Analysis Of The Supply-side Issues Of The Tax-deferred Commercial Pension Insurance

Since 2000,the aging of population has begun to enter into the Chinese public view,”old but poor” is the main characteristi.By the end of 2017,China's population that aged 65 and above account for 11.4% of the population.So the aging population has brought tremendous pressure to China government's endowment insurance.Moreover,the current development status of the three pillars old-aged insurance that has been established in China is as follows: The government's primary endowment insurance that the first pillar is now in main position,but it's replacement rate is keeping a declining trend year by year,already below the international police line;the second-pillar enterprise pension is in a stable development,but it's current coverage is narrow;the third pillar that commercial pension insurance is developing slowly,due to the absence of policy and institutional design and the weak public consciousness.Therefore,how to get rid of the pension difficulties under the existing three-pillar pension insurance system,and meet the needs of the members of society,China is actively discussing and trying to implement the personal tax-deferred commercial pension insurance,using tax incentives to encourage people to buy the third pillar that commercial pension insurance to improve the level of self-care pension,reduce the dependence on social pension insurance.Unlike the general commercial pension insurance,the tax-deferred commercial pension insurance involves tax incentive policy factors of the individual income tax,and the support of national policies can directly play a good role in purchase intentions.In foreign countries in the World,many countries have implemented the preferential tax participation policies for the reform on the personal commercial pension insurance system.As early as 2007,China began to learn advanced successful experiences from developed countries,and explicitly proposed to implement the policy to the personal commercial pension insurance tax-deferral policy.In 2008,in order to promote the development of personal tax-deferred commercial pension insurance system,Tianjin City has conducted the first pilot attempt.Although the first attempt has not achieved the desired results,but it also let us realized that there be problems on the implementation of tax-deferred commercial pension insurance system in China.Although the tax-deferred commercial pension insurance products can encourage members of society to improve the level of self-care pension and ease the pressure on the government's basic pension insurance,the tax-deferred policy has impacts on the country's tax revenue,and it may produces social equity issues.Therefore,when insuring the tax-deferral policy on the commercial pension insurance,it is necessary to provide legal support,establish an inter-departmental coordination cooperation mechanism,and prudently design tax incentives for insurance products.The research idea of this paper is: Based on analysis of a large number of available data,analyzes the seriousness of China's aging population,the unbalance of three-pillar old-age insurance system,and the tax-deferred commercial pension insurance's advantages,they show that the tax-deferred commercial pension insurance is necessary to plan.Secondly,by drawing lessons from foreign mature experience of the insurance tax policy of Germany's Reiters reform,the United States IRA plan and Canadian RRSPs.In view of the introduction of the 30% tax extension system of supplementary pension insurance in Tianjin Binhai New Area,appearing but then being halted.Combined with Chapter II's the theoretical basis of insurance on the supply side,from three aspects of the law,inter-departmental coordination,and individual tax-deferred discount line's fairness to analyse the failure reasons.Finally,drawing lessons from foreign experience to give corresponding suggestions on optimizing the supply-side for the implementation of the tax-deferred commercial pension insurance.