The Research Of Levying VAT On Financial Leases

Financing lease is a sunrise industry in today’s world.In the developed countries, finance leases and bank credit, securities financing are the three major channels of social capital supply.And, the financing lease has become the second big social capital supply channel next to bank credit,greatly influences the development of the national economy.Until nineteen eighties,Financing lease has formally entered into China,and has gone through30years of trials and hardships.In our country,there were four stages of the industry development:High speed growth period (1981-1987years), industry consolidation period (1988-1997years), legal construction period (1998-2003years), restore vitality period (after2004).After2004, China’s financial leasing industry has once again developed rapidly.especially from2006to2010years.During these time.China financial leasing industry has a geometric type growth.Total business volume of about8000000000yuan from2006to2010of about700000000000yuan, an increase of86times.According to the2011world leasing yearbook of statistics,global top ten countries of total amount of financing lease in2009reached442000000000US dollars, of which, China reached US＄41010000000, ranking the fourth.Financing lease have made a great contribution to the economy of our country, and in the future there is still a huge space for the development of financial lease.However, the development of financing lease to great extent dependent on a country’s tax environment,There are many problems in China’s current tax environment and related laws, supervision system, limiting the development of leasing industry.There were many tax problems in China’s financial leasing industry.Among these problems,the most serious one is the confusion of the turnover tax. The lease definition of the transfer tax policy is so complex that there was phenomenon of unfair in our country’s tax environment.The nationwide transformation of value-added tax reform implemented in2009. And the leasing industry is attributed to the finance and insurance industry to pay business tax, led to the lessee enterprise cannot enjoy the value-added tax treatment.Thus the general taxpayer enterprises unable to enjoy the value-added tax treatment.It caused great distress to the leasing industry.And in the finance leasing practice,the lessor is usually taken to buy and will lease purchase invoices in order to direct leasing transaction structure of the lessee to offset tax. Shanghai has starting implemented the"the Business tax Reformed to the value-added tax " in January1,2012.Financing lease industry was incorporated into the scope of the pilot project (such as the only tangible movable property leasing).And then,Financing lease enterprise can directly to lessee issue special VAT invoice.The reform has caused a certain degree of influences on the financial lease industry.Based on such environment,This paper starts from the current tax status of financing lease and combined with the current policy background, to analyzing the impact on finance leasing industry and the existing problems, and puts forward the advice in order to promoting the development of leasing industry.The paper is divided into five parts. The first chapter is an introduction that introduces the background and the practical significance of the financial leasing industry and the related. And then summarized the research results of domestic and foreign literature. The second chapter is an overview of the history and the development of Chinese financial leasing industry.I review the history of the Chinese financial leasing industry, and organize the current development state of this industry. The third chapter introduces the turnover tax policy of our financing lease, compared with the foreign financing leasing industry generally implemented in the turnover tax system, proposed the tax issues of Chinese finance leasing industry. The fourth chapter is the influence of VAT Reform on the financial leasing industry in China,and analyze that the VAT Reform solved many exist tax problems in the financial lease in our country.Combined with the specific case analysis of the VAT tax effect on the financing lease enterprises, and reveals the problems of the tax burden of financing lease enterprises in the actual pilot and analyzes its reasons.Chapter5put forward views can be implemented for VAT tax policy under the background of transition,and give suggestions to improve the system of turnover tax of our financing lease.