On October 27th, Premier Li Keqiang of the State Council presided over an executive meeting of the State Council, deployed the implementation of phased tax deferral measures for small, medium and micro enterprises in the manufacturing industry, and further increased the relief efforts for enterprises; decided to extend foreign investors’ investment in the domestic bond market Preferential tax policies to promote opening up and attract foreign investment.
Feng Qiaobin, deputy director of the Macroeconomic Department of the Research Center of the State Council, said that the policy decided at this meeting reflects the “precise force of macro-control “Accurately ease the difficulties faced by small, medium and micro enterprises that have been affected by the recent increase in commodity prices and US dollar bonds that have been affected by a real estate company.
The meeting decided to impose on the corporate income tax, domestic value-added tax, domestic consumption tax and the accompanying taxes for small, medium and micro enterprises in the manufacturing industry in the fourth quarter of this year. Urban construction and maintenance tax, as well as individual income tax paid by individual industrial and commercial households, individual proprietorships and partnerships (excluding the individual income tax withheld and paid by them) are subject to phased tax deferral.
Among them, for small and micro manufacturing enterprises (including individual industrial and commercial households) with annual sales revenue of less than 20 million yuan, all taxes realized by them will be deferred; For medium-sized manufacturing enterprises with revenues of 20 million to 400 million yuan, the realized tax payment will be postponed by 50%. Enterprises with special difficulties can apply for all tax deferrals in accordance with the law. The tax delay will be implemented on November 1 this year and will end in January next year. It is expected that the tax delay will be about 200 billion yuan for manufacturing small, medium and micro enterprises. In addition, in order to alleviate the operating difficulties of companies running out of electricity and heating, they have implemented deferred payment of their taxes realized in the fourth quarter of this year. The total tax deferred is estimated to be about 17 billion yuan. The delay in payment of the above-mentioned tax deferment measures is 3 months.
In fact, the National Regular Meeting held on October 20 proposed to prevent commodity price increases from being transmitted downstream to increase the cost of small, medium and micro enterprises. Research on inclusive policies such as phased tax and fee reductions, and encourage local governments to provide support for rent, water and electricity fee reductions, etc., to help companies overcome difficulties and enhance their competitiveness.
The meeting on October 20th coincides with two days after the release of the main macro data for the third quarter. According to data released by the National Bureau of Statistics on October 18, China’s GDP in the third quarter increased by 4.9% year-on-year, slightly lower than market expectations; the total retail sales of consumer goods in September increased by 4.4% year-on-year, and the previous value was 2.5%; above the scale in September The industrial added value increased by 3.1% year-on-year, and the previous value was 5.3%; in the first three quarters, fixed asset investment (excluding farmers) increased by 7.3% from the previous month, and the previous value was 8.9%.
” After the release of the economic data for the third quarter of this year, it should be said that all aspects have felt the pressure of the economic downturn. The pressure on small, medium and micro enterprises is very obvious, and the direct reason It is the price increase of bulk commodities. In the transmission chain of price increases, small, medium and micro enterprises are the most vulnerable link in the ability to resist risks.” Feng Qiaobin said, Due to rising coal prices, coal power , The operation of heating enterprises is affected, which in turn affects the lives of the people. Therefore, in terms of policy support and macro-control, the tax deferment policy for small, medium and micro enterprises and coal-fired power and heating enterprises is a precise policy.
Feng Qiaobin also said that in terms of the relief method, tax deferral is different from the tax cuts Under the current situation, the policy of tax reduction and fee reduction has seen some new changes on the margin.
Yang Zhiyong, deputy dean and researcher of the Institute of Finance and Economics of the Chinese Academy of Social Sciences, said that the tax reduction for small, medium and micro enterprises in the manufacturing industry is very targeted and can reduce the financial pressure of related enterprises At the same time, it also promotes employment; tax deductions for coal and electricity companies play a role in promoting the safety of electricity supply.
Zhong Huiyong, associate professor of the School of Finance of Shanghai University of International Business and Economics and deputy director of the Institute of Financial Development, also stated that the current development of small, medium and micro enterprises is facing certain phased difficulties. The implementation of phased tax deferrals for micro-manufacturing enterprises can help alleviate the problem of insufficient liquidity funds faced by small, medium and micro enterprises, and then tide over the difficulties.
“Such policies can also be promoted, not only for manufacturing, but now small, medium and micro enterprises in the service industry are also facing difficulties, and the service industry’s ability to absorb employment is even greater. The help to small, medium and micro enterprises in the service industry can also effectively stabilize employment.” Zhong Huiyong said.
Extend preferential tax policies for foreign investors’ local bond market
The meeting also decided to extend preferential tax policies for foreign investors’ investment in the domestic bond market. Promote opening up and attract foreign investment. The implementation period for the exemption of corporate income tax and value-added tax policy on bond interest income obtained by foreign institutional investors from investing in the domestic bond market will be extended to the end of the “14th Five-Year Plan” period, which is December 31, 2025.
Feng Qiaobin said that after a real estate company had a crisis of insolvency, oneThe dollar debt of some real estate companies was affected. The above policies are aimed at foreign companies investing in domestic bonds. The precise extension of interest tax exemption is conducive to stabilizing foreign capital. At the same time, this policy also demonstrates the Chinese government’s unswerving policy intention to attract foreign investment and hope that foreign capital will operate stably in China.
Zhong Huiyong also said that the above policies can have a very positive impact on attracting foreign investors to actively participate in domestic bond market investment, thereby promoting the opening of domestic financial markets. .
“I believe it can attract more foreign capital to enter, which will help diversify investment entities in the domestic bond market. Help.” Zhong Huiyong said.