Research On Individual Income Tax Policy Of The Deferred Commercial Pension Insurance

Under the background of the increasing global aging population,all countries are actively reshaping the multi-level pension insurance system.China's old-age insurance system is mainly composed of three pillars.The first pillar basic old-age insurance and the second pillar is basic endowment insurance and enterprise annuity.Individual commercial old-age insurance,as the third pillar of the old-age insurance system,plays an important supplementary part to the whole system.However,due to the late start,narrow coverage and imperfect market of individual commercial pension insurance,it is difficult to undertake the important task of the third pillar of China's pension insurance.Due to the advantages of the system itself,the deferred commercial pension insurance will become the key point,inspiring the fast development of individual commercial pension insurance.In the theory,the deferred commercial pension insurance is a combination of the social security attributes and the social income distribution and it is required to establish and improve the individual income tax policy of deferred commercial endowment insurance must consider fairness.From the analysis of objective reality,the market share of the individual commercial pension insurance is small,and the reasonable design of the personal income tax policy can make more people benefit from buying deferred products,promote the healthy development of the personal commercial pension insurance,consummate our social endowment insurance system,alleviate the social endowment pressure from an aging population,solve the problem of pension better.In the short term,the government financial revenue will no doubt decrease after the government's tax deferral of individual commercial endowment insurance.However,this expense will be very useful for the economic welfare and the sustainable development of the overall society.Of course,in order to ensure the long-term and healthy development of individual commercial endowment insurance,the government should correspondingly formulate a series of scientific and reasonable preferential tax policies.In the long run,the overall welfare of society will be also increase by this shift.This paper uses the methods of comparative analysis and empirical analysis,the following six parts mainly be included in the research content of this paper: the background and significance of the topic,literature review at home and abroad,the research content and research methods of this paper mainly are introduced by the introduction,and the innovation points and shortcomings of this paper are pointed out by the introduction;In the first chapter,the tax theoretical basis of deferred pension insurance is analyzed,the concept and characteristics of the deferred commercial pension insurance are briefly introduced,and this chapter from three aspects: the basic principle,operational mechanism and tax mode analyzes tax theory of the deferred commercial pension insurance,at the same time from two aspects: the income effect and substitution effect analyzes the impact of taxation on the demand for the deferred commercial pension insurance and goes on analyses with exemplification.The second chapter mainly introduces the status quo of individual income tax of the deferred commercial pension insurance,and mainly analyzes the main problems that may exist in the implementation of individual income tax of deferred commercial endowment insurance in a large scale in China based on the implementation of China's current tax policy in pilot projects.The third chapter mainly uses the pilot tax policy to calculate and analyze the tax reduction amount,the replacement rate of individual pension and government fiscal cost in that year by establishing the actuarial model of commercial endowment insurance,and summarizes the conclusion of empirical analysis.In the fourth chapter,the individual income tax policies of foreign deferred commercial endowment insurance are compared and analyzed according to the elements of tax preference,and are compared with the pilot individual income tax policies in China,and the enlightenment and reference of foreign experience to China are summarized.The fifth chapter,based on the overall study of the full text,puts forward suggestions from the adjustment of individual income tax policy and the improvement of related supporting systems.The results of this paper show that the problems existing in the current pilot policies are mainly the incomplete legal system,the narrow scope of application of policies,for multiple population lack of the differentiated tax policies,lack of restrictions on policyholders' withdrawal or withdrawal in advance.Secondly,by calculating the tax cuts,personal pension replacement rate and government fiscal cost,found that the current policy has the largest tax incentive effect on the middle-income group that pays the three social insurances and two social security funds at the same time,but it cannot save tax for the low-income group.The welfare level of the insured varies greatly due to the differences in income,age,gender,investment rate and contribution of commercial endowment insurance;Under the condition of a certain payment rate,the government's financial burden of carrying out deferred commercial endowment insurance fluctuates greatly.When the payment amount is too high(no less than 1500 yuan/month),the government will bear great financial cost pressure.This paper puts forward some suggestions for the further improvement of individual income tax policy of deferred commercial endowment insurance which includes including adopting the tax model combining EET and TEE,setting differentiated preferential limits for different groups,and implementing differentiated preferential tax mechanism for different income groups,implementing a dynamic adjustment mechanism for the limit of preferential tax deductions,and taking tax penalty measures to limit the withdrawal of insurance in advance or withdrawal in advance;improving individual pension accounts,formulating and improving relevant laws and regulations,strengthening supervision and management,and increasing publicity.