When the credit asset securitization initiator entrusts the credit asset to the trustee, the trust contract signed by both parties will not be subject to stamp duty for the time being. When the trustee entrusts a loan service institution to manage credit assets, stamp duty will not be levied on the entrusted management contract signed by both parties temporarily. In the process of securitization of credit assets, other taxable contracts signed by sponsors and trustees with institutions that provide services for securitization transactions, such as fund depository institutions and securities depository institutions, are temporarily exempt from the stamp duty payable by sponsors and trustees. The sale of credit asset-backed securities by trustees and the trading of credit asset-backed securities by investors are temporarily exempt from stamp duty. The fund account books specially set up by the sponsors and trustees for the securitization of credit assets are temporarily exempt from stamp duty.
About business tax policy
(1) The business tax shall be levied in full on the loan interest income obtained by the trustee from the credit asset trust project entrusted by it.
(2) In the process of securitization of credit assets, service fee income obtained by loan service institutions, trust remuneration obtained by trustee institutions, remuneration obtained by fund custodian institutions, custody fees obtained by securities registration custodian institutions, service fee income obtained by other institutions for providing services for securitization transactions, etc. It should be implemented according to the current business tax policy.
(3) Collecting business tax on the difference income obtained by investors of financial institutions (including banks and non-bank financial institutions) from buying and selling credit asset-backed securities; Business tax is not levied on the difference income obtained by non-financial institutional investors from buying and selling credit asset-backed securities. (According to the relevant provisions of Caishui [2009] No.61,this clause has become invalid. )
About income tax policy
(1) The income obtained by the promoters from the transfer of credit assets shall be calculated and paid in accordance with the enterprise income tax policy, and the losses incurred from the transfer of credit assets may be deducted in accordance with the enterprise income tax policy. The redemption or replacement of the transferred credit assets by the sponsors shall be handled in accordance with the current enterprise income tax policy and the provisions on asset transfer and transferee. In the process of transfer, redemption or replacement of credit assets, the sponsor and the trustee shall pay the price and expenses according to the business dealings between independent enterprises. If the price and expenses are not paid in accordance with the business dealings between independent enterprises, the tax authorities shall make adjustments in accordance with the relevant provisions of the Tax Administration Law.
(2) For the part of the trust project income allocated to the institutional investors of asset-backed securities in the current year, enterprise income tax will not be levied in the trust link temporarily; The trustee shall declare and pay enterprise income tax in accordance with the enterprise income tax policy of the trust link after obtaining the part that was not distributed to institutional investors in the current year; When the income from the trust project that has been taxed in the trust link is redistributed to institutional investors, the institutional investors shall be treated in accordance with the current enterprise income tax policy and the provisions on obtaining after-tax income.
(3) In the process of securitization of credit assets, service income obtained by loan service institutions, trust remuneration obtained by trustee institutions, remuneration obtained by fund custodian institutions, custody fees obtained by securities registration custodian institutions, service fee income obtained by other institutions for providing services for securitization transactions, etc. The enterprise income tax shall be calculated and paid according to the enterprise income tax policy.
(4) During the period when the income from trust projects is not subject to enterprise income tax, the income obtained by institutional investors from the distribution of trust projects shall be recognized as taxable income in the institutional investor link according to the accrual basis principle, and enterprise income tax shall be calculated and paid according to the enterprise income tax policy. The difference income obtained by institutional investors from buying and selling credit asset-backed securities shall be calculated and paid according to the enterprise income tax policy, and the losses incurred from buying and selling credit asset-backed securities may be deducted according to the enterprise income tax policy.
(5) Trustee institutions and securities registration and custody institutions shall provide all financial information of trust projects and detailed information on income distribution of institutional investors to the competent tax authorities of their trust projects and the tax authorities where institutional investors are located.
(6) The income obtained by institutional investors from the liquidation and distribution of trust projects is subject to the enterprise income tax policy, and the losses arising from liquidation can be deducted according to the enterprise income tax policy.
When the trustee disposes of the credit assets entrusted by the sponsor, the matters not covered in this notice shall be handled in accordance with the current tax laws, regulations and policies.
Tax policy of securities investment funds
Since 1998, the Ministry of Finance of People's Republic of China (PRC) and State Taxation Administration of The People's Republic of China have promulgated a number of securities investment fund policies. The relevant provisions are summarized as follows:
1. About stamp duty policy
For investors (including individuals and enterprises, the same below) buying and selling fund shares, stamp duty will not be levied temporarily; Fund managers use funds to buy and sell stocks and pay stamp duty in accordance with the unified provisions on stamp duty on securities transactions.
2. About the business tax policy
The funds raised by issuing funds do not belong to the scope of business tax, and business tax is not levied. The difference income of fund managers using funds to buy and sell stocks and bonds shall be exempted from business tax.
3. About enterprise income tax policy
The income obtained by securities investment funds from the securities market, including the price difference income from buying and selling stocks and bonds, the dividend income from equity, the interest income from bonds and other income, is not subject to enterprise income tax for the time being. The income obtained by investors from the distribution of securities investment funds shall not be subject to enterprise income tax for the time being. Enterprise income tax will not be levied on the difference income of securities investment fund managers using funds to buy and sell stocks and bonds for the time being.
4. About individual income tax policy
Individual income tax will not be levied on the difference income obtained by individual investors from buying and selling fund shares until the difference income from buying and selling stocks is resumed; 20% personal income tax is withheld and remitted by listed companies, bond issuing enterprises and banks when they pay the above income to the fund; Individual income tax is not levied on the income obtained by investors (including individual and institutional investors) from the distribution of open-end securities investment funds for the time being. Income tax will not be levied on the debt interest, savings deposit interest and stock price difference income obtained by investors from fund distribution for the time being, and will be levied after the debt interest income, personal savings deposit interest income and stock price difference income are resumed.