"Government Work Report" Deepening Tax Reform And Promoting Real Economy To Reduce Costs

Li Keqiang, premier of the State Council, chaired the executive session of the State Council on April 19th, and decided to introduce further tax reduction measures to continue to promote the real economy to reduce costs and enhance its stamina; and adopt the People's Republic of China Public Library Act (Draft).

The meeting pointed out that, in accordance with the deployment of the "government work report", deepening tax reform and increasing tax reduction and constantly reducing the burden and increasing the strength for the market players are important measures to further push forward the structural reform of the supply side. It is conducive to enhancing the vitality and innovation power of enterprises through optimizing the business environment, and consolidating the good momentum of economic stability and promoting structural upgrading by optimizing the business environment at the current situation of complex environment and uncertain factors at home and abroad.

The meeting decided that the following tax reduction measures should be further introduced on the basis of the 200 billion yuan reduction measures in the first quarter.

First, we should continue to push the camp to increase and simplify the structure of VAT rates.

Since July 1st this year, the VAT rate has been reduced from four to 17%, 11% and 6%. The 13% rate has been abolished, and the value-added tax rate of agricultural products and natural gas has been reduced from 13% to 11%.

At the same time, we must keep the original deduction of agricultural products for agricultural products deep processing enterprises unchanged, and avoid increasing tax burden due to reduced deduction.

The two is to expand the scope of small profit enterprises that enjoy preferential corporate income tax.

From January 1, 2017 to December 31, 2019, the upper limit of the annual taxable income of small profit enterprises increased from 300 thousand yuan to 500 thousand yuan, and the small profits of the small profit enterprises that met the requirements were reduced by half and the taxable income was calculated and paid at 20% preferential tax rates.

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The three is to increase the proportion of R & D expenses of SMEs.

From January 1, 2017 to December 31, 2019, the proportion of R & D expenses that the actual R & D expenses of new technology, new products and new technology developed by SMEs in the enterprise income tax were increased from 50% to 75%.

The four is to conduct pilot projects in 8 comprehensive innovation reform pilot areas and Suzhou Industrial Park in Beijing, Tianjin, Hebei, Shanghai, Guangdong, Anhui, Sichuan, Wuhan, Xi'an and Shenyang, starting from January 1st this year.

Those who invest in seed and start-ups can enjoy preferential policies of deducting the taxable income from 70% of their investment. Since July 1st this year, the investment partners who enjoy this preferential policy will be extended to individual investors by corporate partners and partnership partners.

Prior to the entry into force of the policy, investment can also enjoy the above concessions.

Five, from July 1st this year, the pilot scheme of pre tax deduction for commercial health insurance personal income tax will be pushed to the whole country. The expenditure for individual purchase of eligible commercial health insurance products is allowed to be deducted according to the maximum amount of 2400 yuan per year.

The six is the part that will expire at the end of 2016.

Extended to the end of 2019, it included: half of the land used for the storage of commodity warehouses in the logistics enterprises was levied on the urban land use tax; the interest income of farmers' small loans from financial institutions was exempt from value-added tax, and the scope of this preferential policy was extended to all small loan companies that were legally compliant; and the key groups such as college graduates, employment difficulties and retired soldiers were engaged in Entrepreneurship and employment, and the value-added tax, urban maintenance and construction tax, education surcharge and personal (enterprise) income tax were deducted according to the regulations.

The above six measures are all in place, coupled with a comprehensive push out of the camp to increase the pilot in the first 4 months of this year to reduce revenue, it is expected to reduce the tax burden of various market entities in the whole year will be about 380000000000 yuan.

The meeting called for the implementation of the above tax reduction measures as soon as possible, and the need to record the NPC Standing Committee's record and demonstrate the introduction of further cost reduction measures.

The meeting pointed out that the development of public libraries is an important part of improving the public cultural service system. It can promote nationwide reading, better meet the needs of the people's spiritual and cultural needs, improve the scientific and cultural quality of the whole society, help build an innovative country and a learning society, and carry forward and carry forward the achievements of human civilization including traditional Chinese culture.

The conference passed the People's Republic of China Public Library Act (Draft).

The draft clarified the responsibility of the government to strengthen the construction of public libraries and the requirements of encouraging the participation of social forces. It also made provisions for the operation and management system of public libraries, the service functions to be undertaken, the construction of digital resources, and the integration of online and offline businesses.

The meeting decided to submit the draft to the Standing Committee of the National People's Congress for consideration.

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