Research On The Impact Of The "VAT Reform" On The Tax Burden Of The Banking Industry

"VAT reform",that is,the conversion of business tax to VAT is a milestone in China's tax reform in recent years.For China's enterprises,turnover tax and income tax are the two most important taxes for enterprises.For a long time,China's turnover tax has been a parallel state of business tax and value-added tax.Compared with value-added tax,there is no deduction link for business tax,and there is a disadvantage of double taxation on business operations.Starting from January 1,2012,China's pilot reform to replace business tax with value-added tax has kicked off.After multiple batches,sub-industries,and regions,the gradual pilot promotion,until May 1,2016,the remaining industries such as the financial industry have been comprehensively included in the "campaign reform and increase" pilot nationwide.Since then,"campaign reform and increase" Promote to the whole industry in the country.After the completion of the comprehensive "VAT reform",the VAT reform continued to be promoted,policies such as lowering the value-added tax rate of some industries and expanding the input tax deduction range were continuously promoted,and tax reductions and fees were continuously deepened.What is the impact of the banking industry's tax burden over the past three years since the banking industry's "VAT reform" policy has been implemented? What other current banking VAT policies need to be improved? This is worth exploring in depth.This article first introduces a literature review of theories,policies,and related research on value-added tax,"VAT reform increase",and the impact of "VAT reform increase" on the tax burden of the banking industry;and then starting from the specific business of China's banking industry,from Theoretically calculate the impact of "VAT reform" on the tax burden of China's banking industry,use the formula principle to calculate the changes in VAT,corporate income tax and comprehensive tax burden of the banking industry,speculate that "VAT reform" will increase the comprehensive tax burden of the banking industry There is uncertainty about the impact of the reduction;then,the financial results of the 17 listed banks from June 2013 to June 2019(the time span is three years before the "campaign increase" pilot and three years after the pilot)are selected for empirical analysis Analyze and compare the comprehensive tax burden(the various taxes and fees paid / operating income),whether "VAT reforms" are implemented,the proportion of interest income(net interest income / operating income),the rate of return on net assets,and the rate of management expenses(management expenses)/ Operating income)and other indicators as research variables,The analysis shows that the implementation of the "VAT reform" policy has no effect on reducing the overall tax burden of the banking industry;in addition,Comprehensivebusiness income tax credit with the bank(ie,interest income)derived the banking sector has a significant relationship.Finally,based on the results of the analysis,the bank 's “VAT reform” policy was evaluated for effectiveness,and policy recommendations on VAT reform such as the advancement of VAT reform on loan services,improvement of the VAT deduction chain,and optimization of the VAT invoice deduction policy were proposed.