The state announced six major tax reduction measures to promote the real economy to reduce costs and increase the stamina

On April 19, Premier Li Keqiang presided over the State Council executive meeting and decided to introduce further tax reduction measures to continue to promote the real economy to reduce costs and increase the stamina; passed the "Public Library Law of the People's Republic of China (Draft)."
The meeting decided to further introduce the following tax reduction measures based on the measures to reduce the cost of 200 billion yuan in the first quarter:
First, continue to promote the reform of the camp and simplify the structure of the VAT rate. From July 1 this year, the VAT rate will be reduced from four to 17%, 11% and 6%, canceling the 13% tax rate; reducing the VAT rate for agricultural products and natural gas from 13% to 11 %. At the same time, the original deduction of the agricultural products purchased by the deep processing enterprises of agricultural products will remain unchanged, and the tax burden will be increased due to the reduction of the deduction of the input.
The second is to expand the scope of small and meager enterprises that enjoy corporate income tax benefits. From January 1, 2017 to December 31, 2019, the upper limit of the annual taxable income of small and small-profit enterprises will be raised from 300,000 yuan to 500,000 yuan, and the income of small and small-profit enterprises that meet this condition will be reduced by half. The amount is subject to corporate income tax at a preferential tax rate of 20%.
The third is to increase the pre-tax deduction ratio of research and development expenses for small and medium-sized enterprises. From January 1, 2017 to December 31, 2019, the proportion of R&D expenses actually incurred in the development of new technologies, new products, and new technologies for SMEs will be increased from 50% to 50%. 75%.
The fourth is to carry out pilot projects in eight comprehensive innovation reform pilot areas and Suzhou Industrial Park in Beijing, Tianjin, Hebei, Anhui, Anhui, Sichuan, Wuhan, Xi'an and Shenyang. From January 1 this year, investment in venture capital enterprises will be seeded. In the start-up period, the technology-based enterprises can enjoy the preferential policy of deducting the taxable income according to 70% of the investment amount; since July 1 this year, the investment subject who will enjoy this preferential policy is the corporate and partnership venture capital enterprise. The corporate partner has expanded to individual investors. The above incentives are also available for investments that occur within 2 years prior to the effective date of the policy.
Fifth, from July 1 this year, the pilot policy for pre-tax deduction of personal income tax on commercial health insurance will be pushed to the whole country. For individuals who purchase eligible commercial health insurance products, the pre-tax deduction will be allowed at a maximum of 2,400 yuan per year. .
Sixth, the partial tax incentives due at the end of 2016 will be extended to the end of 2019, including: levying urban land use tax on half of the land used for logistics enterprises' own commodity storage facilities; exempting the interest income of microfinance loans for financial institutions VAT, and extend this preferential policy to all lawful and compliant microfinance companies; for the employment of key graduates such as college graduates, employment difficulties, retired soldiers, etc., deducting value-added tax and urban maintenance and construction according to regulations Taxes, education surcharges, and personal (enterprise) income taxes.
After all the above-mentioned six measures have been put in place, and the comprehensive implementation of the camp reform and increase pilots in the first four months of this year, it is expected that the tax burden of various market entities will be reduced by more than 380 billion yuan. The meeting requested that relevant parties should put the above-mentioned tax reduction measures in place as soon as possible, and they need to file with the NPC Standing Committee for record keeping, and demonstrate the introduction of further fee reduction measures.
The meeting pointed out that the development of the public library business is an important part of improving the public cultural service system. It can promote reading for the whole people, better meet the spiritual and cultural needs of the masses, improve the scientific and cultural quality of the whole society, and help the construction of innovative countries and learning-oriented society. And promote the achievements of human civilization including the traditional Chinese culture. The meeting adopted the "Public Library Law of the People's Republic of China (Draft)". The draft clarifies the government's responsibility to strengthen the construction of public libraries and encourages the participation of social forces. It also stipulates the operation and management system of public libraries, the service functions that should be undertaken, and the strengthening of digital resources construction and online and offline integration. The meeting decided to submit the draft to the Standing Committee of the National People's Congress for deliberation.

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