Recently, a person close to the Ministry of Finance, told reporters that the Ministry of Finance and State Administration of Taxation is considering leasing industry research into the scope of value-added tax.
In fact, the country's Industry sources said the finance lease from the point of view, it should support the development of a new national service, so in the next few years should be incorporated into the scope of VAT collection.
whether leasing industry areas of value-added tax should be included? In the process of inclusion to overcome any difficulties? How tax rates should be determined, the VAT expansion can reduce the burden on enterprises around? These have become topics of concern to the industry.
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range of finance lease is a general trend
2008 by the end of The State Council approved in principle input tax deduction, which is a major tax reform measures. Zhang Tong, Associate Professor Central University of Finance said it has solved the fixed assets of double taxation, so that our value-added tax system to the neutralization step in the direction substantially the same time, greatly reduce the tax burden of enterprises, mobilize the enthusiasm of enterprises update the device, in response to financial crisis, rapid economic recovery and provide a powerful driving force.
However, industry sources, the To this end, led by the State Administration of Taxation, the National Association of Chinese second-hand equipment rental and used equipment for professional committee organized several
Zhang Tong told reporters that because the current value added tax and sales tax of two co-exist, the tertiary industry (other than commercial external) services provided by the business tax and not VAT, so VAT arrived in our country buckle chain is very complete, value-added features can not be neutral reflected more fully, to the business administration and tax authorities have brought a lot of trouble. So will include finance leasing all of the tertiary industry, including value-added tax included in the scope of the final abolition of sales tax is a general trend. But in the current tax reform can not be the case of one-step, how to handle the financial leasing industry in the tax system transition issues will need careful consideration.
industry also said that 2009 National Association of Chinese second-hand equipment rental and used equipment for the Secretary-General Yu Xiaomei Professional Committee, said: Leasing companies have encountered many such examples. will not make a lot of domestic companies wanted to import equipment, imported equipment was not now gone into a lease imported. Because imported equipment to get their 17% VAT, but also arrived in time to stay longer, and pay only 5% import leasing business tax, which resulted in a huge tax burden differences. In addition, we also worried that the tax difference will our domestic equipment manufacturing enterprises relatively large negative impact.
A source close to the Ministry of Finance, told reporters that a better solution is to put into the leasing industry in the scope of value-added tax to.
nature, this is the tax policy on the leasing industry root cause of her mind, but also referred to the VAT Capital Leasing difficult. So, how to overcome these difficulties it?
Zhang Tong told reporters that the change in the financial leasing industry in the process of VAT, properly handle the following aspects of the policy of balance: The first is the policy of balance between the different financing methods. Leasing industry is the financial industry, but it is kind finance, and banking, securities and other units of currency financing are not identical. Under the existing law, bank loan interest is fully paid sales tax (no deduction of interest paid to depositors), while the finance leasing company to buy a rent to pay business tax for the tax based on the difference, obviously different tax treatment, tax also different . In addition, sales of currency futures by financial institutions to pay sales tax bid-ask spread, futures sales of goods subject to VAT, the business tax and finance leases are different payment methods are the same.
second point is that finance leases and operating leases in the policy balance. Finance leases are long-term lease on the surface, but in essence, installment buying equipment, and the loan interest buy equipment were similar, but not with short operating lease rental properties are different. Currently, the operating lease rental fees in full to pay sales tax, the lessee does not allow deduction of input tax cost of the rent; and equipment finance companies are more than the original value of the rental fee in part to pay sales tax, the lessee offset by equipment at cost input tax deduction.
The third point is the equipment seller, the lessee and the financing policy of balance between the leasing company. Under the existing regulations, financing companies in accordance with the requirements of the lessee to purchase equipment, pay to the seller 17% VAT, and equipment rental to the lessee, the finance company to pay the difference by buying and leasing a 5% business tax, the lessee according to equipment VAT invoices issued by the Seller in accordance with the VAT tax rate of 17% tax. Obviously, the seller, the lessee and the financing of the tax rate applicable to the three different companies, the actual tax burden is not the same. Overall, the actual financing of the company's business tax burden is far lower than the bank loan interest, which is similar to the VAT sales tax rate than the single business tax rate by 10%. This is the leasing industry tax reform must be addressed.
problems still to be explored.
