房地产投资信托的税收制度改革刍议

Discussion on Tax System Reform on Real Estate Investment Trusts

房地产投资信托(REITs)作为特殊的房地产投资基金,需要建立完善的法律体系,对其进行合理的引导与规范,从而实现房地产业与信托业的理性发展。法律体系中税收法律制度对于REITS的发展至关重要,但现行税收制度过于宏观,对我国现行房地产投资信托存在优惠缺失与双重征税等问题。为改变这一局面,我国"十三五"规划提出建立房地产投资信托基金试点,而试点急需辅之以行之有效的税收制度及相应理论,才可打破信托在房地产投资中举步维艰的局面。事实上,信托法中的"导管理论"与税法的"实质课税原则"都为REITs的税收制度改革提供了理论基础,再结合税收制度的现状和对域外REITs税收待遇的考察,具化REITs在我国发展中的税法瓶颈,实现我国信托税制改革。

Real Estate Investment Trusts（REITs）, as a special kind of real estate investment fund, needs a perfect legal system to give it reasonable guidance and regulation and to achieve a rational development in real estate industry and trust business. In legal system, legal system of tax is of vital importance for REITs’ development, but at present, the tax system has some problems, such as absence of tax preference, double taxing and so on. To change the situation, the Thirteenth Five-Year Plan comes forward to build up REIT pilots, which are in urgent need of the help of effective tax system and related theories. In fact, Trust Conduit Theory in Trust Law and Material Imposition Principle in Taxation Law provide REITs reform with theoretical foundation. Based on it, the paper, combined with current situation of tax system and the research on REITs’ tax treatment in foreign countries, makes a discussion on tax-related problems to improve trust tax reform.