The comprehensive battalion reform policy is expected to be a breakthrough point in the tax credit

The China Securities Journal reporter was informed that the relevant policies for comprehensively promoting the “business tax change to value-added tax” are expected to be unveiled during the “two sessions” and will be launched in the first half of the year. It is expected to be implemented in the second half of the year. The breakthrough of the policy should be mainly reflected in the input tax deduction.

Related programs have been perfected
At the end of 2015, Minister of Finance Lou Jiwei said at the National Financial Work Conference that in 2016, the reform of the camp will be fully implemented, and the construction industry, real estate industry, financial industry and life service industry will be included in the pilot scope.
Li Keqiang, Premier of the State Council, proposed at the symposium hosted on January 22 that this year, the reform of the camp will be fully promoted, the reform of the fiscal and taxation system will be accelerated, and the corporate tax burden will be further significantly reduced, and the proportion of VAT sharing will be fully promoted. After the increase, make reasonable and appropriate adjustments to enhance the local financial hematopoietic function.
Wang Jianfan, director of the Finance and Administration Department of the Ministry of Finance, said at a press conference of the new state office that the remaining four major industries, including the financial industry, have been reformed and implemented in accordance with the unified arrangements of the State Council. After the decision-making process, these programs will be launched in due course. At present, the pilot reform of the transportation industry, the postal industry, the telecommunications industry and some modern service industries has been launched nationwide.
The industry believes that the four-year "business tax change VAT" reform pilot, or will be fully closed in the "13th Five-Year" opening year, business tax may be withdrawn from the historical arena.
Liang Hong, chief economist of CICC, believes that the real estate industry's reform of the camp reform has a bearing on the overall situation, which not only has a major impact on the real estate industry itself, but also has a greater impact on other industries. Other industries can reduce the tax burden by deducting the input tax on the purchased property. The VAT rate for the real estate industry is expected to change from the current 5% business tax to 11% VAT. The VAT reform of the real estate industry will allow for the deduction of land transfer fees.
Liang Hong expects that the value-added tax rate of the financial industry will be set at 6%, and allows for the deduction of VAT on investments in office buildings or rents, machinery and equipment, etc., in order to meet the reform requirements for reducing their tax burden.
Liang Hong said that the VAT rate of the life service industry is expected to be adopted in a simple manner and levied at a rate of 6%. Most of the life service industries are small and medium-sized enterprises and even micro-enterprises. They are closely related to the life of residents. At present, business tax is levied at a rate of less than 6%. From the perspective of saving tax collection and management costs, it is expected that the reform of the life service industry will be implemented in a simple way. The base is unchanged and VAT is levied at a rate of 6%. For some small-scale taxpayers, the possibility of applying a 3% tax rate is not excluded.

Still have a lot of difficulties
According to industry insiders, due to the arduous task of the four major industries to achieve the reform of the camp, the wording of the official reform of the camp in 2015 was changed from “strive to complete the whole” to “improve the advancement” and then to “in time for inclusion”. The measures that are constantly fine-tuned reflect the difficulty of the reform and promotion. Therefore, the full realization of the camp reform has not been achieved in 2015.
According to market analysts, considering that the remaining four major industries are all “hard bones”, comprehensively assess the effects of the four major industries implementing the reform of the camp. It is expected that the relevant policies for the comprehensive reform will be announced in stages and in different industries.
Shi Zhengwen, director of the Center for Finance and Tax Law of China University of Political Science and Law and vice president of the China Finance and Taxation Law Research Association, said that the completion of the reform of the camp reform is definitely achievable. The key now is whether the policy of the reform of the camp can achieve the intended purpose. That is, whether the policy plan and the legal system can be designed scientifically and reasonably, and ultimately whether it can be implemented. Instead of a simple change, there are more problems after the change.
The reform of the financial industry camp has become the focus of attention in the industry and is also regarded as the biggest difficulty. Cai Chang, Ph.D., Department of Taxation and Financial Management, Central University of Finance and Economics, believes that the financial industry is more difficult to change, mainly because of its influence and influence, especially for some state-owned, state-controlled enterprises and joint-stock banks. Larger, although there are only a few differences in the tax rate setting, the actual amount of difference is very large. In addition, the financial industry is more complex than other industries, which is also a reason for the current difficulty in reform.
Liang Hong said that many developed countries did not levy VAT on the financial industry. The main reason is that the financial industry has many business innovations, and the added value is difficult to calculate accurately. Earlier, some people proposed a reform strategy for the reform of the financial industry. It is suggested that in accordance with the simple method, the current business tax of 5% of China's financial industry will be directly changed to 5% of the value-added tax. The tax base will remain unchanged, but only a name will be changed. However, this will increase the VAT rate of a new grade, which is inconsistent with the reform requirements for further reduction of VAT grades in the future. Therefore, it is expected that the reform of the reform of the financial industry in China will not be easy.

Forced fiscal and tax reforms to accelerate
According to industry insiders, the reform of the camp is the most urgent tax reform, and its significance is not only in itself, but also has a profound impact on economic development, taxation, fiscal system and taxation system reform.
“The reform of the camp is a tax reform, and its structural tax reduction features are obvious,” said Jia Kang, director of the Institute of Fiscal Science of the former Ministry of Finance. The internal mechanism of the reform of the camp is to encourage professional competition and reduce the repeated collection of business taxes. The main job in 2016 is to include the remaining four industries (construction, real estate, finance and life services) in the scope of the reform.
Referring to the effect of comprehensive reform and reduction of taxation, Xu Shanda, former deputy director of the State Administration of Taxation, said that the amount of tax cuts for comprehensive venture reform is expected to reach 900 billion yuan. It is predicted that in 2016, the scale of tax cuts in industries that have been included in the reform of the camp will be estimated to be 200 billion yuan. The scale of tax reduction in the financial, real estate and construction, and life service industries will be close to 400 billion yuan. The total scale of tax reduction is close to 600 billion yuan.
Many people in the industry are worried that after the promotion of the camp reform, the original local tax will become 25% of the local share, which will impact local financial resources and increase the already heavy burden of local affairs.
Shi Zhengwen believes that the significance of comprehensive reform and reform is to force the reform of the fiscal and taxation system. Local taxes such as real estate taxes have not yet developed. The first major tax type business tax has been changed to value-added tax. It is necessary to adjust and rationalize the system of central and local fiscal allocation. It is necessary to adjust the system to guide the supporting reform. The current pattern of distribution cannot be fundamentally broken. Considering the feasibility and affordability of reform, it is necessary to make corresponding adjustments. Therefore, this time we must adjust the distribution ratio of the central region.
At the National Financial Work Conference held recently, the Ministry of Finance said that it has studied the adjustment of the proportion of value-added tax between the central and local governments, and the proportion of local value-added tax sharing is expected to increase.

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