Editor's note: Since this year, new combined tax and fee support policies, a package of policies and measures to stabilize the economy, and successive policies have been introduced in batches and put into effect. According to the data of the State Administration of Taxation, as of September 20, the new tax cuts, tax rebates and tax postponements exceeded 3.4 trillion yuan. In order to focus on how the tax policy can play a cross cyclical and counter cyclical regulatory role and help stabilize the overall economic development, the People's Daily Online launched a series of reports on "tax relief and tax exemption policies to help stabilize the overall economic development".
Since this year, new combined tax and fee support policies have been solidly promoted, including large-scale VAT allowance and rebate, tax reduction and fee reduction, and the policy of tax and fee postponement to work together to help stabilize the overall economic development.
As a series of tax and fee support policies continue to increase, the scope of market participants' benefits will also expand accordingly. For example, the VAT rebate has expanded from advanced manufacturing to all qualified small and micro enterprises and manufacturing, transportation, wholesale and retail, accommodation and catering and other 13 industries; The reduction of "six taxes and two fees" has expanded from small-scale VAT taxpayers to small low profit enterprises and individual businesses.
As of September 20, China had added more than 3.4 trillion yuan in total in tax cuts and fee reductions, tax rebates, tax relief and fee relief. The new combined tax and fee support policy is helping the broad market and injecting momentum.
The stable operation of industrial economy has "strong support"
This year, in order to support the rescue and development of small, medium-sized and micro enterprises in the manufacturing industry, the State Administration of Taxation, together with the Ministry of Finance, issued announcements in October 2021 and February 2022, respectively, to clarify the tax deferral policy for small, medium-sized and micro enterprises in the manufacturing industry. In September this year, the State Council decided to further strengthen the rescue policy. For the tax deferred in the early stage for small, medium-sized and micro enterprises in the manufacturing industry and individual businesses, it will be extended for another four months after the expiration of the period from September 1.
Postponing the payment of taxes and fees is an "interest free loan" for small, medium-sized and micro enterprises in manufacturing industry. The extension of the "repayment" period will buy time and reduce the pressure for the survival and development of enterprises.
In Ningbo, an important manufacturing town, 130000 small, medium-sized and micro enterprises benefited from the further extension of the tax relief policy for the manufacturing industry. The period of supplementary payment was extended by 4 months, involving more than 13 billion yuan of tax relief.
"We received a tax reminder on the day of the policy release, and it is estimated that we can postpone the payment of 2.06 million yuan of tax, so we can finally take a breather." Fang Qing, the head of a building materials company in Xiangxi, Hunan, said.
According to the data of the State Administration of Taxation, since this year, various tax and fee support policies have added 1.48 trillion yuan in total for industrial enterprises to reduce taxes and fees, tax rebates, tax postponements and fee postponements, driving the sales revenue of industrial enterprises and the amount of equipment purchased in China from January to August up 7.7% and 8.9% respectively year on year, effectively promoting the stable operation of the industrial economy. Among them, the sales revenue and equipment purchase amount of manufacturing enterprises enjoying tax rebate were up 9.1% and 18.2% year on year, 3.7 percentage points and 9.5 percentage points higher than all manufacturing enterprises.
Small and micro enterprises and difficult industries usher in "timely rain"
Small and micro enterprises play a major role in promoting employment and ensuring people's livelihood. They are also groups that are greatly affected by the epidemic and are difficult to operate. Since this year, the new combined tax support policy has focused on small and micro enterprises, helping small and micro enterprises solve practical difficulties in development by reducing the tax burden and increasing cash flow.
"In the first half of this year, our company has already enjoyed 2.47 million yuan of VAT rebate. Since July, after the extension of the rebate policy, the tax department has handled 160000 yuan rebate for us." Tian Yajun, chief financial officer of a branch of a gas company in Henan Province, said, "We really feel the state's support for small and medium-sized enterprises, and we are more confident to manage the project well."
The data shows that the tax support policies for small and micro enterprises have added 1.35 trillion yuan of tax cuts, tax rebates and tax relief, and 642.1 billion yuan of tax cuts, tax rebates and tax relief and tax relief for difficult industries such as catering, retail, tourism, civil aviation, highway, waterway and railway transportation. Real gold and silver have been used to help market players overcome difficulties. In July August, the sales revenue of national small and micro enterprises and enterprises in difficult service industry increased by 2.9% and 4.9% respectively year on year, 3.3 and 1.6 percentage points higher than that of the second quarter respectively.
Enterprise scientific and technological innovation injects "new momentum"
On September 7, the executive meeting of the State Council made it clear that three phased tax reduction policies to support enterprise innovation, including the one-time full pre tax deduction and 100% additional deduction of the expenditure for high-tech enterprises to purchase equipment in the fourth quarter of this year, have attracted the attention of market entities.
"In 2022, only one additional deduction of R&D expenses will enjoy a reduction of 900000 yuan." In Dalian, the financial director of a high-tech enterprise said that from April 2022, enterprises will enjoy a cumulative reduction of 2.57 million yuan in VAT allowance, tax rebate and other preferential tax reductions, and 770000 yuan in deferred tax payments. The capital flow released by the policy has increased the impetus for innovation and development of enterprises.
Industry experts believe that since this year, the phased tax reduction policy supporting enterprise innovation has benefited from a wide range of incentives and had good driving effects, which can effectively ease the pressure on enterprises' capital and reduce the cost of enterprises' purchasing equipment, thus effectively improving the innovation momentum of enterprises and better supporting high-quality economic development.
The data shows that various preferential tax policies have supported high-tech industries and high-tech enterprises to add a total of 761.8 billion yuan in tax reductions and tax rebates, which has driven the sales revenue of national high-tech industries and high-tech enterprises to grow 5.7% year-on-year from January to August, 2.1 percentage points higher than that of all enterprises. The sales revenue of the core industries of the digital economy increased by 8.7% year on year, and the sales revenue of the small giant enterprises that are "specialized, refined, special and new" cultivated by the state increased by 10.2% year on year.
The relevant person in charge of the State Administration of Taxation said that the relevant tax and fee policies anchor the key links in the operation of the national economy, the industrial chain and the supply chain, fully reflect the distinctive orientation of helping stabilize growth, ensuring employment and benefiting people's livelihood, and effectively play a positive role in helping entities, expanding investment and promoting innovation.
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A series of reports on "tax relief and tax relief policies to help stabilize the economic market": more than 3.4 trillion yuan of tax bonus has been implemented to help stabilize growth, ensure employment and benefit people's livelihood