In equity transfer transactions, both buyers and sellers typically consider whether the transfer price includes the company's profits to be distributed soon and how that part should be handled.

在股权转让交易中，买卖双方通常会考虑：转让对价是否包含公司即将分配的利润，该部分如何处理?

In China, the individual income tax rate for both personal property transfer gains and dividend income is 20%. When an individual transfers equity directly versus distributing profits first and then transferring equity (with the transfer price adjusted to deduct the distributed amount), the individual income tax paid by the transferor appears to be the same in both cases. It seems that the economic benefits of these two approaches are almost identical. However, from the perspective of the overall interests of both parties involved in the transaction, there is actually a difference, and the final outcome also varies depending on the acquiring entity.

我国个人财产转让所得和股息红利所得的个人所得税税率均为20%。个人在转让股权时，直接转让股权，和先分配利润再转让股权（转让价格同时扣除分配的金额），出让方所缴纳的个人所得税金额相同，看似两种方案的经济利益几乎没有区别。但是如果从交易双方整体利益考虑，实质上会存在差异，且受让主体不同，最终结果也有所不同。

So what should be done? Please take a moment to review the following examples and analyses. This will help you save money and ensure you don't get lost when encountering equity transfers.

那到底该怎么办呢？请大家有点耐心看完下面的列举和分析哦。这样能帮你省钱啦。至少你在遇到股权转让时不会迷路了。

The Acquirer is a Legal Entity 受让方是法人

Case 案例1

A foreign resident individual (Tom) established a domestic Company A in 2020 with an investment of 1 million yuan (fully paid). In 2024, domestic Company B plans to acquire 100% of the equity of domestic Company A. At the time of acquisition, Company A has undistributed profits of 2 million yuan and a company valuation of 5 million yuan.

外籍居民自然人（Tom）2020年出资100万（已实缴）设立境内A公司。2024年，境内B公司计划收购境内A公司100%股权。收购时，境内A公司未分配利润200万，公司估值500万。

There are two options available 现有两种方案可供选择：

• Company B directly pays 5 million yuan to the individual (Tom) to acquire 100% of the equity of Company A. After the acquisition, Company A distributes 2 million yaun in profits to Company B to supplement its cash flow (transfer first, then distribute).
• B公司直接向自然人（Tom）支付500万收购A公司全部股权。收购完成后，A公司向B公司分配200万利润以补充B公司现金流。（先转让后分配）

• Company A first distributes 2 million yuan in profits to the individual (Tom), and then Company B acquires 100% of the equity of Company A for 3 million yuan (distribute first, then transfer).
• A公司先对自然人（Tom）分配200万利润，B公司再以300万收购A公司全部股权。（先分配后转让）

Assuming no other factors such as stamp duty are considered, which option maximizes the economic benefits for both parties?

假设不考虑印花税等其他因素，哪个方案可以使双方的经济利益最大化？

First, let's look at the cash inflows for the foreign resident individual (Tom) under the two options:

Option 1 Personal income tax = (500 - 100) * 20% = 800,000 yuan

Option 2 Personal income tax = 200 0% + (300 - 100) 20% = 400,000 yuan(Foreign resident individuals enjoy a tax exemption for dividend and bonus income, but capital gains from equity transfers are still taxable.)

After deducting taxes, Tom's net cash inflow under Option 1 is 4.2 million yuan, while under Option 2 it is 4.6 million yuan.

Therefore, Option 1 is more favorable for the foreign resident individual (Tom).

先看两个方案中，外籍居民自然人（Tom）的现金流入：

方案一 个人所得税=(500-100)*20%=80万

方案二 个人所得税=200*0%+(300-100)*20%=40万（外籍居民个人享受股息、红利所得的免税政策，但股权转让所得依然要征税）

自然人（Tom）的收入扣除税金后，方案一的净现金流入均为420万，方案二的净现金流入均为460万。

方案一对外籍居民自然人（Tom）更有利。

Next, let's examine the cash outflows for Company B:

Option 1 Company B's cash outflow is 5 million yuan, with a cash inflow of 2 million yuan, resulting in a net cash outflow of 3 million yuan.

Option 2 Company B's cash outflow is 3 million yuan.

The results are the same for both options.

再看B公司的现金流出：

方案一 B公司现金流出500万，现金流入200万，净现金流出300万。

方案二 B公司现金流出300万。

两个方案的结果相同。

Finally, let's consider the tax basis of Company B's acquisition of Company A's equity (long-term equity investment):

Option 1 The tax basis for the long-term equity investment is 5 million yuan.

Option 2 The tax basis for the long-term equity investment is 3 million yuan.

最后来看B公司取得A公司股权（长期股权投资）的计税基础：

方案一 长期股权投资的计税基础为500万。

方案二 长期股权投资的计税基础为300万。

Assuming Company B later transfers the equity of Company A for 5 million yuan:

Option 1 Company B will not generate taxable income for corporate income tax purposes.

Option 2 Company B will generate 2 million yuan (5 million yuan - 3 million yuan) in taxable income, resulting in a tax of 500,000 yuan, assuming a corporate income tax rate of 25%.

