我国职工持股计划的税收问题探析

An Analysis on Tax Issues in Employee Stock Ownership Plan in China

目前我国的职工持股计划主要有两种模式:即新设投资公司间接持有目标公司股权以及信托型职工持股计划。本文以中国平安和海螺水泥的职工持股计划为例,深入分析了前者如何通过变更注册地、利用地方税收优惠政策减轻税负,后者如何依据信托业务的特殊规则规避信托收益的企业所得税等,并据此对我国职工持股税收制度进行反思。

The employee stock ownership plan mainly has two modes in China： newly establishing an investment company to directly hold the stock of target company and employee stock ownership trust plan. This paper takes the ESOPs of China Ping An Insurance Company and Anhui Conch Cement Company as examples, makes a deep analysis on how the former reduces tax burden through changing registration place and using local tax preference policies, and how the latter avoids enterprise income tax on trust income through special rules of trust business, and finally reflects on tax policy for ESOP in China.