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Li Keqiang chaired the executive meeting of the State Council
Implement and implement policies such as increasing the percentage of additional deductions for R&D expenses of manufacturing companies to encourage companies to innovate and promote industrial modernization.
It decided to extend the deferred principal and interest payment policy and the credit loan support plan for inclusive loans for small and micro-enterprises until the end of the year.
Passed the “Vocational Education Law of the People’s Republic of China (Revised Draft)”
Prime Minister Li Keqiang of the State Council chaired an executive meeting of the State Council on March 24 to implement and implement policies such as increasing the percentage of additional deductions for R&D expenses of manufacturing companies to encourage business innovation and promote industrial modernization; it was decided to postpone the principal and interest payment policy for inclusive loans for small and micro enterprises AND the credit loan support plan was further extended until the end of the year; The Professional Education Law of the People’s Republic of China (Revised Draft) was passed.
The meeting pointed out that according to the deployment of the Party Central Committee and the State Council, it is necessary to make better use of the role of business innovation as the main body, make greater use of market-oriented, fair and inclusive incentives. policies, inspire enterprises and the whole of society to increase investment in R&D, enhance the resilience of economic development, and promote the optimization of the economic structure. In recent years, tax incentives for deduction of R&D expenses have been continuously increased, effectively fostering business innovation. In order to implement the “Government Work Report” to support business innovation measures, the meeting decided that, as of January 1 of this year, the deduction rate for R&D expenses of manufacturing enterprises it will increase from 75% to 100%, which is equivalent to every million invested by companies. RMB 2 million can be deducted from taxable income for research and development expenses. Implementation of this policy is expected to cut taxes by more than 360 billion yuan last year and another 80 billion yuan in tax cuts for businesses this year. This institutional arrangement is the most powerful policy among this year’s structural tax cuts. The second is to reform the calculation method for the settlement and payment of R&D expenses, allowing companies to choose to enjoy the preferential deduction for half a year. The R&D expenses of the first semester of the year will be changed from the deduction when the income the tax is settled and paid in the year following the prepayment in October of the current year, the deduction will benefit the company as soon as possible. At the same time, it is necessary to study fiscal support policies for technology R&D service companies and “double innovation” companies. The meeting requested that it be necessary to strengthen publicity and interpretation of policies, optimize tax services, streamline the review process, improve the convenience of companies to enjoy the policies and do things well.
The meeting noted that the two direct monetary policy tools that have been in place since last year to support micro and small businesses are to provide incentives for local corporate banks to handle inclusive loan deferrals for micro and small businesses and to provide preferential financial support for the issuance of Small loans and microcredits. It has played an important role in helping small and micro enterprises overcome difficulties, guarantee employment and people’s livelihoods, and stabilize economic fundamentals. In order to maintain unremitting financial support for micro and small businesses, and to ensure more convenient financing for micro and small businesses, and a steady decrease in overall financial costs, the meeting decided that the two direct monetary policy instruments should be have been implemented in the initial stage up to the base of the first quarter of this year.In order to further extend the implementation period until the end of this year, we will provide further assistance to small and micro enterprises to better play their important role in stabilization of employment. First, for inclusive small and micro-enterprise loans due before the end of 2021, the company and the bank independently negotiate the deferral of principal and interest, and continue to offer incentives to the local corporate bank that manages the principal and interest. deferred interest on the loan. The incentive ratio is 1% of the loan principal. The second is to grant small loans and microcredits to qualified local corporate banks and continue to provide preferential financial support to 40% of the capital. At the same time, there is a need to study and increase policy support for individual industrial and commercial households.
The meeting noted that vocational education should meet the requirements of the development of the socialist market economy, adhere to reform and innovation, highlight employment orientation, alleviate structural contradictions in employment, and promote the improvement of the quality of employment. job. The meeting passed the “Professional Education Law of the People’s Republic of China (Revised Draft)”, which stipulated the integration of production and education, cooperation between school and enterprise, support to social forces to manage the professional schools and the promotion of mutual recognition of academics. achievements between vocational education and general education. The meeting decided to submit the draft to the Standing Committee of the National People’s Congress for deliberation.
The meeting also studied other matters.
