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According to recently released statistics by the State Administration of Taxation, in 2020, new tax and fee cuts for the whole year will exceed 2.5 trillion yuan, and 3.99 million taxpayers will be deferred to pay 29.2 trillion yuan, and export tax refunds will be 1.45 trillion yuan in a timely and accurate manner. It effectively stimulated the vitality of market entities.
Big tax data shows that in 2020, various macroeconomic policies will improve quality and efficiency, and the sales revenue growth rate of Chinese companies will generally show a quarter-on-quarter recovery trend.
Industrial sales resume rapidly, new economic highlights appear frequently
“In the first 11 months of 2020, Great Wall Motors sold 961,500 new vehicles worldwide, and overseas export sales increased against trend, a 2.77% year-on-year increase. Such results cannot be achieved. achieve without the strong support of preferential fiscal policies. ” Great Wall Motor Co., Ltd. Tax manager Qi Xiaochen said: “In the first November 2020, the company will reduce taxes and fees by 1.35 billion yuan, and we will use this policy bonus for research and development of technology and the opening of the international market “.
In 2020, in the face of the adverse impact of the epidemic on economic and social development, China has successively introduced a series of preferential fiscal policies to support the prevention and control of the epidemic and help the resumption of work and production. out of 28 preferential tax policies have been consistently effective and accurate. Help companies overcome difficulties and stabilize economic fundamentals.
“The policy of reducing taxes and fees has effectively reduced the pressure on corporate financial funds, stabilized the workforce and leads to social stability and economic recovery. In special periods, the policies of reducing taxes and fees have played a role. most obvious role. ” Professor of the Beijing National Accounting Institute Li Xuhong said.
Big tax data, such as value-added tax bills, can directly reflect the development activity of market entities. From January to October 2020, the sales revenue of domestic industrial companies increased 0.4% and the cumulative growth rate achieved positive growth for the first time during the year; Investment-related construction industry sales revenue increased 9.4%, 0.6 percentage points higher than the previous three quarters. The recovery in industrial sales accelerated, investment-related industries continued to improve, and construction of core projects advanced steadily.
“Unexpectedly, export tax refunds in special periods can also be received quickly. We declare more than 300 million yuan in tax exemptions and refunds throughout the year, and the approval is completed the day or the next day.” Managing Director of Jiangsu Nanjing High Speed Gear Manufacturing Co., Ltd. office said Zhang Ling.
In 2020, Nanjing Jiangning State Tax Administration District Tax Office will closely monitor the difficulties faced by enterprises to resume work and production, improve the efficiency of export tax refunds for exporting enterprises and it will improve the liquidity of exporting companies. A total of 539 households have been examined and approved, and the tax refund amount 2.5.1 billion yuan, 1.2 billion yuan of tax refund has been reviewed and approved.
The high-tech industry is developing steadily and the growth of a new momentum is accelerating
“Orders did not decrease, but increased by more than 40%, and the production value was 120 million yuan. Orders for 2021 are scheduled for May.” Jiangxi Suichuan Tongming Electronic Technology Co., Ltd. is a manufacturer of various high-precision single-sided and layer circuit boards Speaking about the upward trend in 2020, Xie Bin, assistant general manager, said that companies also They have faced major problems.
“Adding more than 20 million yuan in new equipment, launching the second phase of the project, purchasing raw materials and paying workers’ wages all require a large amount of funds.” Xie Bin said that companies enjoy high-tech corporate tax concessions, research and development expenses plus deductions and social security premiums throughout the year. There are more than 5.2 million yuan in preferential tax and fee policies, such as sex reduction and exemption, which is a relief.
“Tax reduction and fee reduction are both ‘sending coal to the snow’ and ‘lighting the cake.’ On the 1st of November 2020, we will enjoy various tax and fee discounts of more than 23 million yuan, of which more than 8.4 million yuan will be deducted for research and development expenses only. Companies have reduced costs “With more energy and financial resources to upgrade the manufacturing process.” Zhang Chunjie, CFO of Shandong Weifang Haotai Machinery Co., Ltd., told reporters that the company launched Linde Hydraulics Precision Intelligent Drive series projects in 2020, and it is expected to be fully integrated in May 2021. Put into production.
Li Xuhong believes that the in-depth implementation of the tax and fee reduction policy will help reduce business operating costs, increase cash flow, increase innovation revenue, accelerate the conversion of corporate momentum, and increase the speed of development of innovative companies.
On November 1, 2020, the domestic high-tech industry sales revenue increased 13.7% cumulatively, an increase of 0.5% over the previous October, and the development of high-tech industries was has accelerated steadily.
To better promote the accelerated growth of new kinetic energy, all localities take active action. Hubei Xishui County has established a high-tech business management account to accurately understand the list of high-tech companies in its jurisdiction and push forward relevant tax policies, tax filing matters, and preferential enjoyment procedures for companies. companies specifically; Fukang Taxation Bureau of the State Administration of Taxation Organize a dedicated person to be responsible for the implementation of the policy on R&D expense deduction, prepare detailed data comparison tables for high-tech companies and a taxpayer registry R&D spending key, etc., and provide timely and accurate guidance to taxpayers who misunderstand policies and have misunderstandings in understanding policies.
The private economy is recovering well and new momentum continues to build
After more than 7 years of development, Shanghai Le Sui has become a leading company in the domestic fruit and vegetable and fresh produce packaging industry. It has independent design, research and development and production capabilities, has obtained several patents, and has a strong development drive. In 2020, the company delivered a dazzling report card: The new materials factory started, the production line expanded production capacity, and the third quarter turned losses into profits.
In the opinion of CEO Yang Weifang, the gradual expansion of small and micro enterprises is inseparable from the support of various preferential policies. “In 2019, the company invested more than 6.7 million yuan in research and development, and enjoyed a deduction of more than 2.25 million yuan in research and development expenses. In 2020, we will invest more than 4.5 million million yuan in research and development, and we will develop new products with great effort. “
The epidemic is a great test for the development of SMEs, and most of them are private companies. With the implementation of a series of policies to reduce taxes and fees, the private economy is recovering well. On October 1, 2020, the accumulated sales revenue of the private economy increased by 5.1%, which was 1.9 percentage points higher than the overall national level for companies.
Liu Shangxi, president of the Chinese Academy of Fiscal Sciences, believes that in 2021 more emphasis should be placed on improving tax and fee reduction policies through reforms, which should be carried out in conjunction with the reform of the security system. social and the corresponding tax system. “Looking ahead to 2021, the policy of reducing taxes and fees should adhere to the principles of continuity, stability and sustainability, and focus on improving quality and efficiency,” Li Xuhong said.
The recently held National Labor Conference on Taxation made it clear that in 2021 we will continue to implement and implement new preferential tax and fee policies, and we will continue to optimize the mechanisms and practices that promote policy dividends to market entities. Further consolidate and expand the effectiveness of tax and fee reduction, promote the improvement of the modern tax system, and promote high-quality development. (Reporter Wang Guan)
