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 Business tax, a major local tax in the past, will be withdrawn from the historical stage. From May 1, the pilot scope of camp reform 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 but not increase. 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.
From 20 12, 10, 1, 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, are not covered.
However, these four industries involve nearly 6.5438+million taxpayers, and the corresponding business tax is 654.38+0.9 trillion, accounting for about 80% of the original total business tax revenue. The Department of Taxation and Administration of the Ministry of Finance once said that the four major 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, 2065438+2005, there were 5.09 million taxpayers in the pilot program of "VAT reform", with a cumulative tax reduction of 484.8 billion yuan. How much benefit will it bring to enterprises to fully push 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 comprehensive tax reduction quota of "camp reform" is expected to reach 900 billion yuan.
With regard to the specific contents of the camp reform plan for the four major industries, the industry believes that the plan is as follows: that is, the financial and insurance industry may change from 5% business tax to 6% value-added tax, the real estate and construction industry may change from 5% and 3% business tax to 1 1% value-added tax, and the life service industry such as hotels and restaurants may change from 5% business tax to 6% value-added tax.
How do you view the impact of this camp reform? In this regard, Yang Delong, executive general manager of Qianhai Open Source Fund, told reporters, "The expansion of the pilot program of camp reform, including the value-added tax included in all enterprises' new real estate, is conducive to improving the overall performance of listed companies, because the overall tax burden has been reduced after the camp reform, which is conducive to improving the profits of related industries and enhancing the market's confidence in the stock market. "
"At present, there are no detailed rules, and it is difficult to draw conclusions about which industries. However, it is good for those who are ready 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 admitted to the reporter.
Different industries have different influences.
How to treat the impact of the reform of the camp on the construction, real estate, finance and life service industries?
In this regard, Song Qinghui, a well-known economist, told reporters that "after the full implementation of the camp reform, for the construction industry, because labor costs/depreciation can not be deducted from the value-added tax, it may have an adverse impact on the profitability of construction companies in the short term, and in the long run, the revision of the camp reform policy is likely to offset the adverse impact. For real estate, if the land cost is not deducted, the final industry profit decline may be even greater, and vice versa. It is good news for the financial industry and the life service industry, which will greatly reduce the burden on enterprises. "
The above accountant said, "It is not clear whether the land price and interest can be deducted. If 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 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, it will basically have little impact. Life services, such as catering services, the main costs of this piece are labor, rent and procurement. If the rent and the purchase price can be deducted, it is possible that the tax burden will drop. "
Liao Mingbing, an analyst in CICC's construction industry, believes that in the short term, considering that materials and labor can't fully obtain special invoices for value-added tax or it is difficult to deduct 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 great. In the long run, with the strengthening of invoice management in 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 Guo Jin 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 a substantive stage.
Changjiang securities Research Report pointed out that in the securities industry, if the deduction ratio of brokers exceeds 40%, the increase of business value may have the effect of increasing performance, and whether the labor cost can be deducted is very important. In the insurance industry, the determination of tax exemption and input deduction is very important. It is expected that the tax-free design of life insurance may be continued after the reform of the camp, and the benefits of property insurance may still be high. In the trust industry, considering that management expenses/asset impairment account for 60%/40% of operating costs and labor costs account for more than 70%, how to deduct labor and impairment will be very important.
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