Research Report On The Development Of Tax Deferred Endowment Insurance In Suzhou Industrial Park

Under the background of the increasingly serious aging of the society,the unbalanced development of the old-age security system and the decreasing replacement rate year by year,commercial old-age insurance needs to be paid attention to,improve the third pillar of the development of the old-age security system,and optimize the old-age security structure.However,due to the deep-rooted traditional pension awareness and the lack of corresponding policy support,the development of China’s commercial pension insurance has been relatively slow.The business endowment insurance of individual tax deferral is a new type of personal pension product which is launched by insurance companies according to the preferential tax policies adopted by the government.Tax preferential policies can not only effectively play a leverage role in promoting the development of personal pension insurance market,but also help to improve the pension security system.According to the successful experience of foreign developed insurance market and the specific analysis of China’s national conditions,the government actively piloted the individual income tax deferred pension insurance,hoping to explore a development path suitable for China’s national conditions.On May 1,2018,China began to implement individual tax deferred endowment insurance pilot in Suzhou Industrial Park and other places.Based on the current pilot policy,combined with the background of individual income tax reform,and through field research,this paper analyzes the problems in the development process of the pilot in Suzhou Industrial Park: first,the current development of individual income tax deferred pension insurance deviates from the direction of inclusive policy,and the beneficiaries are mainly concentrated in the high-income group,while the middle and low-income groups are less Second,the single policy can not cover the different needs of the special groups,which is reflected in the fact that the additional pension needs of the high-age groups can not be fully met,and the minority groups such as the freelancers are ignored by the current policy,which violates the principle of fairness;third,the preferential degree of the policy needs to be strengthened,with a quota of12000 yuan per year and a claim period of 7 5% tax rate has become the threshold to restrict the people to enjoy the tax preference.Finally,due to the complexity of tax deduction process,no matter the insurance company,the policyholder or the human resources department of the company have reported that there are obstacles in the actualoperation,which seriously hit the user experience.Through the study of the problems existing in the pilot project,this paper puts forward corresponding suggestions for the reform of the individual tax deferred endowment insurance policy: first,use the preferential way of direct subsidy plus tax preference to cover all income groups as much as possible;second,fully consider the needs of special groups in the policy design,and give the elderly employees,non employees and other groups corresponding preferential policies,so that the policy coverage is not Third,further release the leverage effect of tax preference by reducing the applicable tax rate during the claim period and adjusting the limit of the amount;finally,bring the tax preference of tax extended commercial endowment insurance into the scope of comprehensive tax declaration,and encourage personal platform operation to improve the user’s operation fluency.