All Circles Expect Fiscal Reform To Create A Good Situation.

The reform of Finance and taxation has become a topic of great concern and aroused heated discussion at all times.

Recently, a number of experts interviewed by the China Securities Journal said that arousing sleeping funds and improving the efficiency of carry over surplus funds are the top priority of the current fiscal reform.

At the same time, the revised budget law will become a breakthrough in fiscal and taxation reform, and further clarify the general direction of reform.

Generally speaking, arousing sleeping funds, strengthening budget management and reconstructing the local tax system are expected to become the three main points of fiscal reform and remove obstacles for deeper reform.

The State Council executive meeting pointed out that we should vigorously promote the three "strengthening": first, we should strengthen budgetary constraints.

Government revenue and expenditure must be included in budgetary management and can not be accounted for outside the book.

The two is to strengthen the budget disclosure.

Except for confidential information, all departments in the central and local governments that use financial funds should disclose their budget and final accounts.

The three is to strengthen the management of treasury funds.

Wake up sleeping funds lying on the account "snoring" to improve the efficiency of carry over surplus funds.

In addition, standardizing the management of tax collection and non tax revenue and regulating the local government debt are also important tasks to be promoted in the future.

Wang Dehua, director of the financial audit research office of the Chinese Academy of Social Sciences Financial Strategy Research Institute, pointed out that in recent years, the average annual growth rate of government deposits in the central bank's balance sheet is relatively fast, which is related to the current budget management system.

For example, some science and technology funds can not keep pace with the implementation, or some of them have arranged pfer payment. However, when the subordinate management is strictly required, the funds can not be spent and delayed for several years.

In addition, some projects will take several years to complete, but the budget may be arranged in a year, resulting in the retention of funds for the next few years.

In fact, the audit report released by the Audit Commission in June this year suggested that the income of special purposes in all kinds of budgets could not be used in an integrated way, which is not conducive to the timely implementation of capital benefits.

In addition, all levels of finance have some funds deposited, and the efficiency of capital utilization has not been fully realized.

The audit results show that if the growth of science and technology funds should be higher than that of regular revenue growth, the central finance will carry forward the expenditure on science and technology that did not use specific items in accordance with the accrual basis. By the end of 2013, it had accumulated 38 billion 412 million yuan, and 21 billion 724 million yuan had been carried over for more than 5 years.

Wang Zhaocai, deputy director of the Finance Research Institute of the Ministry of finance, suggested that we should speed up the budget implementation and find the project as soon as possible, so as to find out the items that we have accumulated for many years as soon as possible.

In addition, the budgeting time should be shorter and more accurate so as to ensure that expenditures can be made after the approval of the budget.

The Standing Committee of the National People's Congress has passed the budget law amendment recently. The budget law, known as the "economic constitution", has been revised for the first time in 20 years.

Wang Dehua said that the revision of the budget law is a radical cure for the reform of the taxation system and the strengthening of budget management.

Zhu Daqi, vice president of the China finance and Taxation Law Research Association, said that the adoption of the new budget law is the first step in the reform of the fiscal and taxation system.

Analysts pointed out that improving the budgetary management system is the highlight of fiscal reform, and the budget law amendment has promoted the pparency of the budget and standardized the issuance of local bonds, and has also pointed out the direction of reform from the law.

Huarong Securities said that the budget law amendment has been passed, the subsequent improvement of the tax system, the establishment of a system of power and expenditure responsibility and the general plan for deepening the reform of fiscal and taxation system are likely to be accelerated.

Zhang Monan, an associate researcher of China International Economic Exchange Center, believes that the focus of the new round of fiscal reform is to improve the fiscal system that matches financial power and authority. Tax reform, budget reform and fiscal system reform are the three major expectations of the new round of fiscal reform.

For the budget reform, the rationalization of the financial structure and the rationalization of the structure of the financial allocation must be realized, so as to ensure the balance of fiscal revenue and expenditure.

We should maintain a uniform and balanced balance between the general budget of the government, the budget of the government funds, the budget of state owned capital and the social security budget, and establish a standardized and pparent channel for capital exchanges. At the same time, we should turn the special funds into budgetary funds and put them into the supervision of the public.

Compared with the revised budget law, the revised budget law has made more detailed provisions in defining the legislative purpose, refining the full bore budget management system, opening the budget system, endowing the local governments with limited claims, and improving the budgetary review, supervision and budget responsibility.

Huatai Securities pointed out that the new revised budget law is very meaningful in terms of budgetary supervision, local debt issuance, the division of powers in the treasury business, and the full bore budget, but this does not mean that a comprehensive fiscal and taxation system reform has been launched.

This amendment is the optimization of the budget system under the existing system, and does not touch on the structure of fiscal revenue and expenditure, especially the imbalance of local fiscal revenue and expenditure.

Huatai Securities believes that from the direction of the current tax system "camp to increase", the trend of fiscal revenue has further concentrated on the central government. The contradiction between the imbalance of local fiscal revenue and expenditure may be aggravated. Although the policy intends to pfer the consumption tax to the local government, the specific implementation still needs to be continuously noted.

Analysts pointed out that the new attempt of property tax and resource tax is an important component of the fiscal and taxation system reform.

Take the camp to increase, for example, Jin Dongsheng, deputy director of the State Taxation Administration's Institute of Taxation Science, said that the camp changed to a larger size and achieved the expected goal.

"In general, tax cuts are made. Some enterprises are increasing in structure and some enterprises are decreasing. This is a normal phenomenon.

As long as taxation is reform, there will always be an increase or decrease. "

Jin Dongsheng said that reform is the reconstruction of the interests structure. Structural tax cuts are structural changes, not everyone reducing taxes.

In regard to how to restructure the local tax system, Zhang Monan believes that in China's current 28 categories of taxes, although they are classified as 18 local taxes, most of them are small taxes with high tax sources and high difficulty in collection and management.

Although business tax, enterprise income tax and personal income tax are relatively stable, the income tax of enterprises and individuals has been divided into shared taxes and can not become the main categories of local taxes.

The new round of fiscal and taxation system is designed to foster more stable local government tax categories, improve the local tax system, increase the proportion of direct taxation, promote the reform of value-added tax, play the regulatory function of consumption tax, and gradually establish a comprehensive personal income tax system with classification, speed up the legislation of real estate tax and promote reform in a timely manner, accelerate the reform of resource tax, and promote the pformation of environmental protection fees.

Xu Shanda, former deputy director general of the State Administration of Taxation, said that after the "camp changed to increase", we should stabilize local financial resources and not rely solely on central finance. Instead, we need to establish some independent tax categories to enhance local fiscal autonomy.

In terms of consumption tax collection, it is suggested that the consumption tax be levied from the production link to the consumption link. This will curb the blind investment behavior of the local government to expand the tax source.

The pfer of consumption tax to the main categories of local taxes will help solve the problem of local taxes.

Jia Kang, the former director of the Financial Science Research Institute of the Ministry of finance, suggested that in the next fiscal and taxation reform, the choice of the tax base of the local tax system should not only take into account the income adequacy, but also consider the nature of the tax category and give play to the principle of local government's initiative and beneficiary.

Taking all factors into consideration, the best choice of the local tax base is the combination of the three tax bases, that is, the property tax base is all used as a local tax, a commodity service tax base as a part (after the reform of consumption tax and resource tax), plus some income tax.