有限合夥與合夥人之所得課稅—以私募股權基金為中心

Income Taxation of the Limited Partnership and Partners—Focus on Private Equity Funds

林敬根(Ging-Ken Lin)

指導教授 ： 柯格鐘

國立臺灣大學/法律學院/法律學研究所/碩士(2021年)

https://doi.org/10.6342/NTU202100943

摘要

經過十多年的規劃與審議，我國終於在西元2015年11月公布施行「有限合夥法」，加入有限合夥此一靈活有彈性之新型態商業組織，供企業選擇採用。而在國際市場上，有限合夥最主要係應用於私募股權基金產業。近年來，我國政府為了鼓勵民間投資以加速經濟發展，陸續推出政策吸引私募股權基金投資國內產業，例如開放投信業者、證券商及保險業得參與經營私募股權基金，以及訂定境外資金匯回專法使投資者有誘因透過私募股權基金投資重要政策產業。據此，可預期未來有更多有限合夥私募股權基金產生。
對於有限合夥之所得稅制，於實務與學說上少有完整討論，故有限合夥如何適用既有所得稅法或相關法令之規範，以及有限合夥與各合夥人各自應如何負擔所得稅捐，仍有諸多疑義待釐清。為解決上述問題，本文旨在探討有限合夥與合夥人之所得課稅議題，並以私募股權基金為中心，分析有限合夥私募股權基金於經營過程中，各相關主體包含有限合夥、普通合夥人與有限合夥人，其等參與基金投資活動獲得各類所得時之課稅方式。透過分析現行法規範與實務運作方式，檢討其不備之處，並嘗試提出妥善之立法建議，期能完備建構有限合夥與合夥人之所得課稅制度。

關鍵字

有限合夥 ； 合夥人 ； 普通合夥人 ； 有限合夥人 ； 私募股權基金 ； 創業投資 ； 所得稅 ； 反避稅

並列摘要

After more than ten years of planning and deliberation, the ‘Limited Partnership Act’ was legislated in Taiwan in November 2015, which adds the limited partnership, a new flexible business organization, for enterprises to choose. In the international market, the limited partnership is mainly applied in the private equity fund industry. In recent years, in order to encourage private investment to accelerate economic development, the Taiwan government has successively introduced policies to attract private equity funds to invest in domestic industries, such as opening up securities investment trust enterprises, securities firms and insurers to participate in the operation of private equity funds, and formulating ‘The Management, Utilization, and Taxation of Repatriated Offshore Funds Act’, which gives investors incentives to invest in important policy industries through private equity funds. Accordingly, it is expected that more private equity fund limited partnerships will be generated in the future.
In respect of the income taxation of the limited partnership, there is little discussion about it in practice and theory, so there are still many doubts on how to apply the existing income tax law or relevant laws and regulations of limited partnership and how each partner should bear the income tax burden. In order to solve the above problems, the purpose of this thesis is to explore the income tax issues of the limited partnership and partners, and focus on private equity funds. That is, it analyzes the tax treatment of various types of income obtained by the limited partnership, general partners and limited partners in the operation of private equity fund limited partnerships. Through the analysis of current regulations and practical experiences, reviewing their deficiencies, and proposing appropriate legislative suggestions, this thesis aims to construct the income tax system of the limited partnership and partners properly and completely.

並列關鍵字

limited partnership ； partner ； general partner ； limited partner ； private equity fund ； venture capital ； income tax ； anti-tax avoidance

參考文獻

柯格鐘（2008），〈論所得稅法上的所得概念〉，《臺大法學論叢》，37卷3期，頁129-188。

一、中文文獻（按作者姓氏筆劃排列）

（一）書籍

王文宇（2018），《公司法論》，六版，臺北：元照。

王文宇（2019），《探索商業智慧：契約與組織》，初版，臺北：元照。