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New initiatives in 2019: four major areas for tax cuts and reductions

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New initiatives in 2019: four major areas for tax cuts and reductions -New-initiatives-in-2019-four-major-areas-for-tax-cuts-and-reductions

The first is to implement inclusive tax relief for small and micro enterprises. The second is to deepen the reform of value-added tax and continue to promote substantial tax cuts. The third is to fully implement the revised personal income tax law and its implementation regulations. The fourth is to reduce the burden of corporate social insurance contributions. At the same time, clean up the standard charges and increase the intensity of investigations

People’s Daily Beijing January 15 news, “This year, on the basis of tax cuts and fees reduction in 2018, there will be a larger tax cut and more obvious reductions.” The implementation of the central economic work was held on the 15th of the new state office. At the press conference of the conference, Xu Hongcai, assistant to the Minister of Finance, said.

The new round of initiatives mainly includes four aspects. The first is to implement inclusive tax relief for small and micro enterprises. This policy has been released to the public. Raise the threshold for small-scale taxpayers of value-added tax, and adjust the monthly sales of 30,000 yuan to 100,000 yuan, that is, the monthly sales of less than 100,000 yuan, no need to pay VAT. We will relax the standards for small and small-profit enterprises and increase the incentives. The conditions for relaxation are: the total assets of the company are less than 50 million yuan, the number of employees is less than 300, and the taxable income is less than 3 million yuan.

"This is a significant improvement over the original standards, which means that more companies will be identified as small and meager enterprises. According to estimates, 17.79 million small and micro-profit enterprises are identified, accounting for more than all taxpayers. 95%." Xu Hongcai said that in terms of tax rate concessions, according to the amount of taxable income, the income tax preferential rate is used respectively. Among them, the taxable income is less than 1 million yuan, the tax burden is 5%, and the standard tax rate is 20 percentage points lower. The taxable income is between 1 million and 3 million yuan, the tax burden is 10%, and the standard tax rate is 15 percentage points lower.

For some local taxes paid by small-scale taxpayers, half of the tax can be imposed. That is to say, local governments are allowed to reduce the resource taxes, urban maintenance and construction tax, stamp duty, urban land use tax, farmland occupation tax and other local taxes, as well as education surcharges and local education surcharges within 50% of the procedures.

Expanding the scope of application of preferential policies for start-up technology-based enterprises, and investing in venture capital enterprises and angel investment individuals can offset the taxable income by 70% of the investment amount, that is, if the venture capital enterprise and the angel investment individual For start-up technology-based enterprises, 70% of the investment amount can be used to offset the taxable income. The scope or standard of the newly-invested technology-based enterprises will be further expanded to include start-up technology-based enterprises with a total number of employees not exceeding 300, total assets and annual sales income of not more than 50 million yuan.

The second is to deepen the reform of value-added tax and continue to promote substantial tax cuts. The third is to fully implement the revised Individual Income Tax Law and its implementation regulations, and implement six special additional deduction policies to reduce the resident tax burden. Fourth, in coordination with relevant departments, we will actively study and formulate comprehensive plans to reduce social insurance rates, and further reduce the burden of social insurance contributions. At the same time, clean up the standard charges and increase the intensity of investigations and charges.

Lian Weiliang, deputy director of the National Development and Reform Commission, said that this year, the reform of the “distribution service” in the investment field will be deepened, and the project approval time will be greatly reduced. On the basis of pilot projects in 16 regions, the approval time for project construction projects across the country will be reduced by half. . In order to further relax market access, this year we must fully implement the market entry negative list system across the country. On the basis of the pilot projects in 22 cities, comprehensive evaluation of business environment will be carried out in large and medium-sized cities and national new districts across the country. In the project promotion, this year we will strive to pre-release most of the central budget investment plans in the first quarter, accelerate the implementation of projects under construction, speed up the construction of major projects that have been included in the planning, and form more physical workload as soon as possible.

Recently, some media have paid close attention to the scale and progress of the approval projects of the reform and reform department. Even Wei Liang specifically stated that “we have significantly reduced the project approval time and accelerated the progress of the approval process, and with the deepening of the investment and financing system reform, the development and reform departments at all levels. The scale of direct approval and approval projects is also decreasing. The key role of investment is to focus on the formation of precise investment, effective investment, and resolutely not engage in strong incentives for flooding. Highlight the shortcomings in the investment focus and highlight the project selection. The planned projects insist on giving play to the decisive role of the market in resource allocation in investment decision-making, and insist on complementing short-term, stable investment, and anti-risk.

Zhu Hexin, deputy governor of the People's Bank of China, said that the sound monetary policy is the general tone of the work in 2019. At the same time, we must grasp the moderate degree of “tightness”, and we must keep the total amount reasonable and focus on optimizing the structure. On the one hand, we must grasp the total amount and provide sufficient financial support for the real economy. The growth rate of broad money and social financing should be roughly matched with the growth rate of nominal GDP. At the same time, it is also impossible to engage in flood irrigation, and it is necessary to maintain a stable macro-latency ratio. On the other hand, we must accurately grasp the direction of liquidity, give full play to the role of structural monetary policy, do a good job of directional regulation and precise drip irrigation, especially increase private enterprises, small and micro enterprises, “three rural”, poverty alleviation, and rural revitalization. , double innovation and support in the areas of transformation and upgrading and high quality development.

(The original title is "More tax reductions are more obvious."

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