Hello everyone, I'm the head of the hall.
The most discussed financial news during this period is the storm of "tax payment".
On June 12, Ningbo Bohui Co., Ltd. announced the suspension of production, because it had previously received a notice requiring 500 million yuan in taxes, saying: If the production is not stopped, the company will face high consumption tax.
On June 13, VV also announced that Zhijiang Liquor, the former holding subsidiary, had to pay more than 85 million yuan in taxes on behalf of its former holding subsidiary Zhijiang Liquor Co., Ltd. because it had not declared the consumption tax for the period from January 1, 1994 to October 31, 2009.
For a time, there was a public opinion in the market that "30 years have been checked".
The State Administration of Taxation came out to speak: there is no organization to carry out national, industry-wide, and centralized tax inspections, let alone arrangements for 20 or 30 years of retrospective inspections.
Therefore, the term "reverse check" is a complete misunderstanding.
However, compared with the "reverse check", today I want to talk to you about the "consumption tax", what signal is behind it?
Shen Wan Hongyuan said: The consumption tax reform or fiscal reform is the first shot.
There are two outstanding problems in the current fiscal situation:
One is the lack of income.
Macro taxation in a broad sense is the ratio of government revenue to GDP in all calibers.
At present, this proportion is only 30.2%, the lowest since 2010.
So what is the income of the whole caliber?
I have mentioned to you many times before that the four economic ledgers of government revenue are: public budget revenue, government fund income, state-owned capital operating income and social insurance fund income.
These four correspond to taxes, land transfers, state-owned enterprise operations, and social security contributions.
From this figure, it can be clearly seen that in the proportion of these four:
The best situation is the proportion of social security contributions, which is better than the others.
This is also easy to understand, after all, the payment base of social security has been increasing in recent years.
The largest decrease in the proportion was in land sales, which was the lowest since 2009.
In fact, this aspect is a decrease in the income from the transfer of state-owned land use rights, and to put it more bluntly, the income from land sales has been greatly reduced.
Second, new breakthroughs are needed in taxation between the central government and the local government.
Thirty years ago, the central and local governments reformed the "tax-sharing system", and the local governments handed over financial powers, and also redivided the distribution of tax revenues.
Later, after several adjustments, the main types of taxes were clearly divided.
According to the statistics of Galaxy Securities:
There are three exclusive taxes at the central government: consumption tax, customs duty, and vehicle purchase tax.
There are 5 central and local shared taxes: value-added tax, enterprise income tax, individual income tax, urban maintenance and construction tax, and stamp duty.
According to data from the Ministry of Finance, in 2023, our four major taxes together will account for 78% of tax revenue, including:
value-added tax revenue was 6,933.2 billion yuan, accounting for 38.3 percent;
corporate income tax revenue was 4,109.8 billion yuan, accounting for 22.7%;
consumption tax revenue was 1,611.8 billion yuan, accounting for 8.9%;
personal income tax revenue was 1,477.5 billion yuan, accounting for 8.2%.
Comparing the previous classification, we can know that among the four major taxes, only the consumption tax is exclusive to the central government, and the other three are shared by the central government.
The latest audit report is also out, which mentions an important point:
Plan for a new round of reform of the fiscal and taxation system, and improve the division of fiscal powers and expenditure responsibilities between the central and local governments.
In fact, I also interpreted last year's audit report to you, but it was changed many times at that time before it was released.
Interested students can read today's audit report for themselves.
Let me tell you this way, the annual audit report is very straightforward.
For deceptive things, it doesn't save face at all, which is worthy of praise.
For example, the original article said that in Taigu District, Jinzhong City, Shanxi Province, in 2021, when it undertook the construction of the National Agricultural High-tech Industry Demonstration Zone, it illegally transferred 160.89 mu of land (including 81.91 mu of cultivated land) for 120 million yuan for real estate development.
I won't interpret it this time, mainly because I'm afraid that the video won't pass and I will have to change it many times.
Many people ask the hall master, the time you send the video is the time of the underworld: it is not late at night, or early in the morning.
Actually, I know this too.
Which grandmother does B possess like the hall master, choosing the time with the least traffic to send videos?
I guess it's very little.
According to the platform's push mechanism, choose the grandmother who sends a video in the early morning, isn't this an anti-traffic operation, probably a person with a sick brain.
