Summary:

By the end of September, the total number of financial leasing companies nationwide was about 3,742, an increase of 1,540 from 2,202 at the end of last year. The industry registered capital is calculated in RMB, which is about 126.7 billion yuan, an increase of 555.6 billion yuan from the end of last year of 661.1 billion yuan. The balance of the national financial leasing contract was about 398 billion yuan, an increase of 780 billion yuan from the end of last year of 3.0 trillion yuan, an increase of 24.4%.

The financial leasing industry has broad prospects in China, and the Chinese economy has entered a new normal, and the economic growth rate will shift from high-speed growth to medium-high-speed growth. However, the financial leasing industry is still a sunrise industry in China and has great potential for development. There are still many service functions and market segments to be developed urgently. The economic slowdown does not necessarily mean that the development of the financial leasing industry will slow down. In fact, the original driving force behind the development of the financial leasing industry still exists. For example, in the context of high government and corporate debt ratios, the advantage of financial leasing to avoid excessive capital pressure from one-time large investments will be more attractive. In addition, the new situation has brought some new development momentum. For example, China is vigorously promoting the process of urbanization, industrialization, informationization, and agricultural modernization, and equipment investment in related fields has provided a new space for the expansion of financial leasing business; with the implementation of the “One Belt, One Road” national strategy, enterprises have gone The intensity of going out is increasing, and the demand for equipment exports through financial leasing is increasing. With the advancement of fiscal and tax reforms and the necessary tax incentives, more companies will choose to use financial leasing instead of direct taxation. Purchase method to get equipment, and so on. As the original driving force for development still exists, new driving forces for development are constantly emerging, and it can be judged that China's financial leasing industry will still have much to offer under the new economic normal.

In 2016, three new policies will be implemented in the financial leasing business:

First, how is the financing of sale and leaseback sales deducted from the principal.

The Announcement of the State Administration of Taxation on the Issues Concerning Value-Added Tax on the Period of the VAT Reform of Business Taxes (State Administration of Taxation Announcement No. 90 of 2015) stipulates that since February 1, 2016, taxpayers will provide tangible movable financing for sale. Lease service, the principal of the tangible movable property that can be deducted when calculating the current sales, is the principal that should be collected in the current period as agreed in the written contract. If there is no written contract or the written contract does not stipulate, it is the principal amount actually collected in the current period.

Caishui [2013] No. 106 "Measures for the Implementation of the Pilot Reform of Business Tax Renovation VAT" stipulates that: Pilot taxpayers approved by the People's Bank of China, the China Banking Regulatory Commission or the Ministry of Commerce to engage in financial leasing business shall provide tangible movable property financing after-sales leaseback services to collect The full price and the out-of-pocket expenses, after deducting the principal of the tangible movable property received from the lessee, and the interest paid on the borrowing (including foreign exchange and RMB borrowing interest) and the interest on the issuance of the bond are sales.

Financing sale and leaseback refers to the business activities in which the lessee sells the assets to the enterprise engaged in the financial leasing business for the purpose of financing and leases the assets back. The pilot taxpayer shall provide financing after-sales leaseback service, and the principal of the tangible movable property price charged to the lessee shall not issue a special VAT invoice, and may issue an ordinary invoice.

The reason for this is that the “Notice on Taxation Issues Concerning the Sale of Assets by the Lessee in the Financing Sale and Leaseback Business of the State Administration of Taxation” (State Administration of Taxation Announcement No. 13 of 2010) is still valid, and Announcement No. 13 In the sale and leaseback business, the taxation issue is related to the sale of assets by the lessee. The financing sale and leaseback business refers to the sale of the assets to the enterprise approved for financial leasing business for the purpose of financing, and then the assets are The behavior of the financial leasing company leased back. In the financing sale and leaseback business, when the lessee sells the assets, the ownership of the assets and all the remuneration and risks related to the ownership of the assets are not completely transferred. According to the current VAT and business tax regulations, the sale of assets by the lessee in the financing sale and leaseback business is not subject to the scope of VAT and business tax collection, and no VAT and business tax are levied. Since no value-added tax is levied, the lessee (financial party) cannot issue a special VAT invoice for the enterprise engaged in the financial leasing business. The enterprise that engages in the financial leasing business does not have the principal input tax invoice and cannot give the lessee (financial party). ) The special invoice for value-added tax is issued. The VAT chain is broken in this section because the provisions of the 13th announcement are broken. Therefore, before the reform of the camp has not been completely completed, the implementation method of the pilot reform can only temporarily calculate the value-added according to the method of sales deduction. tax. However, when it comes to specific businesses, there are still some details to be considered. For example, a tangible movable property financing sale and leaseback business, the lessee (financial party) sells 10 million yuan of assets, rents 5 million yuan, 1 million yuan per year, and is divided into five years. Qing, total interest and interest (also can be called principal + rent) 15 million yuan, the agreement stipulates annual return of 3 million yuan of principal and interest, in the calculation of sales deduction, is a one-time deduction of the principal

10 million yuan or five times deducted 2 million yuan?

