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The Existing Questions and Thinking of China’s Insurance Taxation

Author: HuFengZhong
Tutor: ChiJing
School: Jilin University
Course: Finance
Keywords: Tax System Insurance Tax System Resident Enterprises Fiscal Policy
CLC: F812.42
Type: Master's thesis
Year: 2009
Downloads: 245
Quote: 3
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Abstract

After the implementation of the tax reform in 2008, although the situation of domestic and foreign tax laws coexist has been canceled and the basic income tax rate has achieved unified, there is still amount of irrational phenomena in the determination of income tax rate. Compared with the developed countries, the tax rate is high and the tax base is unreasonable in China; compared with other service industries, the business tax rate is a little higher; compared with the financial sectors, the tax base is too broad in scope. Insurance sales tax also does not differentiate between all kinds of insurance, it lacks diversity and harms the development of the insurance industry and can’t reflects the orientation of China’s role in tax policy. Under the current level of economic development and integrated economic strength, some suggestions are given for China’s insurance problems below.This paper is divided into three chapters:The first chapter describes the details of insurance industry and the basic contents of the tax system. First of all, it introduces the meaning of the tax system, content and function. Tax system, means the formation of the structural system and coordination between the various types of mutual co-ordination of the tax system in a certain historical conditions. The tax system of insurance industry including taxation of main contents, the object of taxation and the deduction of taxes and other tax rates. This article mainly introduces the tax rate of insurance industry and tax deductions. Business tax, income tax, urban maintenance construction tax and education surcharges and stamp duties are mainly introduced in this paper. The role of the tax system include: to promote the coordinated development of various types; to promote the stable development of the insurance industry; to promote innovation of insurance products; effective impact on the demand for the expansion of insurance. Secondly, this paper introduces the development of China’s tax system. It can be divided into eight stages. Again, this paper introduced the taxation system of foreign insurance, enumerated the tax system in the United States, Japan and the UK, and summarized their common. America’s insurance tax system is most complex and most detailed in the world. This paper mainly introduces America’s corporate tax, business tax, social security tax, and property tax. Britain’s insurance tax system is also very complex and detailed. This paper mainly introduces the enterprise income tax and insurance premium of Britain. Japan became a developed country after the second war. Its many aspects are very closed to China. Here this paper mainly introduces Japanese enterprise income tax and business tax. Then summarize the commonness among them. I found there are the five main characters. First, the tax rate is low. Second, generally, business tax imposed in these countries’ insurance system is according with the different categories. Third, generally, business tax base is adjusted, with a lower threshold. Forth, the states cut the tax of the income from investment activities. Fifth, the income tax rules are detailed, and the deduction item difference is also significantly which can reflect their characteristics.The second Chapter are the analysis of the questions of the insurance industry tax system and its impact on the insurance industry, the questions of the insurance industry tax system include: the collection of sales tax are unreasonable; high taxes; unfair tax burden; the tax base does not reasonable; not enough tax incentives. The questions of insurance industry tax system have so many impacts on the insurance industry, such as the impacts of the innovation of insurance products in China; the impacts of the state’s insurance regulation insurance; the impacts of China’s insurance industry; the impacts of the improvement of the social security system.The third chapter is the thinking of the reform policy of taxation insurance in China. Starting from the discussing the necessity, goals, principles and also the proposal of the tax system reform in Chinese insurance industry. The necessity our insurance tax system reform mainly include that, the needs of perfecting the tax system, the inevitable choice of perfecting the social security system, the needs of the international insurance market and the insurance supervision and administration coordination system. The principle Chinese insurance tax system reform includes, the principle of guarantee the fiscal revenue, both the actual condition in Chinese tax system and the international tax practice, insurance market fair, legal and efficiency. The targets of our insurance tax system reform including that, strengthening the solvency of insurance company, pulling insurance requirements, lighten the burden of government, designing different tax rate according to the different categories, perfecting the social security system. The proposals of Chinese insurance tax system reform include that, using VAT instead of business tax, lower the sell rate and stamp tax, taking unified tax base and deduction in domestic and foreign insurance enterprise, optimizing tax base and increasing the preferential tax.

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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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