The Study On Value-added Tax System Of Crowdfunding

Crowdfunding,as an innovative financial model arising from the crossfertilization of Internet technology and financial services,has shown positive trends and emerging developments in recent years.Crowdfunding offers more possibilities for traditional commercial financing and can put the concept of sharing and inclusive development into practice,which has meaningful practical significance and research value.However,the research on the VAT system of crowdfunding in China is still weak,and there is a lack of a complete theoretical explanation of the VAT levied on it,and the theoretical research on VAT has not been well combined with the practical situation of crowdfunding industry.Therefore,against this background,this paper aims to respond to the theoretical and practical issues related to VAT in the crowdfunding industry in a timely manner with the rule of law thinking,and to build a VAT system for crowdfunding in China by drawing on other rocks from foreign high-quality experience,so as to make the behavior of various actors in the crowdfunding industry more rational and provide some benefits to enhance the modernization of China’s tax governance system and capacity.The full paper consists of four parts,which are summarized as follows.Chapter 1 first argues that the economic activities of the crowdfunding industry fall within the taxable scope of VAT in the context of the basic principles of tax law and tax effects,and provides a theoretical foundation for the VAT collection in the crowdfunding industry.Secondly,it analyzes different types of crowdfunding projects and the operation mode and legal positioning of crowdfunding platforms,with the aim of understanding the important concepts involved before further analyzing the dilemma of the VAT system in the crowdfunding industry and clarifying the practical significance of the VAT levy on the crowdfunding industry.Chapter 2 examines the dilemmas and problems in the application of VAT rules in China’s crowdfunding industry from both institutional and practical levels.Firstly,from the viewpoint of applying the current VAT policy to the crowdfunding industry,the industry classification standards have not yet been unified,there are still lacunae in specific tax policies and the issue of VAT invoices has yet to be solved;secondly,from the perspective of VAT levy on crowdfunding platforms,the tax elements have not been clarified and tax preferential policies are lacking;thirdly,with regard to the VAT levy on different crowdfunding models,the main focus is on the analysis of the characteristics of different types of crowdfunding and the obstacles of each type of crowdfunding in actual operation.Thirdly,with regard to the VAT collection of different crowdfunding models,we analyze the obstacles to the application of existing tax policies in the actual operation of each type of crowdfunding.Chapter 3 introduces the overseas experiences of VAT levied on crowdfunding industry.First,the VAT system arrangements of the EU,Australia and Canada in relation to the crowdfunding industry are sorted out;second,the inspiration of the foreign experience for improving the VAT system of crowdfunding in China is considered and summarized,and the advantages and disadvantages of the taxation methods of each country are analyzed.Based on the dilemmas of the application of the current VAT rules in China’s crowdfunding industry in Chapter 2 and overseas experiences in Chapter 3,Chapter 4puts forward the relevant ideas to improve the VAT system in China’s crowdfunding industry.First,to clarify the idea of VAT collection and management for crowdfunding,improve the top-level design of VAT collection for crowdfunding,set practical tax incentives and regulate the issuance and management of VAT invoices for the crowdfunding industry;second,to clarify the responsibilities of crowdfunding platforms,specify the legal nature of crowdfunding platforms and revise the VAT treatment of crowdfunding platforms;third,to construct VAT collection rules for different crowdfunding models,and discuss the rules of VAT collection for different types of crowdfunding from the perspective of reviewing the current situation of VAT for crowdfunding in China.The third is to construct VAT rules for different crowdfunding models and discuss the improvement of VAT rules for different types of crowdfunding from the perspective of reviewing the current status of VAT system in China.Fourth,to supplement the relevant VAT taxation provisions,and to revise the existing stock law and consider the formulation of reasonable guidance documents on VAT levy on crowdfunding in a timely manner,taking into account the overseas experience and the characteristics of the phase of development of Internet finance in China.