East China’s Jiangsu province has continuously issued preferential policies for enterprises since the beginning of this year with the steady recovery of economic operation so as to have effectively reduce the burden on various business entities, continuously stimulated market vitality, and enhance the endogenous driving force of economic development.
Yangzhou Huaguang New Materials Co., Ltd., an enterprise engaged in the research and development, production and sales of automobile fuel plumbing, has kept close watch on the industry development trend by actively supporting new energy vehicles, and constantly expanding its application in the field of new energy vehicles so that new products and new technologies have promoted the company's performance growth and improved its development prospects.
“These innovative achievements cannot be separated from the support of funds. In the first and second quarters, we expect to enjoy a tax discount of 10 million yuan, which will enrich our cash flow and enable us to focus on R&D and production”, Chu Guodong, Office Director of Yangzhou Huaguang New Materials Co., Ltd., said.
“Through the analysis of big data, we sorted out the list of taxpayers who can enjoy tax incentives. Through the list, we provided targeted policy support for the market entities. We also worked closely with finance authority, the local branch of the People's Bank of China and some other departments to promote policy implementation”, Lu Rong, Chief of Collection Management Unit of Yangzhou Guangling District Taxation Bureau of State Taxation Administration, said.
The implementation of various preferential policies has effectively stimulated the vitality of the private economy. Statistics show that from January to April, the province added 51.73 billion yuan in new tax reductions and deferred tax refunds. Taxpayers of private economy, including private enterprises and self-employed households, reported tax reductions and deferred tax refunds of 38.36 billion yuan, accounting for over 70% of the total. The manufacturing and wholesale and retail industries enjoy the most tax reductions, accounting for 56.7% of the total.
Small and medium-sized enterprises have also fully enjoyed the policy dividend. Since 2023, the country has continued and optimized the implementation of tax and fee preferential policies in two batches, highlighting support for small and micro enterprises and self-employed businesses.
Taking the VAT exemption policy for small-scale taxpayers with monthly sales below 100 thousand yuan as an example, the province reported a tax reduction of 6.99 billion yuan from January to April, benefiting 1.638 million taxpayers.
The tax authorities have also continuously optimized tax services and further stimulated entrepreneurial enthusiasm.
Jiangyin Chengjiang Sub-District Tax Service Hall sets up a convenient console for self-employed businesses to pay taxes. Tax guidelines are posted above the computer screen to make it convenient for taxpayers to operate efficiently.
“I didn't know how to operate this tax payment platform before, but with this guide, it's much easier, more convenient, and clearer to operate”, Feng Da, Manager of a water and electricity installation service department, said.
“Since the launch of tax payment services, the number of self-employed businesses paying taxes online has increased from 70% to 80%, and the time spent on paying taxes has been reduced by 50% to 60%”, Zhou Yaran, Deputy Director of Jiangyin Chengjiang Taxation Branch.
Statistics show that from January to May, the province reported 401700 new business entities, a year-on-year increase of 21.47%, indicating a significant increase in market vitality.
