Tax Incidence Of Personal Income Tax In Second-hand Housing Transaction

In recent years,a series of tax regulation policies have been introduced because of the rising price of house prices.The personal income tax of the second-hand housing transaction is aimed at taxing the proceeds of the seller's transfer in order to contain the frequent speculation and speculation on the second-hand housing market.However,due to the existence of tax transfer,the economic return of the tax is not consistent with its legal return,which leads to the discounts of the actual effect of tax policy.Based on this,this paper will use tax transfer principle and Econometrics empirical analysis to study the tax incidence of personal income tax in Shanghai's second-hand housing market,so as to evaluate the actual implementation effect of the policy.In addition,it can also provide theoretical support for the future reform of real estate related tax.The study and discussion of the problem is not only of academic significance but also of policy significance.Personal income tax provisions,when the sale of housing in accordance with the"five only" condition,the seller is exempt from personal income tax.Therefore,the second-hand housing is divided into two groups of housing which enjoy preferential conditions and do not enjoy preferential conditions.When the housing characteristics of the two groups are the same,if there are differences in the price of the two types of housing,the factor that causes the price difference is the tax policy.According to the theory of tax destination and transfer,if we don't enjoy the preferential tax terms,the price of housing is higher than that of enjoying preferential tax terms,and the price of housing is higher.That is,the seller passed on the tax by raising the price.Technically,it is impossible to accurately match the characteristics of the housing.Therefore,the CEM(Coarsened Exact Matching)rough matching method in econometrics is used to stratify the characteristics of the house according to certain rules.The housing characteristics in the same "layer" can be considered as similar.After matching the characteristics of "full five only" and "non full five only" two types of housing,the return method is used to reveal the tax return of individual income tax.We collected relevant data from the large-scale second-hand housing transaction information platform,including the total price,the unit price,the preferential tax conditions,the plot,the type,the orientation,the floor,the height and the area of the second-hand housing.Using these data and CEM method,the empirical study found that in the transaction process of second-hand housing in Shanghai,the seller's tax transfer ratio is 1.4%.For ordinary housing with an area of less than 140 square meters,the size of the individual tax is transferred to the buyer,accounting for 1.45%of the house price.For non-ordinary housing with an area of more than 140 square meters,the size of the individual tax is transferred to the buyer,accounting for 1%of the house price.In general,in the 2016 Shanghai second-hand house trading market,the tax economic return of individual income tax is the buyer,and the buyer is responsible for most of the tax.Therefore,the personal income tax policy set up in the second hand housing transaction is designed to regulate the second-hand housing market by taxing the seller,but the existence of tax transfer will affect the regulation effect of the policy.From the perspective of the supply side reform,this paper puts forward the corresponding policy suggestions for the regulation and control of the second-hand housing market in the future.This article is divided:into six chapters.The first chapter is the introduction,and puts forward the problems to be studied.The second chapter is the literature review.The third chapter introduces the general situation of the second-hand housing market in Shanghai and the personal income tax policy in the second-hand housing sale.The fourth chapter applies the theory of tax burden transfer and the four factors that affect the transfer of tax burden,and makes a theoretical analysis of the personal income tax return of the second-hand house.The fifth chapter is an empirical design,and reports the empirical results.The sixth chapter is the conclusion and policy recommendations.