Zhang Tong told reporters that the companies have chosen to rent equipment or buy equipment, depending on the company's capital position. Own funds for SMEs are rare, so the device must be taken in installments to buy a one-time payment to buy equipment than good for business; in monetary tightening, interest rates rise, corporate finance very difficult circumstances, to finance lease way to buy equipment to avoid monetary policy is a legitimate way. As long as the rental fee charged at the standard appropriate to the company's profit margin financing to buy equipment than to pay off bank loans less interest, lease companies that deal, will choose to finance leases and loans to buy equipment will not choose a way.
In addition, the tax burden on businesses lease equipment, purchase of equipment and whether the tax burden should be some difference? Yu Xiaomei, said that after the financial crisis is being revised according to international accounting standards in the future, a piece of equipment rental and purchase of this equipment in common is the need to use the equipment for production, can create cash flow, should have access who's balance sheet, therefore, in the formulation of tax rules should be leveled between the two, both the tax burden should be close to unity, and should not have too much difference.
She also said that if the business tax reasons to consider the purchase of equipment in different ways, this is a very fair tax rules. VAT should be neutral in itself, it should not be to influence corporate decision-making.
Zhang Tong also said to maintain value-added tax from a neutral point of view, should not buy equipment lease financing, with its own funds to buy equipment and use the loan to buy equipment to distinguish between the three tax policy. Zhang Tong also pointed out that finance leases and operating leases although different in nature, but also similar to the operating lease fee value-added enterprises should change the VAT and input tax deduction allowed to the lessee. This equipment and rental equipment to buy tax differences will disappear, the tax system and tax policy will be more scientific.
party charged the full rental fee (including equipment salvage Bianjiashouru) minus the purchase price and associated equipment, the balance after taxes (equivalent to the value-added enterprises or leasing company profits), by 5% business tax rate (similar to value-added tax rate) to levy. If you change the VAT, the tax rate should be unified at 17%, which is bound to greatly improve the financing of the company's tax burden, to a certain extent, affected the financial leasing industry.
Seller, finance companies and leasing business transactions among the three procedures, savings in stamp duty. standards, will increase the tax burden onto the lessee, so long as to allow the lessee to pay to finance the company's total price (including equipment at cost and financing the company's profits) as the basis for VAT input tax deduction (issued by a finance company VAT invoice), then the original part of the excess equipment can successfully offset the input tax, the lessee would not increase the tax burden. If the tax system this arrangement, it will not affect the development of leasing industry, but also give it more customers. This is treated as finance leases equipment sales will be the reform ideas.
newspaper essay
the past two years, the finance lease has entered a rapid development stage, is to solve the shortage of finance for SMEs is one important way. So, for the development of financial leasing companies in favor of the fiscal policy is very important. This requires the leasing industry and the financial sector to discuss further financial leasing system to make more scientific arrangement.
However, the current tax policy for the understanding of finance leases, tax authorities also are not consistent. It was noted that some grass-roots tax department administration did not consider financial leasing transactions practice characteristics, operating lease accounting standards confusion and the concept of leasing business tax for the full sales tax policy to increase the tax burden of financing leasing companies and inhibit the development of financial leasing industry.
However, the finance lease is referred to the most difficult value-added leasing industry is too broad, too many varieties. Including the main machine boat leasing, equipment leasing, construction equipment leasing, IT leasing, and so a variety of domestic and foreign, difficult to coordinate common interests. However, VAT is still referred to a finance lease is a general trend. The introduction of the VAT for financial leasing industry policy has become a necessity.
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