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The State Council Has Decided To Introduce Seven Tax Cuts

Zhangjiagang Sansu Machine Co.,Ltd | Updated: May 02, 2018

To reduce the cost of entrepreneurial innovation, enhance small micro enterprise development power, promote the expanding employment, on April 25, chaired a state council executive meeting decided, in accordance with the central economic work conference and the government work report requirements, intensify tax cuts:

First, we will enjoy the new r&d equipment and equipment unit value ceiling, which will be increased from 1 million yuan to 5 million yuan.

Second, the annual taxable income amount of small and micro businesses that will enjoy half of the enterprise income tax preferential policies shall be raised from 500,000 yuan to 1 million yuan.

The above two measures will be implemented on January 1, 2018, solstice, December 31, 2020.

Third, the cancellation of overseas research and development expenses by the enterprise shall not be deducted.

Fourthly, the period of losses of small and medium enterprises with high and new technology will be extended from 5 years to 10 years.

Fifth, we will increase the pre-tax deduction for education of employees from general enterprises to the limit of the amount of high-tech enterprises, from 2.5% to 8%.

The three measures were implemented from January 1 this year.

Starting from May 1, the stamp duty on the amount of capital and capital accumulated by the taxpayer will be cut in half, and the stamp duty on other books shall be exempted from the tax.

Has seven is in eight comprehensive innovation reform pilot test area and suzhou industrial park venture investment enterprises and angel investment individuals to seed, leading science and technology enterprises, according to the investment of 70% deduction of taxable income of preferential policies to promote in the country.The preferential policies for enterprise income tax and personal income tax shall be implemented on January 1 and July 1 respectively.

The above seven measures are expected to reduce the tax burden by more than 60 billion yuan for the whole year.