China's new round of 300 billion yuan tax reduction and fee reduction for the real economy
The internet

Since April, the value-added tax has been reduced, and the social security rate has been reduced since May. With the continuous release of the policy dividend, the “great package” for tax reduction and reduction, which has gradually landed this year, has injected strong momentum into the development of China’s real economy.

From July 1st, a new round of 300 billion yuan of scale reduction will be officially put into operation, and the central and local governments are actively preparing for the opening of this round of fee reduction. At present, many places have made detailed arrangements for launching the second round of lowering the average electricity price of general industrial and commercial enterprises, and cleaning up the charges for administrative institutions, etc., are also in full swing.

Mr. Wei runs a company specializing in the wholesale and retail of household appliances and digital electronic products in the Qiaokou District of Wuhan. He is also the general agent of Hubei Province, a lighting brand product in China. 'In recent years, sales have not been bad, but rents have risen, labor costs have increased, and there is no money at all.' He told Changjiang Business Daily that in recent years, due to various factors, the company’s operating pressure is very high. Big, but also faced with the situation of employee turnover and recruitment.

Until April 1 this year, the VAT rate was officially reduced from 16% to 13%, which made Mr. Wei ignited hope. Compared with last year's business, this year his company is expected to pay less than 200,000 yuan in value-added tax. From May 1st, social security fees will also be lowered, and the company will save tens of thousands of dollars in costs. Mr. Wei said that the total generation of the brand has a high demand for capital transfer, and the implementation of the tax reduction and fee reduction policy not only eases the company's financial pressure, but also guarantees the normal expenditure of the employees' basic salary.

Since the beginning of this year, a series of tax reduction and fee reduction policies have directly challenged the difficulties of the current market players, and have become an important measure to deepen supply-side structural reforms and promote high-quality economic development. The national “combination boxing” tax reduction and fee reduction policy dividend is being released, enabling enterprise development and industrial transformation and upgrading. The data released by the State Administration of Taxation recently showed that in the first four months, the country’s cumulative new tax cuts were 524.5 billion yuan, and the net tax cuts in the first month of deepening the value-added tax reform reached 111.3 billion yuan. The Ministry of Finance announced that from January to May this year, the national general public budget revenue was 899.19 billion yuan, a year-on-year increase of 3.8%. Among them, the tax revenue was 7.8493 billion yuan, and the non-tax revenue was 1142.6 billion yuan, up 2.2% and 16.1% respectively. The data not only reflects the overall stability of China's current economic operation, but also reflects the obvious effect of tax reduction.

It is understood that from July 1st, a new round of fee reduction measures will be officially put into use, and it is expected that the company will reduce the burden of enterprises and the masses by more than 300 billion yuan. This round of new fee reduction measures mainly involves reducing administrative unit fees and operating service charges, including: reducing the registration fee for real estate ownership such as garages and parking spaces from 550 yuan to 80 yuan per piece; trademark renewal registration fee The charging standard will be reduced from 1,000 yuan to 500 yuan; the fee for entry and exit licenses for private ordinary passports will be reduced; the national major water conservancy project construction fund and the civil aviation development fund will be reduced by half; by the end of 2024, the central enterprises and institutions will be halved. Cultural construction fee, etc. In addition, it also includes reducing mobile network traffic and SME broadband tariffs by about 180 billion yuan a year, reducing the average electricity price of general industrial and commercial buildings, implementing freight rates for lower railway goods, reducing port charges, and canceling citizenship information certification fees.

In May, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance, and the central bank jointly issued the Notice on Doing a Good Job in Reducing Costs in 2019, proposing to continue to promote large-scale tax reductions and fee reductions, and increase financial support for the real economy. Reduce the cost of doing business in the whole society, effectively reduce the burden on enterprises, and delineate the eight major points of cost reduction this year, and refine it into 27 key tasks, involving more than 20 departments, directly pointing to the pain points and difficulties of the entity. Up to now, many specific plans for relevant initiatives have been issued. It can be expected that with the new round of 300 billion yuan of fee reduction measures, more dividends will be released.

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