A Study Of The Banking Industry Tax Burden Changes On The Efficiency Of Serving The Real Economy After "VAT Reform"

"VAT reform" is the biggest tax reform since China’s tax-sharing reform,ending the current situation where business tax and value-added tax coexist.From May 1,2016,the real estate,construction,financial industry and life service industry were also included in the "Venture Reform and Increase" pilot scope.At this point,business tax exited the stage of history and began to fully implement the value-added tax system.The financial industry has received extensive attention due to its complexity and particularity.The financial industry is the core of the modern economy and the blood of the real economy.It has been more than 4 years since the financial industry implemented the "VAT Reform" policy.Commercial banks,as the main body of the financial industry,have seen reports of rising bank tax burden after the implementation of the policy.The tax burden is still subject to further examination.Changes in the tax burden arising from the "VAT reform" policy will inevitably affect the behavior of financial entities,and thus have a certain impact on the efficiency of banks serving the real economy.This article first introduces the research background and research significance of the financial industry’s "VAT reform" policy,and summarizes relevant research at home and abroad.Secondly,the four theoretical foundations of tax burden,tax efficiency,tax regulation,and tax neutrality are proposed,and the internal influence mechanism is analyzed.Based on the analysis of policy details,the actual tax burden of turnover tax before and after tax reform is calculated and compared.Then build a comprehensive evaluation index system for banks serving the real economy,and calculate the total score of 15 listed commercial banks by factor analysis method to measure the efficiency of serving the real economy.Finally,the 15-bank annual report data for 2014-2018 is used to construct a panel regression model,and the relationship between the "VAT reform" policy,the turnover tax burden and the efficiency of banks in serving the real economy are incorporated into the same framework to consider the relationship Explore the effect of bank tax burden changes on the real economy after the implementation of the policy.The study found that: First,from the perspective of the entire industry,the implementation of the "VAT reform" policy has reduced the tax burden on turnover tax,but due to too few deductible inputs and imperfect tax systems,the specific tax burden of each bank is There are obvious individual differences between increase and decrease;second,the overall implementation of the policy is conducive to the improvement of the efficiency of banking services in the real economy.The change in tax burden and the efficiency of banks in serving the real economy are inversely changing.Therefore,this article puts forward corresponding suggestions from two levels of government and bank to improve and respond to tax reform,further reduce the tax burden of the banking industry,and better serve the real economy.