REITs, or real estate investment trusts, refers to a kind of investment fund that raises funds from investors through the issuance of income certificates to form fund property, which is handed over to a professional investment organization to invest in, manage and operate real estate with relatively stable returns, take the returns generated from real estate as the main source of income and allocate the vast majority of the returns to investors in a timely manner. Since April 2020, China is piloting real estate investment trusts (infrastructure REITs) in the infrastructure sector, with investment scope including toll roads, industrial parks, warehousing and logistics, sewage treatment, clean energy, guaranteed rental housing and other infrastructure.2023 On March 7, 2023, the Securities and Futures Commission (SFC) issued new regulations to expand the scope of investment, expand the participation of the main body, and optimize the audit and registration mechanism to promote the further development of REITs. In view of this, this paper interprets the tax arrangements involved in REITs based on the current tax regulations, and points out the risks and responses.

"Everything has a beginning and an end" and the functioning of a business is no exception. Bankruptcy is a way for enterprises to liquidate and withdraw from the market. The legal bankruptcy procedures for enterprises to deal with their debts and liabilities in a compliant manner will help them to play the role of the market in the allocation of resources and better adjust their industrial structure. Taxation issues are a major difficulty in bankruptcy proceedings, which, if not dealt with effectively, will affect the conduct of bankruptcy proceedings and jeopardize the interests of creditors. As there is no clear provision in the existing high-level laws and regulations, the tax-related problems in bankruptcy have been dealt with differently in practice for a long time, and there is a big controversy. This paper intends to discuss the handling of tax arrears found by the tax authorities at different stages of enterprise bankruptcy as an entry point for reference.

Since 2023, a number of local tax bureaus have focused on issuing a number of notices on tax matters, requiring real estate enterprises to make liquidation declarations on their land value-added tax (LVAT) or to approve their taxable amount, which may result in a concentrated eruption of tax-related risks for the enterprises. For projects eligible for liquidation, real estate enterprises should organize timely liquidation and pay close attention to the risk of land value-added tax.

SMEs are waiting for recovery, tax compliance should not be ignored
After three years of epidemic, China's economy has shown a faster recovery trend since this year. According to the data recently released by Wang Jun, Director General of the General Administration of Taxation, the sales revenue of enterprises in the first quarter of this year has increased by 4.7% year-on-year, of which the purchase amount in March has increased by 14.1% year-on-year, and the sale of enterprises has also had a higher growth. It can be said that a large number of small, medium and micro enterprises are in the process of recovery in the "post epidemic" era and will usher in a phase of rapid development as the economy picks up, with an increase in the number of businesses, increased performance, and sufficient corporate capital flow. ......

On February 1, 2019, the criminal case of a waste materials recycling business enterprise, represented by Huashui, for allegedly falsely issuing VAT invoices (with price and tax totaling tens of millions of yuan) was reviewed and concluded by the competent People's Procuratorate. In the end, the public prosecution authorities made and delivered the Decision of Not Prosecuting to the enterprise and four employees (all defendants), and the enterprise and the natural persons involved in the case were exempted from criminal liability. After nearly one year of defense work by Huatax lawyers, the case was concluded with the result of non-prosecution by the prosecutor's office, which was highly recognized by the client, and coincided with the eve of the Chinese New Year, and the people involved in the case were able to be reunited with their family members, which was also a great relief to us. Due to the impact of tax policy and industrial characteristics and other reasons, the waste materials recycling business industry has been the hardest hit by the case of false opening, the tax risk is high. This paper summarizes and analyzes the relevant circumstances and core legal issues of this case, with a view to providing useful reference for the judicial handling of the suspected cases of false opening of relevant enterprises in the future.

Recently, the employee shareholding platform "company into a partnership" was recovered 2.5 billion yuan of tax caused widespread concern. The initial intention of building a shareholding platform is to enjoy local tax incentives to save tax while maintaining the stability of the shareholding of listed companies, but with the precise focus of individual tax regulation on high-income groups, the local illegal tax approval and financial return policy of extensive and in-depth cleanup, the listed companies have to dismantle all kinds of shareholding platform. In this paper, we would like to make a reminder of the four major tax-related risks of listed companies' dismantling of shareholding platforms, and taxpayers should take this as a precautionary measure.

The National Audit Office released the Audit Work Report on the Implementation of the Central Budget and Other Financial Income and Expenditure in 2020 on June 7, 2021, which pointed out that 15 provinces and municipalities returned 23.873 billion yuan of taxes in the name of financial incentives and other names, and most of the return ratio was more than 90% of the locally shared income. And put forward, some grassroots financial expenditure pressure increases, to urgently clean up and regulate the illegal return of tax behavior in some places. In order to encourage the development of the circular economy, a number of places on the waste materials recycling enterprises have introduced a financial return incentive policy, the release of the work report, will further exacerbate the risk of invoice compliance of waste materials recycling business enterprises. In judicial practice, some courts have denied the recycling business model, and the amount of financial rebates obtained by the enterprise is recognized as the loss of national tax and characterized as false invoicing. Through a case analysis, Huatax lawyers pointed out that fiscal refund cannot be equated with tax loss, and discussed how the authenticity of goods transaction and tax loss involved in the crime of false VAT invoice should be recognized.

After an equity investment partnership loses its authorized tax status, its income tax rate on equity transfers can be up to 35%, which is a loss of tax advantage compared to direct individual shareholding. However, dismantling the shareholding platform to revert to individual shareholding status also faces the severe risk of partnership liquidation tax. Against this background, the relevant partnership-type shareholding platforms may consider adjusting the type of enterprise and applying policies such as the Circular of the Ministry of Finance, the State Administration of Taxation, the Development and Reform Commission, and the Securities and Futures Commission on the Issues of Income Tax Policies for Individual Partners of Venture Capital Enterprises (Cai Shui [2019] No. 8), to reduce the cost of the tax burden.