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Ministry of Finance: expected to launch new tax and fee reduction measures to consolidate and expand the effect of tax and fee reduction

来源: 21世纪经济报道 2019-12-30 09:49:08 | Source: 21st Century Business Herald

The meeting pointed out that in 2020, a proactive fiscal policy should vigorously improve quality and efficiency, pay more attention to structural adjustment, and work from both the "quality" and "quantity" aspects.

From December 26 to 27, the National Financial Work Conference was held in Beijing to summarize the financial work in 2019 and study and deploy the financial work in 2020. Secretary of the Party Committee and Minister Liu Kun of the Ministry of Finance made a work report.

Facing the complex situation of rising risks and challenges at home and abroad, fiscal work in 2020 will implement the deployment of the Central Economic Work Conference, closely follow the goal of building a well-off society in an all-round way, adhere to the main line of supply-side structural reform, and adhere to the drive of reform and opening up. Promote high-quality development, resolutely win the three major offensive battles, do a good job of the "six stability", make overall plans to promote stable growth, promote reform, adjust the structure, benefit the people's livelihood, prevent risks, and maintain stability.

The meeting pointed out that in 2020, a proactive fiscal policy must vigorously improve quality and efficiency, pay more attention to structural adjustment, consolidate and expand the effect of tax reduction and fee reduction; conscientiously implement the principle of "receiving expenditures to settle expenditures", increase the optimization of fiscal expenditure structure, and adhere to the government Live a tight schedule and earnestly maintain pressure; make good use of local government special bonds, regulate local government debt financing activities, and prevent and resolve local government hidden debt risks.

Several analysts interviewed by 21st Century Business Herald reporters said that the proactive fiscal policy will continue in 2020. Under the background of economic downward pressure, consolidation and expansion of tax and fee reduction effects, fiscal revenue is expected to continue to grow at a low rate in 2020 Situation, the deficit rate may be appropriately raised (deficit rate in 2019 is 2.8%).

Expected to introduce new tax and fee reduction measures

Liu Kun said that in 2020, proactive fiscal policy should vigorously improve quality and efficiency. The so-called "improving quality and increasing efficiency" is reflected in the need to further tap the potential of fiscal policy and continuously improve the accuracy and effectiveness of the policy. Tax and fee reductions are the most important manifestation of proactive fiscal policy. Fiscal transfer of more resources to market entities is also a way of expanding expenditures. We must resolutely reduce the tax reduction and the fee reduction.

The biggest bright spot of the proactive fiscal policy in 2019 is the large-scale tax and fee reduction. The latest data show that the nation ’s tax and fee reductions in the first 10 months were about 1.97 trillion yuan. The scale of tax cuts for the whole year will exceed 2 trillion, and the tax reduction is stronger than expected.

Judging from the feedback from enterprises and the public, the tax and fee reduction policy has achieved better results, and market participants have a higher sense of satisfaction and satisfaction. According to estimates from the taxation department, tax and fee reductions contributed to a 0.8 percentage point increase in GDP for the year, a 0.5 percentage point increase in fixed asset investment, and a 1.1 percentage point increase in total retail sales of consumer goods. As the policy has a certain time lag, the effect of tax and fee reduction policies will continue to appear.

Liu Kun pointed out that China's tax and fee reductions are institutional and continuous. After years of implementation, the cumulative effect is very large, and corporate burden reduction will become more and more obvious. In 2020, it is necessary to consolidate and expand the effect of tax and fee reduction. Focusing on promoting high-quality development, encouraging scientific and technological innovation, attracting high-end talents, and promoting export growth, etc., next year will continue to study and improve relevant tax policies.

Tax cuts are expected to continue. For example, on October 16 this year, the executive meeting of the State Council made clear that it is necessary to study the increase of the deduction ratio for R & D expenses in key manufacturing industries.

Yang Zhiyong, deputy dean of the Academy of Economics and Strategy of the Chinese Academy of Social Sciences, told a reporter from the 21st Century Business Herald that in 2017, 2018, and 2019 three years of continuous implementation of tax and fee reduction policies have reduced the burden on taxpayers. Played an important role in stabilizing the economy. In 2019, it is expected that the scale of tax and fee reductions exceeding 2.3 trillion yuan will benefit society significantly. The basic trend of China's stable economy and long-term improvement has not changed, but the complex economic situation at home and abroad has determined the need for the implementation of a proactive fiscal policy.

Yang Zhiyong also pointed out that the existing tax and fee reduction policies have brought severe challenges to fiscal revenue. Many local governments have great pressure on fiscal revenue, and the introduction of new large-scale tax and fee reduction policies must be cautious. The 2020 tax and fee reduction policy needs to be discussed in detail. It should also be combined with supply-side structural reforms, such as lowering tariffs and further increasing the level of opening up.

