Research On The Tax Burden Of China's Real Estate Industry Under The Background Of "BT-to-VAT"

On May 1,2016,China comprehensively implemented the policy of replacing business tax with value-added tax,and cancelled the business tax that had been collected for more than 60 years.This is the biggest tax system reform in recent years in China,aiming to reduce the tax burden of all industries and promote the healthy development of the economy.However,it has been more than three years since the implementation of the policy of "BT-to-VAT".During this period,China has implemented a series of tax reduction and fee reduction policies.However,what are the effects of this policy,whether the current value-added tax system is mature,and what are the problems that need to be studied.The real estate industry has a significant impact on my country's economic development,with special industry characteristics and a long industrial chain.The tax burden of its industries affects the development of many related industries and thus the development of China's economy.In addition,the real estate industry is closely related to residents' life and is a necessity of residents' life.Its healthy development has a great impact on residents' life.To sum up,this paper will study the tax burden of the real estate industry,select 42 real estate enterprises listed in Shenzhen and Shanghai A shares as samples,and make a specific analysis of the tax burden of the real estate industry after"BT-to-VAT".Then according to the results of the study,this paper analyzes the problems faced by the real estate industry after the "BT-to-VAT".Finally,according to the results of the previous study and analysis,it puts forward suggestions for improvement from the perspectives of government and enterprises.This paper first analyzes the impact of replacing the business tax with a value-added tax on the real estate industry through theoretical calculation,mainly through specific tax,cash flow and net profit analysis.Next,it analyzes the current situation of China's real estate industry from the four aspects of real estate development investment,commercial housing sales,real estate development enterprise capital sources.Then from the perspective of macro and specific taxes,this paper studies the tax burden of real estate enterprises before and after the "BT-to-VAT" respectively.In the macro perspective analysis,first of all,the tax revenue and growth rate of the real estate industry are analyzed,then the macro tax burden level of the real estate industry in China is calculated,and compared with the macro tax burden of the national and tertiary industries,it is concluded that the tax burden of the real estate industry in China has been at a high level,and the tax reduction effect of "BT-to-VAT" is not significant.Microscopic perspective,this article selects the 2015-2018 annual data of 42 listed real estate companies as the sample research object,the listed companies accounted for more than 85%,mainly in real estate business,it can effectively reflect the impact of replacing business tax with value-added tax on the real estate industry.In the specific analysis,the turnover tax burden,income tax burden,land value-added tax burden and total tax burden are selected as the analysis objects.Through the calculation of the specific changes of tax burden after the reform,the same conclusion is drawn as above:the policy of "BT-to-VAT" does not make the real estate industry achieve the ideal purpose of tax reduction,and the selected sample data shows that the tax burden has increased.Next,this paper studies the relationship between the policy of replacing business tax with value-added tax and the tax burden of real estate enterprises by empirical analysis,considering all kinds of factors that affect the tax burden of real estate enterprises.Through the analysis of empirical results,the problems of real estate enterprises after "BT-to-VAT" are found,then from the policy and enterprise two aspects of the relevant countermeasures.