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Shanghai to reduce corporate costs and taxes of 40b yuan this year
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SHANGHAI is expected to reduce costs and taxes of 40 billion yuan (US$5.8 billion) this year for businesses through measures such as abolishing some administrative fees and offering cheaper power, said Shanghai Vice Mayor Zhou Bo today in a media briefing.
The measures will take in place from tomorrow. They include the drop of 35 administrative fees, such as the money for construction and maintenance of river projects and environmental supervision, and the cut of prices for electricity and natural gas in industrial companies.
The government is also going to help enterprises lower operating costs by cutting taxes and fees, and will lower the proportion of social security funds paid by enterprises for their employees. For the medical insurance, the ratio will be reduced by 0.5 percentage points. For the unemployment insurance, the ratio will be cut by 0.5 percentage points during the period of the start of this year to April 30 of 2018.
Small and micro-sized enterprises with taxable annual income of below 500,000 yuan will be allowed to enjoy preferential taxes, compared with the previous 300,000 yuan limit.
For small and medium high-tech enterprises, the proportion of research and development expenses covered by the additional tax reduction policy is to be raised to 75 percent from 50 percent. These moves are expected to help reduce corporate tax burdens by 1 billion yuan this year, said Hu Lanfang, an official of Shanghai Bureau of Local Taxation.
The government will further expand the pilot program of replacing income tax with value-added tax in construction, real estate, finance and consumer service sectors. By the end of last year, with the implementation of this pilot program, Shanghai has reduced taxes of 196.7 billion yuan, Hu added.
In 2016, Shanghai reduced costs and taxes of about 50 billion yuan based on preliminary estimation.
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