资产证券化业务增值税纳税问题的探讨

Discussion on Value-Added Tax Payment of Asset Securitization Business

摘要: 随着资产证券化在金融市场中所占的权重越来越大，其业务模式和资管产品结构也越来越多样，发行过程也逐渐复杂。相较于发展迅速的资产证券化务实，我国的相应资产证券化理论研究和税制进展是比较缓慢的，配套的税收措施也相对缺乏。营改增之后，资产证券化的税制走向仍然模糊不清。本文基于相关财税政策及文献，通过将资产证券化业务分成四个环节进行增值税问题讨论，旨在为业务参与者提供更好实务参考的同时，进一步提出对策建议，并为政策制定者带来思考空间。

Abstract: With the increasing weight of asset securitization in the financial market, its business model and asset management product structure are more and more diverse, and the issuance process is grad-ually complicated. Compared with the rapid development of asset securitization, China’s corre-sponding asset securitization theoretical research and tax system progress are relatively slow, and the relative tax measures are lacking. After replacing business tax with VALUE-ADDED tax, the tax trend of asset securitization is still unclear. Based on relevant fiscal and tax policies and literature, this paper divides asset securitization business into four stages to discuss VAT issues, aiming to provide better practical reference for business participants and further put forward countermeas-ures and suggestions, and bring space for policy makers to think about.