Implementation of “regression, reduction and reduction” tax and tariff policies accurately benefit market players
Since the beginning of the year, there has been an unprecedented increase in the strength of new modular tariff support policies. By the end of august, there had been a cumulative increase of over $3. 3 trillion in tax deductions and rebates. Industry believes that policy measures are beneficial to both enterprises and individuals, as well as to economies and livelihoods, and that policy dividends can be directly translated into financial “live water” for enterprises to fuel their innovation。
Expensive tax “fall-back”
A tax refund had recently helped shenzhen city to get through the crisis。
“we are relieved by the fact that more than $1. 2 million of tax credits have been paid.” the head of the company, a. Hongying, stated that “the timely payment of tax refunds has relieved the company of its hard expenses of more than $900,000 per month”
Data from the shenzhen city tax administration show that since the implementation of the new modular tax support policy, it has set aside over $49 billion for value added tax (vat) credits for nearly 80,000 taxpayers。
The implementation of the large-scale back-to-back tax policy, as a “lead play” of tax and revenue-support policies, has provided “sustained water” to increase reduction efforts and boost the dynamism of the market。
According to data from the national tax administration, as at 31 august, 20,49 billion yuan had been refunded to taxpayers since the implementation of the large vat refund policy on 1 april, together with 12,3. 3 billion yuan to continue with the old tax refund policy introduced earlier in the quarter, bringing the cumulative amount of $21,72. 3 billion to the taxpayer's account。
Support for policy continuity
Increased speed of processing, extension of preferences, extension of support ... Since this year, portfolio tax support policies have been optimized and sustained。
“this tax refund is timely and has been completed in less than three days. Two hundred thousand tax refunds will help us sustain the financial chain and sustain steady development.” su fong, financial manager, henda industries ltd., jonglei city, henan province。
With the effective landing of the three speeds, the average time for normal export refunds by the hainan department of revenue in 2022 was reduced to six working days, and between 20 june 2022 and 30 june 2023, the average time for normal export refunds by category i and ii exporting enterprises did not exceed three working days。
In addition to the speed of processing, the previous-period tax and fee support policies are characterized by high coverage and continuity. The policy of withholding taxes and fees for small and medium-sized enterprises in manufacturing has been extended for another four months, and the implementation of the policy of phased withholding of social contributions has been expanded.... A number of new assistance policies have been introduced, which are expected to benefit more market players。
According to industry sources, the withholding of taxes and fees is equivalent to a “interest-free loan” provided by the state to enterprises, which can help the market owners, such as the precision dripping of manufacturing and msmes, to contribute effectively to the recovery of the industrial economy。
“the series of tax incentives, which are consistent and are constantly being scaled up to help msmes overcome their difficulties, is an important step in revitalizing market dynamics, guaranteeing the sustainable development of smes and stabilizing macroeconomic fundamentals.” the chief economist of the western treasury, professor of economics and economics of the southwest university of finance, concluded that。
New dynamics are growing fast
“increased r & d costs plus deductions have given me greater confidence in the green building materials products of enterprises!” zhiqiang, head of guangxi aluminium group limited, said。
Guangxi aluminium group ltd. Is a predominantly aluminum, copper, cable and cable development, processing and manufacturing enterprise that currently sells its products all over the country and sells them to countries in south-east asia. In order to contribute to the innovative development of enterprises, local tax administrations provide specialized policy advice to enterprises to ensure that they are fully entitled to tax incentives. This year, the enterprise has accrued r & d costs plus a deduction of $2. 91 million。
“with the support of tax and fee incentives, firms have been able to move from the production of traditional aluminium window products to the innovative development of a series of green building materials products, with 12 national patents, and the opening up of markets in south-east asia has become increasingly favourable.” thank you very much。
The data reflect the rapid growth of new dynamics in the economy. The vat invoice data show an increase of 18. 3 per cent from april to august in the sales income of the single champion enterprise that was set aside for reimbursement, an increase of 26. 9 percentage points over the non-refunded enterprise; an increase of 16. 5 per cent over the same period in the sales income of the high-technology manufacturing enterprise that was set aside for reimbursement, an increase of 11. 7 percentage points over the sales income of the non-refunded enterprise; and an increase of 9. 2 per cent from the sales income of the exclusive new “small giant” enterprise that was set aside for reimbursement, an increase of 1. 4 percentage points over the non-refunded enterprise。