It's just that many times, after the hall master finished the video at night, it didn't pass the review for the first time!
So I had to revise it again, and it took a lot of time to go back and forth.
If you can't change it, you won't send it. There are still several videos locked up in the small black room.
I changed it, and by the time the video was sent, it was already late at night.
So, I won't interpret it this time.
Back to business.
In the past, there was still income from land sales, but as the recovery of the property market was less than expected, the income from land sales also decreased.
Now that we want to promote reform, it will be quite difficult for local governments to make concessions.
Then the only thing that can be moved is the consumption tax.
What is GST?
According to the statistics of the 2022 China Tax Yearbook, at present, our consumption tax revenue mainly comes from the four consumption tax items: tobacco, petroleum fuel, automobiles, and wine.
Among them, tobacco accounted for 53.4%. Tobacco products accounted for 40.1% and tobacco wholesalers accounted for 13.3%.
Petroleum and coal fuel accounted for 33%, automobiles accounted for 7%, and wine accounted for 4.6%.
For example, at the beginning, it was mentioned that the 500 million yuan to be paid by Ningbo Bohui shares is the consumption tax levied on petroleum fuel.
If a certain percentage of the consumption tax is delegated to the local government, it can actually alleviate the dilemma caused by the reduction of local land sales to a certain extent.
Let's do the math.
According to data from the Ministry of Finance, the income from the transfer of state-owned land use rights in 2023 will be 5,799.6 billion yuan, compared with 6,685.4 billion yuan in the previous year in 2022.
Therefore, the land transfer in 2023 will be reduced by 885.8 billion yuan.
The consumption tax revenue in 2023 is 1,611.8 billion yuan.
In this case, in order to fill in the amount of the reduction in local land, 54% of the consumption tax must be allocated to the local government.
Of course, it doesn't have to be as specific as 54%, but maybe 55 percent, is this feasible?
Compare the local share of consumption tax in other countries.
Among the European and American countries, the United States accounted for 64.4%, France 62.9%, and Canada 39.4%.
In Japan and South Korea, both in East Asia, the local share of consumption tax is 26.5% and 11.8% respectively.
Therefore, the ratio of fifty to fifty percent, there is.
But if the five-fifty division is too high, it is actually not impossible to make a three-seven-seven or two-eight division.
As the third largest tax, the original intention of consumption tax:
The first is to restrict some consumer goods.
For example, tobacco and alcohol are discouraged. It is said that smoking and drinking are harmful to health, but it still can't stop so many people from buying cigarettes and alcohol.
The second is to adjust income redistribution.
Although the proportion of consumption tax items mentioned earlier, there is no mention of luxury goods, such as high-end precious jewelry, jewelry and jade, yachts, etc.
But these are actually in the consumption tax item, which is subject to consumption tax, but the overall proportion is very small.
I saw many financial influencers say that consumption tax is a kind of "tax for the rich".
What is now attacking the "tobacco, alcohol and oil trucks" is to shoot at the rich.
Personally, I think this statement is a bit too absolute.
If you've read this issue, you won't think so.
You see, the two largest accounts for excise taxes are tobacco and petroleum and coal fuel, which together account for 88.4%.
automobiles and alcohol, but the share is 7% and 4.6%.
The proportion of high-end luxury goods that are standard for the rich in the overall consumption tax is actually very low.
Petroleum and coal fuel belong to the upstream, and this will eventually be transmitted to the masses.
As for tobacco, it is probably more consumed by men. And that's not to say that poor people don't smoke.
In fact, on the contrary, you see that those people who have a bad time smoke the hardest!
The real tax on the rich should be biased towards the asset tax.
What is Property Tax? Real estate tax is one type, and inheritance tax is also another.
When the property tax and inheritance tax are introduced, it will be regarded as a real tax for the rich.
It's still far from that!
In general, a certain percentage of consumption tax is delegated to the local government:
In the short term, consumption tax is still a drop in the bucket and cannot play a decisive role in the current locality.
Personally, I believe that it is possible to ease local finances in the short term, but it still needs to be solved by financing
However, in the long run, GST reform can promote local development.
But then again, economic development is a game.
When demand is constrained, what is most needed is light taxes and thin taxes.
The latest document issued by Yicai said: light taxes and thin taxes are the foundation of economic recovery.
I'm the hall master, I hope the content is helpful to you, and we'll see you next time~