我国资管产品纳税问题研究——以M契约型资管计划为例.pdf

摘 要 我国的资管产品发展虽然起步较晚，但规模扩张迅速，截至2019年6月底，我 国证券期货经营机构私募资管业务管理资产规模合计20.21万亿元。不论从税收贡献 还是其税收影响，都需要对我国的资产管理产品的纳税问题进行系统的研究，以期减 少资管产品的税收风险，提高我国证券期货经营机构的投资效率。 我国资产管理产品在纳税上主要涉及增值税、印花税、企业所得税或个人所得税， 其中增值税和所得税是最主要的两大税种。考虑我国存量资管产品中的契约型私募产 品占比最大，本文选取契约型资管产品为研究对象，分析了契约型资管产品投资于不 同标的对投资者投资回报率和税负率差异，以及其税务会计处理，全面分析了契约型 资管产品在整个生命周期的纳税问题，以及不同税收处理对投资人收益的影响。在此 基础上指出我国资管产品相关税收政策存在的主要问题，并提出应对之措施。通过本 文的案例研究，以期为我国资产管理产品的估值指引修订提供参考。 关键字：证券公司 资管产品 纳税问题 税收影响 I ABSTRACT Although the development of asset management products in China started late， its scale expanded rapidly.By the end of June 2019， Chinas securities and futures business institutions of private business information assets under management amounted to 20.21 trillion yuan. No matter from tax contribution or its tax effect ， we have to research systematically on our countrys tax problems of asset management products， in order to reducetherisk oftax information technology productsand improvetheoperating efficiency ofinstitutionsof securitiesin China. Tax probems of asset management products in China mainly involved in value added tax， stamp duty， enterprise incometax and individual incometax.Thevalue-added tax and income tax are the main two types of taxes. Considering the largest proportion of contractualprivateplacement products in Chinas stock asset management products， This paper selects contractual asset management products as the research object， analyzes the differences of return on investment and tax burden rate of contractual asset management products invested in different targets for investors ， as well as their tax accounting treatment, comprehensively analyzes the tax issues of contractual asset management products in the whole life cycle， and the impact of different tax treatment on investors returns.On thisbasis， the