In 2021, Jiangsu will cut taxes and fees by more than 100 billion yuan

2022-04-23 0 By

More than 100 billion yuan of tax and fee reductions were added, and the sales of enterprises issued invoices increased by nearly 20%. More than 1.36 million tax-related market entities were opened……Recently, the tax data released by jiangsu Taxation Bureau of the State Administration of Taxation reflects that in 2021, the economy of the whole province will recover stably and make progress steadily, and the “14th Five-Year Plan” will get off to a good start.Tax and fee cuts continued to increase, ensuring steady economic performance.Enterprises “reduce burdens” and the economy “increase efficiency”.In 2021, Jiangsu made a combination of tax and fee reduction and tax and fee reduction, with an additional tax reduction and fee reduction of 108.77 billion yuan, special tax deferment for small and medium-sized manufacturing enterprises of 20.12 billion yuan, tax deferment for coal and electricity enterprises of 950 million yuan, and export tax rebate of 204.36 billion yuan.Light burden, confidence, the pace of enterprise development subsequently accelerated.In 2021, enterprises in the province achieved invoicing sales of 41.4 trillion yuan, up 19.6% year on year, and a two-year average increase of 12.8% compared with the same period in 2019.The policy of cutting taxes and fees has also encouraged market entities to start businesses and make innovations.Data showed that 1.363m tax-related market entities were newly opened in the whole province, up 21.5% year on year.Manufacturing enterprises are resilient, and industrial production is stable and orderly.Jiangsu manufacturing cluster has large scale and wide industry coverage.With the stabilizing release of market demand and the continuous emergence of the promotion effect of tax and fee reduction policies, the overall production of the real economy of the province, represented by industry, continues to show a positive trend.In 2021, the province’s industrial invoice sales increased by 21.4% year-on-year, and the two-year average growth rate was 12.5%.Among them, manufacturing invoicing sales reached 16.9 trillion yuan, up 21.6% year on year, accounting for 40.7% of the province’s invoicing sales from 40.0% last year, and making incremental contribution to the province’s invoicing sales of 44.0%.Equipment manufacturing, the leading industry in Jiangsu, continued to maintain its advantages, with billing sales increasing by 22.3% year on year, becoming one of the main driving forces for growth.Technology companies are enjoying strong momentum, and the driving force of innovation is growing.As a result, high-tech enterprises and technology-based enterprises have benefited from the increase in the proportion of additional deductions for r&d expenses and preferential treatment in advance, as well as various tax and fee preferences in support of scientific and technological innovation.The 49,500 enterprises in the province benefited from the advance payment of corporate income tax in the third quarter of 2021, with a total of 157.06 billion yuan of additional deductions declared, among which 31,500 manufacturing enterprises received 128.07 billion yuan of additional deductions, accounting for 81.7% of the total additional deductions.In 2021, the r&d investment of 8,640 key tax source enterprises in the province was 149.71 billion yuan, up 17.2% year on year;The r&d investment of the first two batches of state-level “specialized and innovative” enterprises increased by 24.6 percent year-on-year.The digital economy enjoys robust production and sales, and industrial upgrading is proceeding steadily.With the further acceleration of enterprise innovation development and digital upgrading, the integrated development of innovation chain and industrial chain in the province presents a good quality, and the trend of stable economic growth and enhanced kinetic energy is more obvious.Data show that in 2021, the purchase of digital products in the province increased by 21.9% year-on-year, 5.0 percentage points higher than the previous year;The invoicing sales of high-tech industry and digital economy core industry in the province increased by 22.8% year on year, higher than the average level of the province. The total realized sales accounted for 15.3% of the province’s sales from 14.8% last year.Sales in the service sector picked up and consumer confidence improved.In terms of full-year service invoicing data, the year-on-year growth was 18.2 percent, and the two-year average growth was 12.8 percent compared with 2019.The rapid growth of sales revenue in industries closely related to people’s lives is supported by residents’ confidence in economic “upside”.Last year, the sales of accommodation and catering industry, which was greatly affected by the epidemic, increased by 28.7% year on year, achieving recovery growth.Wholesale and retail sales grew by 23.5% year-on-year, with an average growth of 14.1% in two years. Among them, food and beverage, textile and clothing retail sales grew by 26.6% and 25.7% year-on-year respectively, with an average growth of 22.0% and 19.3% in two years. Consumption of household appliances and communication equipment grew by 14.2% year-on-year, with an average growth of 10.7% in two years.In the next step, Jiangsu tax department will further deepen the reform of tax collection and management, high-quality promotion of tax modernization, “let more market players active, grow up, both ‘keep green mountains’ and’ green mountains'”, to promote the province’s high-quality development of steady and long-term contribution to the tax force.Source: Interchange editor: Sun Yan Review: Xu Xiaodong