关于自然人、合伙企业、有限公司三种持股主体持股上市公司税负的对比

Core Conclusion - The use of partnership structures, especially multi-layered partnerships, to hold shares in listed companies results in the heaviest tax burden for individual investors due to the "hybrid identity" of partnerships, which do not qualify for key tax benefits available to either individual investors or corporations [2][22]. Tax Burden Analysis of Different Holding Entities - A unified scenario is set to analyze the tax burden during the "receipt of dividends" and "transfer of stock profits" for three types of holding entities: individuals, corporations, and partnerships [3][4]. 1. Individual Holding - For individuals directly holding shares, dividends received are tax-exempt if held for over one year, resulting in a net amount of 1 million yuan [5][9]. - Capital gains from the transfer of shares are also tax-exempt, allowing individuals to retain the full 10 million yuan from stock sales [8][9]. 2. Corporate Holding - Corporations receive dividends as tax-exempt income, but when profits are distributed to individual shareholders, a 20% personal income tax applies [6][11]. - Capital gains are taxed at a corporate income tax rate of 25%, leading to a net amount of 7.5 million yuan after tax on a 10 million yuan profit [11][12]. 3. Partnership Holding - Partnerships face a 20% personal income tax on dividends received by individual partners, resulting in a net amount of 800,000 yuan from a 1 million yuan dividend [6][7]. - For capital gains, partnerships are taxed at a maximum rate of 35%, leading to a net amount of 6.5 million yuan from a 10 million yuan profit [13][14]. Reasons for Heavier Tax Burden in Partnerships - Partnerships cannot access the special tax exemptions available to individual investors, nor can they benefit from corporate tax exemptions, placing them in a disadvantageous position [14][15]. - The tax policies for partnerships are less clear and more variable, relying heavily on local tax authority interpretations, which can lead to increased tax burdens over time [16][17]. - Losses incurred in partnerships can only be offset against "operating income," with limitations on carryover years, making them less flexible compared to corporations [18][19]. Recommendations - The simplest and most direct holding structure is recommended for tax efficiency, with individuals directly holding shares being the preferred option for long-term investments [20][21]. - Corporations are suggested for professional investors needing a platform for reinvestment or risk isolation, despite a higher tax rate on transfers [21]. - Partnerships should be avoided unless there are specific, legitimate purposes, as they typically result in the highest tax burden [21][22].