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This year, a larger scale of tax cuts will be implemented. The government work report submitted to the Second Session of the 13th National People's Congress on the 5th proposes that the burden of corporate tax and social security contributions will be reduced by nearly 2 trillion yuan.
Tax reduction and fee reduction are the means of control that adhere to the ideas and methods of market-oriented reform to solve development problems and play a role in counter-cyclical adjustment of macroeconomic policies. Studying this year's government work report can find that the tax reduction and fee reduction has five characteristics: comprehensive tax cuts and structural tax cuts; significantly reduce the burden of corporate social security contributions; to ensure that tax cuts and reductions are implemented in fiscal terms Fully invoke monetary and credit instruments to reduce the cost of comprehensive financing; effectively play the role of local bonds.
Representatives and members from the manufacturing industry turned to this year's government work report, which was attracted by one figure at a time - 13%. The government work report pointed out that deepening the VAT reform will reduce the current 16% tax rate in industries such as manufacturing to 13%. The difference of 3% between the two has made many people in the industry excited. Last year, the VAT rate was lowered by 1%, and the net tax reduction was 179.4 billion yuan in just 6 months. The tax reduction efforts far exceeded people's expectations, which greatly boosted the confidence of manufacturing companies.
The tax reduction “big gift package” really allows enterprises to “lightly install” and can invest more funds in technology research and development and equipment upgrades, which not only solves the worries of manufacturing enterprise innovation, but also adds help to industrial upgrading.
Many small, medium and micro enterprise operators are very sensitive to another figure in this year's government work report – 16%. The government work report proposes: significantly reduce the burden of corporate social security contributions, and reduce the proportion of urban employees' basic endowment insurance units, which can be reduced to 16%. The report also requires that the current method of collection of land should be stabilized. Local governments should not adopt the practice of increasing the actual payment burden of small and micro enterprises during the process of expropriation system reform, and they must not collect the historical arrears on their own.
Previously, the proportion of basic pension insurance units paid by Chinese employees was about 19%. A 3% decline means a significant drop in labor costs for many small, medium and small businesses. At present, many small and micro enterprises in emerging fields are in a small-scale development stage, and the decline in labor costs is undoubtedly a big plus for the operation of the entire enterprise.
Will the decline in the proportion of contributions paid by the basic endowment insurance units of enterprise employees affect the social security benefits of enterprise employees? the answer is negative. The government work report proposes to speed up the reform of the endowment insurance system at the provincial level, continue to improve the central adjustment ratio of the basic endowment insurance fund for enterprise employees, and transfer some state-owned capital to enrich the social security fund – both to reduce the burden of corporate contributions and to protect the social security benefits of employees. Changes and pensions are reasonably grown and distributed on time and in full, making the social security fund sustainable, and enterprises and employees benefiting.
Difficulties in financing and financing are always one of the major problems facing the development of enterprises. They are also the "pain points" of small and micro enterprises with relatively few social resources.
In order to release the vitality of small and micro enterprises, the government work report puts forward a specific goal for large state-owned commercial banks – small and micro enterprise loans should increase by more than 30%. This requirement reflects the important role that state-owned large commercial banks play in inclusive finance. At the same time, the government will also increase the targeted reduction of small and medium-sized banks, and the funds released will be used for private and small and micro enterprise loans.
Through the above-mentioned series of positive credit policies, the financing tensions of small and medium-sized enterprises will be effectively improved, and the comprehensive financing costs will be significantly reduced.
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