The Ministry of Finance and the State Administration of Taxation recently issued the "Notice on the Continuation of Value-Added Tax Policies for Small and Micro Enterprises" and the "Notice on Supporting Tax Policies for Small and Micro Enterprises Financing" to further increase support for small and micro enterprises.
The notice is clear, in order to support the development of small and micro enterprises, from January 1, 2018 to December 31, 2020, continue to pay small-scale taxpayers with monthly sales of 20,000 yuan (including the number) to 30,000 yuan. VAT. In addition, from December 1, 2017 to December 31, 2019, interest income from the issuance of small loans by financial institutions to farmers, small businesses, micro-enterprises and individual industrial and commercial households is exempt from VAT; since 2018 1 From January 1st to December 31st, 2020, the loan contract signed by financial institutions with small enterprises and micro-enterprises is exempt from stamp duty.
Since the beginning of this year, a number of tax incentives such as the VAT deductible tax rate, small and micro enterprise income tax concessions, and research and development expenses plus deductions have been gradually implemented, and the tax reduction effect has been continuously increased. It is understood that tax cuts and red envelopes have benefited more and more entities, and the multiple effects of reducing corporate burdens and stimulating corporate innovation and vitality have begun to emerge. According to the latest statistics of the State Administration of Taxation, only the research and development expenses plus the deduction of a year is expected to reduce the tax by 100 billion.
According to the person in charge of the Income Tax Department of the State Administration of Taxation, in recent years, the Party Central Committee and the State Council have made many adjustments to the tax policies of small-scale and low-profit enterprises, reflecting the importance and support for small-scale and low-profit enterprises. Small and micro-profit enterprises are mostly labor-intensive industries, and are important carriers for stabilizing the national economy and safeguarding people's livelihood. From 2012 to 2016, about 15 million small-scale and small-profit enterprises enjoyed tax benefits, and the income tax reduction and exemption was nearly 70 billion yuan. The annual annual tax rate is 38%. The introduction of these policies will further enhance the confidence of domestic enterprises, especially small and small enterprises, and produce positive economic and social effects.
This preferential policy also involves the financing of small and micro enterprises. The latest report provided by Standard Chartered Bank to the Economic Information Daily shows that the current SME bank loan environment has improved, but the financial situation of the company has been slightly tightened, and corporate financing costs remain high. . The report said that the government will continue to maintain a tight liquidity and limit off-balance sheet loans to enhance financial stability and promote de-leverage, which may lead to continued high financing costs for SMEs. However, the government's tax deductions will help reduce the burden on SMEs.
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