Discussion On The Influence Of “Replacing Business Tax With VAT” On Tax Burden Of Securities Industry And Tax Planning Countermeasures

Since May 1,2016,China has carried out the pilot program of replacing business tax with value-added tax in an all-round way in accordance with the notice of the ministry of finance and the state administration of taxation(no.36 [2016]).From the overall situation of this pilot project,"replacing the business tax with a value-added tax" is mainly to achieve the structural tax reduction for enterprises through the tax reform,so as to promote the division of labor among various industries.However,most scholars still have doubts about the tax reduction effect of replacing the business tax with a value-added tax,especially for the securities industry.On the one hand,the business of the securities industry is flexible and complex,while the scope of value-added tax applicable to the business is not clearly defined.On the other hand,the construction of VAT deduction chain in the securities industry is not perfect,and some businesses of securities companies cannot be deducted by input.Therefore,the impact of replacing the business tax with a value-added tax on the tax burden of the securities industry needs further study by scholars.In this regard,some Chinese scholars,after using a large number of data to calculate the tax burden changes of the securities industry under the environment of "replacing the business tax with a value-added tax",believe that "replacing the business tax with a value-added tax" can reduce the tax burden of the securities industry.After learning from relevant foreign experience,some scholars believe that due to the limitations of the policy of "replacing the business tax with a value-added tax" and the difficulty in making corresponding adjustments to the internal management of securities companies in a timely manner,the securities industry does not have enough input invoices to offset the tax in the short term,and the tax burden of securities companies will increase first and then decrease.However,the current researches of scholars all lack the use of specific cases to analyze the impact of "replacing business tax with value-added tax" on the tax burden of the securities industry.At the same time,on the basis of impact analysis,China's scholars lack of "business tax to VAT" tax planning research.The use of tax planning by Chinese enterprises is still limited to the "unilateral planning" mode,and the tax planning scheme is not formulated with the overall earnings of enterprises in mind.To this,this article with guotai junan securities company as an example,the fees directly from loan services,financial services,financial goods transfer business and other business and company comprehensive tax five aspects to measure to add "camp" environment tax change,guotai junan securities company and the measured results for root cause analysis,it has enriched the research camp "add" to the securities tax effect method.On the basis of cause analysis,this paper makes a tax planning plan based on the problems guotai junan company needs to face in tax planning,which is more in line with the actual situation,and provides theoretical and practical help for guotai junan company and similar securities companies in formulating tax planning countermeasures against "replacing business tax with VAT".At the same time,in terms of academic value,this paper analyzes the impact of "replacing business tax with value-added tax" to promote the improvement of "replacing business tax with value-added tax" policy related to the securities industry,and helps to clarify the direction of the subsequent reform of "replacing business tax with value-added tax".This paper analyzes the impact of replacing the business tax with a value-added tax on the tax burden of the securities industry from both macro and micro perspectives by combining the method of literature review and comparative analysis,and finds out effective tax planning countermeasures for the securities industry to cope with the "replacing the business tax with a value-added tax" on the basis of impact analysis.To be specific,this paper first briefly expounds the basic concept of "replacing business tax with value-added tax" and the basic method of tax planning for the securities industry on the basis of reading a large number of literatures.Secondly,the tax policy theory of "replacing the business tax with a value-added tax" is used to analyze the influence of "replacing the business tax with a value-added tax" on the tax burden of the securities industry.Under the environment of "replacing business tax with value-added tax",different securities companies will have different tax burden changes.Based on the statistical data of 10 securities companies,this paper analyzes the tax burden changes of the securities industry under the environment of "replacing the business tax with a value-added tax",and concludes that "replacing the business tax with a value-added tax" has positive significance for the reduction of corporate income tax burden and comprehensive tax burden of the securities industry.Then,taking guotai junan company as an example and combining theory with practice,this paper analyzes the impact of replacing business tax with VAT on the tax burden of the securities industry from a micro perspective.According to the calculation,under ideal conditions,the tax burden of guotai junan company can be reduced under the policy of "replacing business tax with VAT".During the calculation process,many problems that guotai junan company must face in tax planning are revealed,such as the lack of applicable preferential policies and the limited scope of input deduction.Finally,on the basis of the problems,this paper discusses and summarizes the tax planning countermeasures for the securities industry to "replace the business tax with a value-added tax" from the perspectives of business management,accounting,financial management and tax preferential policies.