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Jingzhou: Tax and Fee Reductions Relieve Microenterprises of Financial Burdens
Updated: 2019-03-22 12:06:13

Currently, China’s economy is shifting from high-speed growth towardhigh-quality development. Promoting high-quality development is dependable onvarious policies that reduce taxes and fees for the real economy. Our municipalityare starting a wave of tax and fee reductions by implementing various relevant policies,enliven our economy, improve our business environment, and revitalize ourenterprises.

Hubei Chufeng Jianke Group is located in Jingzhou Hi-tech IndustrialDevelopment Zone. GreenNew Building Materials is a microenterprise with an independent legalperson under the Group. Before the tax and fee reduction policies were issued,the microenterprise paid over 100,000 yuan in taxes each year. The enterprisecould not expand its production capacity and increase product varieties due tothe problem of capital turnover until Jingzhou District Tax Bureau staff came andexplained the relevant reduction policies.

As a result, the taxes and fees paid by the enterprises decreased by60,000 yuan in 2018, nearly two-thirds of the original payment. The saved fundswere then invested in the development of the enterprises for the new year.

According to an estimate, Green New Building Materials should have paid over750,000 yuan in taxes in 2019, but only 250,000 yuan needs to be paid after thetax reductions. The remaining 500,000 yuan will be invested in new projects.

To implement the universal tax reductions and exemptions formicroenterprises, the Municipal Tax Bureau visited every qualified enterprisebefore the Lunar New Year. At present, over 33,000 enterprises have started todeclare their income taxes on a quarterly basis.

This new wave of universal tax and fee reductions for micro-enterprises inChina covers many types of taxes in the tax system, makes it easier for microenterprisesto obtain tax dividends through a simplified tax payment procedure, popularizesvarious tax and fee reduction policies for microenterprises, and ensurestaxpayers and contributors are able to enjoy the policy dividends.

In 2018, our municipality reduced taxes by morethan 4.6 billion yuan. In 2019, the State Council promulgated a new series oftax and fee reduction policies, covering the main tax categories, such as the VAT,enterprise income tax and individual income tax, as well as small taxes andfees, such as resource tax, urban construction tax, land use tax and educationsurcharges. The taxes and fees will be further reduced on last year. It istoughly estimated that the total tax reduction in 2019 is expected to reachabout 1.5 billion yuan, including local tax reductions nearing 800 million yuan.


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