On April 9, Vice Minister of Finance Cheng Lihua said that on the basis of the reduction of more than 600 billion yuan in 2017, the four types of government fee reduction measures determined by the third executive meeting of the State Council this year are expected to reduce enterprises throughout the year. With a burden of 250.6 billion yuan, and the measures taken by the National Development and Reform Commission to reduce operating service charges, it is expected that the total social burden will be reduced by more than 300 billion yuan. Coupled with the more than 400 billion yuan tax cuts determined by the 2nd executive meeting of the State Council, more than 700 billion yuan of tax cuts and fee reduction measures have been issued this year. Cheng Lihua revealed that in accordance with the requirements of the State Council executive meeting, the Ministry of Finance and other departments are working hard to produce operational documents to ensure timely release of relevant policies and measures. At the same time, we will further strengthen post-event supervision and ensure that all policies and measures for clearing fees and fees are implemented. In addition, it will speed up the process of non-tax revenue legislation, study and formulate government non-tax revenue management regulations, and further standardize the management of “fee-rightsâ€. According to the government work report this year, the scale of tax reduction and reduction in 2018 will exceed 1.1 trillion yuan. "In the context of deepening the structural reform of the supply side, the introduction of specific measures to reduce corporate tax burden is conducive to optimizing the business environment, further stimulating the vitality of market players and improving the quality of economic development." PricewaterhouseCoopers China and Hong Kong Hu Genrong, managing partner of the turnover tax, told the Securities Daily reporter. Recently, the Ministry of Finance and the State Administration of Taxation issued two documents successively, and refined two of the three VAT reform measures. According to Hu Genrong, according to the regulations, the scope of the tax reduction is not limited to the "manufacturing, transportation, construction, basic telecommunications services, agricultural products" mentioned by the State Council. The original VAT taxable behavior (including goods, labor, services, intangible assets, real estate, etc.) at the 17% and 11% tax rates was originally adjusted, and the tax rates were adjusted to 16% and 10% respectively. It is important to note that the VAT rate for imported goods will also be adjusted after May 1. "After May 1st, in addition to the zero tax rate, China still maintains the three-digit VAT rate of 16%, 10% and 6%. It is expected that China will further adjust the VAT rate in the future." Hu Genrong said. Hu Genrong believes that after May 1st, taxpayers purchase agricultural products deducted input tax, and the deduction rate is adjusted from 11% to 10%. In addition, due to the particularity and importance of agriculture, China's VAT system has always imposed special provisions on the deduction of input tax on purchased agricultural products. For example, after the 13% VAT rate is abolished in 2017, the 11% tax rate is applied to the sale of agricultural products. In order to ensure that the deduction of agricultural products by deep processing enterprises is unchanged, when taxpayers purchase agricultural products for production or sales, they are entrusted with 17% of processing. When the goods are taxed, the deductible input tax can be calculated based on the 11% deduction rate. It can also be “added 2% deduction†to ensure that the deductible amount does not change after the agricultural product tax rate is lowered. Hu Genrong said that although the deduction rate for the purchase of agricultural products deducted input tax is adjusted to 10%, taxpayers who purchase agricultural products for production or sales or commission processing of 16% tax rate goods can still add 2% on the basis of 10%. After deducting, the input tax is calculated at a deduction rate of 12%. This is undoubtedly good news for deep processing enterprises of agricultural products. “Residual tax refunds have always been a more important part of the VAT system.†Hu Genrong expects that the next step, the finance and taxation department will issue documents to implement the requirements of the State Council to extend the scope of tax refunds. "The current policy has allowed tax rebates for integrated circuit companies, large passenger aircraft and new regional aircraft." Hu Genrong said that the VAT reform will be suitable for enterprises and grid companies that are qualified for advanced manufacturing, R&D and other modern service industries such as equipment manufacturing. The amount of input tax that has not been deducted within a certain period of time will be refunded once, which is a major positive for related industries and enterprises.
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