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A few days ago, the 15th session of the Standing Committee of the Thirteenth National people's Congress (NPC) heard a report by Minister of Finance Liu Kun on the work of reducing taxes and fees. The report shows that in the first 10 months of 2019, the country achieved a tax reduction of 100 million yuan, of which 100 million yuan was cut, and social insurance premiums were reduced by 100 million yuan. In 2019, the amount of tax cuts and fees will exceed 2 trillion yuan, accounting for more than 2% of GDP, which is significantly higher than the rest of the world. After deepening the reform of VAT, the premium rate of VAT was reduced from 16% to 13%.
In 2019, the implementation of a larger-scale tax reduction and fee reduction reduced the burden on enterprises, made entrepreneurs feel the strength and temperature of the policy, boosted market confidence, promoted enterprises to actively apply new technology, new technology, new materials, new equipment to implement technological transformation, improve the quality and efficiency of industrial development, and continuously released tax dividends injected more kinetic energy into the local cultivation of characteristic industries, and industrial clusters led to the development of regional economy with high quality.
Enterprises to develop, capital is the key, more abundant liquidity to let the enterprise have more courage to do. Tax cuts not only bring large-scale benefits to group companies, but also directly give entrepreneurs the confidence to grow.
Hubei Yishun Yongan Construction Services Engineering Co., Ltd. is a small and medium-sized enterprise mainly engaged in housing construction engineering, construction labor subcontracting and other business. Cheng Longxiang, the company's financial director, said that in 2018, the company's taxable income amounted to more than 1.3 million yuan, and the total number of employees and assets also exceeded the standard of small and micro-profit enterprises in that year, and paid ten thousand yuan in enterprise income tax that year.
In 2019, the city of Wuhan has gradually relaxed the standards of small and micro-profit enterprises, increased the preferential efforts of enterprise income tax, expanded the tax exemption standard for small-scale taxpayers of value-added tax, and reduced taxes and fees for some local areas of small-scale taxpayers of value-added tax. Under the superposition of various policy dividends, small and micro enterprises, including Yishun Yongan, have achieved full coverage of benefits. After the expansion of the policy standards, the company incorporated small and micro enterprises, and the income tax reduction exceeded 50%, Mr. Cheng said.
Yishun Yongan is a microcosm of thousands of companies that have benefited from tax- and fee-cutting policies. China has implemented a larger tax reduction policy in 2019, with the implementation of the new personal tax law in January, the introduction of tax cuts for small and micro enterprises, the reduction of value-added tax rates in April, the reduction of social security rates in May, and the cleaning up of standardized administrative fees and government funds in July. In the first 10 months of 2019, the country achieved a tax cut of $100 million, including $100 million in tax cuts and $100 million in social security fees.
At a recent national finance work conference, Finance Minister Liu Kun said the deficit rate had moderately increased to% in 2019, and the scale of tax cuts had exceeded the original plan. The meeting noted that tax cuts for the full year of 2019 are expected to exceed the original scale of nearly 2 trillion yuan, with manufacturing and small and micro enterprises benefiting the most, accounting for nearly 70 percent of the value-added tax cuts in manufacturing and their related links.
“Taxation has the dual function of obtaining revenue and promoting economic and social development." Xiong Wei, director of the Center for Fiscal and Legal Research of Wuhan University, professor of law school and doctoral supervisor, believes that by reducing the burden on taxpayers and realizing the wealth of Tibetan people, it will help to release the vitality of the market and thus promote the development of high quality economy.
According to statistics, the scale of tax cuts in China in the past three years has exceeded 1 trillion yuan, and last year it was expected to reach trillion yuan, unprecedented efforts, and played an important role in steady economic growth. Active fiscal policy has continued this year, and in recent years, positive fiscal policy has focused on two areas, namely, large-scale tax cuts and fee cuts to stimulate market vitality and strong spending to protect people's health and promote development. And this year's aggressive fiscal policy will have a new focus.
How to advance in 2020? This year, the tone of the work on tax reduction and fee reduction is once again clear: the implementation of the current tax reduction and fee reduction policy will be detailed, deepen and improve, and strive for results.
The report points out that it is necessary to strengthen local guidance and supervision, continue to pay close attention to changes in the tax burden of various industries, follow up and do a good job of monitoring and analyzing and judging the results, urge local governments to resolutely clean up and standardize enterprise-related fees, and ensure that enterprises and the people have a real sense of access. In the implementation of the policy of reducing social security fees under the measures of maximum reduction of fees, all localities are required not to adopt any practice of increasing the actual payment burden of small and micro enterprises, and not to pay the historical arrears in a centralized manner on their own, so as to ensure that workers'social security benefits are not affected and their pensions are paid in full and on time.
Liu Kun pointed out at the national financial work conference that this year he will strengthen supervision and accountability, strictly rectify the problem of borrowing, effectively curb the increase of hidden debt, and prevent the risk of local government hidden debt.
It is understood that the Ministry of Finance recently officially online trial operation of China's local government bond information disclosure platform. The platform is conducive to standardizing local government debt management and preventing and defusing debt risks by regularly disclosing local government debt limits, balances, economic and financial conditions, debt issuance, and life management.
Liu Kun said 2020 is the year when a well-off society is built in an all-round way and the 13th Five-Year Plan ends.It is necessary to consolidate and expand the effectiveness of tax reduction and fee reduction, and continue to study and improve relevant tax policies and continue to give full play to the effect of tax reduction and fee reduction policies on promoting high-quality development, encouraging scientific and technological innovation, attracting high-end talents and promoting export growth.