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Research on Effects of the Economic Growth of Enterprise Income Tax

Author: TianXiaoXian
Tutor: JieXueZhi
School: Dongbei University of Finance
Course: Finance
Keywords: enterprise income tax economic growth tax effect tax reform
CLC: F812.42
Type: PhD thesis
Year: 2013
Downloads: 19
Quote: 0
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Fairness and growth are the two popular topics of modern economy. As one of the important elements, tax not only acts on economy, but also serves it. Different categories of taxes come with different significance. The effects of personal income are to promote fairness, while those of enterprise income tax are to act on growth. Therefore, the main theme of this paper is based upon the economic growth, and the research on which positive effect of the income tax system for enterprises implemented by our government for5years.The enterprise income tax is also called " corporate tax "," corporate income tax "," corporation tax " or " corporation income tax " abroad, which is a kind of tax levied on the operating incomes of enterprises or other kinds of incomes. The British government, one of the earliest countries, which began to exact income taxes on enterprises from1909, then the similar policies was found in others. Up to the first half of the year2010, there are203countries and regions which have already levied income taxes on enterprises generally. Besides, there are only17ones which have not. The above means that the topic of the enterprise income tax has caused a widespread concern in the world.Moreover, it’s also very important of the enterprise income tax in our current taxation system. The total collection of the enterprise income tax of our country in2012is1965.4billion Yuan, only second to that of added-value tax which is our first category of taxes. So it is an important element of our economic trends that whether the enterprise income tax system is reasonable or not. According to the modern tax theory, this income tax is up to the tax payer which is direct and cannot be shifted onto others. The income tax is the main revenue and the important regulating means of policies and economics. Besides, it’11be more important of the income tax in the future for its ability-to-pay principle which is sufficient for the needs of the social equity. Combining international experience with our national conditions and taxation practice, our government began to carry out new enterprise income tax system from1st Jan,2008. The two systems of domestic and foreign enterprises have been merged with dually carried systems’ending, which plays an important role in clearing economics policy orientation, improving the socialist market economy, promoting fair competition among enterprises, accelerating the strategic readjustment in economic structure, facilitating the coordinated development of all regions, and optimizing the structure of foreign investment. As a kind of economic lever, revenue has to adapt to the economic development when it exerting a strong regulation function. We also need to make a timely evaluation of the current enterprise income tax system that has already been put in practice for5years, in order to analyze the economic impact it makes is good enough.To achieve the economic growth fast and steadily is not only the theme always concerned by the economists, but also the eternal interests of all of the countries and regions. Among the influential elements it goes without saying that how important the tax policy could be to the economic growth, which is the continuous growth of the output per capita of one country or one region.In view of demand management, the developed countries mostly adopt the macroeconomic policy of expanding investment and consumption to promote the economic growth, when the developing countries mostly take the policies from the point of supply management for their unsound market system. When governments adopt the positive policies and reduce taxes, it will stimulate enterprises’investment and consumer spending, which creates new needs to make another round of investment and consumption, actually to promote the economic growth. Although the tax plays an important role in the economic growth, it is not the only influential element. Especially for one category of taxes, it cannot be decisive but only influential by its effects in economy. There are four elements in the thesis in order to analyze the effects made by the enterprise income tax, which are the effects of the exploitation of natural resources by the enterprise income tax, the effects of capital formation by the enterprise income tax, the effects of labor supply by the enterprise income tax and the effects of technological development by the enterprise income tax.Based on the above ideas, there are seven chapters in the thesis.Chapter1mainly describes the background and significance, sums up the results at home and abroad, introduces the research range, method and frame, and indicates the creative including weak points of the thesis.Chapter2is the theoretical foundation of the whole thesis, which analyzes the enterprise income tax and the economic growth.Part One introduces the significance and influential elements of economic growth. Economic growth is a general and important goal in countries and regions, which helps a stable society, increases the government revenue, adjust income distributes and improve oneself international position. It was found by economists that the economic growth is determined by the following factors, exploitation of natural resources, capital formation, labor supply and technological development. Part Two is about the theoretical analysis of enterprise income tax and introduces the significance and principles of it. Since the British government began to exact income taxes on enterprises in1909, there have been203countries and regions which have already levied income taxes on enterprises generally during continuous transits and improvements. Enterprise income tax is the main revenue and macro-economic control means of a country, and the development of tax categories needs to go with economic conditions. Judging by the present economic improvement, enterprise income tax will continue to play an important role for quite a long time. Part Three analyzes the effects of main enterprise income tax principles to the elements of economic growth. The tax principles in different countries are generally same except tax rate, pretax deduction and tax advantages, which three elements make respective influence on exploitation of natural resources, capital formation, labor supply and technological development. Therefore, the rationality of the three elements plays an essential role in both the whole effects of enterprise income tax and even the economic growth. Chapter3discusses the effects of the exploitation of natural resources by the enterprise income tax, mainly on nonrenewable resources such as oil-gas resources, and researches on exploration and exploitation according to the rules of the resources development. In the stage of exploration, the international resource wasting concession system is suggested and much more pretax deduction is needed to alleviate the capital tense situation of enterprises. In the stage of exploitation, there have been some notable achievements for the preferred policies of the enterprise income tax, but some complementary polices are still needed for the limitation of the early preferred ones.Chapter4discusses the effects of capital formation by the enterprise income tax, which mainly focuses on the influence of investment cost and risk given by the enterprise income tax. In the respect of investment cost, the main research is on the influence of the standard tax system and tax advantages. In the standard tax system of the enterprise income tax, the sum of the investment cost is decided by the stipulation of taxpayer, tax liability, tax basis, income, deduction and tax term. According to the international trends it was found out that the tax cuts are still needed in the future. Besides, the deduction system also needs more specifications. There are some preferred tax policies such as investment tax credit, accelerated depreciation and tariff free, which are not only reduce the investment cost, but also play an active role in promoting investment. In the respect of investment cost, there are loss covering policy, tax consolidating policy, tax deferred policy and supports to investing enterprises, which could relieve enterprises investment risk. In the future, our government would consider on revising loss covering policy, from carry backward to carry forward and backward, which would increase tax incentives and decrease the risk of investments.Chapter5discusses the effects of labor supply by the enterprise income tax, emphasizing the impact on human resource, which is used to see if the workers education cost deducted before taxes goes to positive effect. By the empirical panel-data analysis, we conclude that it is necessary to increase investments on workers education, which will upgrade human resource and enhance enterprises profit.Chapter6discusses the effects of technological development by the enterprise income tax, which mainly focuses on enterprises R&D (research and development) inputs. As the technological development (enterprises R&D input) has attributes of public goods and high input risks, the government has evident advantages in using tax policies especially enterprise income tax to promote technological development. At present, such policies have been set down as super deduction, accelerated depreciation and preferential tariff, which have been tested very effective. According to B-index, the effect of tax incentives goes well; besides, there are still some shortages needed to be fined down.Chapter7is the conclusions and policy recommendations, which summarizes the effects of enterprise income tax to economic growth elements. Moreover, the author also indicates possible weak points of the policies in enterprise income tax and put forward reform approaches in the future, according to tax rate, pretax deduction and tax advantages.

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CLC: > Economic > Fiscal, monetary > Finance, the state's financial > China's financial > Financial income and expenditure > Tax
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