Global EditionASIA 中文雙語Fran?ais
    Business
    Home / Business / Finance

    Challenges tackled with financial innovation

    By ZHANG YUE | China Daily | Updated: 2021-12-24 10:39
    Share
    Share - WeChat
    A worker checks plastic used to make bags at one of many small factories in Lianyungang. [Photo by Geng Yuhe/For China Daily]

    Sustained reductions

    Over the past two months, the central government has reiterated on a number of occasions that it will work to introduce tax and fee cut packages, and some temporary tax breaks.

    Meeting global business leaders during a virtual dialogue organized by the World Economic Forum on Nov 16, Premier Li Keqiang said China would introduce and implement more intensified tax relief measures to help market entities-especially micro, small and medium-sized enterprises-through their difficulties.

    On Nov 1, the State Taxation Administration and the Ministry of Finance announced to defer taxes for small and medium-sized manufacturers for three months from October. The smallest manufacturers, with annual sales revenue of less than 20 million yuan (US$3.13 million), will have all their taxes deferred for this period, while 50 per cent of taxes will be deferred for manufacturers with revenue of 20 million yuan to 400 million yuan a year.

    Shi Yinghua, a professor at the Chinese Academy of Fiscal Sciences, said the preferential tax and fee cut policies have been particularly well formulated this year for micro and smaller businesses.

    "Such businesses have borne the brunt of fresh challenges resulting from rising commodity costs and COVID-19. This sector is also particularly vulnerable when resisting risk, and is likely to face burnout due to pressure from rising costs," Shi said.

    With the nation on track to economic recovery from COVID-19 this year, the central government has announced preferential tax policies since March.

    The value-added tax threshold for small-scale taxpayers will be raised from 100,000 yuan to 150,000 yuan for monthly sales. In addition to preferential policies already in effect, income tax for micro and small enterprises and the self-employed with annual taxable income of less than 1 million yuan has been halved.

    In recent months, Shi and her team have investigated the effectiveness of these tax breaks, finding them particularly helpful in alleviating businesses' operational costs in the second half of this year.

    "For an operational business, time is valued as capital that can generate wealth. This is why the recent tax deferral policies are critical for businesses that need a lifeline, and will effectively ease the pressure they face," Shi said.

    The State Taxation Administration said in the middle of last month that newly introduced tax and fee cuts amounted to 910.1 billion yuan for the first three quarters of this year.

    Feng Ming, a senior researcher at the Chinese Academy of Social Sciences, said that from a macroeconomic point of view, compared with conventional quantitative policy tools, tax and fee cuts can better cater to China's need for structural transition and economic upgrading, where the services sector and consumption lead growth.

    He believes preferential tax breaks for smaller businesses are likely to continue for another year at least.

    Su, the CAFS professor, agreed with this view.

    "Tax and fee cuts, particularly at such a trying time, leave limited room for structural macro policy, but require greater competence in balancing fiscal spending and fiscal funds management. This underscores the government's strong resolve to protect market entities," Su said.

    |<< Previous 1 2 3 4 5 6 Next   >>|
    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    中文字幕乱码中文乱码51精品| 亚洲AV无码乱码国产麻豆穿越 | 国产亚洲精久久久久久无码| 亚洲乱码中文字幕综合| 免费无码一区二区三区| 无码粉嫩小泬无套在线观看 | 日本久久久久久中文字幕| 国产V亚洲V天堂无码| 国产AV无码专区亚洲AV手机麻豆 | 日韩中文字幕一区| 免费无码婬片aaa直播表情| 无码日韩精品一区二区免费暖暖| 日本中文字幕在线视频一区| 中文字字幕在线中文无码| 国产强伦姧在线观看无码| 国产亚洲人成无码网在线观看| 亚洲av无码乱码国产精品| 人妻中文无码久热丝袜| 日本精品自产拍在线观看中文| 亚洲色中文字幕无码AV| 中文无码vs无码人妻| 日韩免费a级毛片无码a∨| 极品粉嫩嫩模大尺度无码视频 | 18禁裸乳无遮挡啪啪无码免费| 精品一区二区三区无码免费视频| 亚洲AV无码第一区二区三区 | 无码人妻久久一区二区三区免费 | 亚洲va无码手机在线电影| 免费无码国产欧美久久18| 亚洲日韩中文在线精品第一| 色婷婷久久综合中文久久一本| 日韩精品一区二三区中文 | 日本精品自产拍在线观看中文| 日本免费在线中文字幕| 欧美日韩中文字幕2020| 欧美日韩中文字幕在线观看| 免费无码作爱视频| 亚洲va无码va在线va天堂| 男人的天堂无码动漫AV| 狠狠精品干练久久久无码中文字幕 | 日韩中文字幕欧美另类视频|