融资过程中，哪些情况会发生股权转让？ What situations will the equity transfer occur?

一个创业项目从刚开始到被收购或者上市，都会频繁发生股权转让，而股权转让一旦发生，就难免会涉及税务问题。常见的股权转让，有以下几种情况：

From the very beginning of an entrepreneurial project until it is acquired or listed, there will be frequent equity transfers, and once the equity transfer occurs, it will inevitably involve tax issues. Common equity transfers include the following:

1. 初期合伙人之间的股权转让

Equity transfer between initial partners

例如因为贡献度的不一样，原始合伙人可能会调整股权比例。也有可能是因为项目初期，公司的隐名股东让其他人代持股份，待项目有眉目后，就主动要求变更为工商注册股东。

For example, the original partner may adjust the shareholding ratio because of the difference in contribution. It is also possible that in the early stage of the project, the anonymous shareholder of the company asked others to hold shares on behalf of others.

2. 创始股东和投资人之间的股权转让

Equity transfer between founding shareholders and investors

无论是种子轮、天使轮或其他的融资轮次，公司要进一步融资，就要释放股权，也就是有股权转让的发生。

Whether it is a seed round, an angel round or other financing rounds, if the company wants to raise further financing, it must release the equity, that is, there will be an equity transfer.

3. 员工的股权激励

Employee equity incentives

无论是建立员工持股平台，或是直接把核心股东变更为实名股东，创始人和员工之间也会发生股权转让。

Whether it is establishing an employee stock ownership platform or directly changing core shareholders to real-name shareholders, equity transfers will also occur between founders and employees.

4. 创始人或投资人套现离场

Founders or investors cash out

早期进入项目的股东或投资人，在达到自己的盈利目标后，未必会等待公司上市，而是提早套现离场，落袋为安。那么这种股东或投资人释放股权套现的情况，也会发生股权转让。

Shareholders or investors who entered the project in the early stage may not wait for the company to go public after reaching their profit goals, but cash out and leave the market early to be safe. Then, in the case of shareholders or investors releasing equity to cash out, equity transfer will also occur.

股权转让要缴纳什么税？ What is the tax on share transfer?

2014年12月7日，国家税务总局公告2014年第67号发布《股权转让所得个人所得税管理办法（试行）》。该《办法》对股权转让收入的确认、股权原值的确认、纳税申报、征收管理等都进行了详细的约定。

On December 7, 2014, the State Administration of Taxation Announcement No. 67 of 2014 issued the "Administrative Measures for Individual Income Tax on Income from Equity Transfer (Trial)". The "Measures" have detailed agreements on the confirmation of equity transfer income, the confirmation of the original value of equity, tax declaration, and collection management.

股权转让，个人所得税的计算公式如下：

For equity transfer, the calculation formula of personal income tax is as follows:

应纳税额＝（股权转让收入－股权原值－与股权转让相关的合理税费）×20%。

Tax payable = (income from equity transfer - original value of equity - reasonable taxes related to equity transfer) x 20%.

举个例子，A将公司10%的股权转让给B，转让的价格是200万，当时投资的金额是100万，中间发生的合理税费是10万。

For example, A transfers 10% of the company's equity to B. The transfer price is 2 million yuan, the investment amount at that time is 1 million yuan, and the reasonable taxes and fees incurred in the middle are 100,000 yuan.

个人所得税=（200万-100万-10万）*20%=18万元。

Personal income tax = (2 million - 1 million - 100,000) * 20% = 180,000 yuan.

股权原值怎么确定？ How is the original value of equity determined?

