise asset securitization,this article demonstrates the legal nature of enterprise asset securitization from the aspects of legal provisions and legal interpretation,and comes to the conclusion that enterprise asset securitization does not specifically apply to trust,but is in fact a legal relationship of business trust.After the legal nature of the case is clear,select the following specific cases: The asset-backed special plan of CITIC Securities · Zexu No.1 Rent Installment Trust beneficiary right;In light of the existing tax laws and regulations,an analysis of the application of tax laws and the tax treatment shall be conducted in terms of the existence and operation of special purpose vehicles,and so on.In the process of transfer of underlying assets,the unclear tax nature of the transfer of underlying assets brings difficulties in levying income tax and VAT;in the process of existence and operation of the special purpose vehicle,it is stipulated that the scheme manager shall be the subject of VAT payment,which is lack of legal basis and brings other negative impacts;There is a problem of double taxation in income distribution.In the following chapters,we will discuss and solve these problems one by one: to determine the tax attribute of the transfer of underlying assets,we should make clear the standard of real sale and guarantee financing;The consideration of VAT payers in the stage of existence and operation of a special purpose vehicle shall be solved in light of the integrity of the VAT chain and the independence of the property of the special asset management plan.The solution to the double taxation in the link of income distribution depends on the understanding of the basic principles of trust.This paper hopes to analyze and summarize the existing tax issues after clarifying the legal nature of enterprise asset securitization,with a view to improving the tax policy of enterprise asset securitization in China.