| China began to implement the policy of replacing business tax with value-added tax from 2012,and constantly expand the pilot scope of the policy.Since May1,2016,construction industry,real estate industry,financial industry and life service industry has been incorporated into the VAT collection system,the policy of replacing business tax with value-added tax has achieved full coverage.Financial industry is a key industry of the policy of replacing business tax with value-added tax,what and how has the tax burden of financial companies changed before and after the reform and whether there are differences between the industry segments,there is a lack of systematic and comprehensive research at present.By combing and comparing the policy of replacing business tax with value-added tax and the policy of business tax,this paper make clear the tax policy provisions of various business income and operating expenditure,taking financial listed company in A shares——including 16 listed banks,18 listed securities companies and 3 listed insurance companies as samples,measure and calculate the impact of replacing business tax with value-added tax on tax burden from three kinds of caliber.(1)Calculate the input VAT and outcome VAT based on the 2015 annual report data,calculate the amount of tax payable of financial listed companies under the two taxation system,including business tax,VAT,tax for maintaining and building cities,education supplementary tax and local education supplementary tax,evaluate the tax burden of companies by calculating the tax burden rates of different calibers,then reveal the impact of replacing business tax with value-added tax on the tax burden of financial listed companies.(2)At first,calculate the VAT based on 2017 annual report data,then calculate business tax,Tax for maintaining and building cities,education supplementary tax and local education supplementary tax under the business tax system by restoring tax-including price of business income and operating expenditure.Finally,evaluate the tax burden of companies by calculating the tax burden rates of different calibers,and show how policy effects change over time By comparing the changes in tax burden in 2015.(3)According to horizontalcomparisons between banking,securities and insurance,summarize the different effects of the policy of replacing business tax with value-added tax on different financial industry.Then,try to provide effective advice and suggestions to policy departments and financial companies,so that the reform can effectively and fairly promote the comprehensive development of all sectors of the financial industry,and ensure that the burden of companies only decreases.The results showed that:in the early stage of the reform,the tax burden of baking has risen,but with the gradual deepening of reform,each bank all makes active adjustment in daily business activities,the tax burden began to fall,and the effect of the reform began to appear.In the meanwhile,the policy effect on large nationalized banks and joint-stock commercial banks has little difference at different times,it proves the fairness of the policy from the side.The reform process of securities was relatively stable,securities industry can get stable tax reduction effect because the scope of taxation and the tax rate have changed little.Insurance industry successfully achieved tax reduction in the reform,but the tax burden changes less.Considering the complexity of insurance business,it is easy to cause the loss of input VAT,and greatly increase the tax burden on insurance companies.Finally,it should be noted that there are obvious differences in tax burden structure between property insurance companies and life insurance companies.Life insurance companies are theoretically less affected,but it also makes the possible tax cuts very limited.On the contrary,property insurance companies have great potential for tax reduction and can rapidly reduce the tax burden if these companies can make good use of the policy. |
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