2022/01/26
China added about 1.1 trillion yuan in tax cuts and fee reductions last year, a decrease of 56% from the 2.5 trillion yuan in 2020, of which more than 210 billion yuan of taxes and fees were deferred for the small and medium-sized enterprises in the manufacturing industry, and 27.1 billion yuan was retained to coal power and heating enterprises, according to official data.
In order to boost enterprises’ confidence, the government will strengthen the stimulus policy of tax cuts and fee reduction based on the effects of existing policies, including speeding up the progress of export tax rebates. Micro-enterprises, R&D and manufacturing industry will especially benefit this year, State Administration of Taxation (SAT) elaborated upon such policy arrangement at a press conference. The ideas come against a backdrop of growing concern about the nation’s economic slowdown.
China’s tax revenue last year accounted for 15.1 percent of GDP, down 0.1 percentage point year on year. Officials always stressed that the effects of tax cuts and fee reduction, also the primary anticipation for government macro policies, are found to be the most direct measures relieving the burden on enterprises after recent years' practice. However, the fiscal revenue increased by more than 10% last year, exceeding expectations, while fiscal expenditure rose only slightly by 0.3% year-on-year. According to "Bloomberg" statistics, the growth rate was the slowest in at least 18 years.
Standard Chartered’s economist believes the tightening of fiscal policies and reducing investment in the economy had affected the growth of China’s economy by no less than 1.5 percentage points, resulting in a slowdown in the second half of the year, which will push Beijing to further increase the strength of tax reimbursement this year but may weaken the fiscal resources of local governments.
國家稅務總局公布，內地去年新增減稅降費約1.1萬億元人民幣，較2020年的2.5萬億元人民幣，新增規模減少五成六。去年為製造業中小微企，緩繳稅費逾2,100億元人民幣，涉及煤電和供熱企業有271億元人民幣。
內地經濟面臨下行壓力，為了提升企業的信心，國家稅務總局表示，今年會加大政策的力度和規模，包括加快出口退稅的進度，並重點支持中小微企和製造業等發展。
內地去年稅收收入佔國內生產總值百分之15.1，按年下跌0.1個百分點，減輕企業負擔。但內地去年財政收入增長逾一成，超出預期，同時財政支出按年僅微升百分之0.3，《彭博》統計顯示，增速至少創十八年來最慢。
渣打經濟師認為，反映內地收緊財政政策，減少投放實體經濟，影響內地經濟增長不少於1.5個百分點，導致下半年經濟減速，但相信今年中央會轉為加大投放。
Comments