| Financial Industry is the core factor of modern economy, it is the key industry of national economy, the healthy and continuous development of financial industry would promote the development of the real economy, and thus it has a significant role on the development of the whole national economy. The tax burden is the core issue of the tax system and policy, it would be not only related to the taxpayers’ management, and would be related to the operation of the macro economy. Due to the importance of tax burden and the particularity of the financial industry, the study of the tax burden of financial enterprises in China are of great value in theory.From the aspect of tax burden, the article compared the tax burden between domestic Financial Industry and Financial Industry abroad, and analyzed the status quo and existing problems in Financial Industry in China, further finding the influence factors and putting forward the suggestions accordingly.The article had divided into seven chapters, the first chapter and the second chapter expounded the background and related literature review, the third chapter sorted and summarized the evolution and present situation of taxation policy in Financial Industry in China.Based on tax burden of turnover tax, income tax and comprehensive tax, the fourth and the fifth chapters compared the tax burden between domestic Financial Industry and Financial Industry abroad, the related conclusions were as follow: in the international comparison, the Financial Industry in China was with higher turnover tax burden, less preferential income tax policy and less flexible stamp tax policy. In the domestic comparison, the comprehensive tax burden of Financial Industry was much higher than other industries with large difference among different business in Financial Industry.Therefore, it was available to stimulate the development of Financial Industry through the fiscal policy, as the space of adjustment of tax policy was large.In empirical part, by introducing key micro impact factors(profitability and debt levels) and macro impact factors(before or after income tax reform in 2008, industry categories, and whether there would be new preferential tax policies in financial industry),finishing the multivariate regression, we have the following conclusions: the influence ofthe turnover tax burden and the income tax burden of financial enterprises to the comprehensive tax burden are both positive, and the influence of the former is larger. In addition, the enterprise’s profitability, debt levels, before or after the income tax reform in2008, and whether there would be new preferential tax policy in financial industry impacted on the tax burden of the enterprise are all negative. Moreover, in the industry categories, the enterprise tax burden of traditional banking and insurance is negative,while the influence of the securities and futures industry and financial trust industry is positive.Finally, according to the results of vertical and horizontal comparative analysis and empirical model, some policy recommendations are put forwards to further improve the tax burden question in China’s financial industry, including reducing turnover tax burden and optimizing income tax policy. |
