To support local tax rebates, China's Ministry of Finance allocates another 400 billion yuan

　　China News Service, Beijing, May 27 (Reporter Zhao Jianhua) The Ministry of Finance of China announced on the 27th that it has issued the third batch of transfer payment funds of 400 billion yuan (RMB, the same below) to support grassroots implementation of tax cuts and fee reductions and key livelihoods in advance. .

　　According to the Ministry of Finance, the third batch of transfer payments is 400 billion yuan, including 315.785 billion yuan of special funds for the newly introduced tax rebate policy and 84.215 billion yuan of other special funds for tax rebates, tax reductions and fee reductions.

400 billion yuan will be used to support local governments to implement tax rebates and other tax and fee reduction policies, effectively make up for policy-related revenue reductions, ease the contradiction between fiscal revenue and expenditure, and promote the smooth operation of county and district finances.

　　The Ministry of Finance said that these funds are included in the 2023 budget, and the treasury funds will be allocated separately in 2022.

Provincial finance departments should allocate treasury funds to cities and counties in a timely manner in conjunction with the refund plan, fully guarantee the demand for tax refund funds, and ensure the operation of tax refund at the grassroots level;

　　This year, China implemented a new combined tax and fee support policy, and it is expected that the total amount of tax rebates for the year will be 2.64 trillion yuan.

As a result, some places are facing financial gaps, and the central government provides support.

In addition to normal transfer payments, the central government has specially arranged a total of 1.2 trillion yuan in transfer payments to support grassroots implementation of tax cuts and fee reductions and key livelihoods.

　　The first batch of special transfer payments of 400 billion yuan to support small and micro enterprises' tax rebates, and the second batch of 400 billion yuan of transfer payments to support grassroots implementation of tax cuts and fee reductions and key livelihoods. The Ministry of Finance issued them in March and April this year.

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