(Economic Observation) China's new tax cuts and fees in the first three quarters exceeded 2 trillion yuan

　　China News Service, Beijing, November 1st (Reporter Zhao Jianhua) The State Administration of Taxation of China announced on the 1st that in the first three quarters of 2020, a total of 20924 billion yuan (RMB, the same below) will be added to reduce taxes and fees across the country.

Among them, the tax and fee preferential policies introduced this year to support epidemic prevention and control and economic and social development added 1,365.9 billion yuan in tax and fee reductions. The policies introduced in the middle of last year added 726.5 billion yuan in tax and fee reductions this year.

　　Tax data shows that the industrial economy is recovering steadily, the private economy continues to lead, foreign trade companies are in a good situation, and household consumption is recovering well.

The tax and fee reduction policy has reduced the tax burden of enterprises and supported the rapid economic recovery.

　　According to Cai Zili, Director of the Revenue Planning and Accounting Department of the State Administration of Taxation, tax data shows that in the first three quarters of this year, the sales revenue of industrial enterprises nationwide fell by 0.9% year-on-year, and has basically returned to the same period last year. Among them, the third quarter increased by 9.2% year-on-year. The growth rate in the second quarter increased by 2.7 percentage points.

In terms of industry sectors, the recovery trend of the manufacturing industry was the best, with manufacturing sales revenue in the third quarter increasing by 10.5% year-on-year.

　　The recovery and development of the industrial economy is inseparable from the steady recovery of the manufacturing industry.

Most of the manufacturing enterprises are asset-heavy enterprises. The taxation department has implemented the value-added tax rebate policy to relieve the capital pressure of the enterprises in a timely manner, and at the same time coordinated with a series of policies such as the value-added tax reduction rate to help manufacturing enterprises accelerate the upgrade.

Yao Weidong, Chief Financial Officer of First Tractor Co., Ltd., located in Luoyang, Henan, said that the good tax refund policy is definitely a major benefit to the agricultural machinery production industry, and it provides strong financial support for product development and technological transformation. The taxation department handles the company in a timely manner. A total of 284 million yuan was used to offset the tax refund.

　　According to data from the State Administration of Taxation, in the first three quarters, the sales revenue of high-end equipment manufacturing across the country increased rapidly. The manufacturing of automobiles, special equipment, general equipment, instrumentation, and electrical machinery increased by 27.1%, 25.3%, 23.8%, 18% and 18% respectively. 17.5%.

At the same time, the national high-tech industry sales revenue increased by 12.6% year-on-year, 10.8 percentage points higher than the growth rate of all corporate sales revenue.

　　With the implementation of a series of tax and fee reduction policies, the vitality of private enterprises continues to increase.

Tax data shows that in the first three quarters of this year, the national private economy's sales revenue increased by 3.7% year-on-year, which was 1.9 percentage points higher than the growth rate of all corporate sales revenue. Among them, the third quarter increased by 14.8% year-on-year, and the private economy recovered faster.

　　In the first three quarters, the number of new taxpayers handling tax identification, receipt of invoices, and tax declarations across the country increased by 7.5% over the same period last year, of which the number of taxpayers in the third quarter increased by 26% year-on-year.

With the implementation of policies and measures to support enterprises to relieve difficulties and develop healthy development, the vitality of various market entities has been steadily restored.

　　While reducing taxes and fees, the tax department uses the tax big data platform to help export companies actively seek to transform into domestic sales.

Tax data shows that in the first three quarters, the domestic sales revenue of national export companies increased by 7.7% year-on-year, and the domestic market share of export companies increased from 12.2% in January to 13.8% in September.

　　Statistics from the State Administration of Taxation also show that in the first three quarters of this year, the national wholesale and retail sales revenue increased by 1% year-on-year.

Among them, the third quarter increased by 11.3% year-on-year, an increase of 1.7 percentage points from the second quarter.

The catering industry, which was most severely affected by the epidemic, also accelerated its recovery after the domestic epidemic was brought under control, with a year-on-year increase of 10.3% in the third quarter.

　　Cai Zili said that in the next step, the taxation department will make greater efforts to implement various tax reduction and fee reduction policies that benefit enterprises, and continue to optimize tax payment services, so that the "real money" of tax reduction and fee reduction will benefit the people. , To stimulate the vitality of various market entities, better serve the overall situation of "six stability" and "six guarantees", and help build a new development pattern.

(Finish)