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As an important industry in “Made in China”, with the introduction of environmental taxes, the pressure on the chemical fiber textile printing and dyeing industry has further increased. The policy dividends gradually disappeared. The burden of taxes, labor, raw materials, and energy costs continued to rise. The profits of chemical fiber textile printing and dyeing companies became more and more meager, and many companies collapsed after being overwhelmed.
In the two sessions, the information disclosed by the Ministry of Finance undoubtedly brought surprises to the chemical fiber textile printing and dyeing industry. Prior to this, the tax reform bill proposed by the All-China Federation of Industry and Commerce had several articles aimed at companies. Among them, the “proposed to reduce the corporate income tax rate to 15% to 20%” was to make all companies excited. If the tax reform is successful, we believe that the chemical fiber textile printing and dyeing industry will usher in a new spring.
On the morning of March 7, the Press Center of the First Session of the 13th National People’s Congress held a press conference in the multi-purpose hall of the Center of Media. The Ministry of Finance Minister Xiao Jie, Vice Minister Shi Yaobin, and Hu Jinglin attended the conference and were related to “Fiscal Tax Reform and Financial Work”. The question answered questions from Chinese and foreign reporters.
Continue to implement tax reduction and fee reduction policies
The Minister of Finance said that the core of implementing the tax reduction and fee reduction policy is to use the subtraction of fiscal revenue in exchange for the addition of corporate benefits and the multiplication of market vitality. It is crucial to reduce the cost of institutional transactions, stimulate the vitality of market players, and improve the quality and efficiency of economic development.
Next, China will continue to reform and improve the value-added tax system. In line with the three-speed and two-step VAT rate, the tax rate will be adjusted reasonably to reduce the tax rates of industries such as manufacturing and transportation, and support the development of the real economy.
Increase support for small, medium and micro enterprises
At present, the Ministry of Finance mainly adopts a series of measures such as reducing the tax burden of enterprises and expanding the financing channels of enterprises, and actively supports and promotes the development of small, medium and micro enterprises. This year, the Ministry of Finance will innovate the institutional mechanisms and implement comprehensive policies to continue to create a favorable environment conducive to the development of small, medium and micro enterprises and entrepreneurial innovation.
This is mainly to harmonize the annual sales standards of small-scale taxpayers, greatly expand the scope of small and micro enterprises that enjoy a preferential policy of cutting income tax by half, so that more enterprises can benefit, and consider the related taxes on venture capital and angel investment. Preferential policies are implemented nationwide.
At the same time, the newly purchased equipment and equipment of less than 5 million yuan will be deducted before tax in a single year. If the above tax reduction policy is implemented, the annual tax reduction is expected to exceed 800 billion yuan. The Ministry of Finance will further clean up and standardize government funds, administrative fees, and operating service fees this year. It is expected that the reduction will be more than RMB 300 billion in the year.
The new tax reform that is regarded as the “U.S. Thirty Years Largest Tax Cut” has had a holistic impact on the U.S. economy and also has spillover effects on the world. Against the background of the global competitive tax cuts and the wave of global tax reform, it is imminent for China to accelerate the reform of the modern fiscal and taxation system. If the tax reform is successful, it will bring significant benefits to enterprises and the cost of the real economy will drastically under stimulate market players. The enthusiasm to reshape our country’s stronger global competitiveness.