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　　Finance and Taxation [2019] No. 8

Provinces、Autonomous Region、Municipality、Department of Finance (Bureau) of the City with separate state planning、National Development and Reform Commission、Securities regulatory agency，Provinces of the State Administration of Taxation、Autonomous Region、Municipality、Taxation Bureau of Cities with separate state plans，Financial Bureau of Xinjiang Production and Construction Corps、National Development and Reform Commission:

To further support venture capital companies (including venture capital funds)，hereinafter collectively referred to as venture capital enterprises) development，The relevant personal income tax policy issues are now notified as follows:

一、Venture capital enterprises can choose to calculate based on a single investment fund or calculate based on the annual income of the venture capital enterprise as a whole，Calculate the personal income tax payable on the personal partner’s income from venture capital enterprises。

"Venture capital enterprises as referred to in this notice"，refers to the regulations on venture capital enterprises (funds) that comply with the "Interim Measures for the Administration of Venture Capital Enterprises" (Order No. 39 of 10 departments including the National Development and Reform Commission) or the "Interim Measures for the Supervision and Administration of Private Equity Investment Funds" (Order No. 105 of the China Securities Regulatory Commission). ) related provisions，A partnership venture capital enterprise (fund) that has been registered and operated in a standardized manner in accordance with the above regulations。

二、Venture capital companies choose to be accounted for as a single investment dafabet online betting websitefund，The equity transfer income and dividend income that his personal partners should share from the fund，Calculate and pay personal income tax at a 20% tax rate。

Venture capital companies choose to calculate the overall annual income，The income that his individual partners should obtain from the venture capital enterprise，According to the "Business Income" item、Calculation and payment of personal income tax at the excess progressive tax rate of 5%-35%。

Three、Single investment fund accounting，Refers to the equity transfer income and dividend income obtained from different venture capital projects within a tax year by a single investment fund (including venture capital enterprises not established in the name of the fund) that are accounted for and taxed separately according to the following method:

(1) Income from equity transfer。Income from equity transfer of a single investment project，Calculated based on the balance of the annual equity transfer income after deducting the original value of the corresponding equity and reasonable expenses in the transfer process，Method for determining the original value of equity and reasonable costs of transfer，Follow the relevant policies and regulations on personal income tax on income from equity transfer;Income from equity transfer of a single investment fund，Calculated based on the balance after the income and losses of different investment projects in a tax year are offset from each other，The balance is greater than or equal to zero，Confirmed as the annual equity transfer income of the fund;The balance is less than zero，The fund’s annual equity transfer income is calculated as zero and cannot be carried forward across years。

Individual partners calculate their tax payable based on their share of the fund’s annual equity transfer income，The venture capital enterprise will withhold and pay personal income tax before March 31 of the following year。If it complies with the Ministry of Finance  Notice of the State Administration of Taxation on Tax Policies for Venture Capital Enterprises and Angel Investing Individuals" (Caishui [2018] No. 55) stipulates the conditions，Individual partners of venture capital companies can deduct 70% of the corresponding investment amount of the transferred project from their share of the annual equity transfer income of the fund before calculating their tax payable，Insufficient deduction dafabet casino mobile appin the current period，Cannot be carried forward to future years。

(2) Income from dividends。Dividend income from a single investment fund，Dividends distributed from invested projects、Full calculation of dividend income and income from other fixed income securities。

Individual partners calculate their tax liability based on their share of fund dividend income，The venture capital enterprise will withhold and pay personal income tax on a case-by-case basis。

(3) In addition to the aforementioned deductible costs、In addition to fees，Other expenses incurred by a single investment fund including management fees and performance compensation of investment fund managers，Not allowed to be deducted during accounting。

The single investment fund accounting method stipulated in this article is only applicable to calculating the tax payable of individual partners of venture capital companies。

Four、Overall accounting of annual income of venture capital companies，refers to the total income of venture capital enterprises in each tax year minus costs、After expenses and losses，Calculating income to be allocated to individual partners。If it complies with the Ministry of Finance  Notice of the State Administration of Taxation on Tax Policies for Venture Capital Enterprises and Angel Investing Individuals" (Caishui [2018] No. 55) stipulates the conditions，Individual partners of venture capital companies can deduct 70% of the investment amount corresponding to the transferred project from their share of operating income from the venture capital company before calculating their tax payable。Annual accounting loss，Permitted to be carried forward to subsequent years in accordance with relevant regulations。

Individual partners who are taxed according to the "business income" item，No comprehensive income，Basic deduction expenses can be deducted according to law、Special deduction、Special additional deductions and other deductions determined by the State Council。Obtain business income from multiple sources，Personal income tax should be calculated in aggregate，Deduct the above expenses and deductions only once。

　五、After the venture capital enterprise chooses to calculate based on a single investment fund or calculate based on the annual income of the venture capital enterprise as a whole，Cannot be changed within 3 years。

Six、Venture capital companies choose to be accounted for as a single investment fund，Should complete the filing within 30 days in accordance with Article 1 of this notice，Filing the accounting method with the competent dafabet online betting websitetax authority;Failure to file as required，Deemed as choosing to calculate the overall annual income of the venture capital enterprise。Venture capital companies that have completed registration before January 1, 2019，Choose to be calculated as a single investment fund，The accounting method should be filed with the competent tax authorities before March 1, 2019。Venture capital enterprises choose an accounting method and need to adjust it after 3 years，Should be before January 31st of the following year after 3 years，Re-register with the competent tax authority。

Seven、The tax department carries out tax collection and follow-up management in accordance with the law，Can be transferred to the development and reform department、The securities regulatory authorities verify whether venture capital companies and their investment projects comply with relevant regulations，Development and Reform Department、The securities regulatory authorities should cooperate。

八、The execution period of this notice is from January 1, 2019 to December 31, 2023。

Ministry of Finance

State Administration of Taxation

National Development and Reform Commission

CSRC

January 10, 2019

　Keywords: income tax

Document number:

Document font size: Finance and Taxation [2019] No. 8

Issuing department: Ministry of Finance