Research On Implementation Effect Assessment And Policy Advice Of Chinese Reform From Business Tax To Value Added Tax In Securities Industry

On March 23,2016,The state administration of taxation and Ministry of Finance jointly releases the document no.36 about levying the VAT on comprehensive,the file also makes clear that financial industry will be included in the scope of levy,with a value-added tax rate at 6%,and it will execute on May 1,2016.The security industry,as an important part of the financial industry,is one of the lifelines of the national economy to our country,which is related to the national economic development and social stability.Releasing the new policy and studying the influence of tax to the security industry has practical significance for replacing the business tax with the value-added tax.Firstly,This dissertation elaborates the theoretical basis of replacing the business tax with the value-added tax,analyzes the latest financial policy and the current international methods about value-added tax collection in financial industry,which can provides theoretical basis for replacing the business tax with the value-added tax in the security industry of calculated effect and improvement of reform mentioned later.Secondly,by analyzes the basic status of the securities industry,research shows that the phenomenon of double taxation and unreasonable tax burden in the securities industry exists at present.After that reviews the evolution of securities tax system in China.According to the above research,divides the new scope of replacing the business tax with the value-added tax of the securities industry,then forecasts its effect after the reform and put forward to compare the VAT taxation in China to the VAT taxation in the international.In addition,the effect of business tax to VAT reform is not only reflect on the changes of tax burden in single industry but also the changes of local revenue which is also a hot issue in academia.So this dissertation further discusses the effects of fiscal revenue of replacing the business tax with the value-added tax to local government under the latest share proportion of VAT 50:50.Studies shows that under the new policy options,commodity turnover tax burdenof Chinese securities companies increases after implementing to replace the business tax with the value-added tax,while the tax burden rise slightly and basically unchanged.The measurement results shows that under the new share proportion,local fiscal revenue will fall by 6.3%,while local governments can keep the circulation tax flat before and after replacing the business tax with the value-added tax when the share proportion is set as 45:55,which reduces the loss of tax of local government.