假设未来B公司再以500万转让A公司的股权：

方案一 B公司不产生企业所得税应纳税所得额。

方案二 B公司会产生200万（500-300）应纳税所得额，按25%企业所得税税率计算，税额为50万。

Moreover, the tax basis not only affects Company B's income tax when transferring the equity of Company A but also impacts Company B's income tax during the liquidation of Company A.

Therefore, in this case, Option 1 is more favorable for Company B.

并且，计税基础不仅会影响转让A公司股权时B公司的所得税，也会影响到A公司清算时B公司的所得税。

因此在本例中，方案一对于B公司更有利。

The acquirer is an individual 受让方为自然人

Case 案例2

A foreign resident individual (Tom) invested 1 million yuan (already paid) to establish a domestic Company A in 2020. In 2024, another foreign resident individual (Jerry) plans to acquire 100% of the equity of  Company A. At the time of acquisition, Company A has undistributed profits of 2 million yuan and the company is valued at 5 million yuan.

外籍居民自然人（Tom）2020年出资100万（已实缴）设立境内A公司。2024年，外籍居民自然人（Jerry）计划收购境内A公司100%股权。收购时，境内A公司未分配利润200万，公司估值500万。

There are two options available 现有两种方案可供选择:

• The individual (Jerry) directly pays 5 million yuan to the individual (Tom) to acquire 100% of Company A's equity. After the acquisition is completed, Company A distributes 2 million yuan in profits to the individual (Jerry) to supplement their cash flow. (Transfer first, then distribute)
• 自然人（Jerry）直接向自然人（Tom）支付500万收购A公司全部股权。收购完成后，A公司向自然人（Jerry）分配200万利润以补充自然人（Jerry）现金流。（先转让后分配）

• Company A first distributes 2 million yuan in profits to the individual (Tom), and then the individual (Jerry) acquires 100% of Company A's equity for 3 million yuan. (Distribute first, then transfer)
• A公司先对自然人（Tom）分配200万利润，自然人（Jerry）再以300万收购A公司全部股权。（先分配后转让）

Assuming no other factors such as stamp duty are considered, which option maximizes the economic benefits for both parties?

假设不考虑印花税等其他因素，哪个方案可以使双方的经济利益最大化？

Cash flow for the foreign resident individual (Tom):

In the same case as Case 1, under Option 1, the net cash inflow for the individual (Tom) is 4.2 million yuan. Under Option 2, the net cash inflow for the individual (Tom) is 4.6 million yuan.

Option 1 is more favorable for the foreign resident individual (Tom).

外籍居民自然人（Tom）的现金流入：

同案例1，方案一自然人（Tom）的净现金流入均为420万，方案二自然人（Tom）的净现金流入均为460万。

方案一对外籍居民自然人（Tom）更有利。

Cash flow for the foreign resident individual (Jerry):

Option 1 The individual (Jerry) has a cash outflow of 5 million yuan at the time of acquisition. If Company A distributes 2 million yuan in profits to the individual (Jerry), then, considering that foreign resident individuals enjoy tax exemption on dividend and bonus income, the individual (Jerry) would need to pay 0 in personal income tax. Thus, the after-tax cash inflow is 2 million yuan, making the overall net cash outflow 3 million yuan.

Option 2 The individual (Jerry) has a cash outflow of 3 million yuan.

The impact of Option 1 and Option 2 on the foreign resident individual (Jerry) is the same.

外籍居民自然人（Jerry）的现金流出：

方案一 收购时自然人（Jerry）的现金流出500万。A公司如果对自然人（Jerry）分配200万利润，则外籍居民自然人（Jerry）需还要缴纳0元的个人所得税（外籍居民个人享受股息、红利所得的免税政策），税后现金流入为200万，整体净现金流出为300万。

方案二 自然人（Jerry）的现金流出300万。

方案一与方案二对外籍居民自然人（Jerry）的影响相同。

However, assuming that the foreign resident individual (Jerry) later transfers the equity of Company A for 5 million yuan:

Option 1 The foreign resident individual (Jerry) does not incur personal income tax.

Option 2 The foreign resident individual (Jerry) will incur 400,000 yuan in personal income tax (foreign resident individuals are subject to personal income tax on equity transfer gains).

Option 1 is more favorable for the foreign resident individual (Jerry).

但假设未来外籍居民自然人（Jerry）再以500万转让A公司的股权：

方案一 外籍居民自然人（Jerry）不产生个人所得税

方案二 外籍居民自然人（Jerry）会产生40万的个人所得税（外籍居民个人股权转让所得要征收个人所得税）

方案一对外籍居民自然人（Jerry）更有利。

In this case, if the individual (Jerry) does not transfer the equity of Company A in the future, there is no difference between Option 1 and Option 2 for the individual (Jerry). However, if the individual (Jerry) transfers the equity of Company A in the future, Option 1 is undoubtedly more favorable for the foreign resident individual (Jerry).

本例中，如果自然人（Jerry）未来不转让A公司股权，那毫无疑问方案一和方案二对自然人（Jerry）没有区别；如果自然人（Jerry）未来转让A公司股权，毫无疑问方案一对外籍居民自然人（Jerry）更有利。

Author 作者 | Alex