海外专题研究：《电子商务法》实施，征税影响几何？

请参阅最后一页的重要声明 证券研究报告·海外专题研究 《电子商务法》实施，征税影响几何？《电子商务法》对电商卖家有哪些影响？ 电商法要求电子商务经营者（如淘宝卖家、拼多多卖家、微商等）应当依法办理市场主体登记，并依法纳税。同时要求电子商务平台经营者（比如淘宝、拼多多等）审核卖家的身份、地址、联系方式、行政许可等真实信息，向税务部门报送平台内经营者的身份信息和与纳税有关的信息。电商法一方面规定了卖家办理工商登记和依法纳税的义务，同时也强调了平台的监督责任。因为 B2C卖家绝大部分都已经办理工商登记和税务登记，影响较小。C2C个人卖家在 2014 年的《网络交易管理办法》中没有强制要求办理办理工商登记，此次影响较大。 淘品牌的征税种类和传统企业有什么差别？ 我们选择了服饰、美妆、零食这 3 个电商渗透率较高的品类，对比淘品牌的征税种类和传统零售企业的差别，以及税收占收入和利润的比例。我们发现对于淘品牌和传统企业的税种和税率是一样的，淘品牌并不是利用税收优势而竞争成长起来的。电商品牌的快速成长，得益于电商平台突破了空间的限制，可以快速触达用户，并且可以有效获得用户反馈，进而开发更受用户喜欢的产品。比如三只松鼠成立于 2012 年，2017H1 营收达到 28.94 亿元，超过成立于 1999 年的来伊份（17.92 亿元）。对于已经办理工商登记并且纳税的商家来说，我们认为电商法的实施反而能更有效的规范电商行业的发展，减少刷单、刷好评等不规范行为，提高消费者对电商的信任度。 征税对个人卖家的收入利润影响多大？ 电商个人卖家适用的税种和税率与现在普通企业或个体户适用的税种和税率一样，电商法并不涉及税种、税率等税制要素的调整。以最主要的增值税和所得税为例，假设一个小型卖家，年销售额为 100 万（不含税），利润率为 30%，店铺成本主要是商品进货成本以及广告推广费用，且都能取得增值税专用发票。综合来说在不考虑其他小税种的情况，对这个卖家而言，一般纳税人-企业需要缴纳 7.8 万元，一般纳税人-个体工商户需要缴纳 8.55万元，小规模纳税人-企业需要缴纳 6 万元，小规模纳税人-个体工商户需要缴纳 6.75 万元。也就是至少要交 6 万元的税，净收入从 30 万元降低到 24 万元，所以影响较大。 陈萌 chenmeng@csc.com.cn 021-68821600-818 执业证书编号：S1440515080001 发布日期： 2019 年 01 月 07 日 恒生指数、道琼斯走势图 -20%-10%0%10%2018/1/82018/2/82018/3/82018/4/82018/5/82018/6/82018/7/82018/8/82018/9/82018/10/82018/11/82018/12/8恒生指数道琼斯海外研究 行业专题研究（深度）报告 海外研究 请参阅最后一页的重要声明 What’s the impact of ‘E-commerce Law’ on online sellers? The ‘E-commerce Law’ requires e-commerce operators (such as Taobao sellers, Pin Duo Duo sellers, Wechat sellers, etc.) to register as market entities in accordance with the law and pay taxes according to law. At the same time, e-commerce platform operators (such as Taobao, Pin Duo Duo, etc.) are required to review the seller's identity, address, contact information, administrative license and other real information, and report the identity information and tax-related information of the operators in the platform to the tax authorities. On the one hand, the e-commerce law stipulates the seller's obligation to handle industrial and commercial registration and pay taxes according to law. On the other hand, it emphasizes the responsibility of supervision of the platform. Since most of the B2C sellers have already applied for industrial and commercial registration and tax registration, the impact is small. C2C individual sellers did not have to apply for industrial and commercial registration according to the ‘2014 Internet Transaction Management Acts’, therefore, the e-commerce law has a greater impact on them. What is the difference between the taxation type of Amoy brand and traditional enterprises? We chose three categories including clothing, beauty, and snacks which have high penetration rates to compare the difference between the taxation type of the Amoy brand and traditional retailers, and the ratio of taxes to revenue and profits. We found that the tax type and tax rate for Amoy brand and traditional enterprises are the same. Amoy brand does not compete and grow up using the tax advantage. The rapid growth of e-commerce brand is resulted from the fact that the e-commerce platform can break thr