State Council: Continue to implement tax reduction and fee reduction policies next year

On the 29th of November, Premier Li Keqiang presided over the State Council executive meeting to listen to the comprehensive implementation of the pilot reform and increase the pilot tax reduction report, decided to implement the VAT fixed return to protect the local financial resources; listen to the central enterprises supervision and inspection report, strengthen the external Supervision promotes the improvement of state-owned assets management and efficiency.
The meeting pointed out that the comprehensive implementation of the pilot reform of the camp and the implementation of large-scale structural tax cuts for enterprises is the highlight of ensuring that the active fiscal policy is more effective this year and efforts to promote structural reforms on the supply side, and to stabilize growth, adjust the structure, and expand employment. It has played an important role in improving the tax system, promoting the growth of new kinetic energy such as modern service industries, and promoting economic transformation and upgrading. Since the launch of the pilot in May this year, all the work has been smooth and orderly. The tax cuts in the four major industries of finance, construction, real estate and life service industries have been increasing month by month. By the end of October, the accumulated tax cuts were 96.5 billion yuan. Newly added 530,000 taxpayers, and all 26 sub-sectors have achieved the target of reducing the overall tax burden by only increasing. In addition, the amount of tax reductions in the previous pilot industry and the original VAT industry through the camp reform is expected to exceed 500 billion yuan. In the next step, it is necessary to closely follow the pilot situation, conduct a third-party assessment of the operational effects, and timely study and clarify the tax policy of relevant fields in response to problems reflected by enterprises in the pilot industries such as finance and construction, and further improve the relevant risks under the premise of risk control and institutional fairness. Measures to expand the tax reduction effect. It is necessary to carry out policy guidance in key industries and help enterprises to use the VAT deduction mechanism. Improve and optimize tax services and increase tax convenience. Next year, in accordance with the government's tight days and more requirements for corporate development and reduction of burdens, we will continue to vigorously implement the tax reduction and fee reduction policies, stimulate vitality, foster tax bases, and provide support for promoting development and ensuring people's livelihood.
Since the nationwide comprehensive promotion of the camp reform in May this year, the reform of the camp has become the main content of the supply-side structural reform, which has played an important role in promoting the task of reducing costs and promoting economic transformation and upgrading.
Wu Qi, deputy director of the Research Center of Commercial Bank of Hengfeng Bank Research Institute, told reporters that, firstly, as an important measure of structural tax reduction, the camp will increase the scope of the deduction by real estate and realize the full coverage of goods and services by value-added tax. It can effectively improve the VAT deduction chain, avoid double taxation, and directly reduce the tax burden for enterprises. From January to September this year, the cumulative tax reduction of China's battalion reform has reached 326.7 billion yuan, and the scale of tax reduction has been expanding.
Second, the reform of the camp can effectively promote the technological innovation of enterprises and the division of labor between enterprises, and promote the transformation of the development mode and business model of enterprises, especially the reform of the financial industry and the modern service industry, which has effectively promoted the Chinese economy from traditional manufacturing. The transformation and upgrading of the industry to the modern service industry and high-end manufacturing industry, China's economic restructuring has also been rapidly advanced. In the first three quarters of this year, the tax revenue of China's tertiary industry increased by 8.2% year-on-year, accounting for 57.3% of the total tax revenue.
Third, as a key step in the reform of the fiscal and taxation system and the improvement of the tax structure, the reform of the camp will help to play a decisive role in the allocation of resources, create a fair and neutral tax environment, create a good business environment for market players, and stimulate Business vitality.
At the same time, in order to further improve the tax-sharing fiscal system, the meeting decided that starting from 2016, the central government will implement a fixed-value return of VAT on the local level, and no additional return or deduction will be made for the increase or decrease of the value-added tax. In the next step, when we arrange local balanced transfer payments and other types of financial subsidies, we will take into account the actual situation of the central and western regions, properly solve the financial gap in difficult areas, and gradually improve the level of local financial security.
Jiang Zhen, an associate researcher at the Institute of Finance and Economics of the Chinese Academy of Social Sciences, told reporters that the process of reforming the reform of the reform of the camp should be accompanied by changes in the fiscal system, but there is no major adjustment in the current functions of the government, especially the central and local government. Next, it may have an impact on the financial resources of local governments to perform their functions. After the business tax was changed to value-added tax, the local main financial resources were frustrated. Therefore, when the central and local government power structure has not changed greatly, the implementation of fixed-rate return of value-added tax can temporarily reduce the impact of the reform of the local government on the implementation of the power of the local government. He also pointed out that the fixed return of value-added tax should be a phased transitional initiative. In the future, with the changes in central and local powers, the scale of local financial resources will also change.

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