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up to date! During the epidemic, 8 new fiscal and tax policies that corporate financers must know

TIME:2020-09-30 SOURCE:admin VIEWS:179 times

After the outbreak, various national ministries and commissions, as well as all provinces and cities, have introduced a series of new fiscal and taxation policies to support epidemic prevention and support the resumption of work of enterprises. The following new fiscal and taxation policies require corporate finance to know.

1. Relevant policies on collection and management

1. Extend the tax declaration period

For taxpayers and withholding agents who declare monthly, the statutory tax declaration deadline for February 2020 will be extended nationwide to February 24; Hubei and other severely affected areas can be extended appropriately depending on the situation. The specific time will be determined by the province. The tax bureau determines and reports to the State Administration of Taxation for the record; taxpayers and withholding agents who are affected by the epidemic and still have difficulties in processing after the extension of the tax declaration period in February 2020 can apply for further extension according to law.

At the same time, local tax authorities must take corresponding measures in advance to ensure that after the extension of the tax declaration period, taxpayers’ tax control equipment can be used normally and VAT invoices can be used and issued normally.

2. Carry out “non-contact” tax payment service

Local tax authorities actively guide taxation services through electronic tax bureaus, mobile apps, and self-service tax terminals, and strive to achieve more than 95% of corporate taxpayers and payers online declaration. Vigorously encourage taxpayers to use “online application, mail delivery” or self-service terminal processing methods to obtain and issue invoices on their behalf. For those who really need to go to the tax payment service place to handle business, the tax authority has set up an active appointment service to facilitate taxpayers and payers to handle the wrong peak in batches at the later stage of the collection period, and do everything possible to reduce the risk of epidemic transmission.

2. Tax incentives for imported epidemic prevention and control materials

1. Imported materials donated for epidemic prevention and control are exempted from import duties, import value-added taxes, and consumption taxes.

The scope of tax exemption is increased by relevant domestic government departments, enterprises and institutions, social organizations, individuals and foreign citizens who come to China or are in China imported from overseas or special customs supervision areas and donated directly; domestic processing trade enterprises donate. Donated materials should be directly used for epidemic prevention and control reagents, disinfection items, protective equipment, ambulances, anti-epidemic vehicles, disinfection vehicles, emergency command vehicles or items within the scope of the “Interim Measures for the Exemption of Import Taxes on Charitable Donated Materials”.

The recipient adds the provincial civil affairs department or its designated unit. The provincial civil affairs department will send a letter to the local customs and provincial tax authorities of the designated units.

Imported materials donated by the recipient without a clear recipient, from the China Red Cross Society, All-China Women’s Federation, China Disabled Persons’ Federation, China Charity Federation, China Primary Health Care Foundation, China Soong Ching Ling Foundation or China Cancer Fund Will be accepted as a recipient.

2. Exemption of tariffs on materials imported directly used for epidemic prevention and control organized by the health authority.

Imported materials should be reagents, disinfection items, protective equipment, ambulances, anti-epidemic vehicles, disinfection vehicles, emergency command vehicles, or items within the scope of the “Interim Measures for the Exemption of Import Taxes on Charitable Donated Materials”.

3. Medical personnel and epidemic prevention workers participating in epidemic prevention and control work are exempt from individual tax

The temporary work subsidies and bonuses obtained by medical personnel and epidemic prevention workers participating in epidemic prevention and control work in accordance with the standards set by the government shall be exempt from personal income tax. Government-regulated standards include subsidies and bonus standards set by governments at all levels.

The temporary work subsidies and bonuses provided by the people’s governments at or above the provincial level for personnel participating in epidemic prevention and control shall be implemented mutatis mutandis.

4. Exemption of individual tax on medical supplies issued by units

The medicines, medical supplies, and protective supplies (not including cash) issued to individuals by units to prevent pneumonia caused by the new coronavirus are not included in wages and salary income and are exempt from personal income tax.

5. Tax incentives to support enterprise development

1. Tax incentives for enterprises producing key guarantee materials for epidemic prevention and control

(1) The relevant equipment newly purchased by the key guarantee material production enterprises for epidemic prevention and control to expand production capacity is allowed to be included in the current cost and deducted before the corporate income tax.

