| Financial leasing industry, which has experienced development over more than the last sixty years, has been originated in America in 20 th century 50’s and grown an important channel through which the enterprises of the developed countries and a few developing countries has invested and finance their businesses with great contribution to the development of the world economy. Financial leasing industry had not been introduced by China until the 20 th century 80’s, obtaining a rapid development after more than thirty years. Especially in the year of 2013, the policy environment of supervision and control, law, taxation and accounting of Chinese financial leasing industry has vastly gained improvement. In the year of 2014, the economic development of China had entered into the New Normal. As an innovative field of modern service industries, financial lease will play a vital role in promoting structural optimization and updating, enhancing innovation-driven development, and achieving high-quality economy, in compliance with the developing strategy on Chinese New Normal.Tax policy and accounting standards are two critical pillars of financial lease. The paper, from the angle of tax accounting, prepares to analyze the impacts on financial lease with the current tax policy and accounting norms enforced, to indicate some irrational viewpoints and present some suggestions. The current accounting standards of financial lease in China, the No. 21 Accounting Standards of Enterprises – Leasehold, was enacted in the year of 2006 and converged upon the international lease standards. Meanwhile, in pilot regions the financial lease of the tangible properties is included in the business tax reformed to the value-added tax in 2012, which reduced the tax bearing of lessee and imposed the tax burden of lesser, and indeed there are a range of issues remained.The paper consists of five parts as follows. The first part is introduction, which firstly presents the research situation related all over the world, and then introduce the whole structure of the article, the deficiencies and the new views; the second part elaborates the evolution of tax policies pertaining to financial lease, and analyzes the importance and new issues against both sides through the case study within the current tax system; the third part expounds the differences between the accounting standards related to financial lease and accounting standards pertaining to tax policies, in order to seek a breakthrough in the tax planning; the forth part proposes recommendations which will develop the financial lease and keep it sustainable and healthy combining the case mentioned above with the differences of tax accounting, regulating and adjusting the current tax policies from the views of supervisors on one hand, and providing some pieces of advice on tax planning from the enterprises on the other hand; the fifth part shows the conclusions and deficiencies, summarizing the main conclusions from the paper and supplement the shortages. |
