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Original title: In the first three-quarters of the country’s new tax cuts and tariff cuts of more than 2 trillion RMB, the manufacturing sector is recovering better
Every time reporter Zhang Zhongyin Every time editor Yi Qijiang
Recently, the latest data released by the State Tax Administration showed that in the first three quarters of 2020, the cumulative total of new tax and fee cuts across the country exceeded 2 trillion yuan, reaching 2,092.4 billion yuan. Among them, the preferential tax and fee policies introduced this year to support epidemic prevention and control and economic and social development added 1.36 billion yuan in tax and fee reductions. Policies introduced in the middle of last year added 726.5 billion yuan in tax and fee cuts this year.
The dividend policy of tax reduction and tariff reduction not only effectively reduced the tax burden of enterprises, but also strongly supported the rapid recovery of China’s economy and made positive contributions to the realization of negative to positive economic growth in the first three quarters.
According to Cai Zili, director of the Revenue Planning and Accounting Department of the State Administration of Taxation, tax data shows that in the first three quarters of this year, sales revenue of industrial companies nationwide fell 0.9 % y-o-y, and they have basically gone back to the same period last year. Among them, the third quarter increased 9.2% year-on-year, compared to the second quarter. The growth rate increased by 2.7 percentage points. In terms of industrial sectors, the recovery trend in manufacturing was the best, with manufacturing sales revenue in the third quarter increasing 10.5% year-on-year.
Stay on Tax Refund to Ease Business Pressure
The recovery and development of the industrial economy are inseparable from the constant recovery of the manufacturing industry. Most manufacturing companies are companies with many assets. The tax department has implemented the value-added tax refund and refund policy to ease the capital pressure of enterprises in a timely manner, and at the same time cooperated with a series of policies such as the tax reduction rate on value-added to help manufacturing companies speed up the upgrade.
“The state policy of good tax refunds for stays and credits is definitely an important benefit for the agricultural machinery production industry and provides strong financial support for further product development and technology transformation,” said Yao Weidong, CFO of First Tractor Co., Ltd. in Luoyang, The tax department handled a 284 million yuan tax refund for the company in a timely manner. “With the support of policies, we have more confidence in research and development and rapid transformation,” Yao Weidong said candidly.
According to data from the State Administration of Taxation, in the first three quarters, revenues from sales of high-end equipment manufacturing throughout the country increased rapidly. The manufacture of automobiles, special equipment, general equipment, instrumentation and electrical machinery increased by 27.1%, 25.3%, 23.8%, 18% and 18% respectively. 17.5%. He is responsible for the vigorous development of high-tech industries. Domestic high-tech industry sales revenue increased 12.6% year-on-year, 10.8 percentage points higher than the growth rate of all corporate sales revenue, of which the third quarter increased 22.1% YoY, an increase of 0.4 percentage points from the second quarter, fully reflecting the strong growth momentum of the new kinetic energy industry. .
Cotton Roca Technology (Jiangsu) Co., Ltd. is a company mainly engaged in the manufacture of sanitary materials and medical supplies. The company purchased masks and protective clothing fabric production lines in the early stage, and generated a large amount of value added tax and withheld tax credit. The company’s accountant, Cheng Jiyun, said that the company enjoys the policy of maintaining value-added tax refunds for companies that produce key materials for epidemic prevention and control, and has received more than 12 million yuan in tax refunds through September. “During this period, we ask for 6 VAT refunds, and the tax department can basically complete the approval on the same day, and tax refunds can be received in three business days. It is very timely, ensuring that our company does not run out of cash flow and join our company. “
In Jinhua City, Zhejiang Province, Deng Danxi, an accountant for GIF Automotive Transmission System Co., Ltd., calculated an account: “The biggest lack of corporate technology R&D is cash flow. In the first three quarters of this year, only an additional deduction for R&D expenses, we enjoy The tax incentives are 33.39 million yuan, and there are more than 39 million yuan in value-added tax returns. The “pocket “Of enterprises, from manufacturing to” smart manufacturing “, will increase!” Benefiting from the policy of reducing taxes and fees, GEF Motor’s Six R&D technologies were transformed into patented achievements and put into production successfully.
Stimulate the vitality of various entities in the market.
The new corona pneumonia epidemic is spreading globally and has a major impact on international trade. Since the beginning of this year, China has introduced a series of preferential tax policies and measures to help foreign trade companies revitalize their funds and build development momentum. In the first three quarters, the amount of goods and services purchased by exporting companies across the country increased 4.8% year-on-year, 1.1 percentage points higher than the growth rate of purchases by all companies. Among them, the third quarter increased by 16.8% year-on-year, 3.3 percentage points higher than the growth rate of the second quarter, and the growth trend continued to improve.
Faced with the “cold winter” caused by the epidemic, Shenzhen China Power Investment Co., Ltd.’s business grew 15% against trend in the first half of the year. Cheng Wenshu, deputy general manager of foreign trade of the company, said: “The tax department has implemented export tax refunds, equipment purchase tax deductions and other tax policies in a timely manner, greatly shortening the time of tax refund and accelerating capital turnover. 100 million yuan. “This tax incentive dividend not only stabilizes the operation of the company, but also extends to the entire industrial chain in time.
Shenzhen China Power is reported to have paid more than 500 million yuan for materials on behalf of customers, effectively relieving the financial pressure of 600 small and medium-sized export enterprises in the Pearl River Delta region, and fully demonstrating the radiation and the leading role of Shenzhen comprehensive foreign trade service enterprises.
While helping companies revitalize their funds, the tax department takes full advantage of the tax big data and, through the tax big data platform, helps exporting companies actively seek to transform into domestic sales. Fiscal data shows that in the first three quarters, domestic sales revenue of domestic exporting companies increased 7.7% year-on-year, which was 5.9 percentage points higher than the growth rate of sales revenue of all the companies. The market share of domestic sales of exporting companies increased from 12.2% in January to 13.8% in September.
Cai Zili said that in the next step, the tax department will thoroughly study and implement the spirit of the Fifth Plenary Session of the XIX Central Committee of the Communist Party of China, accelerate the transformation of the tax department functions, and implement various policies of reduction of taxes and fees with stronger measures and greater efforts to help businesses. Continuously optimize tax payment services, make the “real money” of tax reduction and fee reduction benefit the company and people, stimulate the vitality of various market entities, better serve the overall situation of “six stability” and “six guarantees” and help build a new pattern of development.