(2) Production enterprises of key protection materials for epidemic prevention and control can apply to the competent tax authority for the full refund of incremental value-added tax credits on a monthly basis. Incremental retained tax credit refers to the newly increased amount of retained tax at the end of the period compared with the end of December 2019.

The list of key guarantee material production enterprises for epidemic prevention and control shall be determined by the development and reform departments at the provincial level and above, and the industry and information departments.

2. Taxpayers’ income from transportation of key protection materials for epidemic prevention and control is exempt from value-added tax.

The specific scope of key guarantee materials for epidemic prevention and control shall be determined by the National Development and Reform Commission and the Ministry of Industry and Information Technology.

3. The longest carry-over period for losses incurred by enterprises in difficult industries that are more affected by the epidemic in 2020 will be extended from 5 years to 8 years.

Enterprises in difficult industries include transportation, catering, accommodation, and tourism (referring to travel agencies and related services, and management of scenic spots). The specific judgment standards shall be implemented in accordance with the current “Classification of National Economic Industries”. The main business income of enterprises in difficult industries in 2020 must account for more than 50% of the total income (excluding non-taxable income and investment income).

4. The income derived from the provision of public transportation services, daily life services, and the express delivery service of necessary living materials for residents is exempt from value-added tax.

The specific scope of public transportation services, daily life services, and express delivery services shall be implemented in accordance with the “Regulations on Issues Related to the Pilot Program of Changing Business Tax to Value-Added Tax” (Published and issued by Caishui [2016] No. 36).

6. Tax incentives for donations

1. Cash and articles donated by enterprises and individuals are allowed to be fully deducted before income tax.

(1) Enterprises and individuals donate cash and goods to respond to the pneumonia epidemic caused by the new coronavirus through public welfare social organizations or people’s governments at or above the county level and their departments, and allow the full amount of taxable income to be calculated deduction.

(2) It is worthy of everyone’s attention that the items donated by enterprises and individuals directly to hospitals undertaking epidemic prevention and control tasks to deal with the pneumonia epidemic caused by the new coronavirus infection are allowed to be deducted in full when calculating the taxable income.

Donors shall handle pre-tax deductions with the donation acceptance letter issued by the hospital undertaking epidemic prevention and control tasks.

2. Units and individual industrial and commercial households donating goods are exempt from value-added tax, consumption tax, urban maintenance and construction tax, education surcharge, and local education surcharge.

Units and individual industrial and commercial households use self-produced, entrusted processing or purchase of goods through public welfare social organizations and people’s governments at or above the county level and their departments and other state agencies, or directly to hospitals that undertake epidemic prevention and control tasks, and donate free of charge to respond to new types Pneumonia caused by the coronavirus is exempt from value-added tax, consumption tax, urban maintenance and construction tax, education surcharge, and local education surcharge.

7. During the period of epidemic prevention and control, some administrative fees and government funds are exempted

1. For the prevention and control products related to the new coronavirus (2019-nCoV) that enter the medical device emergency approval process, the medical device product registration fee is exempt; for the special approval process for entering the drug, the treatment and prevention of the new coronavirus (2019-nCoV) ) Drugs infected with pneumonia are exempt from drug registration fees.

2. Exempt from the civil aviation development fund payable by airlines.

8. Important policies of governments at all levels to promote the healthy development of enterprises in response to the epidemic

In order to conscientiously implement the deployment of the Party Central Committee and the State Council on the prevention and control of pneumonia caused by the new coronavirus infection, effectively strengthen the construction of prevention and control capabilities, solve the difficulties in enterprise production and operation, promote the smooth and orderly operation of cities, and better serve the lives of citizens, governments at all levels Relevant work measures have been formulated. Taxation personnel should learn about the important measures of the local government, especially the development support measures for small, medium and micro enterprises.

For example: “Measures for Further Supporting the Prevention and Control of the Novel Coronavirus Pneumonia Epidemic by the General Office of the Beijing Municipal People’s Government” (Jingzheng Banfa [2020] No. 5) provides investment subsidies or loan discounts and delays to enterprises Pay social insurance, eligible companies to give unemployment insurance premium refunds, encourage large commercial buildings and shopping malls to moderately reduce rents during the immune period for small and medium tenants.

For example, Zhejiang Province’s “Opinions on Supporting Small and Micro Enterprises to Overcome the Dilemma of the “New Coronavirus”” lists 17 policies that support small and micro enterprises to tide over the crisis.

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