Beijing, 3 Mar (ZXS) -- The executive meeting of China's State Council recently decided to continue and optimize the implementation of some phased preferential tax and fee policies to further stabilize expectations and strengthen confidence and ensure that enterprises enjoy the full benefits.
China's Ministry of Finance and the State Administration of Taxation successively announced a number of preferential tax policies on the 27th, involving pre-tax super-deduction for R&D expenses, income tax incentives for small and micro enterprises and individual industrial and commercial enterprises, urban land use tax incentives for logistics enterprises for bulk commodity storage facilities, and preferential employment security funds for the disabled.
The two departments announced that if the actual R&D expenses incurred by enterprises in carrying out R&D activities are not included in the profit or loss of the current period, on the basis of the actual deduction according to the regulations, from January 2023, 1, 1% of the actual amount will be deducted before tax; Intangible assets are amortized before tax at 100% of the cost of intangible assets from January 2023, 1.
From January 2023, 1 to December 1, 2024, the annual taxable income of small and micro-profit enterprises does not exceed 12 million yuan (RMB, the same below) will be reduced by 31% as taxable income, and enterprise income tax will be paid at a rate of 100%. Individual income tax will be levied on half on the basis of the current preferential policies for the portion of the annual taxable income of individual industrial and commercial enterprises not exceeding RMB 25 million.
From January 2023, 1 to December 1, 2027, urban land use tax will be levied at a reduced rate of 12% of the applicable tax standard for the applicable tax rate of the land class for logistics enterprises for bulk commodity storage facilities owned (including self-use and leasing) or leased.
The two departments also announced that from January 2023, 1 to December 1, 2027, the policy of reducing the payment of employment security funds for the disabled will continue to be implemented. Enterprises with less than 12 employees (inclusive) continue to be exempt from the employment security fund for the disabled.
The Tariff Commission of the State Council recently issued an announcement that from April 2023, 4 to December 1, 2023, the provisional import tax rate of zero for coal will continue to be implemented.
Including the above policies, it is expected that the annual burden reduction scale will reach more than 4800 billion yuan. Shi Zhengwen, director of the Finance and Taxation Law Research Center of China University of Political Science and Law, analyzed that the continuation of the implementation of the phased preferential tax policy reflects the "precision" of the policy. Under the current economic situation, it is particularly important to implement precise policies in combination with the characteristics of the industry and the actual needs of business entities.
Among them, the policy of increasing the pre-tax super-deduction ratio of R&D expenses of enterprises in eligible industries from 75% to 100% will be implemented as an institutional arrangement for a long time. Shi Wen said that this is of far-reaching significance for promoting enterprises to increase investment in research and development, solve the "stuck neck" technical problems, and continue to innovate.
Speaking of the preferential income tax policies for small and micro enterprises and individual industrial and commercial enterprises announced this time, Shi Zhengwen said that small and micro enterprises and individual industrial and commercial enterprises are currently facing many practical difficulties, and the continuation of the preferential tax policies can reduce the concerns of business entities, promote them to make longer-term business plans, and recover rapidly. (End)