Since April 1st, the formal implementation of the VAT reform has been deepened. This is the “key event†for the implementation of larger tax reductions and reductions as determined by the “Government Work Reportâ€. The "Government Work Report" regards tax reduction and fee reduction as an important measure for innovation and improvement of macroeconomic regulation and control. It proposes that "the annual burden of corporate taxation and social security contributions will be reduced by nearly 2 trillion yuan", and such large-scale tax reductions and fees have never been seen before.
In this tax cut, the inclusive tax cuts and structural tax cuts are combined, with a focus on reducing the tax burden on manufacturing and small and micro enterprises. Among them, the most concerned is the deepening of the VAT reform, reducing the current 16% tax rate in industries such as manufacturing to 13%, and reducing the current 10% tax rate in the transportation, construction and other industries to 9%, ensuring major industry taxes. The negative is significantly reduced. Recently, the Ministry of Finance and other three departments jointly issued an announcement to clarify relevant specific policies.
Cheng Lihua, deputy finance minister, said that if the inclusive tax cuts for small and micro enterprises introduced at the beginning of the year are an "appetizer" for larger tax cuts this year, then the VAT reform measures are a "main dish." It is a "hard dish."
“In the VAT reform, manufacturing has always been the industry with the largest tax cuts and the most obvious benefits.†Cheng Lihua said that after the company receives tax reduction funds, it will have more resources for equipment renewal, technological innovation and upgrading. It is conducive to enhancing the vitality and competitiveness of the company.
"This VAT reform is strong, wide-ranging and focused. It not only helps to reduce the tax burden of market entities in a comprehensive way, but also facilitates the establishment of a modern VAT system. In particular, reducing the VAT rate will help promote manufacturing. The development of the real economy, at the same time, from the perspective of price tax linkage, it is possible to reduce market prices and promote consumption." Li Xuhong, director of the Institute of Finance and Taxation and Application of Beijing National Accounting Institute, analyzed.
It is worth noting that, in addition to lowering the tax rate, the implementation of the VAT reform has also implemented a one-off deduction for the input tax on real estate, the deduction of the input tax for passenger transportation services, and the deduction of the production and living services. Several policies such as the incremental tax refund system.
For example, if the VAT refund tax refund system is implemented, eligible taxpayers can apply for a refund of the incremental tax credit. “The tax credit is generated because the input tax of the purchased goods of the enterprise is greater than the output tax generated by the sales income. Since the tax credits take up the capital cost of the enterprise, it is necessary to optimize the business environment. Vigorously promote the tax rebate system for tax payment to reduce the financial burden of enterprises." Li Xuhong said.
Regarding the issue of social insurance premiums that have received much attention, the “Government Work Report†clearly stipulates that the proportion of contributions paid by urban employees to the basic endowment insurance units can be reduced to 16%. To stabilize the current method of collection, local governments may not adopt the practice of increasing the actual payment burden of small and micro enterprises during the process of expropriation system reform, and may not voluntarily collect historical arrears. Recently, the State Council executive meeting has clarified measures such as the approval of the reduction of the social security contribution base, and implemented the reduction of the social security rate rate from the original 20% to 16% from May 1 onwards. .
“Deduction of taxes and fees is a systematic project. Therefore, in addition to deepening the VAT reform, the “Government Work Report†also clarifies other relevant policies. Through the synergy effect of policies, the burden on enterprises is reduced, the market vitality is stimulated, and the real economy is boosted. Because the burden of enterprises is not only tax, but also includes fees, especially for small and medium-sized enterprises, the burden on the cost is more prominent. Lowering the social security rate is conducive to reducing the burden on the enterprise as a whole, and facilitating the development with light support." Li Xuhong said.
"One point of deployment, nine points to implement." The State Administration of Taxation has made it clear that tax authorities at all levels must implement the tax reduction and fee reduction policy as a political task and a hard task, and do their utmost to do their utmost to ensure that the tax reduction and fee reduction policies take root.
It is reported that in order to implement the new policy of deepening the VAT reform, the State Administration of Taxation has recently launched 20 service initiatives, including 7 measures including online and offline consultation, full coverage of policy propaganda and guidance, and 6 measures to streamline the taxation process. Sexuality, organization of taxpayer demand survey and other four measures focused on improving the implementation of the policy.
"At present, the preparatory work in the early stage of the tax system is basically ready. The next stage will focus on serving taxpayers and helping taxpayers to prepare for the enjoyment of policies as soon as possible." Wang Daoshu, Director of the Department of Goods and Services Tax of the State Administration of Taxation Say.
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