财税与公共管理学院知识库

房地产投资信托（REITs）是一种新兴的金融工具，它拥有较高的流动性和相对稳 定的回报。其主要目的是从投资者手中募集未使用的资金，然后将这些资金用于基础设 施的建设，从而获得相应的回报，并将这些收益分配给投资者。这在推进金融供给侧的 改革、促进实体经济增长、活化区域内的房产存量以及支撑基础设施建设方面都具有不 可忽视的价值。2021 年 6 月，我国首次在基础建设领域启动了 REITs 的试点项目，这也 标志着第一只公募REITs在全国范围内正式上市。参考国外成熟的不动产登记市场经验， 一个完善的税务体系是推进不动产登记制度向前发展的关键。然而，目前关于不动产登 记的税务制度设计仍显不足，这导致了税务负担过重和重复征税等问题，这些问题亟待 深入研究和解决。

在这一宏观背景之下，对碧桂园的租赁住房房地产投资信托基金进行了深入的分 析。在其成立的初期，碧桂园计划将其标的资产转移给项目公司，但碧桂园需要支付增 值税、土地增值税、企业所得税以及印花税等相关税费；作为转让方，项目公司有责任 支付契税和印花税。中联基金通过创建和运营一家私募基金，对碧桂园旗下的项目公司 进行了资金注入，这导致该项目公司和私募基金都需要缴纳印花税；碧桂园房产在将上 海碧浦等项目企业的股权转让给私募基金时，都是基于账面金额进行确认的。但是，私 募基金支付的金额与项目公司的实际价值大致持平，因此项目公司并未从中获得任何实 质性的利益，也无需支付税款。在项目的运营过程中，与佛山碧函公寓管理有限公司签 订了一份“整租”合同，目的是将佛山碧函的所有房产资产进行全面租赁。涉及的税收 范围包括增值税、房产税、城镇土地使用税和印花税等。项目公司主要从事房地产租赁 业务，在扣除了相关税费和其他费用之后，公司的收入几乎为零，因此可以暂时不计入 企业所得税。另外，中联基金在管理私募基金时产生的各种费用，如基金管理费、托管 费和监管费等，都需要根据《资产管理计划》的要求缴纳相应的增值税和企业所得税； 前海开放源利用筹集到的资金创建了一个专项计划，利用这些资金购置私募股权，并通 过私募基金和 SPV 获得不动产的收益，这其中包括了增值税和企业所得税的相关问题。 在碧桂园的退出流程中，大部分都是按照账面价值回购的，并没有产生差价收益。因此， 项目的管理者和投资者无需支付增值税或企业所得税，但由于资产的转移，需要支付印 花税。 通过深入研究这个案例，可以发现我国的 REITs 目前尚未建立一个专门的税务法规体系，这导致了较大的税收负担，存在着重复征税和税收政策透明度不足的问题。因此， 为了更好地促进我国房地产投资信托基金业的发展，应该完善相关税收法律制度，加强 税收管理，提高税收征管水平，从而降低税收负担。现阶段，我国的房地产投资信托基 金制度存在诸多问题，这导致不动产的登记纳税成本远超过直接投资不动产的成本，从 而损害了投资者的利益，并大大降低了他们的参与意愿。同时由于税收优惠政策过于简 单，不利于市场的发育和完善。因此，在目前的税务制度背景下，预设了四种独特的税 务减免措施，并且这些措施的优惠水平是逐步上升的。在此基础上，本文分析了四种不 同税收优惠政策对不同类型的房地产投资信托基金的影响差异，并根据分析结果提出了 相应的建议和意见。研究发现，在资产管理的各个环节中，税务优惠政策对投资回报率 产生的影响各不相同。同时发现，现行的税收优惠政策不利于不动产的投资回报和增值 利用，也不能有效地促进房地产投资信托基金的发展。因此，有必要对现行的房地产投 资信托基金税制进行全面优化，制订专门针对税收的法律和法规，以减轻在设立过程中 各参与方的税务负担，避免重复征税，并提高税收政策的透明性。

