Nowadays, the new VAT tax reduction policy has its ups and downs exceeding trillion yuan. Who benefits the most?2019-04-01 11:24:26 462 ℃
BEIJING, Apr. 1, CNN Client (Reporter Li Jinlei) China's largest tax category - VAT will face a huge tax reduction of more than trillion yuan. On April 1, the new VAT tax reduction policy officially came into being. As the main course and hard dish of this year's larger tax reduction, it will bring great benefits to enterprises and people. How to reduce taxes? Who benefits the most? Look at it together.
Taxpayer experience tax service. Zhejiang Provincial Tax Bureau's supply map
VAT trillion tax reduction officially opened
VAT is a kind of turnover tax levied on the basis of the value added generated by commodities (including taxable services) in the process of circulation. China introduced VAT system in 1979, and now VAT has become the largest tax category. In 2018, the income scale exceeded 6 trillion yuan.
On April 1, VAT ushered in a large-scale tax reduction. The main contents include four items: reducing tax rate, expanding deduction, withholding tax rebate and adding deduction. In terms of tax reduction,projects with a 16% tax rate are taxed at a 13% tax rate, mainly in manufacturing industries; projects with a 10% tax rate are taxed at a 9% tax rate, mainly in transportation, postal, construction, real estate, basic telecommunications services and agricultural products. For the first time,
included the purchase of domestic passenger transport services in the scope of deduction. For example, if you travel to get train tickets, airplane tickets, bus tickets and other tickets with passenger identity information, the unit can deduct them. At the same time, the income tax paid for real estate will be deducted in two years (60% in the first year and 40% in the second year), instead of a one-time full deduction.
In the aspect of retained tax rebate, retained tax rebate is extended to the whole industry. Taxpayers can refund their newly added retained tax rebate as long as they meet the requirements. The amount of tax withheld refers to the amount of tax withheld by taxpayers that is insufficient to offset the input tax but not fully deducted. Generally speaking, the amount of tax deduction retained before can only wait until the next deduction period of carry-over, but now it can be refunded, which can ease the pressure of enterprise capital occupation and directly increase the cash flow of enterprises.
In terms of accrual and deduction, deducts the tax payable by 10% of the input tax for taxpayers whose main business is postal, telecommunications, modern services and life services.
data map. Li Linshou
tax reduction scale is expected to exceed trillion yuan, manufacturing industry is the most profitable
"through the implementation of the above measures, to ensure that the tax burden of major industries is significantly reduced, to ensure that tax burden of some industries is reduced, and to ensure that tax burden of all industries is only reduced and not increased." Vice Minister of Finance Cheng Lihua said.
"The measures introduced in this VAT reform include not only reducing tax rates and expanding deductions, but also retaining tax rebates at the end of the system. Reducing tax rate is to reduce tax payment directly, and increasing deduction items is to reduce tax payment. Retaining tax rebate at the end of the period is to increase cash flow of enterprises and reduce financial expenses of enterprises. Wang Jianfan, Director of Tax Administration of the Ministry of Finance, said that the scale of tax reduction and burden reduction should exceed 1 trillion yuan when these measures are combined. Which industry benefited the most from the tax reduction of value-added tax
? It's not manufacturing.
This VAT reform focuses on manufacturing industry. The applicable tax rate of manufacturing industry will be reduced by 3 percentage points, which is one of the industries with the largest decline. The tax burden of manufacturing industry will be further reduced by a large margin. The manufacturing industry has the highest proportion of tax withholding at the end of the period, which will be the biggest beneficiary of this policy. Xiaoliang Yang, financial director of Sichuan Mustang Automobile Co., Ltd., said that the 16% VAT tax rate of manufacturing industry was reduced by 3 percentage points, initially calculating that the company could save more than 50 million yuan of tax a year, and the wallet was thick. The head of Zhuhai Federal Pharmaceutical Co., Ltd. said that this round of tax reduction is expected to reduce the company's value-added tax by nearly 5.5 million yuan and the corresponding additional tax fees in one year.
Information Diagram: Taxpayers explain tax-related matters for taxpayers. Wangwangju
consumers will also benefit. People's livelihood goods will come to a downward trend
VAT rate will be reduced, which not only benefits enterprises directly, but also the commodity price is expected to decrease due to the corresponding reduction of the tax contained in the commodity price.< p> Since April 1, a wave of price cuts for people's livelihood goods has come. Oil, electricity and natural gas prices have been lowered one after another, making ordinary people benefit from the tax cuts. < p > < p > < strong > Oil prices were lowered. With the value-added tax rate of refined oil reduced from 16% to 13%, the highest retail prices of domestic gasoline and diesel decreased by 225 yuan and 200 yuan per ton, respectively. According to the estimates of many analysts, 92% gasoline and 0.17% diesel oil are reduced by 0.18 yuan and 0.17 yuan per liter respectively. Oil prices have been lowered and travel costs have been reduced, which saves a lot of money for owners.
Gas Station Data Map. Cheng Chunyu, a journalist from China New Zealand. com,
electricity price adjustment. National Development and Reform Commission (NDRC) requires that after the VAT rate of power grid enterprises is adjusted from 16% to 13%, the reduction of tax-containing transmission and distribution prices of provincial power grid enterprises will be used to reduce the general industrial and commercial electricity prices. Reducing the price of electricity for Industry and Commerce will benefit not only industrial enterprises, but also commercial enterprises. Lowering electricity prices may benefit consumers and promote industrial development. The price of natural gas trans-provincial pipeline transportation and the price of natural gas benchmark stations are also being adjusted. The National Development and Reform Commission (NDRC) requests that when arranging the selling price of natural gas, the price authorities in various places should take into account the reduction of VAT rate as a whole, and earnestly transfer all the dividends of VAT reform to the benefit of users.
Natural gas base gate price refers to the "wholesale price" supplied by upstream natural gas suppliers to local gas companies. With the reduction of wholesale price, the price of residential gas will have room to fall. < p > < p > < strong > There has been a trend of price reduction in the automotive industry. FAW-Volkswagen brand price reduction, the highest price reduction of 8000 yuan. Mercedes-Benz, BMW, Volvo, Jaguar, Land Rover and other luxury car brands also cut their recommended retail prices, with a maximum reduction of 85,000 yuan.
It is expected that the retail price of more commodities will decrease. For example, when the VAT tax rate fell from 17% to 16% last year, the retail price of some mobile phones fell. Tax rates have fallen further to 13% this year, and retail prices for some mobile phones are expected to fall even more dramatically.
For example, according to the 16% VAT tax rate, the price of a mobile phone is 5000 yuan, then the tax-free price is 5000 yuan (1+16%)=4310 yuan. After the tax rate dropped from 16% to 13%, the latest reduction in retail prices was 4310 * (16% - 13%) = 129.3 yuan. (End)
Attachment: History and direction of VAT reform
Mapping: Ni Wenbing.Responsible Editor: Gao Nan
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