PPP资产证券化税收制度的中性设计
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摘要
税制缺失将对PPP资产证券化的发展产生抑制效应。建立PPP资产证券化税收制度具有必要性和紧迫性。PPP资产证券化税制设计中最重要的问题是避免重复征税,保证税收中性,而证券化税制中最重要的问题是SPV的税务处理。无论什么情况下,将SPV视为免税载体才可以实现税收中性。负债还是权益的认定会影响社会资本方的税收负担。本文认为应该简化税制,针对负债和权益的融资成本问题应采取相同的税务处理。
The lack of tax system will have an inhibitory effect on the development of PPP asset securitization. So it is necessary and urgent to establish PPP asset securitization tax system. The most important thing is to avoid duplication of taxation in PPP asset securitization tax system design to ensure tax neutral,while the most important issue in securitization tax system is SPV tax treatment. In any cases,regarding SPV as a tax-free carrier can achieve tax neutral. The determination of liabilities or equity will affect the tax burden of the social capital side. This paper considers that we should simplify the tax system,and take the same tax treatment in view of the problems of the financing costs of debt and equity.
The lack of tax system will have an inhibitory effect on the development of PPP asset securitization. So it is necessary and urgent to establish PPP asset securitization tax system. The most important thing is to avoid duplication of taxation in PPP asset securitization tax system design to ensure tax neutral,while the most important issue in securitization tax system is SPV tax treatment. In any cases,regarding SPV as a tax-free carrier can achieve tax neutral. The determination of liabilities or equity will affect the tax burden of the social capital side. This paper considers that we should simplify the tax system,and take the same tax treatment in view of the problems of the financing costs of debt and equity.
引文
[1]国务院办公厅.关于在公共服务领域推广政府和社会资本合作模式的指导意见:国办发〔2015〕42号[A].2015-05-22.
[2]贾康,孙洁.公私伙伴关系(PPP)的概念、起源、特征与功能[J].财政研究,2009(10):2-10.
[3]刘大洪,张剑辉.税收中性与税收调控的经济法思考[J].中南财经政法大学学报,2002(4):94-99.
[4]许文.完善金融业增值税政策[J].中国金融,2016(9):59-60.
[5]斯蒂文·L西瓦兹.结构金融:资产证券化原理指南[M].李传全,龚磊,杨明秋,译.北京:清华大学出版社,2003.
[6]刘燕.我国资产证券化中SPV税收政策评析[J].税务研究,2007(4):6-10.
[7] Allen J B. Seeking True Financial Reform:Ending the Debt-Equity Distinction[J]. William&Mary Business Law Review,2012(2):247.
[2]贾康,孙洁.公私伙伴关系(PPP)的概念、起源、特征与功能[J].财政研究,2009(10):2-10.
[3]刘大洪,张剑辉.税收中性与税收调控的经济法思考[J].中南财经政法大学学报,2002(4):94-99.
[4]许文.完善金融业增值税政策[J].中国金融,2016(9):59-60.
[5]斯蒂文·L西瓦兹.结构金融:资产证券化原理指南[M].李传全,龚磊,杨明秋,译.北京:清华大学出版社,2003.
[6]刘燕.我国资产证券化中SPV税收政策评析[J].税务研究,2007(4):6-10.
[7] Allen J B. Seeking True Financial Reform:Ending the Debt-Equity Distinction[J]. William&Mary Business Law Review,2012(2):247.