| Population aging is a worldwide problem,especially in China.According to the international standard,China’s population over 65 years old accounted for 7%in 1995 and began to enter the aging society;by 2020,the population over 65 years old will reach 14%,and it is estimated that by 2035,China’s population over 65 years old will exceed 20%,and will enter the deep aging society.Compared with other developed countries in Europe and the United States,China will enter the aging society faster,but correspondingly,the pension replacement rate in China is decreasing year by year.In order to stimulate the development of commercial endowment insurance and improve China’s multi-level endowment insurance system,in April 2018,the Ministry of Finance and other five ministries and commissions jointly issued the notice on carrying out the pilot of individual tax deferred commercial endowment insurance,which specifies the pre tax deduction of individual commercial endowment insurance payment within a certain standard,and temporarily exempts individual income tax from the investment income of pension fund account,It is a tax incentive mode to collect individual income tax when receiving endowment insurance.However,the pilot results are not ideal,the market response is very cold,and the actual market demand for the tax extension fund is very limited.In this context,this paper evaluates the 2018 tax extension pilot policy by building actuarial model and taking the substitution rate as the index.The results show that the substitution rate is low under the pilot policy,there are problems of low payment limit and insufficient tax preference;and through numerical simulation analysis,there is still room for tax premium subsidy to improve the financial affordability.Therefore,based on the 2018 tax extension pilot policy,the paper takes the 7%substitution rate of tax extension insurance as the policy objective,considering the financial affordability and social equity,and optimizes the possible tax extension policies to find the optimal tax extension policy scheme.Finally,the conclusion is as follows:1 "15%of monthly income or 2800 yuan/month is the lower amount of the payment ceiling,and the 3%pension collection stage tax rate" is the best effect of the specific tax extension policy;2.the higher the growth rate of national income,the lower the substitution rate of tax extension insurance,the lower the attraction of tax extension insurance to the national.Therefore,the current residents’ income in China is transformed from high-speed growth to medium and high-speed growth for tax extended pension insurance Development provides favorable conditions. |
