Port communicationunicorn enterprise： Heading towards the A-share market, how can taxes help? July 8，The China Securities Regulatory Commission issued a document stating that it will further liberalize the scope of foreign individual investors’ participation in A-share transactions.，and publicly solicit opinions from the public on the draft revision of relevant regulations.。The new rules mainly involve two groups of people：First, foreigners working in China;Second, the scope of foreign employees of domestic listed companies who can become equity incentive targets，From foreign employees working in China，Expanded to all foreign employees。
That is to say, foreign employees of domestic listed companies working abroad，Can also become an equity incentive target，And you can click here to apply to open an A-share securities account。 With Xiaomi returning to the A-share market and CATL’s A-share GEM closing the daily limit on its first day of listing,，News reports and analytical commentary on unicorn companies continue to attract public attention。Unicorn companies rushing to the A-share market has become a new trend。
in this process，In what areas should taxes play a role?? tax increase：A running posture raised $14 billion，The latest valuation is as high as US$160 billion!recently，Ant Financial announces new round of financing，This is the largest single private equity financing in the world to date。While the amount of single private placement financing for unicorn companies has hit new highs,，The increase in its tax contribution，It also shows a "running attitude"。
Not long ago，The tax content in the prospectus released by Xiaomi has attracted much attention。According to the prospectus，The corporate income tax paid by Xiaomi in 2025 is
- 5billion，2025The annual corporate income tax paid is
- 84billion。By 2025，The corporate income tax paid by Xiaomi skyrocketed to 2.1 billion yuan，An increase of 13 times compared with 2025。 Xiaomi’s fast-growing tax contribution，Not alone among unicorn companies。
An industry insider said，She once came into contact with a company，At the beginning of its establishment, the income was not considerable.，But it only developed for two or three years，Revenue has reached hundreds of millions of yuan，Tax contributions also increased steadily.。“Unicorn companies are mostly technology companies，While enjoying tax incentives for high-tech enterprises，Rapidly growing tax contributions are very eye-catching。
"The "2025 China Unicorn Enterprise Development Report" released by the Ministry of Science and Technology in March this year shows that，2025A total of 164 Chinese unicorn companies were selected for the list this year.，33 more than in 2025，Total valuation exceeds US$620 billion。
Three basic criteria based on which the Ministry of Science and Technology selects China’s unicorn companies in 2025，They are registered in China、Established no more than 10 years ago、Unlisted companies that have received PE investment，The valuation exceeds(Contains)10Billion dollar unicorn companies，100Billion dollar super unicorn companies。 It is understood，Unicorn companies are mainly concentrated in Shenzhen、Shenzhen、Cities such as Hangzhou and Shenzhen。
in，Shenzhen has the most unicorn companies，Accounting for 45% of the total number of companies on the list。And Shenzhen’s unicorn companies，Mainly concentrated in Haidian District，The total number reaches 35。Statistics from the Haidian District Taxation Department show，2025Annual tax paid by unicorn companies
- 7billion，year-on-year growth
- 5%，20255 months ago，Unicorn enterprise tax treasury
- 65billion，A year-on-year increase of 181%。
The relevant person in charge of the taxation department of Haidian District, Shenzhen City said，Unicorn companies not only become Haidian District enterprise entrepreneurship、Innovation leader，It also provides new momentum for tax revenue growth in Haidian District.。Especially those unicorn companies with high-quality development，Has become the main force in tax growth。in，Judging from the tax increase，2025The industry with the largest annual growth is intelligent hardware，Artificial intelligence comes second。
From the absolute value of tax growth，Intelligent hardware industry still ranks first，Secondly, the Internet financial industry。in，The tax revenue of a well-known enterprise in the Internet financial industry has increased rapidly.，2025annual treasury tax
