免费日韩片_欧美成人精品一区二区男人小说_国产乱码一区二区三区四区_国产精品国产三级国产aⅴ入口_成人看的污污超级黄网站免费_欧美一级在线免费观看_成人午夜免费无码福利片_国产乱人伦偷精品视频色欲_aaa少妇高潮大片免费看_国产精品1234_亚洲精品国产suv一区88_中文字字幕在线中文无码_精品亚洲区_午夜九九九_国产av国片精品jk制服丝袜_色综合亚洲_亚洲成av人片无码bt种子下载_欧美色就色_精品少妇的一区二区三区四区_男人用嘴添女人下身免费视频

By Wang Gang & Chen Daofu, Research Team on “VAT Collection on Asset Management Products”, Research Institute of Finance, DRC

Research Report, No.163, 2017 (Total 5238) 2017-11-30

Abstract: Against the background of VAT (value-added tax) for business tax reform in the financial sector, the Ministry of Finance and the State Administration of Taxation have issued a series of documents, making it clear that VAT will be collected on asset management products since January 1, 2018. Relevant research findings show that the financial and taxation departments and asset management sectors hold quite different views on VAT collection on asset management products. It is found that the present regulation of VAT collection on asset management products will greatly increase the tax burden of the asset management sectors, exert a negative influence on institutional investors to improve the proportion of direct financing, and may lead to large fluctuations in financial market at the turn of the year. Besides, the regulation of VAT collection on asset management products are not consistent with the principal arrangements of VAT collection. Efforts need to be made to flesh out the present VAT regime relating to asset management products in a prudent and reasonable manner and in line with the basic principle of VAT. Besides, VAT charges may be made on financial services provided by various asset management institutions according to VAT for business tax arrangements. With regard to the earnings generated in the operation of asset management products, VAT may be exempted and when conditions become mature, the collection of capital gains tax on investors may be implemented.

Key words: VAT for business tax, asset management sectors, asset management products, value-added tax, policy options