| As the largest tax reform in China in recent years,The “replacing business with valued-added tax”(“BT-to-VAT”)abolished the business tax that had been levied for more than 60 years,and has basically opened up the VAT deduction chain.In response to this reform,Premier Li Keqiang has repeatedly proposed that make ensure all industries to reduce tax burden.It has been nearly three years since the implementation of the “BT-to-VAT”,when the deeper reform of VAT and the reform of“tax reduction and fee reduction” are also in progress,so how much is the specific tax reduction effect and what are the problems with the current VAT tax system? These are the issues that this paper will study.And the real estate industry,as a pillar industry of China’s national economy,has the characteristics of large scale,long industrial chain and high tax revenue.From the perspective of system design,that the real estate industry as the last industry being included in “BT-to-VAT” has positive significance for the “cost reduction” of downstream enterprises and “destock” for real estate enterprises.From the perspective of its tax burden,on the one hand,the real estate industry has a heavy tax burden,which affects the development of many industries in the upstream and downstream,and thus affects China’s economic development;on the other hand,the house as the residents’ needs,the real estate industry tax burden will also affect the price and thus have a certain impact on the normal life of residents.Therefore,this paper takes a study to the real estate industry,based on the financial data of real estate public companies.On the one hand,it examines the changes in tax burden before and after “BT-to-VAT” and proposes some suggestions for the problems existing in the current tax system;on the other hand,from the perspective of enterprises,we study the influencing factors of taxation and make recommendations for real estate companies to reduce tax burden.At first,this paper analyzes the impact of “BT-to-VAT” on Chines real estate industry from both theoretical and empirical aspects.In theory,it is mainly divided into three parts: the main tax types,management links and financial management of the real estate industry.Empirically,this paper is divided into two levels:macro and micro.It calculates the macro tax burden of Chinese six industries.Then it makes a comparative analysis of these macro tax burdens,which shows that the effect of the“BT-to-VAT” on the real estate industry in China is not very significant.Moreover,the real estate industry has always had the conclusion of high tax burden.At the micro level,this paper selects the annual report data of 58 real estate listed companies from2015 to 2017 as sample data,and compares the change of turnover tax burden,income tax burden and total tax burden of three different periods.The result further verified that the “BT-to-VAT” has a poor tax reduction effect for enterprises,and at the same time,it is concluded that it is necessary to comprehensively consider the various influencing factors to further reduce the corporate tax burden.Therefore,this paper continues to use the financial data of the listed companies to carry out model analysis,and study the influencing factors of the tax burden of the real estate industry in China.It uses 464 sets of sample data to establish a panel model,which is got from all the semi-annual reports of the listed companies from June 2014 to June 2018.Then it selects the “BT-to-VAT”,Leverage,Fixed Assets Ratio,Scale,Temporary Difference,and Return Of Assets as independent variables,and performs multiple regression analysis by using stata15.1.The output shows that the “BT-to-VAT” is negatively correlated with the total tax burden of the listed enterprises,that is,the tax reduction effect is produced,but the effect is not significant;the leverage,fixed assets ratio and the return of assets were significantly negatively correlated with the total tax burden of the listed enterprises;the scale of the enterprise was positively correlated with the total tax burden of the listed enterprises,but the correlation was not significant;and the temporary difference is significantly positively correlated with the total tax burden of the listed company.Finally,this paper proposes relevant countermeasures from the perspectives of policy improvement and corporate tax reduction,combined with the research experience of domestic and foreign scholars. |