The government is having a hard time

The meeting emphasized that in 2020, we will resolutely implement the requirements of a tight schedule, open source and reduce expenditures, increase revenue and expenditure, be careful about calculations, adhere to simplicity, avoid flashy, and do everything economically. Further clarify the priority direction of fiscal expenditure and increase the intensity of structural adjustment. General expenditures must be vigorously reduced, unnecessary project expenditures must be resolutely cancelled, and new project expenditures must be strictly controlled. In principle, new expenditures should not be opened.

Reducing taxes and fees while reducing the burden on enterprises, has also increased the pressure on fiscal balance. In the first 11 months of this year, the national general public budget revenue increased by 3.8%, which was lower than the expected growth rate of 5% at the beginning of the year.

In a recent report to the Standing Committee of the National People's Congress, Liu Kun pointed out that from the current point of view, it is expected that local fiscal revenues may experience large short-term revenues this year; the central fiscal revenues can basically complete the budget. Changes will be balanced by saving non-emergency expenses.

Because local governments did not fully predict the scale of tax and fee reductions in 2019 when preparing the budget for the beginning of the year, more and more provinces have already reduced the budget scale for 2019 in accordance with the law, including Chongqing, Jilin, and Beijing.

One of the four major principles to be grasped for fiscal work in 2020 is to set expenditures and make efforts. "Do what we can do" also appears in the deployment of the National Development and Reform Working Conference. In 2020, we must do our best to combine our ability with our ability.

Wang Zecai, a researcher at the Chinese Academy of Financial Sciences, told a reporter from the 21st Century Business Herald that global economic growth has continued to slow, and that China's economy is facing downward pressure. It may become normal for fiscal revenue to remain low. The government needs to establish a long-term, tight schedule, reducing general expenses and unnecessary expenses.

Luo Zhiheng, chief macro researcher of the Evergrande Research Institute, told a reporter of the 21st Century Business Herald that in the case of limited fiscal revenue growth in 2020, it is necessary to increase counter-cyclical adjustments, increase investment in infrastructure construction, and promote structural Reform, safeguarding key people's livelihoods, etc. To achieve the balance of multiple goals in finance, we need to do our best, and the general expenditures left to the government itself will be relatively limited.

Active fiscal policy must improve quality and efficiency

The meeting pointed out that in 2020, a proactive fiscal policy should vigorously improve quality and efficiency, pay more attention to structural adjustment, and work from both the "quality" and "quantity" aspects.

The major tasks of fiscal 2020 include support to win the three major battles, promote innovative development and industrial upgrading, implement the strategy of rural revitalization, promote coordinated regional development, guarantee and improve people's livelihood.

More specifically, it includes promoting industrial transformation and upgrading, supporting the development of new energy vehicles; supporting technological innovation, improving and encouraging the support of basic research and original innovation systems and mechanisms; supporting the development of small and medium-sized enterprises, and doing a good job of cleaning up the arrears of private enterprises and small and medium-sized enterprises Taking employment stabilization as the top priority, and giving outstanding support to the employment of key groups such as college graduates and veterans.

Liu Kun said that next year we should make good use of special bonds of local governments, adhere to the "funds follow the project", optimize the structure of bond investment, implement policies such as expanding the use of special bonds, and expand effective investment as soon as possible to form an effective economic pull.

Yang Zhiyong said that in order to vigorously improve the quality and efficiency of active fiscal policy, it is necessary to maintain a certain degree of policy expansion. The fiscal deficit rate in 2020 can be increased appropriately. In order to actively improve the quality and efficiency of active fiscal policy, it is necessary to further unblock the transmission mechanism of the policy and increase the fiscal expenditure multiplier.

"In the context of this year's large-scale tax and fee reduction, fiscal revenue is expected to remain around 4%. The central and local governments will greatly increase non-tax revenue by increasing the payment of state-owned enterprises' profits. Non-tax revenue will continue to increase significantly next year. Space is limited. To maintain a relatively low growth in fiscal revenue, active fiscal policy also needs to maintain a certain degree of expansion, do a good job of the three major challenges, strengthen infrastructure construction, and protect people's livelihood. The deficit rate next year can be moderately increased. "Wang Zecai said.

Wang Zecai also said that for active fiscal policy to improve quality and efficiency, it is important to strengthen performance management and maximize the benefits of fiscal funds. The “zero-based budget” developed by Ningbo is a useful exploration.

Luo Zhiheng said that the deficit rate this year is 2.8%, and the deficit rate may increase in 2020, possibly to 3%. The local newly added special debt is 2.15 trillion yuan, and it may reach 3 trillion yuan next year.

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