The tax refund policies help enterprises overcome difficulties

Column:Latest News Time:2022-07-25

As an important part of the new combined tax and fee support policy this year, the implementation of large-scale VAT credit refund is a key measure to help enterprises overcome difficulties and stabilize the macro-economic market.

According to the policy arrangement, since April 1 this year, the scope of the policy on full monthly refund of incremental retained tax credits for VAT is extended to eligible small and micro enterprises and enterprises in six industries, including manufacturing, and one-time refund of retained tax credits for small and micro enterprises and manufacturing and other enterprises in six industries. That is, the stock and incremental retained tax credits of these enterprises are fully refunded at 100%.

The tax refund policy with "real money" for market entities to send "timely rain". Most of the beneficiary enterprises have used the tax refunds to increase the purchase of raw materials, investment and R&D expenditures, daily operating expenditures such as rent, utilities and salary expenditures, etc., which have effectively enhanced the development momentum.

In accordance with the relevant deployment of the State Council, on the basis of the implementation of the introduced policies, more industries will be implemented with tax refunds for both stock and incremental tax retention. Since July 1, seven industries, including wholesale and retail, accommodation and catering, have been included in the scope of the tax credit refund policy, allowing more market entities to enjoy the policy benefits.

With the expansion of the tax credit policy, people's livelihoods such as clothing, food, housing and transportation can further benefit, reflecting the country's determination to protect people's livelihoods, stabilize employment and stabilize market entities. For the seven industries, with many employed people and more affected by the pandemic, the expansion into the scope of tax refunds can effectively alleviate the financial pressure of enterprises in difficulty, make "blood transfusion" for market entities, and stimulate the business vitality of market entities.

The seven-industry expansion of the tax refund policy is expected to add 140 billion yuan of tax credit refunds, which to be processed centrally in July. " On the basis of fully respecting the taxpayers' wishes, the taxation authorities will strictly implement the work procedures of accepting tax refunds based on applications, further speed up the processing progress, let market entities enjoy the dividends as early as possible, and timely help enterprises to overcome difficulties and regain vitality. " said Xie Wen, the Director of Goods and Services Tax Department of State Taxation Administration.

Source from State taxation administration of the P.R.C.

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