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Original title: New tax cuts and fee reductions of 2.1 trillion yuan in the first three quarters
Our reporter Bao Xing’an
According to the latest data from the State Tax Administration, in the first three quarters of 2020, the new tax and fee reductions across the country totaled 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 1.355.9 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 from the tax reduction and tariff reduction policy has not only reduced the tax burden on enterprises and accelerated the improvement of the manufacturing industry, but also firmly supported the rapid recovery of China’s economy, making contributions positive to the realization of the economic growth rate in the first three quarters from negative to positive.
Chen Long, a researcher at the Chinese Academy of Fiscal Sciences, told the “Securities Daily” reporter that in the first three quarters, China’s tax and tariff cuts were more powerful, covered and more accurate. In response to the situation of different companies, a series of tax and fee reduction measures were implemented, which significantly improved the effect of tax and fee reduction and the efficiency of macro policies, reduced the burden on companies and played a positive role in the rapid economic recovery.
Zhang Yiqun, vice chairman of the Performance Management Committee of the Chinese Institute of Finance, told a Securities Daily reporter that the annual scale of tax and fee reduction is expected to exceed 2.5 trillion yuan, greatly reducing measures the tax burden on companies and effectively protects against the epidemic. And the enormous impact of uncertainty and instability in the international environment has played a vital role in enabling companies to recover quickly and act lightly.
“With the continued implementation of tax and fee reduction policies and other related policies, the economy will continue to grow rapidly in the second and third quarters of the fourth quarter, and overall economic activity will continue to increase. The transmission effect of the economic recovery will drive to the whole industry in China Resuming the growth trend, the annual economic growth rate is expected to maintain a growth rate of around 2%, further showing that the economic structure and quality of China are continuously improving and has very strong resistance, “said Zhang Yiqun.
According to data from the State Tax Administration, in the first three quarters, sales revenue from the manufacture of high-end equipment 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. .
At the same time, in the first three quarters of this year, domestic wholesale and retail sales revenue increased 1% year-on-year, and the cumulative growth rate for the year achieved positive growth for the first time. Among them, the third quarter increased 11.3% year-on-year, an increase of 1.7 percentage points from the second quarter; the retail industry recovered rapidly, with a year-on-year growth of 16% in the third quarter, reflecting the constant improvement of residents’ physical consumption; the restaurant industry most affected by the epidemic is in the country After being under control, the recovery accelerated, with a year-on-year growth of 10.3% in the third quarter, and the economy of “tip of the tongue” went from negative to positive.
