论我国房地产投资信托的税制改革

发布时间：2018-12-15 07:48

【摘要】：房地产投资信托（REITs），是一种国际社会普遍认为能够促进房地产市场有效发展的房地产投融资工具。美国作为房地产投资信托发展最成熟的国家，这与其每次税制改革的推动有极其密切的关系。我国的房地产投资信托从2002年开始初露端倪，密集发行则在2010年及2011年上半年，目前，，由四川信托发布的《复星豫园商旅文基金股权投资1期集合资金信托计划》因其逾20%的预期回报率引起了各方关注。与美国相比，我国房地产投资信托税制存在诸多问题——总体税负较重、重复征税、传统税制要件的非适应性等等，所以建立起能够鼓励房地产投资信托发展的税制显得尤其重要。美国“修正式的导管理论”、“形式转移不税制”、“实质课税”、“有条件的税收优惠”等理念很好地解决了投资者与信托公司之间因信托收益发生的双重纳税问题，使信托各方主体税收负担减轻，为房地产投资信托的发展提供了宽松的税法环境。我国应当在吸收美国相关税制的基础上，结合我国房地产投资信托的现实发展模式，参考现有的证券投资基金的税法规定，对不同的税种在房地产投资信托的不同环节做出避免重复征税的规定。本文分为四个部分：第一部分对房地产投资信托（REITs）进行概述，介绍其起源与发展，分析其概念和法律特征，，较为详细地梳理了美国税法发展促进房地产投资信托的历程；然后以文字和表格相结合的方式介绍了四种典型的发展模式，分析了各自的利弊；最后分析了研究房地产投资信托税制的必要性。第二部分详细阐述了信托制度和信托导管理论以及信托实体理论，分别介绍了英、美两国的信托税制，尤其是美国“修正式导管理论”及REITs适用税收优惠的各种条件；然后分析了遵循信托导管理论的税制符合税法实质课税原则。第三部分分析了我国对房地产投资信托税制的现状，指出了整体税负过重及重复征税的问题；由于纳税主体资格争议以及经济利益归属不明确而导致的传统课税要件的非适应性问题。第四部分则对建立和完善我国的房地产投资信托税制提出建议，应当立足于不同的环节对不同的税种作出明确的规定，一是做到有法可依、法无明文规定不税制；二是为了避免重复征税导致整体税负过重和不公平。
[Abstract]:Real estate investment trust (REITs),) is a kind of real estate investment and financing tool which can promote the effective development of real estate market. As the most mature country in the development of real estate investment trust, the United States has a very close relationship with every push of tax reform. The real estate investment trust in our country has been on the horizon since 2002, and the intensive issuance is in 2010 and the first half of 2011. At present, The "Fosun Yuyuan Business Travel and Culture Fund Equity Investment 1" collective fund trust plan, published by Sichuan Trust, has attracted attention for its expected return of more than 20 percent. Compared with the United States, China's real estate investment trust tax system has many problems, such as heavy overall tax burden, repeated taxation, non-adaptability of traditional tax system elements, and so on. Therefore, it is particularly important to establish a tax system that can encourage the development of real estate investment trusts. The American concepts of "revising the formal conduit theory", "formal transfer without tax system", "substantial taxation", "conditional tax preference" and so on have solved the problem of double taxation between investors and trust companies due to trust income. It lightens the tax burden of all parties and provides a relaxed tax environment for the development of real estate investment trust. On the basis of absorbing the relevant tax systems in the United States, our country should refer to the existing tax laws of securities investment funds, in the light of the realistic development model of real estate investment trusts in our country. Different types of taxes in the real estate investment trust in different aspects of the provisions to avoid double taxation. This paper is divided into four parts: the first part is an overview of the real estate investment trust (REITs), the introduction of its origin and development, analysis of its concept and legal characteristics, Combing the development of American tax law to promote the process of real estate investment trust in detail; Then it introduces four typical development models by combining words and tables, analyzes the advantages and disadvantages of each model, and finally analyzes the necessity of studying the tax system of real estate investment trust. The second part elaborates the trust system, the trust duct theory and the trust entity theory, introduces the trust tax system of the United Kingdom and the United States, especially the American "the theory of repairing the formal conduit" and the various conditions for the REITs to apply the tax preference. Then it analyzes that the tax system following the trust duct theory conforms to the principle of substantial taxation of tax law. The third part analyzes the present situation of the tax system of the real estate investment trust in our country, and points out the problem of excessive tax burden and repeated taxation. The inadaptability of traditional tax elements due to the dispute of tax subject qualification and unclear ownership of economic interests. The fourth part is to establish and improve the real estate investment trust tax system in China, should be based on different links to make clear provisions for different types of taxes, one is to achieve a legal basis, the law does not explicitly stipulate the tax system; Second, in order to avoid double taxation, the overall tax burden is excessive and unfair.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：D922.282;F299.23

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