Research On Tax Policy Optimization Of Infrastructure REITs In China

Real Estate Investment Trusts(REITs)are asset securitization products that focus on real estate investment and are a major practice to serve the real economy and revitalize social stock assets through the capital market.At present,46 countries and regions have launched REITs system,while China’s infrastructure has started to pilot REITs no specific infrastructure REITs supporting tax policies.Taxation issues in theory and practice restrict the development of China’s infrastructure public REITs,and the construction of the taxation system has off vital role in promoting the development of China’s infrastructure REITs.This paper compares the tax policies involved in the whole life cycle of infrastructure REITs from the pilot of domestic infrastructure REITs,and analyzes the tax problems in its establishment,holding and operation and exit links.high tax cost of REITs issuance,repeated administration of operating income in operation links,"one tax,one negotiation " tax policy is unclear,different treatment of tax subjects,and various problems aggravate the issuance cost of REITs,reduce the return on capital,curb the participation enthusiasm of original equity holders,and challenge the construction of China’s infrastructure REITs tax system.From an international perspective,Chapter 5 examines the tax policies of the United States,Singapore,and Chinese Hong Kong,which are countries(regions)with mature REITs markets,based on taxation issues,and summarizes the policies by links to draw on international experiences,including special policy legislation,the formulation of tax incentives to exempt part of dividends from taxation,and the design of the tax system to meet its own stage requirements.Find countermeasures based on problems.Finally,this paper puts forward the following tax policy suggestions: First,introduce supporting policies to reduce the overall tax burden,clarify the rights and obligations of taxpayers and promote the vigorous development of China’s public REITs market.Second,the construction of tax policies should adhere to the principle of substantive taxation and the phenomenon of repeated taxation by economic lines.Third,balance the treatment of tax subjects to avoid some enterprises from enjoying the corresponding tax incentives due to their own qualification requirements.Fourthly,parallel rewards and punishments should be provided,a strict taxation system should be formulated,and punitive measures should be implemented for REITs products that do not meet the requirements to regulate the development path of REITs.In addition,specific comments are given for each tax type,expecting to contribute to the development of China’s infrastructure REITs tax system.