1. According to the debt-to-equity swap agreement signed between the debt-to-equity swap enterprise and the financial asset management company, if the original debt-to-equity swap enterprise provides goods assets as investment to the new debt-to-equity swap company, it will be exempted from value-added tax.
Where the original enterprise of debt-to-equity swap provides taxable consumer goods as investment to the new company of debt-to-equity swap, it shall be exempted from consumption tax.
2. Debt-to-equity swap enterprises shall pay enterprise income tax as required.
The enterprise income tax calculated by the new debt-to-equity swap company due to the suspension of profit increase shall be returned to the original debt-to-equity swap company by the central and local governments respectively in accordance with the provisions of the current financial sharing system of enterprise income tax, which shall be specially used to purchase the equity of the new debt-to-equity swap company held by the financial asset management company (hereinafter referred to as the "asset management company") and correspondingly increase the state capital of the original debt-to-equity swap company.
The specific financial return measures shall be handled in accordance with the relevant provisions of the Notice of the Ministry of Finance, the People's Bank of China, State Taxation Administration of The People's Republic of China and the People's Bank of China on the Administration of Income Tax Return after the Reform of Income Tax Sharing (FB [2002] No.322). An asset management company shall, in accordance with the relevant provisions of the Ministry of Finance on asset disposal, implement the share repurchase of debt-to-equity swap enterprises.
Extended data:
Legal related:
Company law:
1. According to the company law, creditor's rights cannot be used for capital contribution. Article 27 1 of China's new Company Law stipulates that debt contribution is no longer prohibited. The new Company Law has reserved legal extension space for this system, which needs more practice and legislation to fill.
Judging from the fact that the new company law is an open legal norm, the financial asset management company established by the state is a shareholder in the form of debt contribution, and its rights should be protected by law.
2. From the legal point of view, creditor's rights cannot be directly converted into equity, because equity formed by investment and creditor's rights formed by contract are two completely different civil legal rights. Creditors are the obligees of contractual debts, not the holders of enterprise shares. The Company Law does not allow creditor's rights as capital contribution. Creditor's rights can neither be directly used as monetary capital contribution, nor can they replace physical and other forms of capital contribution.
3. However, from the perspective of the debt-to-equity swap system itself, it actually makes use of the fundamental difference between creditor's rights and equity. Creditor's right is a contractual right, while equity is a non-contractual right.
As a debt, the loan principal and interest not only have the right of compulsory claim, but also the enterprise should list these debts as liabilities or financial expenses on the debtor side of the enterprise balance sheet. Its increase directly affects the profits of enterprises and determines whether enterprises can continue to operate.
Baidu encyclopedia-debt-to-equity swap