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Tax, fee incentives a shot in the arm for economy

admin2022-10-274

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BEIJING: China has ramped up its tax and fee incentives and supporting policies to enterprises, a move that has not only offered a “timely rain” to companies in financial drought but also served as a shot in the arm for the economy.

Official data from the state taxation administration showed that China’s tax refunds as well as tax and fee cuts and deferrals had exceeded 3.4 trillion yuan (RM2.2 trillion) by Sept 20.

The total consists of 2.21 trillion yuan (RM1.4 trillion) worth of value-added tax credits that had been refunded to taxpayers, 591.6 billion yuan (RM386bil) of tax and fee cuts and 632.6 billion yuan (RM412bil) of deferred tax and fee payments.

The combined tax and fee incentives have been vital in bailing out businesses in difficulty. A waste management firm based in Jia’an of Jiangxi province in east China, for instance, had been seeing negative profit margins before May, according to the company’s financial chief Zhang Leshan.

However, after receiving a tax rebate of 10.48 million yuan (RM6.8mil) in May and an exemption of 160,500 yuan (RM104,597) that was refunded to its account, the company’s monthly profits have rebounded to positive territory and reached 2.86 million yuan (RM1.86mil).

Zhang also said that the company’s monthly operating costs have dropped by 5.3%. “It is estimated that the company would see a 25% yearly increase in whole-year business revenue.”Animal husbandry firm Zhonghong Sanrong Group Co Ltd enjoyed a tax refund totaling about 500,000 yuan (RM325,850) in July.

“We used the money to purchase soybean pulp, brown rice and other raw materials for broiler feed. After three months, the chickens were sold at a good price and farmers have reaped a harvest,” said Sang Shujun, the legal representative of the company.

A survey by the National Bureau of Statistics (NBS) showed that 90% of firms that received tax refunds since the policy was implemented believed that their cash flow had improved.

On top of the inclusive tax and fee incentives, an executive meeting of China’s State Council last week decided to temporarily defer payments of certain government-levied charges and deposits to further ease the burden on market entities, especially micro, small and medium-sized enterprises, self-employed households and manufacturing firms. — China Daily/ANN


转载说明:本文转载自Sunbet。

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