股权原值就是你获得这些股权总共支付的价款以及合理的税费，这个税法上有明确的规定：

The original value of equity is the total price paid by you to obtain these equity and reasonable taxes. This tax law has clear regulations:

第一种情形：通过现金出资获得的股权，原值=出资额+出资时支付的税费；

Scenario 1: Equity acquired through cash contribution, original value = capital contribution + taxes paid when making capital contribution;

第二种情形：以非货币出资获得的股权（例如“知识产权”），原值=税务机关认可或核定的投资入股时该非货币资产的价值，以及取得股权过程中发生的合理税费；

Scenario 2: Equity (such as "intellectual property") acquired by non-monetary capital contribution, original value = the value of the non-monetary asset when the investment is recognized or approved by the tax authority, and the reasonable taxes and fees incurred in the process of acquiring the equity;

第三种情形：多次以不同的方式获得的股权，则采用加权平均来确定股权的原值；

The third situation: for the equity obtained in different ways for many times, the weighted average is used to determine the original value of the equity;

第四种情形：通过继承或近亲转让0元获得的股权，股权的原值就是他们获得的成本。注意，不是0元，他们转让给你时付了多少的价款和税费，你的原值就是他们已经付了的价款和税费；

The fourth situation: the equity obtained through inheritance or transfer of 0 yuan by close relatives, the original value of the equity is the cost of their acquisition. Note that it is not 0 yuan, how much price and tax they paid when they transferred it to you, your original value is the price and tax they have paid;

除了上述情形外，主管税务机关按照避免重复征税原则合理确认股权原值，也就是我们常说的税务机关核定，他对你提交的原值证明不采用或部分不采用，一般这样的情况下税费就会比较多了。

In addition to the above circumstances, the competent tax authority reasonably confirms the original value of the equity in accordance with the principle of avoiding double taxation, which is what we often call the tax authority's approval, and he does not adopt or partially adopt the original value certificate submitted by you. Taxes will be higher.

如何在股权转让中避税？ How to avoid tax in equity transfer?

有些创业者简单地认为，跟受让方签订一个《股权转让协议》，约定一个很低的转让价格，就可以不交税的，在实际操作中，这是完全实现不了的。

Some entrepreneurs simply think that if they sign an "equity transfer agreement" with the transferee and agree on a very low transfer price, they can avoid paying taxes. In practice, this is completely unrealizable.

就如上面我们分析的，对于股权原值，税务是有明确的规定的，税务机关不是仅凭《股权转让协议》去判断出让方是否有所得。再者，当税务机关认为股权转让价格有失公允，或者说股权原值严重偏颇时，税务机关还可以行使核定权。

As we have analyzed above, there are clear regulations on taxation for the original value of equity, and the tax authority does not rely solely on the Equity Transfer Agreement to determine whether the transferor has income. Furthermore, when the tax authority considers that the equity transfer price is unfair, or that the original value of the equity is seriously biased, the tax authority can also exercise the right of verification.

那么，如果想要在股权转让的过程中少缴税，应该要怎么做呢？

So, if you want to pay less tax in the process of equity transfer, what should you do?

其实出让股权不用缴个人所得税，只有一种可能性，就是进行股权转让的时候，公司的净资产（或所有者权益）没有超过你当初的股权原值。

In fact, there is no need to pay personal income tax for the transfer of equity. There is only one possibility, that is, when the equity is transferred, the company's net assets (or owner's equity) does not exceed the original value of your equity.

举例，A当初是以100万购入公司10%的股权，换句话说，公司原来的净资产应该是1000万。但公司经营不善，2年之后，公司的净值产已经变成500万，A的10%股权也缩水为50万。那么这个时候，A出让股权就不会产生所得了。

For example, A originally purchased 10% of the company's equity for 1 million. In other words, the company's original net asset should be 10 million. However, the company's management was poor. After two years, the company's net worth has become 5 million, and A's 10% equity has also shrunk to 500,000. Then at this time, A will not generate any income from selling the equity.

总结一下，如果在股权转让中，出让方不想缴纳个人所得税，就需要在进行股权转让之前，把公司的每股净资产或者公司的所有所权益拉低，具体怎么做？就需要咨询财务人员或顾问公司了。

To sum up, if the transferor does not want to pay personal income tax in the equity transfer, it needs to lower the company's net assets per share or all the company's equity before the equity transfer. What should be done specifically? You need to consult a financial person or a consulting firm.

