Feng Pengcheng: Business tax reform is increasing rapidly and w88 live casino revenue growth is slowing down

(Source："China Economic Times" Date:2013Year6month4日 A03Version reporter: Song Xiaoliang)

The pilot program of replacing business tax with value-added tax is about to be rolled out across the country, and its tax reduction effect may be further revealed. According to media estimates, the annual tax payment of small-scale taxpayers alone is expected to drop by 40%. However, China's w88 live casino revenue and tax revenue are currently in a weak state. Faced with demands for expenditure and proactive finance, will the business tax-to-VAT reform make w88 live casino revenue even more stretched?

Experts interviewed by reporters from China Economic Times said that there is no doubt about the tax reduction effect of replacing business tax with VAT. The contradiction between w88 live casino revenue and expenditure can be resolved by adjusting other taxes and reforming the w88 live casino system.

Replacing business tax with value-added tax affects w88 live casino revenue

According to Henan Daily, in this pilot program of replacing business tax with VAT, the annual value-added tax taxable sales standard for general taxpayers has been raised to50010,000 yuan, not reached500Ten thousand yuan is a small-scale taxpayer. Small-scale taxpayers and qualified general taxpayers are eligible for3% VAT is paid according to the simple tax calculation method. Taking the service industry as an example, a company’s annual sales400An enterprise worth 10,000 yuan, according to the original standards, needs to pay about 10,000 yuan in taxes every year20Ten thousand yuan. However, after the pilot program of replacing business tax with value-added tax, enterprises will be required to3Pay VAT at % rate, only need to pay tax every year11．65Ten thousand yuan, the annual tax amount has dropped by about40％。

“There is no doubt about the tax reduction effect of replacing business tax with VAT.”Feng Pengcheng, Director of the China Capital Operation Research Center at the w88 casinoTell the China Economic Times reporter.

The business tax-to-VAT reform is in full swing, and it is reasonable to further expand the space for tax reductions. However, the slowdown in w88 live casino revenue for a period of time may be further affected by the business tax-to-VAT reform.

According to data from the Ministry of Finance, this year4Month, national public w88 live casino revenue11431100 million yuan, an increase over the same month last year657100 million yuan, growth6．1%. Among them, central w88 live casino revenue5357100 million yuan, even a year-on-year decrease2．2%. The monthly negative growth in w88 live casino revenue had already occurred late last year. It is an indisputable fact that w88 live casino revenue has entered a period of low and slow growth.

Gao Peng, a researcher at the China Development Bank who is engaged in w88 live casino and taxation research, told a China Economic Times reporter that w88 live casino and tax revenue has increased from much higher than that after the macroeconomy has entered a stage of medium-speed developmentGDPWith the return of ultra-high growth rates and the subsequent increase in uncertainty in growth, it is necessary to include the expansion of value-added tax into the overall consideration of "structural tax reduction" and "structural tax increase".

Feng Pengcheng also believes that the return of w88 live casino revenue growth is reasonable. High growth comes at the expense of people's living expenses and corporate profits. However, replacing business tax with VAT will indeed further slow down w88 live casino revenue, which will create certain conflicts with rigid expenditure requirements such as social security, medical care, education, and public welfare. However, we must not deny the value of replacing business tax with value-added tax just because it affects w88 live casino revenue.

According to the Ministry of Finance this year3month5"About submitted to the First Session of the 12th National People's Congress for deliberation2012Central and local budget implementation status and201314883_14911126630100 million yuan, growth8%. Plus transferred from the central budget stabilization fund1000billion yuan, the total amount of income that can be arranged is127630Billion yuan. National w88 live casino expenditure138246100 million yuan, growth10%, plus local government bond principal repayment expenses 1384billion yuan, the total expenditure is139630Billion yuan. balance of income and expenditure12000100 million yuan, increase4000billion yuan, deficit rate2About %.

According to data from the Ministry of Finance,1—3The monthly national w88 live casino revenue growth rate is6．9%, combined with April6．1% growth rate, at least from the first four months of this year, the current w88 live casino revenue growth rate is in line with the growth required by the budget draft8% w88 live casino revenue and growth10% There is a gap in w88 live casino expenditure.

Gao Peng said that the tax reduction effect brought about by the "business tax to value-added tax" will expand the gap in available financial resources for local governments in the short term, which may force the reform of the w88 live casino and taxation system. The long-standing but neglected lack of main tax types in local governments urgently needs to be solved. In addition, since the end of last year46316752_16785

Countermeasures

According to the calculation data provided by Shanghai Securities News, all pilot areas2013Enterprises will reduce their burden by approximately1200Billion yuan. The “VAT-to-VAT” reform avoids the distortion of resource allocation caused by repeated taxation and is conducive to the reasonable adjustment of the entire industrial structure.

IMFRecent reports warn of significant macro risks such as excessive growth in total social financing in China and broad debt. The report believes that including local government financing platforms, China's general government debt has increasedGDPnearly50%. Official data from the National Bureau of Statistics shows that2012ChinaGDPThe total amount is52Trillion yuan, as perIMF19040_1906126Trillion yuan. Correspondingly, former Finance Minister Xiang Huaicheng also stated at this year’s Boao Forum that the scale of local government debt has reached20More than one trillion yuan.

"The short-term pain caused by the business tax-to-VAT reform to local governments should be considered in the long term. If it can lead to the acceleration of the overall supporting reform of the w88 live casino and taxation system, it will eventually be transformed into long-term and stable reform dividends for local governments. A feasible perspective to make up for the local financial gap after the business tax-to-VAT reform is to combine the low proportion of direct taxes in the current tax system and cultivate local main tax types in the eastern and central and western provinces according to local conditions, so as to achieve the 'increase and decrease' after tax system adjustment to a certain extent." Gao Peng said.

Investment is the driving forceGDPThe main factor is that local governments have huge investment impulses. According to China Business News, only this year5At the beginning of the month, the local investment plan has exceeded20Trillion yuan, the planned investment growth rate of most provinces is20More than %, some areas even reach30% or more. And if investment data cannot be effectively compressed, national and localGDPThe gap is also difficult to bridge.

In response to the problem, the National Bureau of Statistics stated that it will conduct pilot reform of fixed assets statistics in some areas, thereby significantly improving local areasGDP21169_21176

In addition to making localities more capable of spending money, improving local revenue sources is also considered an increasingly urgent demand.

Feng Pengcheng said that finance can be supplemented by the levy of property tax, inheritance tax, and special consumption tax. These taxes will not increase the burden on low- and middle-income people, but can also make the tax structure more reasonable.

Gao Peng proposed three specific measures: First, improve the tax system for real estate ownership, transactions and other aspects, gradually expand the scope of pilot reform of personal housing property tax, learn from the common experience of mature market countries, and cultivate it as the main tax type in eastern provinces to replace the "land finance" that is eager for quick success. The second is to speed up the establishment of a comprehensive and classified personal income tax system and strengthen the "excess progressive" adjustment mechanism. The third is to further promote resource tax reform on the basis of early pilot projects, especially in resource-exporting central and western provinces, and make it a local main tax type.

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