An Optimization Design Of Fiscal And Tax Incentives Quota For Commercial Pension Insurance Under The Background Of New Individual Income Tax System

The aging of the population is a long-term and irreversible dynamic process in China and it is a major challenge that China must face in the 21 st century to achieve sustainable economic and social development.With the cha nge of family structure and the concept of old-age care,China's traditional family pension function is gradually weakening.At the same time,China's three-pillar old-age security system faces the problem of imbalanced development structure.The first pillar of basic pension insurance has the largest scale,and the goal of full coverage is basically realized.However,faced with the reality that the basic pension insurance fund has a large pressure on income and expenditure and the pension replacement rate is down,it is difficult to meet the needs of the public for the elderly.The second pillar enterprise annuity coverage is narrow and criticized as a “rich club”.It is not inclusive and cannot play the role of improving the level of old-age security for the whole society.The third pillar commercial pension insurance has the advantages of wide coverage,diversified product forms,flexible payment and high investment income.However,due to the small tax incentives of the pilot policy,the public's awareness is not high,and the willingness to purchase is weak,and it cannot play its role as a pillar in the pension insurance system.Therefore,it is urgent to optimize the design of fiscal and tax incentives for commercial pension insurance,formulate appropriate and reasonable fiscal and tax incentives,and widely motivate individuals to improve their pension security through commercial pension insurance,so as to give full play to the third pillar to reduce the burden of enterprises and the society and assist in improving the role of the multi-pillar pension system.The essay firstly lays a theoretical foundation for the implementation of commercial pension insurance fiscal and tax preferential policies based on the analytical framework of economics.Then,the paper analyzes the mechanism of financial subsidies and tax incentives for commercial pension insurance from the perspective of economics,so as to provide the basis for the choice of financial subsidies model and tax incentive model;after that the paper analyze the pilot status of tax deferred commercial pension insurance and analyze the problems of the pilot policy based on the background of the new individual income tax system;further,according to the commercial pension replacement rate,the paper construct an actuarial model to measure the fiscal and taxation quotas of different incomes,different insurance ages,and different gender groups,and then the paper will evaluate the feasibility of the calculation results;finally,based on the previous analysis,the paper summarize the research conclusions and put forward optimization suggestions.Based on the above research ideas,this paper consists of seven chapters:The first chapter is the introduction of the paper.Firstly,it introduces the research background of the paper,points out the theoretical significance and practical significance of implementing the fiscal and tax incentives for commercial pension insurance,and then determines the research content and research methods of the paper and comprehensively points out the innovations and deficiencies of this paper.Then,it sorts out the research results of the calculation of the fiscal and taxation quotas of commercial pension insurance at home and abroad so as to provide a guiding summary of the following research.The second chapter is mainly from the theoretical point of view,firstly based on life cycle theory to illustrate the foundation of commercial pension insurance.Then give a theoretical analysis of the fairness and efficiency of taxation so as to provide theoretical guidance for the design of fiscal and tax credits below.The third chapter mainly analyzes the economic connotation and transmission mechanism of commercial pension insurance financial subsidies and tax incentives from the perspective of economics.The research shows that financial subsidies mainly affect the demand of commercial pension insurance through substitution effect and income effect,and tax incentives make the policyholders immediate reduction in tax rates and intertemporal tax rates to increase the welfare of policyholders and stimulate their demand for insurance.The fourth chapter analyzes the general situation and policy provisions of China's tax-deferred commercial pension insurance,and finds that the pilot profile of tax-deferred commercial pension insurance is not so good.Under the background of the new personal income tax system,the tax-deferred commercial pension policy has the following problems:(1)after the personal income tax reform,the people who can benefit from the tax deferred commercial pension insurance is significantly reduced,the people whose taxable income is lower than the threshold(that is monthly income is less than 6173 yuan)will not be able to benefit from the tax-saving effect of the payment phase;(2)the increase of the personal income tax threshold will greatly weaken the incentive of the existing pre-tax payment deduction limit.In terms of current tax credits,when the monthly salary income level of the insured is higher than 7000 yuan and less than 40000 yuan,the people who are in the same income level save less in the tax amount after the individual tax reform,and this will greatly weaken people's enthusiasm for insuring commercial pension