Research On The Tax Policy Of Improving Our Country’s Personal Tax-deferred Commercial Pension Insurance

In China’s aging society,the issue of pension has become an important topic for people’s livelihood,but the current pension security system is still not sound,and there are many problems,such as the replacement rate of basic social pension insurance for urban workers after retirement is far below the international level,the imbalance between income and expenditure of social security funds leads to a huge funding gap,and the coverage of enterprise annuities is small,and the development is slow and unbalanced.Against this background,China proposed in the 14 th Five-Year Plan to develop a multi-pillar and multi-level pension protection system,and to develop a three-pillar pension protection system jointly.Tax-deferred commercial pension insurance belongs to the competitive commercial pension insurance supported by the state with tax preferential policies,which can effectively enhance the enthusiasm of the public to participate in the third pillar of commercial pension insurance.It is of great practical significance to study how to improve the tax policy of individual tax-deferred pension insurance in China and promote the implementation of tax-deferred pension insurance to further improve the pension security system in China.This paper takes tax-based expenditure theory and tax incentive effect as the theoretical basis,adopts literature research method,comparative analysis method and questionnaire method to analyze the tax policies and pilot situations of China’s 2008 Binhai New Area in Tianjin and 2018 Shanghai pilot,and summarizes and finds that the two pilots have insufficient tax preferential policy universality to meet the needs of diversified groups,the model of tax preferential policy lacks scientificity,the problem of cumbersome tax deferred credit process.By studying the individual tax-deferred commercial pension insurance policies applied in the United States,Germany and Canada,drawing on the experience of foreign countries,and from the reality of China’s large population and uneven economic development,we make recommendations for the evolution of such insurance in China: to clarify the direction of universal tax benefits,to expand the tax benefits,to pilot the pre-tax limit deduction in the contribution stage.subdivide tax benefits according to the needs of diversified groups,such as highlighting the care for disadvantaged groups and increasing the proportion of deduction for dependents;simplify the process of tax-deferred deduction,such as integrating individual pension accounts and clarifying the process of early collection;and enrich other supporting measures for the development of individual tax-deferred commercial pension insurance,such as introducing "EET" and "TEE".optimize the investment portfolio in the investment phase,and implement a combination of complementary tax and low tax benefits,etc.