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急速赛车彩票数据:Tax difference or no difference in public offering income up to 1.68 times

时间:2018/5/23 19:46:33  作者:  来源:  浏览:0  评论:0
内容摘要: Recently, five ministries and commissions including the Ministry of Finance and the Ministry of Human Resources and Social Sciences jointly...

Recently, five ministries and commissions including the Ministry of Finance and the Ministry of Human Resources and Social Sciences jointly issued the “Notice on Launching the Pilot Program for Personal Tax Deferred Commercial Endowment Insurance ”, and officially launched the pilot work on tax-deferred endowment insurance. Although the pilot policy has not been incorporated into the public fund, but the text explicitly mentioned silver CIRC pilot period, the Commission make the relevant preparatory work, improve the pension account management system, formulate the relevant provisions of the guidelines and other raised funds products.

At the beginning of March, the China Securities Regulatory Commission announced the “Guidelines for Pension Investment Funds (Trial)”, which regulates the old-age target (FOF) funds. This means that the large probability of tax deferral of public funds in the future is carried out from pension-oriented target funds. According to regulations, the tax deferral amount is 6% or 1,000 yuan of the taxable income of the current month; it is deferred until it meets the requirements for receiving a commercial pension.

The study found that the ratio of income from deferred taxation to non-tax deferral is a fixed multiple. This multiple is only related to the income tax rate, and is not related to the length of investment period and the level of investment yield.

“Statistics can be seen that if the tax rate is 3%, it would be better to not participate in the tax deferred pension plan; but if the tax rate exceeds 10%, the investment tax deferred pension products are all good. And the higher the tax rate is, The more people have the incentive to invest," analysts said.

deferred income tax difference of

analysts say, then, the overall revenue target pension of 25% of the portion of FOF are exempt, the remaining 75% portion of the individual income tax in accordance with the proportion of fixed rate of 10%; that is, pension investment objectives FOF capital and earnings, and ultimately required to pay 7.5 percent of personal income tax.

assume that in 25% of the income tax files, invested 1,000 yuan per month pension to buy FOF target, 20-year investment cycle, assuming retirement goal FOF products annualized investment rate of return of 8%, the final goal FOF can receive pension funds 548,476.18 yuan; If there is no case of pension investment objectives FOF, but as investments to annualized investment rate of return of 8%, and the 20-year investment cycle of the product, not tax-deferred, hand income of 444,710.41 yuan, a difference of 103,765.77 yuan, have tax deferred income is no 1.2333 times earnings tax-deferred.

The study found that the ratio of income deferred to non-tax deferred income is a fixed multiple, which is only related to the income tax rate. When the rate reaches or exceeds 45%, the ratio of income tax and non-tax deferred deferred is 1.68 times.

Annualized 8% earnings. How difficult is it for fund company and its related fund products?

According to the statistics of a fund company, if investors enter the market at any time between 2001 and 2006, even if they do not have any choices, all weightings in the weighted investment market will be , , even though the performance of the funds is mixed. As long as rolling holds for ten years, the combined average annualized return rate is nearly 15%, and the cumulative return rate is more than 300%. This is not only better than the return of most financial products, but also far exceeds the increase in the A-shares index.

Another statistical data also shows that in the past 20 years, China's equity fund and mixed funds have created 1.5 trillion yuan of net profit for investors, and if investors can hold long-term, rational allocation, net profit will rise even more. It is 4 trillion yuan.

“In the future, fund companies will make endowment investments through TDF (Target Date Fund) or TRF (Target Venture Fund) in the form of FOF for the optimization of underlying products and dynamic asset allocation. Fund company's advantages are mainly reflected in two points: First, The public fund as the bottom-line of pension investment is simple, transparent and low-cost, and it has been operating under a sound regulatory framework.The second is that the fund company has accumulated long-term accumulation of stocks and bonds and talent reserves, especially the long-term investment income of stocks. There is a clear advantage in the rate.” Deputy Director Xu Xin of the China-Europe Fund stated.

“The great challenge for China's pension investment in the future will be the risk of longevity. If the investment yield is too low, it will be unable to meet the retirement income of long-lived population. Therefore, pension investment as a long-term fund should be configured with a higher proportion of equity assets. , The pursuit of higher long-term benefit rate." Xu Xin said.

Long-term holding will greatly reduce the probability of loss of stock investment. According to statistics, the probability of a negative return in the rate of return for one, five, or ten years at any time since 2002 when the index has been in Shanghai and Shenzhen 300. If you only hold the Shanghai-Shenzhen 300 index for 1 year, you will face a loss of over 50%. If you increase the holding period to 5 years, the probability of loss will be reduced to 27%. If you hold 10 years, the probability of loss will be Shrink to 0%.

"We used the same method to calculate the probability of negative returns in the yields obtained by holding partial stock funds at any time in 1, 5, and 10 years, 33% (1 year), 13% (5 years). , 0 (10 years)." Xu Xin said.

Need to be further optimized

According to the latest statistics from the official website of the China Securities Regulatory Commission, the first batch of 41 old-age pension funds were declared on April 11 and involved 21 fund companies. On April 17th, pension fund targets of a number of fund companies received acceptance decisions. The earliest group of 20 funds received the first feedback on May 11th, which means that the market for pension target funds is further advanced.

“There is still a lot of problems waiting for the industry to solve from the issue of product design, including how to solve the problem of individuals to buy products and how to reduce costs.” There are public fund sources pointed out.

For example, a number of fund managers interviewed pointed out that the preparation of future pension products will be further optimized on the existing investment philosophy.

"This process will result in a series of adjustments in operations, compliance risk control, and investment." Ren Li, general manager of Dongfanghong Asset Management, expressed to China Business News.

“Even if it seems that the optimization is very small, it is to consider the funding arrangements for pensions, but our company will need to make adjustments to the overall operating system, investment arrangements, investment strategy arrangements and ratios will be adjusted because of the nature of funds. Decision will invest investment strategy, funding strategy to determine the investment strategy." Ren Li explained. Ren Li further stated that, according to the needs of the market and investors, the product line of pension target funds will be fully and reasonably laid out. On the one hand, the internal products of the company will be considered, and the consideration of external excellent fund products will not be abandoned.

At the same time, the third pillar relates to the top-level design of the social security system, financial asset management, and other systems. It is also closely related to the public service, product sales, and other business processes. Therefore, in the process of building the third pillar system, the role of commercial bank is very significant.

Industrial Bank Vice President Chen Jinguang pointed out that to serve the third pillar, commercial banks need to do their homework in many aspects, such as account services, product reserves, business promotion, and technology protection.

Another shareholder also believes that one of the advantages of a commercial bank is account management. "If the details are not settled, the account will be opened as a basic function first. Then, around the account, the function of account value-added services, including the development of personal saving habits, as well as some information inquiry of the account, and even management of investment products, etc. "

"On the one hand, commercial banks use the advantages of account management to serve the common people and better understand their investment preferences and risk tolerance. On the other hand, banks have the advantage of asset custody and serve various types of financial institutions such as funds and insurance. Can be based on different product information disclosure and performance standards to determine the corresponding income and risk characteristics, which can be based on the needs of customers recommend suitable tax extension pension financial products." Chen Jinguang said.

People in the industry further pointed out that the account not only helps the pension investor realize a package of services such as product purchase, inquiry, and tax return, but also has greater meaning in that it will change the behavior habits of investors. From the past, investors have fluctuate the net value of individual products. Attention is focused on the overall risk and earnings of the account. At the same time, the account can integrate asset allocation, transaction scenarios and customer service, which is crucial for investors to form good investment behavior.


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