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Reduce tax to support private economy
It is learnt from the State Administration of Taxation that tax-related appeals were heard and solutions to promote private economy.
China government takes private enterprises as the main source of the national tax. As a result, the below tax supporting policies shall be given to the private enterprises.
The revenue departments will work together on added-value tax cuts and create tax exemption policies for small and micro enterprises and innovative startups.
Apart from cutting taxes, the requirement rate of social insurance premiums is also expected to be cut down to relieve burdens on businesses.
Further, the local revenue departments are also required to release regulations to streamline the tax filings and shorter the time for formalities by the end of this year. The tax bureau will also publish the valid preferential tax policies on the website for easy checking by the enterprises.
Online tax system shall be applied for all tax matters over China.
Support the private enterprise to go out of China: the China government is to sign the Double Taxation Agreement with more 110 countries and regions.
It is also to provide the tax deferrable policies to those private enterprises which have the good credit but currently having business difficulties.
The tax bureau shall provide enough invoices to meet the business needs of the companies.
The tax bureau will cooperate with the bank and insurance authorities to solve the financing difficulties for the private enterprises.
But at the same time, it is stressed that tax evasion will be strictly punished to guarantee a fair corporate market environment.
AC will keep a close eye on the detailed policies and keep you informed if any updates.