policies of the state council in the scio 12 routine briefing, deputy finance minister said xu hongcai, on the whole, the current implementation of financial fund direct mechanism and steadily push forward tax cuts jiangfei related work, group work orderly and effective, the policy effect is gradually revealed, to reduce the financial burden on enterprises, activate market main body, improve people's livelihood, steady economic growth has played a key role.
by the end of october, 1.7 trillion yuan of direct funds from the central government had been basically allocated, and 1.198 trillion yuan had actually been spent by local governments.
xu hongcai said that the specific effect is reflected in the following aspects: first, the funds are distributed more quickly, the efficiency of capital operation is significantly improved. the ministry of finance quickly allocated funds and quickly set up a monitoring system, so that all regions and departments will directly transfer funds to the city and county level in a relatively short time. second, funds will be invested more accurately, and the effectiveness of policies to benefit enterprises and the people has been significantly improved. funds have played a positive role in supporting the reduction of taxes and fees, ensuring people's employment, ensuring the basic livelihood of the people, and ensuring market entities. third, capital supervision has become stricter, and the standardization of capital use has been significantly improved.
cai zili, director of the revenue planning and accounting department of the state administration of taxation, said that in the first three quarters of this year, a total of 2.092.4 trillion yuan of new tax cuts were made nationwide, including 73.79 billion yuan in new tax cuts and 1,354.5 billion yuan in new fees. since the beginning of this year, the government work report has set the target of reducing corporate burdens by more than 2.5 trillion yuan for the whole year, and the results of these policies are mainly reflected in the following:
"a reduction" means that the burden on market entities continues to fall. in the first three quarters of this year, the tax burden on key tax source enterprises per 100 yuan of operating income fell by 0.63 yuan, or 9.4%.
"two increases" : first, the vitality of market players has been enhanced. in the third quarter of this year, the number of new market players handling tax-related matters in tax authorities increased by 24.5 percent year-on-year. second, business efficiency of enterprises was enhanced. in the third quarter of this year, the total profits of key tax source companies in china rose 4.9% year-on-year, 8.1 percentage points higher than the second quarter.
"three stability" : first, employment steadily picked up. since the beginning of this year, periodic reductions in social insurance premiums and continued reductions in social security premiums have been implemented. this policy, added to last year's individual income tax cut, has reduced labor costs for enterprises and provided strong support for ensuring employment. second, business investment has steadily resumed. in the first three quarters of this year, the investment in new fixed assets of key tax source enterprises increased by 1.5% year on year, and registered a positive growth for the first time this year. the 330,000 enterprises enjoying the policy of additional deduction for r&d expenses and the amount of high-tech equipment and services purchased increased by 15.8% year on year. third, development expectations are steadily improving. a survey of 20,000 enterprises conducted by the state administration of taxation showed that 68.6 percent of them expected a positive development in the fourth quarter, up 15.9 percentage points from the end of the first half.
source: ministry of finance, prc