from may 1, the "camp reform" will cover four major industries, including construction, real estate, finance and life service, with different impacts.

according to the arrangement of the government's work this year, the reform of "camp reform" should be fully completed this year. Business tax, a big local tax in the past, will withdraw from the historical stage. From May 1, the scope of the pilot reform of the camp will be extended to the construction industry, real estate industry, financial industry and life service industry, and the value-added tax contained in all new real estate of enterprises will be included in the deduction scope to ensure that the tax burden of all industries will only decrease. How to treat the impact of the reform of the camp on related industries? In this regard, industry insiders said that the full implementation of the camp reform will help reduce the overall tax burden and improve the overall performance of listed companies. Its specific impact depends on the detailed rules. From the current point of view, it may be beneficial to real estate and life services.

The overall tax burden will be reduced

Since October 1, 2112, China has gradually implemented the reform of "reform of the camp. After more than four years of implementation, only four industries, namely construction, real estate, finance and life service, have not been covered.

However, these four industries involve nearly 11 million taxpayers, and the corresponding business tax is 1.9 trillion, accounting for about 81% of the original total business tax revenue. The Department of Taxation and Administration of the Ministry of Finance once said that the four industries have many households, rich business forms and complex interest adjustment, especially the design of value-added tax system in real estate and financial industry is an international problem.

according to the data of State Taxation Administration of The People's Republic of China, by the end of June 2115, there were 5.19 million taxpayers who had been included in the pilot program of "VAT reform", and the accumulated tax reduction was 484.8 billion yuan. How much benefit will it bring to enterprises by comprehensively pushing forward the "reform of the camp"? Xu Shanda, former deputy director of State Taxation Administration of The People's Republic of China, once said that the tax reduction quota for the comprehensive "camp reform" is expected to reach 911 billion yuan.

regarding the specific contents of the camp reform plan for the four major industries, the industry previously thought that the plan might be as follows: namely, the financial insurance industry might change from 5% business tax to 6% value-added tax, the real estate and construction industry might change from 5% and 3% business tax to 11% value-added tax, and the hotel, catering and other life service industries might change from 5% business tax to 6% value-added tax.

what do you think of the impact of this camp reform and expansion? In this regard, Yang Delong, executive general manager of Qianhai Open Source Fund, told reporters that "the expansion of the pilot reform of the camp and the inclusion of the value-added tax contained in all enterprises' new real estate are conducive to the improvement of the performance of listed companies as a whole, because the overall tax burden has been reduced after the reform of the camp, which will help to enhance the profits of related industries and help to enhance the market's confidence in the stock market."

"There are no detailed rules yet, so it is difficult to draw a conclusion about which industries are good. However, it is good for preparing to buy an office building, because the value-added tax contained in the new real estate of the enterprise is included in the deduction. " An accountant who did not want to be named told reporters frankly.

different industries have different influences

how do you view the influence of the reform of camp to the construction industry, real estate industry, financial industry and life service industry?

In this regard, Song Qinghui, a well-known economist, told reporters, "After the full implementation of the camp reform, for the construction industry, because the labor cost/depreciation can not be deducted from the value-added tax, or it will have an adverse impact on the profitability of construction industry companies in a short period of time, the revision of the camp reform policy in the long term will probably offset the adverse impact. For real estate, if the land cost is not deductible, the final industry profit decline may be even greater, and vice versa. For the financial industry and the life service industry, it is good news and will significantly reduce the burden on enterprises. "

The accountant said, "It is not clear whether the land price and interest can be deducted at present. If the land price and interest can be deducted, the tax burden of real estate enterprises will be reduced. The financial industry has changed from 5% business tax to 6% value-added tax, because the value-added tax is an extra-price tax, and the actual tax rate is 5.66%. Considering that the input can be deducted, if the rent and equipment purchase can be deducted, the impact will basically be small. Life service industry, such as catering service industry, the main cost of this piece is labor, rent and procurement. If rents and purchases can be deducted, it is possible that the tax burden will drop. "

Liao mingbing, an analyst in the construction industry of CICC, believes that in the short term, considering that materials and labor can't get the full value-added tax invoices or it is difficult to deduct the invoices when Party A supplies materials, the tax burden of most enterprises will increase, but the reform of the camp may only apply to newly signed projects, and the negative impact is not expected to be significant. In the long run, with the strengthening of invoice management of construction enterprises, the introduction of high-tech equipment and the reduction of manpower input, the effect of reducing the burden will be gradually reflected.

For the real estate industry, Hu Huaru, a real estate analyst at Guojin Securities, believes that if the tax can be deducted by 6% after the reform, the tax burden of enterprises will be greatly improved. If the tax rate is only 6%, it will be very beneficial to enterprises with high construction and installation costs and financial costs. Judging from the tone of the policy, the tax relief of real estate enterprises will gradually enter the substantive stage.

changjiang securities Research Report pointed out that in the securities industry, if the deductible ratio of brokers exceeds 41%, the increase in business value may have the effect of increasing performance, and whether the labor cost can be deducted is very important. In the insurance industry, it is very important to determine the tax exemption and input deduction. It is expected that the tax exemption design of life insurance may be continued after the reform of the camp, while the benefit of property insurance may still be high. In the trust industry, considering that the management expenses/asset impairment account for 61%/41% of the operating costs, and the labor cost accounts for more than 71%, how to deduct the labor and impairment will be very important.

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