Caishui [2013] No. 106 “Deducting the principal of tangible movable property from the lessee” emphasizes “receiving”. In the above-mentioned business, the enterprise that engages in financial leasing receives an annual fee of 3 million yuan, including 2 million yuan of principal. When calculating VAT sales every year, it can only be deducted according to 2 million yuan, which is neither the 10 million yuan principal nor the actual payment of 3 million yuan by the lessee.

If the parties have signed the contract, but the lessee has no money to pay the principal, and only paid interest (rent) of 1 million yuan in the same year, can the sales deduct the principal? Also, if the parties have not signed the contract? It is really rare to sell and lease back without signing contract, but it doesn't matter. Announcement No. 90 stipulates that starting from February 1, 2016, the taxpayer will provide the tangible movable property financing sale and leaseback service, and the tangible movable property principal that can be deducted when calculating the current sales is the principal that should be collected in the current period as agreed in the written contract. . If there is no written contract or the written contract does not stipulate, it is the principal amount actually collected in the current period.

Second, the factoring business does not change the qualification of the financial leasing entity.

The State Administration of Taxation promulgated the No. 90 of 2015 to transfer the creditor's rights of the unearned rents under the finance lease contract to financial institutions such as banks by means of factoring, without changing the financial lease relationship between them and the lessee. Continue to pay VAT in accordance with current regulations and issue invoices to the lessee.

What is the factoring business? The Notice of the Tianjin Local Taxation Bureau on the Pilot Program for the Management of the Business Taxation of Business Factoring in the Binhai New Area (Jindi Taxation (2013) No. 3) can refer to:

2. The factoring business referred to in this Notice means that the seller (creditor) transfers the accounts receivable arising from the contract for the sale of goods (services) entered into between the seller and the buyer (debtor) to the commercial factoring company, which is factored by the business. The company provides comprehensive trade services such as trade finance, accounts receivable management and collection.

3. For the interest income earned by the business factoring company in the factoring business, the business tax shall be levied according to the “financial industry one loan” tax item, and the turnover shall be the balance of the interest income earned by the company after deducting the loan interest paid to the financial institution. If the commercial factoring company deducts the above amount, it shall obtain the legal institution's interest expenditure receipts or legal and valid vouchers that comply with the laws, administrative regulations or the relevant provisions of the taxation department of the State Council.

The above provisions can be seen that with the diversification of financing channels, creditor's rights can also be refinanced. In this refinancing business, the factoring business is only the creditor's rights transferred by the financial leasing company, and it is not the transfer of financial leasing. The main body of financing for sale and leaseback has not changed, and the financial leasing company still has to bear the responsibility of issuing invoices and tax declarations.

Third, the financing lease contract can only count one stamp duty.

The "Guiding Opinions of the General Office of the State Council on Accelerating the Development of the Financial Leasing Industry" (Guo Dang Fa [2015] No. 68) pointed out that the implementation of taxation related taxation policies to promote the healthy development of the industry. The financial leasing contract signed for the financial leasing business (including financing and sale and leaseback) shall be denominated according to the total amount of rent as stated in the “Loan Contract”. After that, the Ministry of Finance and the State Administration of Taxation issued a notice on the stamp duty policy for financial lease contracts (Cai Shui [2015] No. 144), and Document No. 144 clearly stated from the date of publication of the document on December 24, 2015. The financial leasing contract (including financing-based sale and leaseback) signed for the financial leasing business shall be tax denominated at a rate of 0.5% according to the “borrowing contract” tax item in accordance with the total rents stated therein.

Affected by the continued rapid growth of the financial leasing industry and the successive introduction of favorable policies by the state and local governments, listed companies, large enterprise groups, securities institutions, private equity and other parties gradually entered the financial leasing industry to ease domestic enterprises. Financing difficulties and digesting excess capacity have played a positive role.