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Ministry of Finance: Studying Larger Tax Cuts

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CCTV news: In 2018, China introduced a series of measures to reduce taxes and reduce fees, including deepening the reform of value-added tax, implementing personal income tax reform, etc., promoting tax cuts through reforms, optimizing the business environment, stimulating market vitality, and reducing corporate burdens. An important role. Then, in 2019, what areas of China’s tax reduction and fee reduction policies will be introduced? Come and find out.

Ministry of Finance: Studying Larger Tax Cuts -Ministry-of-Finance-Studying-Larger-Tax-Cuts

Xu Guoqiao, inspector of the Ministry of Finance and Taxation

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Xu Guoqiao, inspector of the Ministry of Finance and Taxation: In 2019, while fully implementing the tax reduction and fee reduction policies that have been introduced, we will study more large-scale tax cuts and more obvious reductions.

On January 9 this year, the State Council executive meeting decided to introduce a number of small and micro-enterprise inclusive tax relief measures, including relaxing small and micro-profit enterprise standards and increasing income tax incentives, raising the threshold for small-scale taxpayers of value-added tax, For some local taxes, it is possible to implement a halved levy and expand the scope of application of preferential policies for start-up technology-based enterprises.

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Xu Guoqiao, inspector of the Ministry of Finance and Taxation : These policies adhere to the three principles, and in the future our measures will be based on these three principles. The first is to highlight the substantial tax cuts for inclusiveness, and the second is to make real hardships and hard work, to enhance the sense of corporate access, and the third is practical and concise. This is an important part of this year's tax cuts and reductions, as well as an important manifestation of greater tax cuts. It will help reduce the cost of entrepreneurial innovation, enhance the development momentum of small and micro enterprises, and promote employment expansion.

The relevant person in charge of the Ministry of Finance said that China will deepen the reform of value-added tax and continue to promote substantial tax reduction; comprehensively implement the revised personal income tax law and its implementation regulations, implement six special additional deduction policies, and reduce the tax burden of residents; In cooperation with relevant departments, we will actively study and formulate a comprehensive plan to reduce the social insurance premium rate, and further reduce the social insurance contribution burden of enterprises. In the future, with the gradual landing of larger tax cuts and more obvious tariff reduction policies, it will further stimulate the vitality of market players, boost market confidence, and promote economic development.

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