China Fiscal Policy Tender

Since the beginning of this year the proactive fiscal policy has taken the lead continuously improved its efficiency and paid more attention to precision and sustainability which has played an important role in keeping the economy operating within a reasonable range.Recently the State Council executive meeting issued a number of measures to implement the new combined tax and fee support policy the issuance and use of special bonds etc. and focus on increasing fiscal policy to support the real economy. Experts pointed out that relevant measures will effectively help the real economy cope with the impact of the external environment send positive signals to market players and promote the expansion of effective demand in Chinas economy.Steady and orderly implementation of tax and fee support policiesThe relevant person in charge of the Ministry of Finance recently introduced that the finance and taxation departments at all levels continue to accelerate the implementation of the retained tax refund policy and the task of large-scale retained tax refund centralized refund has been basically completed. Since the beginning of this year the cumulative tax refund has exceeded 2 trillion yuan.Statistics from the State Administration of Taxation show that as of July 20 the total new tax cuts and fee reductions and tax rebates and tax deferrals have exceeded 3 trillion yuan this year and 2000.5 billion yuan of value-added tax credits and refunds have been refunded to taxpayers accounts. More than three times the scale of tax rebates last year 507.4 billion yuan in new tax and fee reductions including 409.7 billion yuan in new tax cuts and 97.7 billion yuan in new fee reductions a total of 553.3 billion yuan in tax and fee deferrals.In order to increase fiscal policy support for the real economy and further consolidate the foundation for economic recovery China will introduce more tax and fee support policies. The executive meeting of the State Council held on August 19 made it clear that the remaining amount of value-added tax in the pension and childcare service industry will be refunded in one-time and monthly increments local six taxes and two fees will be reduced or exempted this year The implementation of the energy vehicle purchase tax policy will be postponed until the end of 2023 and an additional tax exemption of 100 billion yuan is expected the new energy vehicle consumption support policy will be maintained stable and the vehicle and vessel tax and consumption tax will continue to be exempted.The relevant person in charge of the Ministry of Finance stated that the stable and orderly implementation of the combined tax and fee support policy has played an important role in boosting the confidence of market players stabilizing market expectations expanding effective investment stimulating final consumption and promoting the steady and healthy development of the economy. In the next step the Ministry of Finance will increase policy publicity strictly prevent and control the risk of tax fraud fully release policy dividends stabilize the macroeconomic market and strive to achieve the expected goals of economic and social development throughout the