摘 要

 

根据恒大研究院测算的数据得知，2019年房地产行业对GDP增长的贡献率约为25%，超过其他单一行业的总和。然而近年来，金融机构对房地产行业的监管愈发严格，导致房地产行业融资渠道被收紧、融资成本大幅增加，因此探求新的融资模式对房地产行业来说迫在眉睫。房地产投资信托基金（以下简称REITs）作为一种高质量、成熟的金融产品，在全球的总市值已超过2万亿美元，成为了继股票、债权后的新型资产配置产品，而且其流动性较高且可以盘活不动产，是我国在大资管时代背景下实现金融供给侧结构改革的重要推动力之一，对我国经济发展具有重要意义。然而，目前我国针对REITs的法律法规并不成熟，税收政策更是有待完善，因此在我国现行的税收政策下，REITs的税务问题已经成为制约其发展的阻力。

 

基于此，本文从完善法律法规和税收政策的角度出发，通过分析我国REITs在各个环节的涉税处理，剖析并总结在现行税收政策下REITs存在的税务问题。并选取具有代表性的案例“海航浦发大厦REITs”，并对其真实的交易架构进行分解，从交易环节和纳税主体的角度出发，全面地剖析海航浦发大厦REITs的税务问题；之后参照美国、新加坡和日本的税收制度对本案例进行税负测算，来探究我国和发达国家对REITs税务处理的差异，以此借鉴发达国家的经验，为提出完善我国REITs税务问题的政策建议提供思路。通过上述分析，本文认为在现行的税制下，我国REITs存在着缺少专项法律法规、设立环节发行方的税负重、运营环节对收益重复征税、税收政策执行口径不一等问题。针对这些问题，本文从税收法定、税收公平、税收中性和实质课税这几个税收原则出发，从监管者的角度提出了几点完善建议，试图解决REITs存在的税务问题。

 

本文的研究意义在于分别从微观和宏观的角度探讨我国REITs存在的税务问题，运用文献分析、案例分析、比较借鉴等方法寻求我国REITs税制完善的措施，为我国更好的发展REITs的提供完善的思路，促进该行业的规范发展。

 

关键词：房地产信托投资基金；涉税分析；税收政策；完善建议

 

ABSTRACT

 

According to the calculation data of a research institute,the real estate industry contributes 25% income to GDP in 2019 , exceeding all single industries. However, in recent years,financial institutions strengthen supervision of the real estate industry, leading to frequent problems like it is difficult and expensive to get funding for the real estate industry. Thus it is urgent for the real estate industry to explore new models.As a high-quality and mature financial product,the Real Estate Investment Trusts（REITs) have become one of the important driving forces for our country to restructure financial supply-side and due to its high liquidity and the ability to activate real estate. It is of great significance to the economic development.According to our the GDP and the total value of the stock market of our country, it can be found that REITs have huge potential in the market. However, the current laws and regulations related to REITs are immature and taxation laws still need to be improved. Therefore, the taxation issue of REITs has restricted its development due to its problems.

 

According to the above situation,this article analyzes the tax-related treatment of REITs in my country combining the current taxation laws from the perspective of making them perfect,and summarize the existing problems of REITs. The author select the representative case "Hai Hang Pu Fa Building REITs" to analyze and decompose it according to its real transaction structure,analyze the tax issues comprehensively from the perspective of transaction links , taxpayers and then calculate its tax burden. Afterwards, this article compare the taxation systems of our country with the United States, Singapore and Japan to explore the differences in the tax treatment of REITs to research how to make it develop better. Through the above analysis,this article considers thatunder the current tax system, our country lack applicable laws, clear tax laws, we have many taxtion types in the establishment period and repeated taxation in the operation period. In response to these issues,this article starts from thetaxation principles of statutory,fairness, neutrality and substantive to proposes some suggestions for improvement from the perspective of regulators.

 

The research significance of this article is to explore the tax issues of REITs in our country from the micro and macro perspectives, and the author use literature analysis,case analysis, and comparative analysis to find measures to improve the tax system, so as to provide a perfect way and ideas to promote the standardized development of REITs in our country.

 

Keywords: Real Estate Investment Trusts;tax-related analysis; taxation policies; suggestions for improvement