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The Textile Industry Will Benefit Significantly If The Schedule Of Tax Rebate Policy Is Determined

2022/3/24 12:12:00 1

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This year's "two sessions" government work report pointed out that the implementation of new combined tax support policy. We should adhere to the combination of phased measures and institutional arrangements, and develop tax reductions and tax rebates at the same time. "It is estimated that the tax rebate and tax reduction for the whole year will be about 2.5 trillion yuan, including 1.5 trillion yuan of tax rebate, and all the tax refund funds will go directly to enterprises." Who will be returned to such a scale? When is the refund? How to return it?

On March 21, Premier Li Keqiang of the State Council presided over the executive meeting of the State Council to determine the policy arrangements for the implementation of large-scale value-added tax rebate, so as to provide strong support for stabilizing the macro-economy; We will deploy comprehensive measures to stabilize market expectations and maintain a stable and healthy development of the capital market.

Determination of the schedule of tax rebate policy

The national Standing Committee of the people's Republic of China made arrangements on the specific implementation time of the tax rebate: this year, the scale of VAT rebate is about 1.5 trillion yuan, which is a direct and efficient relief measure for all kinds of market entities. It is a key measure to stabilize the growth of market entities and ensure employment. It is also a reform to conserve tax sources and vigorously improve the value-added tax system.

First, a tax rebate of nearly 1 trillion yuan will be granted to small and micro enterprises in all industries and individual industrial and commercial households that pay taxes according to the general tax calculation method. Among them, the reserved tax amount of stock will be refunded in a lump sum before the end of June, the micro enterprises will be returned in April, and the small enterprises will be refunded in May and June; From April 1, the incremental tax rebate will be fully refunded on a monthly basis from April 1, and the rebate conditions such as "the incremental retained tax for six consecutive months is greater than 0, and the incremental retained tax for the last month is greater than 500000 yuan" will be cancelled periodically.

The second is the stock tax allowance for manufacturing, scientific research and technical services, electricity, heat, gas and water production and supply, software and information technology services, ecological protection and environmental governance, transportation, storage and postal services Full refund will be started on July 1 and completed before the end of the year; The incremental tax allowance will also be refunded in full on a monthly basis from April 1.

It can be said that the tax rebate policy not only covers small and micro enterprises, individual businesses, but also focuses on the six major industries, and the textile industry dominated by small and medium-sized enterprises will benefit a lot. Among them, small and micro enterprises and qualified individual businesses will be completed in the first half of the year, which means that the relevant economic entities will obtain the "double benefits" of increment and stock. The stock tax rebate accumulated in previous years is expected to be transformed into a huge driving force for "cross cycle regulation" and economic growth this year. All of these will help to resolve the triple pressure of demand contraction, supply shock and weakening expectations, and lay a solid foundation and provide financial guarantee for the realization of the annual economic development goals.

Another 1.2 trillion yuan of transfer payment funds will be arranged

This year's "government work report" also made it clear that the central government will increase financial support to local governments, and subsidies will go directly to cities and counties. Local governments and relevant departments should establish and improve working mechanisms, strengthen fund allocation, and ensure that the key measures of tax rebate and tax reduction are implemented in place, so as to provide timely help to enterprises and help enterprises to rejuvenate.

In response, the executive meeting of the State Council pointed out that: Based on the current tax system, the central government will allocate 1.2 trillion yuan of transfer payment funds to set up three special projects to support the grass-roots units in implementing tax rebate, tax reduction and fee reduction, and ensuring employment and basic people's livelihood. Among them, the central government subsidized more than 82% of the local burden in the newly added tax rebate, and inclined to the central and western regions.

On March 21, the Ministry of Finance issued a financial subsidy of 400 billion yuan to support small and micro enterprises in 2022, which will be used to guarantee the VAT rebate of small and micro enterprises by local governments, provide timely help for small and micro enterprises and stimulate their development vitality. The Ministry of finance will allocate funds separately to support local governments to ensure that tax refund funds are returned to enterprises in full and in time. Among them, the remaining tax credits for small and micro enterprises will be fully refunded before the end of June.

Dong Qi, chief Macro Analyst of Guotai Junan Securities Research Institute, believes that the tax rebate policy does not change the profits of enterprises, but can increase the cash flow of enterprises periodically. Among them, the equipment manufacturing industry is expected to get more than 600 billion yuan of tax rebate, which will benefit the most. In addition, Upstream raw material manufacturing, textiles, agricultural and sideline food processing and electricity will also benefit significantly.

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