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400 billion tax cuts are set! These people have benefited more than ever before, and you are among them!

Time:

18 Apr,2018

Premier Li Keqiang of the State Council presided over an executive meeting of the State Council on March 28 to determine measures to deepen the reform of value-added tax and further reduce the tax burden of market entities; decided to set up a national financing guarantee fund to promote the alleviation of financing problems such as small and micro enterprises and "agriculture, rural areas and farmers"; listened to the report on the progress of institutional reform of the State Council to ensure that institutional replacement and functional adjustment were in place on time; discussed and adopted.

The three measures discussed and launched are expected to reduce the annual tax burden of enterprises by more than 400 billion yuan, and domestic and foreign enterprises will benefit equally. At the same time, the meeting decided to implement it from May 1, 2018.

Initiative 1: VAT rate reduction

The State Council decided to reduce the value-added tax rate for industries such as manufacturing from 17% to 16%; while the value-added tax rate for industries such as transportation, construction and basic telecommunications services, as well as agricultural products and other goods, was reduced from 11% to 10%.

Measure 2: Small-scale taxpayers "stronger" and "general taxpayers" compared to "small-scale taxpayers" enjoy more tax rate concessions.

The latest policy announcement: the annual sales standard for small-scale taxpayers has been raised to 5 million yuan from 500000 to 800000.

In addition, general taxpayers are allowed to convert to small-scale taxpayers within a certain period of time. Let small and micro enterprises reduce the burden and stimulate greater vitality.

Initiative 3: Some new industries enjoy tax incentives

The meeting of the State Council proposed that the input tax that has not been deducted by qualified enterprises and power grid enterprises in advanced manufacturing industries such as equipment manufacturing and modern service industries such as R & D will be refunded in one lump sum.

In the past five years, the state has implemented the policy of replacing business tax with value-added tax and has already reduced taxes by 2.1 trillion yuan. These three new measures will once again reduce the tax burden of enterprises by more than 400 billion yuan throughout the year, and domestic and foreign enterprises will benefit equally. It once again shows the determination and confidence of the CPC Central Committee and the State Council to further promote supply-side structural reform, vigorously simplify administration, reduce taxes and fees, and constantly optimize the business environment.

In accordance with the deployment of the "Government Work Report" on expanding inclusive financial services and better serving the real economy, the meeting decided to establish a national financing guarantee fund initiated by the central government and jointly with willing financial institutions, and the initial fundraising is not less than 60 billion yuan, To support provinces (autonomous regions and municipalities) to carry out financing guarantee business in the form of equity investment and re-guarantee, drive all funds to support small and micro enterprises, "agriculture, rural areas and farmers" and entrepreneurship and innovation.

At the same time, strengthen the construction of social credit system. The fund makes decisions and operates in a market-oriented manner in accordance with the principles of "government support, market operation, capital preservation and low profit, and risk control. According to preliminary estimates, in the next three years, the fund can support a total of about 500 billion yuan of related guaranteed loans, accounting for about 1/4 of the existing national financing guarantee business, and strive to alleviate the financing difficulties and high financing costs of small and micro enterprises, "agriculture, rural areas and farmers" and other inclusive areas. support the development of strategic emerging industries.

The meeting pointed out that the institutional reform of the State Council is a major event of the State Council this year. The State Council has set up a special coordination group, and the relevant work is being actively and steadily promoted. The meeting called for the unification of thoughts and actions into the decision-making and deployment of the Party Central Committee, the combination of deepening institutional reform with "decentralization, management and service", and efforts to transform and optimize government functions.

Adhere to the consistency of powers and responsibilities, ensure that daily management is in place, and respond to emergencies to complement each other, form a joint force of work, and never allow management "dead corners" to ensure the smooth, orderly and coordinated progress of the State Council's institutional reform and economic and social development, and ensure the completion of the main goals and tasks of development throughout the year.

(source CCTV finance)

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