insurance;(3)the tax rate of receiving the period specified in the pilot policy is too high,and the current period of personal income tax rate of 10% or less is unable to obtain policy dividends;(4)the tax incentive limit of the policy has not been added to the dynamic adjustment mechanism,making it difficult to provide individuals with positive and stable pension income expectations in a changing external environment.The fifth chapter uses the combination of qualitative and quantitative analysis methods to study the characteristics and effects of commercial pension insurance fiscal and taxation preferential policies in the United States,Canada and Germany,in order to draw lessons from experience.The sixth chapter is the core part of this paper.Based on the previous theoretical analysis,this part optimizes the fiscal and taxation quota of commercial pension insurance in China.This part optimizes the fiscal and taxation quota of commercial pension insurance in China.First of all,the calculation method of the financial and taxation concessions of commercial pension insurance is clarified,and the definition criteria of high,middle and low income groups and the target replacement rate of commercial pension insurance pensions after the individual income tax reform are clarified.Then construct the actuarial model and substitute the relevant parameters to calculate the fiscal and tax incentive limit for different income levels,different ages and different genders.The calculation result of the tax incentive limit for commercial pension insurance is: for high-income groups,in order to achieve the goal of 20% replacement of pension for commercial pension insurance,a 25-30 year-old male policyholder applies a monthly deferred tax of 1749 yuan,a 25-30 year-old female policyholder applies a deferred tax of 2395 yuan per month,a 30-40 year-old male policyholder applies a monthly deferred tax of 1866 yuan,a 30-40 year-old female policyholder applies a monthly deferred tax of 2604 yuan,a 40-45 year-old male policyholder applies a monthly deferred tax of 2266 yuan,a 40-45 year-old female policyholder applies a monthly deferred tax of 3388 yuan,a male policyholder over 45 years old applies a monthly deferred tax of 2637 yuan and a female policyholder over 45 years old applies a monthly deferred tax of 4225.The above tax incentives will be adjusted later based on the wage growth rate(9%).The calculation result of the fiscal subsidy for commercial pension insurance is: the monthly payment amount of male insured persons aged 25-30 is 366 yuan.According to the difference of the intertemporal tax rate,the proportion of premium subsidy is 7%,and the monthly subsidy amount of the government is 25.62 yuan.The monthly payment for female insured persons aged 25-30 is 502 yuan,and the monthly subsidy is 35.14 yuan;the monthly payment for male insured persons aged 30-40 is 391 yuan,and the monthly subsidy is 27.37 yuan;30-40 The monthly payment of the female insured is 545 yuan,the monthly allowance is 38.15 yuan;the monthly payment of male insured 40-45 is 475 yuan,the monthly allowance is 33.25 yuan;the 40-45 year old female is insured The monthly payment amount of the person is 710 yuan,and the monthly subsidy amount is 49.70 yuan;the monthly payment amount for male insured persons over 45 years old is 552 yuan,and the monthly subsidy amount is 38.64 yuan;the monthly payment amount for female insured persons over 45 years old is 885 yuan,the monthly subsidy amount is 61.95 yuan.Similar to the tax deferral scheme,the financial subsidy quota is also subject to dynamic adjustment based on the wage growth rate(9%).Assessing the realistic feasibility of the optimized commercial pension insurance tax incentive limit: For the government,the increase in fiscal expenditures caused by tax incentives and fiscal subsidies totals 9971700000 yuan,only accounted for 0.54% of the national fiscal revenue,which is relatively small,and is within the financial budget of the government.Also,the implementation of fiscal and tax incentives is conducive to the government's protection and improvement of people's livelihood duties.For insurance companies,the implementation of the preferential policies for commercial pension insurance and taxation is expected to bring in a premium income of 268808436600 yuan,equivalent to 1.3 times the original insurance premium income of China's life insurance in 2018.For the insured,the increase in the welfare of the insured through the tax incentives is 456572.54 yuan;the increase in the welfare through the premium subsidy is 95625.35 yuan.In short,whether it is for the government,insurance companies or individuals,the optimized amount of fiscal subsidies and tax incentives of commercial pension insurance are feasible.The seventh chapter summarizes the previous research and proposes optimization suggestions.The innovations of the paper are as follows:(1)innovatively analyze the financial pension concession model and its economic connotation from the two dimensions of financial subsidies and tax incentives,and provide theoretical support for the calculation of fiscal and tax credits.(2)based on the perspective of policy fairness,differentiate the design of the amount of fiscal subsidies and tax incentives of commercial pension insurance.Different from the previous consideration of a single group,this paper divides the population according to income level,age and gender,and measures the tax incentive amount and financial subsidy quota of commercial pension insurance in a targeted manner,in order to encourage the public to insure and guarantee the fairness of policy.