- 8billion，A year-on-year increase of approximately 10 times。From the perspective of tax source concentration，The tax concentration rate of unicorn companies is very high - the total tax revenue of unicorn companies in Haidian District in 2025
- 5%Concentrated from 4 companies。
tax deduction：What to do if there is no invoice June 6，The State Administration of Taxation issued the "Measures for the Administration of Pre-tax Deduction Vouchers for Enterprise Income Tax"(State Administration of Taxation Announcement No. 28 of 2025)，This is my country's first normative document on the management of pre-tax deduction vouchers for corporate income tax.。As soon as this document comes out，Immediately attracted widespread attention from unicorn companies。Because of the issue of pre-tax deduction vouchers，has been troubled by many unicorn companies。
It is understood，The main income of a well-known unicorn company in Shenzhen，It’s the advertising revenue and live streaming rewards in its APP。Individuals can directly download the APP，Become a host after registering and passing the application。When the user enters the live broadcast room of the anchor，"Gifts" of varying values will be given to the anchors depending on the situation.(It’s actually a virtual prop)。
According to the "Anchor Registration Terms" of the APP，The discounted income from the “gift” received by the anchor is after-tax income，The enterprise withholds and pays personal income tax in accordance with legal provisions.。 The financial director of the above-mentioned unicorn company said，The income received by the anchor，For enterprises, it belongs to production、Costs and expenses closely related to operations，According to the provisions of the Enterprise Income Tax Law, it should be deductible before tax。
but，Due to the large number of registered anchors、Practical reasons such as the majority of individual anchors，Enterprises cannot obtain invoices from individual anchors，This makes it difficult for companies to declare pre-tax deductions for corporate income tax.：If there is no pre-tax deduction，As a result, the tax burden of enterprises has increased a lot.;If deducted，If you do not have an invoice, you will face greater tax risks.。It is reported that，Operating an e-commerce platform、Online ride-hailing platform、The unicorn company of food delivery platform，all face this problem to varying degrees。
In this regard，Some insiders said，for a long time，my country adopts the idea of "controlling taxes with votes" to manage corporate taxation。Especially after the business tax to value-added tax reform，A closed-loop chain is formed using invoices as a link between the upstream and downstream enterprises.，This helps tax authorities implement management。but，With the continuous emergence of new business forms，In actual operation，Not every link can truthfully obtain an invoice。For example, the anchors of live broadcast platforms、Taxi-hailing platform driver、Personal services such as delivery persons for takeaway platforms。
but，Let all these individuals who provide labor services go to the tax authorities to issue invoices on their behalf and hand them over to the enterprise.，is unrealistic。 A few days ago，The promulgation of the "Measures for the Administration of Pre-tax Deduction Vouchers for Enterprise Income Tax"，Many unicorn companies have seen hope。According to this method，An enterprise's pre-tax deduction vouchers can be divided into internal vouchers and external vouchers according to their sources.。
Internal vouchers refer to the fact that the company complies with relevant laws and regulations，for business costs、
cost
、Original accounting documents for accounting of losses and other expenses。External vouchers refer to when a company’s operating activities and other matters occur，from other units、Vouchers obtained by individuals to prove their expenditures，including but not limited to invoices(Including paper invoices and electronic invoices)、fiscal note、tax payment voucher、Payment voucher、Split orders etc.。
That is to say，Invoices are not the only evidence for corporate tax deductions，What Unicorns Can Do by Following Authenticity、legality、based on the principle of relevance，Save the signed contract、Bank statements and other related information，as reasonable、Valid pre-tax deduction voucher。As long as the company can prove the authenticity of the transaction，Even if no invoice is obtained，Business-related services can also be deducted in accordance with tax laws.
