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Tax reduction new policy makes enterprises lightly loaded
On March 5, Premier Li Keqiang said in the government work report: "To further reduce corporate tax burden. Reform and improve value-added tax, adjust the tax rate in the third and second-grade directions, focus on reducing the tax rate of manufacturing, transportation and other industries, and increase the tax rate. Large-scale taxpayer annual sales standard. Largely expand the scope of small and micro enterprises that enjoy the halved income tax preferential policy. Significantly increase the pre-tax deduction ceiling for newly purchased instruments and equipment. Implement the comprehensive overseas credits for enterprises. Expand the storage land for logistics enterprises. Scope of tax incentives. Continue to implement corporate reorganization of land value-added tax, deed tax and other expiring preferential policies. In the whole year, the company and individuals will reduce taxes by more than 800 billion yuan to promote the transformation and upgrading of the real economy, and strive to stimulate market vitality and social creativity. The tax reduction policy of the orientation will greatly reduce the corporate tax burden and enable enterprises to go into battle. VAT is China's largest tax. In 2017, only domestic value-added tax revenue accounted for nearly 40% of the national tax revenue. VAT tax cuts are the most real tax cuts for companies. The VAT adjusts the tax rate in the third and second gears, meaning that the tax rates of 17%, 11% and 6% will be reduced to two. Focusing on reducing the tax burden of the manufacturing, transportation and other industries means that the corresponding 17% and 11% tax rates will be further reduced. This mainly considers three factors: First, China's national conditions are needed. VAT is an extra-tax, and no matter how it is handled in accounting, it cannot be ruled out that it is a burden on the enterprise to a certain extent. In order to let enterprises go light, tax cuts are the most effective measure. Lowering the tax rate is a direct and effective and uncontroversial tax cut. The third and second gears will create more adequate conditions for VAT legislation. Second, China is located in the Asia-Pacific region where the VAT tax burden is relatively light. Lowering the VAT rate can effectively improve the international competitiveness of China's tax system, and it can allow more overseas consumption to return, thus promoting domestic consumption. Third, China needs to actively respond to the wave of tax cuts that are emerging internationally. A globalized world does not welcome disorderly trade protectionism, but requires more orderly institutional arrangements. Appropriate tax reduction measures in various countries are necessary for the improvement of the system, and setting the macro tax burden at a reasonable level is an important part of the exploration of a country's taxation system. Tax cuts are not based on neighbors, but on the rationalization of public service costs, building a country's competitiveness through good public services. From the general direction of tax reform, the basic VAT rate and low tax rate suitable for China's national conditions should be set at around 10% and 5%. Considering the important position of VAT income in China's tax revenue, the reform can choose to “step by stepâ€. If this goal is achieved within five years, the first step can reduce the manufacturing VAT rate from 17% to 14%. The 11% rate can be adjusted to the 6% rate as soon as possible. Here we need to deal with short-term and medium-term relationships. Tax cuts will certainly bring short-term financial pressure. The fiscal deficit rate was set at 2.6% in 2018, which took into account the fiscal revenue situation, but also set aside some policy space for fiscal pressure on tax cuts. At least 0.4% of the fiscal deficit rate space can provide more financial support for tax cuts. VAT tax cuts are not only for general taxpayers, but the increase in annual sales standards for small-scale taxpayers can also benefit more taxpayers. Corporate income tax reduction companies feel the most obvious. Tax reductions include tax rates, cost deductions, tax credits, etc. In 2018, the expansion of the small and micro enterprises that enjoy the halving of income tax incentives will allow more companies to apply lower tax rates and enjoy a lighter tax burden. Significantly increasing the pre-tax deduction ceiling for new equipment purchased by enterprises will be beneficial to the upgrading of enterprise equipment and the actual production and operation needs of enterprises. The implementation of the corporate foreign exchange comprehensive credit policy will make the tax burden of “going out†enterprises more reasonable, thus encouraging enterprises to better utilize both domestic and overseas markets. Tax cuts in 2018 will be reflected in many aspects. The Chinese economy is undergoing transformation and upgrading. Logistics companies have played an important role in the transformation and upgrading. The development of logistics companies often requires large warehouses. In 2017, the implementation of the logistics land storage tax reduction of 50% of the applicable tax amount of the land level will be levied on the urban land use tax, which can greatly reduce the tax burden of logistics enterprises. However, the scope of tax incentives is more restrictive to professional logistics enterprises and storage conditions, which is not conducive to the full development of logistics enterprises. In 2018, expanding the scope of tax incentives for logistics enterprises' warehousing and land use is expected to allow better preferential policies to be implemented more effectively, thereby exerting greater policy effectiveness. In 2018, the company continued to implement the enterprise reorganization of land value-added tax, deed tax and other expiration preferential policies. Undoubtedly this will further encourage corporate restructuring, optimize the allocation of enterprise resources, and thus release more market vitality. In 2018, with the establishment of the personal income tax system combining comprehensive and classified, the basic reduction of the cost standard, the increase in special deductions such as child education and major medical care, the cost of employing enterprises will be further reduced, which will help Chinese companies to attract International high-end talent. The 2018 tax cuts are real. It is estimated that more than 800 billion yuan of tax cuts will create opportunities for the development of the real economy and enterprises. Next, how is the company picking up its sleeves and doing it!