This paper analyzes the actual and potential significance and influence of “Ting Business Tax into Value Added Tax” (TBT-VAT),based on which its function orientation and foreseeable prospects are defined and outlined.The analysis shows that from macroeconomic perspective,TBT-VAT is not only a fundamental measure to improve current circulating tax system and an important means to promote economic structural adjustment,but a move closely relevant to the effects of macroeconomic regulation and control as well.From the perspective of deepening comprehensive reform,“TBT-VAT” will boost both the reconstruction of main local tax and the local tax system and the building of a direct tax system.It is likely to force the restructuring of the tax-sharing fiscal system and a new round of comprehensive reforms,which include economic construction,social construction,political construction,cultural construction,ecological civilization construction and party building.