还需要注意什么？ What else should we pay attention to?

前面我们讲了，不是说《股权转让协议》中约定了0元转让，或平价转让，税务机关就认可这笔转让无需缴纳个人所得税。也不是说，公司强行通过财技把《资产负债表》中的所有者权益拉低，就可以躲过税务机关的“法眼”，出让方还需要注意两个问题：

As we mentioned earlier, it does not mean that the "Equity Transfer Agreement" stipulates a transfer of 0 yuan, or a transfer at a fair price, and the tax authority recognizes that the transfer does not need to pay individual income tax. It does not mean that if the company forcibly reduces the owner's equity in the "Balance Sheet" through financial technology, it can escape the "eyes" of the tax authorities. The transferor also needs to pay attention to two issues:

1. 提早部署

Early deployment

为什么要提早部署？因为税务机关在核查转让价格的合理性时，一般会要求企业提供最近3个月的财务报表，看看股权转让当月的财务数据，对比前两个月是否有明显的波动。

Why deploy early? When the tax authorities check the rationality of the transfer price, they will generally require the company to provide the financial statements of the last three months to see if there is any obvious fluctuation in the financial data of the month of the equity transfer compared to the previous two months.

如果财务数据有明显的人为操作，税务机关就会行使核定权，出让方往往得不偿失。

If there is obvious human manipulation of financial data, the tax authority will exercise the right of verification, and the transferor will often lose more than the gain.

所以，在股权转让的3-6个月前，出让方就应该提早做好部署。

Therefore, the transferor should make arrangements in advance 3-6 months before the equity transfer.

2. 保留好每次转让的付款记录

Keep a record of payment for each transfer

我们接触过很多案例，就是出让方在转让股权时，税务机关要求他提供当初购入股权时的转账凭证，一旦出让方提供不出类似凭证。税务机关就会把这个股权转让行为视为是受赠的股权，而一旦被视为受赠的股权，出让方就需要交更多的税。

We have come across many cases. When the transferor transfers the equity, the tax authority requires him to provide the transfer certificate when he purchased the equity. Once the transferor cannot provide similar certificate. The tax authority will regard this equity transfer as a donated equity, and once it is regarded as a donated equity, the transferor needs to pay more tax.

因此，股东应该保存好购入股权的转账凭证，最好避免现金交易。万一真的只能现金交易，也必须让原出让方出具收款证明，以及他的所得税纳税凭证的复印件。

Therefore, shareholders should keep the transfer certificate for the purchase of equity, and it is best to avoid cash transactions. In case it can only be traded in cash, the original transferor must also issue a receipt certificate and a copy of his income tax payment certificate.

初创公司在融资过程中，会发生多次的股权转让。一些创业者误以为，自己在出让股权时，只需要在《股权转让协议》中约定0元转让或平价转让，就无需缴纳个人所得税。实际上这是一种掩耳盗铃的做法，首先税法对股权原值有明确的约定，其次，当税务机关判断转让价格有失公允时，也可以行使其核定权。

During the financing process of start-up companies, there will be multiple equity transfers. Some entrepreneurs mistakenly believe that when they sell equity, they only need to agree to transfer at 0 yuan or at par in the Equity Transfer Agreement, and they do not need to pay personal income tax. In fact, this is a practice of concealing one's ears and stealing the bell. First, the tax law has a clear agreement on the original value of the equity. Second, when the tax authority judges that the transfer price is unfair, it can also exercise its right to verify.

我们今天详细介绍了股权转让中，个人所得税的计税方式，以及股权原值的核定方式，还为出让方合法避税提出了一些建议，分析了一些注意事项，希望对创业者有所帮助。

Today, we have introduced in detail the way of calculating personal income tax in the equity transfer, as well as the method of verifying the original value of the equity, and also put forward some suggestions for the transferor to legally avoid tax, and analyzed some precautions, hoping to be helpful to entrepreneurs.