cost
。
“The trouble we have with tax deductions，It shows that the State Administration of Taxation has paid attention to。"A financial director of a unicorn company said happily。 In addition to the pre-tax deduction voucher，There are also some tax issues that unicorn companies are more concerned about.：First, in the process of rapid development of enterprises,，Focus on product development and promotion，Failure to pay necessary attention and attention to corporate tax management，resulting in tax risks。
Second, innovative business models of unicorn companies are emerging one after another.，The update of tax laws and regulations is relatively lagging behind，There is even a blank space，Enterprises are at a loss when it comes to the specific application of tax laws。Third, tax policies at different levels、Implementation standards are inconsistent in different regions，There is a certain degree of uncertainty。 Resolve troubles：Establishing institutional channels Among the top ten unicorn companies in the world，half from China。From reality，The rapid growth in the number of unicorn companies is a high probability event。
For the government，Guide more new economy companies represented by unicorn companies to return to the domestic capital market，It is an important focus of the current reform and innovation of my country’s capital market.。In this regard，Relevant experts said，In terms of taxation, it helps unicorn companies to move towards the A-share market more steadily.，The "one thing, one discussion" approach is the long-term solution，Finding institutional solutions is key。 “Unicorns face tax woes，It is also a common phenomenon internationally。
" said Teng Xiangzhi, director of the Fiscal and Taxation Law Case Research Center of the Chinese Academy of Social Sciences。he thinks，Tax policy is incomplete，Even in countries with relatively complete tax systems，Its tax code also cannot cover all business models。
Based on this，It is recommended to establish a general legal advisory body at the State Administration of Taxation level，Tax uncertainties similar to those faced by unicorn companies，are subject to prior ruling by the agency，This effectively resolves the contradiction between the rapid innovation of unicorn companies and the slow update of tax policies.。Teng Xiangzhi said，In addition to handling tax advance ruling matters, the General Counsel，Can also be responsible for case approval、Complex and difficult cases、Cases that aroused major public opinion, etc.。
Teng Xiangzhi said，The General Counsel is not a person，It is an organizational structure established within the tax authority.，Participate in the formulation of tax laws and regulations，It is also necessary to ensure the substantive and procedural legal correctness of the tax authorities’ enforcement actions.。therefore，While being given greater powers, the general counsel，should take on more responsibilities，Guarantee Responsibilities、authority、Job trinity，Realize the value of general counsel。
From reality，inside，The general counsel system and the tax advance ruling system can be considered together;outside，Tax justice can be opened up，Restrictions on the power of administrative interpretation of tax laws。 True，The establishment of the general counsel system and the tax advance ruling system did not happen overnight.。
before it is truly established，How to effectively solve the tax problems faced by unicorn companies?In this regard，Have expert advice，Should be in a city where unicorn companies are relatively concentrated，Establish a higher-level tax working group，Specializing in tax issues faced by unicorn companies，and propose targeted solutions，For reference by the State Administration of Taxation and relevant tax authorities in charge of enterprises，Issue relevant normative documents when necessary，To provide unicorns with more tax certainty。
"at present，Unicorns face tax issues，Need to report to higher tax authorities，Less efficient，It is also not conducive to concentrating expert resources to carry out targeted research.”。 Link：What is a unicorn company? A unicorn is a fictional creature in myths and legends.，shaped like a white horse，There is a spiral angle in front of the forehead，Represents nobility、Proud and pure。
Public information display，The concept of unicorn company was coined in 2013 by the famous American investor Ali Lee.(Aileen Lee)first to propose，Refers to those who have started a business within 10 years，Startups valued at more than US$1 billion and not yet listed。Valued over $10 billion，super unicorn。After the concept of unicorn company was proposed，Quickly gained recognition in the global investment community，and widely adopted。
in china，Unicorn companies are growing so fast，beyond people's imagination，It also allows people to get more benefits from its innovations。
use the internet、Big data integrates Didi in the car rental market、Mobai、ofo，Make people travel more convenient;DJI pioneered the consumer drone market，Has become the "big brother" in the aerial photography industry;Cambrian Technology is deeply involved in the field of smart chips，Developed the world's first commercial terminal intelligent processor IP product，And has been widely used in smart terminals such as Huawei mobile phones。
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