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The State Council executive meeting decided to deepen the reform of value-added tax

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Core Tip: Premier Li Keqiang chaired a State Council executive meeting to determine measures to deepen VAT reform. Since May 1st, the value-added tax rate of manufacturing has decreased from 17% to 16%.

The original title was: Li Keqiang chaired a State Council executive meeting to determine measures to deepen the VAT reform to further reduce the tax burden of market participants, decided to set up a national financing guarantee fund to ease the financing difficulties of small and micro enterprises and "agriculture, rural areas and farmers". He listened to the progress report of the State Council's institutional reform to ensure that the reorganization of the functions of the institutions was carried out according to Discuss and adopt the working rules of the State Council (Revised Draft).


Li Keqiang, Premier of the State Council, chaired a State Council executive meeting on March 28 to determine measures to deepen the reform of VAT and further reduce the tax burden on market participants; to set up a national financing guarantee fund to promote the mitigation of financing difficulties for small and micro enterprises and "agriculture, rural areas and farmers"; to listen to the progress report of the State Council's institutional reform to ensure opportunities Structural reorganization and functional adjustment are in place on time; the working rules of the State Council (Revised Draft) are discussed and approved.


The meeting pointed out that over the past five years, the accumulated tax reduction has been reduced by 2 trillion and 100 billion yuan. According to the plan of the CPC Central Committee and the State Council, in order to further improve the tax system, support the development of the manufacturing industry, small and micro enterprises and other real economy, and continue to reduce the burden on the market, the meeting decided that from May 1, 2008, the first step is to reduce the VAT rate of the manufacturing industry from 17% to 16%, and the transportation, construction and basic telecommunications services. The value added tax rate of goods such as industry and agricultural products decreased from 11% to 10%, with a reduction of 240 billion yuan in the whole year. The two is to standardize the standard of small-scale taxpayers. The annual sales Standard of small-scale taxpayers for industrial and commercial enterprises will be raised from 500,000 yuan and 800,000 yuan to 5,000,000 yuan, and enterprises registered as ordinary taxpayers will be allowed to be registered as small-scale taxpayers within a certain period of time, so that more enterprises will enjoy the preference of tax at a lower rate. Thirdly, enterprises that meet the requirements of modern service industries, such as equipment manufacturing and R&D, and power grid enterprises that have not been deducted in a certain period of time shall be refunded in one lump sum. Implementing the above three measures will reduce the tax burden of the main body of the market by more than 400 billion yuan throughout the year, and both domestic and foreign enterprises will benefit equally.


The meeting pointed out that over the past five years, the accumulated tax reduction has been reduced by 2 trillion and 100 billion yuan. According to the plan of the CPC Central Committee and the State Council, in order to further improve the tax system, support the development of the manufacturing industry, small and micro enterprises and other real economy, and continue to reduce the burden on the market, the meeting decided that from May 1, 2008, the first step is to reduce the VAT rate of the manufacturing industry from 17% to 16%, and the transportation, construction and basic telecommunications services. The value added tax rate of goods such as industry and agricultural products decreased from 11% to 10%, with a reduction of 240 billion yuan in the whole year. The two is to standardize the standard of small-scale taxpayers. The annual sales Standard of small-scale taxpayers for industrial and commercial enterprises will be raised from 500,000 yuan and 800,000 yuan to 5,000,000 yuan, and enterprises registered as ordinary taxpayers will be allowed to be registered as small-scale taxpayers within a certain period of time, so that more enterprises will enjoy the preference of tax at a lower rate. Thirdly, enterprises that meet the requirements of modern service industries, such as equipment manufacturing and R&D, and power grid enterprises that have not been deducted in a certain period of time shall be refunded in one lump sum. Implementing the above three measures will reduce the tax burden of the main body of the market by more than 400 billion yuan throughout the year, and both domestic and foreign enterprises will benefit equally.


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