Real Estate Investment Trusts (REITs) are an emerging financial instrument with high liquidity and relatively stable returns. Their main purpose is to raise unused funds from investors and then use these funds for infrastructure construction, thereby obtaining corresponding returns and distributing these profits to investors. This is of undeniable value in advancing financial supply-side reforms, promoting real economic growth, revitalizing existing real estate stocks in regions, and supporting infrastructure construction. In June 2021, China initiated a pilot project for REITs in the infrastructure sector for the first time, marking the official listing of the first publicly offered REITs nationwide. Drawing on the experience of mature real estate registration markets abroad, a sound tax system is key to advancing the development of real estate registration systems. However, the current tax system design regarding real estate registration remains inadequate, leading to issues such as excessive tax burden and double taxation, which require in-depth research and resolution. Against this macro background, an in-depth analysis of Country Garden's real estate investment trust (REIT) for rental housing was conducted. In its initial establishment, Country Garden planned to transfer its underlying assets to project companies, but it needed to pay value-added tax, land appreciation tax, corporate income tax, and stamp duty, among other related taxes. As the transferor, the project companies are responsible for paying deed tax and stamp duty. Zhonglian Fund injected funds into project companies under Country Garden by establishing and operating a private equity fund, resulting in both the project companies and the private equity fund needing to pay stamp duty. When transferring equity of enterprises such as Shanghai Bifu under Country Garden to the private equity fund, it was confirmed based on the book value. However, the amount paid by the private equity fund roughly equaled the actual value of the project companies, so the project companies did not gain any substantive benefits from it, nor did they need to pay taxes. During the operation of the project, a 'whole lease' contract was signed with Foshan Bi Han Apartment Management Co., Ltd., with the aim of fully leasing all property assets of Foshan Bi Han. The scope of taxation involved includes value-added tax, property tax, urban land use tax, and stamp duty, etc. The project company is mainly engaged in real estate leasing business, and after deducting relevant taxes and other expenses, the company's income is almost zero, so it can temporarily not include corporate income tax. In addition, various expenses incurred by Zhonglian Fund in managing private equity funds, such as fund management fees, custody fees, and regulatory fees, all need to pay the corresponding value-added tax and corporate income tax according to the requirements of the Asset Management Plan; Qianhai Open Source raised funds to create a special plan, using these funds to purchase private equity and obtain income from real estate through private equity funds and SPVs, which includes related issues of value-added tax and corporate income tax. In the exit process of Country Garden, most of the transactions are conducted through repurchasing at book value, without generating differential income. Therefore, project managers and investors are not required to pay value-added tax or corporate income tax, but stamp duty is required due to the transfer of assets. Through in-depth analysis of this case, it can be observed that China's REITs currently lack a dedicated tax regulatory system, leading to significant tax burdens, with issues of double taxation and insufficient transparency in tax policies. Therefore, in order to better promote the development of China's real estate investment trust industry, it is necessary to improve relevant tax laws and regulations, strengthen tax administration, and enhance the level of tax collection and management, thereby reducing the tax burden. At present, China's real estate investment trust system faces many problems, resulting in the registration and taxation costs of real estate far exceeding the costs of direct real estate investment, thereby harming investors' interests and greatly reducing their willingness to participate. Additionally, due to overly simplistic tax incentives, it is not conducive to market development and improvement. Therefore, under the current tax system, four distinct tax relief measures have been preset, and the preferential levels of these measures are gradually increasing. Building upon this foundation, the paper analyzes the differential impact of four different tax incentive policies on various types of real estate investment trusts, and based on the analysis results, puts forth corresponding recommendations and opinions. The study reveals that at various stages of asset management, the impact of tax incentive policies on investment returns varies. At the same time, it has been noticed that the current tax incentive policies are not conducive to the investment return and value utilization of real estate, nor can they effectively promote the development of real estate investment trusts. Therefore, it is necessary to comprehensively optimize the current tax system for real estate investment trusts, formulate laws and regulations specifically for taxation to alleviate the tax burden on all parties involved in the establishment process, avoid double taxation, and enhance the transparency of tax policies.