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Original title: Excessive tax burden on renewable resources companies, legal experts suggest how to “reduce the burden”
On November 28, the Beijing Enterprise Rule of Law and Development Research Association and the China Environmental Protection Federation held a seminar on the rule of law in the renewable resources industry in Beijing. Photo courtesy of the Association Development Research and Beijing Corporate Law
Chinanews.com, Beijing, Nov. 29 (Reporter Zhang Su) “It is difficult to obtain invoices purchased in the recycling industry, taxes on inputs cannot be deducted, and corporate tax burdens are heavy and tax risks are higher.” “The current preferential tax policies have a narrow scope of application, the threshold is high and it is difficult for many companies that use renewable resources to enjoy tax incentives.” “Fiscal supervision is difficult, it lacks operability and the supervisory effect does not it is ideal “… At a seminar in Beijing on the 28th, the investigation on tax and tax laws of the China Law Society Vice President Jia Shaohua discussed the tax problems facing China’s renewable resources industry.
On November 28, the Beijing Business Rule of Law and Development Research Association and the China Environmental Protection Federation held a seminar on the rule of law in the renewable resources industry in Beijing. The picture shows Miao Zhizhuang, chairman of Guizhou Zhonghuan Construction City Circular Economy Industry Co., Ltd. speaking at the meeting Photo courtesy of Beijing Corporate Law and Development Research Association
On the same day, the Beijing Research Association on the Rule of Law and Business Development and the China Environmental Protection Federation held a seminar on the rule of law in the renewable resources industry. About 60 academics and entrepreneurs from the fields of finance, environmental protection, taxes, law, etc. participated in the conference and reviewed and improved the fiscal policy for recycling and the use of renewable resources on the evolution and situation current fiscal policy of China’s renewable resources industry, and existing problems of fiscal policy of the renewable resources industry. Discuss the need for reform and legislative proposals for the review and improvement of the tax policy for recycling renewable resources and the reform of support systems.
Participants said that the current fiscal problems facing China’s renewable resources industry are mainly reflected in current fiscal policies in the renewable resources industry leading to excessive taxes on renewable resource recovery companies, harsh preferential policy conditions. and unreasonable in the processing link, and it is difficult to determine the cost of entry and can enjoy Preferential companies are limited. At the same time, the recycling system is not robust.
Experts like Jia Shaohua also gave specific suggestions. For example, increase tax support for the renewable resources industry and promote the development of China’s national circular economy through low tax burdens. Another example is allowing businesses to enter accounts based on proof of purchase and collect corporate income tax based on efforts made to ensure the business actually occurs. Another example is raising the entry threshold for the renewable resources industry and increasing fiscal oversight.
Some participants also made more specific suggestions. For example, based on the current rate of value added tax of 13% in the renewable resources industry, the recycling process should be exempt from VAT and VAT invoices should not be issued. In another example, it is recommended that relevant companies adopt the most advanced blockchain + data cloud technology to create an immutable electronic ledger based on the market’s business model, and innovate to create an online transaction monitoring platform of Internet of Things for fiscal supervision of renewable resource recovery companies.
In this regard, Miao Zhizhuang, president of Guizhou Zhonghuan Construction City Circular Economy Industry Co., Ltd., has a lot of experience. He presented that the platform they have established allows each link of the company to be digitized, and each action is uploaded to the cloud for real-time monitoring and commercial analysis by tax regulatory authorities and financial departments, which effectively solves the problem. authenticity of the aforementioned departments. The “pain points” of judgment.
Jia Shaohua also said that cutting-edge technologies such as blockchain, cloud computing, and artificial intelligence can be used to solve tax compliance problems in the renewable resources industry. He also called for the cultivation of industry-leading companies in renewable resources to promote the normalized and healthy development of the industry.
The participants also expressed that they will reflect the results of the conference discussions to the relevant authorities to effectively promote the healthy and stable development of China’s renewable resources industry. (End up)
