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Daily economic news
2021-03-05 13:33:56
● Establish a standardized direct fiscal funds mechanism and expand the scope, including 2.8 trillion yuan of central fiscal funds in the direct mechanism, and the scale is significantly larger than last year.
● Based on the prevailing preferential policies, the income tax for small and micro enterprises and individual industrial and commercial households whose annual taxable income is less than 1 million yuan will be halved.
Every time the reporter Zhang Zhongyin Every time the editor Chen Xing
March 5th,Prime Minister Li Keqiang, on behalf of the State Council, addressed the fourth session of the 13th National People’s Congress.Make a government job report.
The government work report noted that a proactive fiscal policy should improve quality and efficiency and be more sustainable. Taking into account the effective control of the epidemic and the gradual recovery of the economy, the deficit rate for this year is expected to be around 3.2%, lower than last year, and no special bonds will be issued from the Treasure.
In addition, the establishment of a standardized direct fiscal fund mechanism and expansion of the scope, including 2.8 trillion yuan of central fiscal funds in the direct mechanism, the scale is significantly larger than last year, to provide more financial support. timely and powerful for the benefit of city and county grassroots.
Special government bonds against the epidemic are no longer issued.
The government work report noted that a proactive fiscal policy should improve quality and efficiency and be more sustainable. Taking into account the effective control of the epidemic and the gradual recovery of the economy, the deficit rate for this year is expected to be around 3.2%, lower than last year, and no special bonds will be issued from the Treasure. Due to the growth of the tax revenue recovery,The overall scale of tax expenditures has increased compared to last year, and the focus remains on increasing support for market players to ensure employment and livelihoods for people.
The reporter noted that the deficit rate in 2020 will be around 3.6%, and special treasury bonds of 1 trillion yuan will be issued to combat the epidemic.
Luo Zhiheng, Vice Dean and Senior Macro Researcher at the Yuekai Securities Research InstituteHe told the “Daily Business News” reporter that the deficit in 2021 and the new special debt will remain large, and will only be reduced by 190 billion and 100 billion yuan respectively from 2020. The deficit rate is approximately 3.2%, which is the sum of the two, the scale is 7.22 trillion yuan, and still maintains the necessary support for economic recovery, which reflects that the policy does not take a sharp turn, and maintains continuity, stability and continuity.
Luo Zhiheng pointed out that the general tone of fiscal policy has moved from being proactive and proactive to improving quality and efficiency, emphasizing more sustainability, while focusing on the implementation of the main national strategies, especially the optimization of the structure of the spending, the construction of a new development pattern, the “three guarantees” and the “six guarantees”, which ultimately point to stable economic and social operations.
In terms of expenditures, the government work report noted that central government expenditures continued to generate negative growth and further reduced non-sticky expenditures that were not urgently needed. General transfer payments to local governments increased by 7.8%, which was significantly higher than the previous one. Among them, balanced transfer payments and expenditures at the county level. The rate of increase of bonus funds of the basic financial guarantee mechanism and other funds exceeded 10%.
In addition, the establishment of a standardized direct mechanism for fiscal funds and expansion of the scope, including 2.8 trillion yuan of central fiscal funds in the direct mechanism, the scale is significantly larger than last year, to provide financial support more timely and powerful. for the benefit of city and county grassroots. Governments at all levels must conserve resources for the people, insist on leading strict lives, ensure that basic expenses for people’s livelihood only increase and do not decrease, and help market players to always have green hills. and vitality.
Raise the VAT threshold for small monthly sales taxpayers from 100,000 yuan to 150,000 yuan.
In terms of tax reduction and tariff reduction, the government work report noted that the system will continue to implement tax reduction policies, extend the implementation period of certain staggered policies such as value-added tax concessions for small taxpayers. , will implement new measures to reduce taxes and cover some policy adjustments. Raise the threshold of value added tax for small monthly sales taxpayers from 100,000 yuan to 150,000 yuan.
For small and micro enterprises and individual industrial and commercial households whose annual taxable income is less than 1 million yuan, based on the prevailing preferential policies, the income tax will be cut in half.
Continue to implement the 75% deduction policy for corporate R&D expenses, increase the percentage of deductions for manufacturing companies to 100%, use tax incentives to encourage companies to increase investment in R&D and strive to promote that companies lead development with innovation.
Advanced manufacturing companies will receive monthly reimbursements in full for incremental value-added tax credits, increase the proportion of manufacturing loans, and expand investment in manufacturing equipment refurbishment and technology transformation.
The reporter noted that in 2020, my country will implement large-scale tax and fee reductions in stages, combined with institutional arrangements, to reduce the burden of market entities by more than 2.6 trillion yuan throughout the year, including 1.7 trillion yuan in social security premiums. .
“The Fourteenth Five-Year Plan for the National Economic and Social Development of the People’s Republic of China and the Outline of Long-Term Goals for 2035 (Draft)”It is necessary to optimize the structure of the tax system, improve the direct tax system and adequately increase the proportion of the direct tax. Improve the personal income tax system, promote the expansion of the income scope of the syndrome, and optimize the structure of the tax rate. Focus on supporting and stabilizing the manufacturing industry, consolidating the industrial chain supply chain, and further optimizing the value-added tax system.
Cover Image Source: Xinhua News Agency
