Since the beginning of this year, a number of preferential tax policies have been continuously optimized, further boosting market confidence and stabilizing market expectations. **The Economic Work Conference proposed to implement the structural tax and fee reduction policies, focusing on supporting scientific and technological innovation and the development of the manufacturing industry.
Experts believe that it is worth looking forward to how next year's structural tax cuts and fee reductions will further support scientific and technological innovation and the development of the manufacturing industry. In the medium and long term, we should further promote the reform of the fiscal and taxation system and increase tax support for high-quality development.
Tax and fee reductions have achieved remarkable results
Since the beginning of this year, a series of preferential tax policies have been continued, optimized and improved to further stabilize market expectations, boost market confidence and stimulate market vitality.
It is worth noting that the "combination of tax and fee policies" faces the difficulties, challenges and weak links in China's current economic development. For example, focusing on supporting the strengthening and optimization of the real economy, the relevant departments will continue the due preferential tax policies involving small and micro enterprises and individual industrial and commercial households until the end of 2027 on the basis of optimization and improvementFocusing on promoting high-level scientific and technological self-reliance and self-reliance, we have launched a series of preferential policies such as value-added tax deduction for advanced manufacturing industry, increasing the proportion of additional deduction of R&D expenses of enterprises, and increasing the time for enjoyment.
From the perspective of policy implementation effect, a series of preferential tax policies have taken root, which has stimulated the vitality of business entities and enhanced the momentum of innovation and development. According to the data of the State Administration of Taxation, from January to October this year, the country's new tax reductions and tax refunds and deferrals amounted to 1,660.7 billion yuan, of which private economic taxpayers are the main beneficiaries of preferential tax policies, accounting for nearly 75%, and the manufacturing industry and its related wholesale and retail trade are the industries with the largest proportion of preferential treatment, and the benefits are the most obvious.
More focus on structure
**The Economic Work Conference proposed to implement the structural tax and fee reduction policies, focusing on supporting scientific and technological innovation and the development of the manufacturing industry. Luo Zhiheng, chief economist and dean of the Research Institute, said that China has implemented a positive fiscal policy for many years, and the long-term implementation of large-scale tax cuts and fee reductions has led to a gradual decline in the macro tax burden. Therefore, in the future, tax and fee reductions should focus on efficiency and effectiveness, and pay more attention to structure.
The meeting emphasized "focusing on supporting scientific and technological innovation and the development of manufacturing industry", reflecting the pertinence of structural tax cuts and fee reductions. According to industry insiders, scientific and technological innovation is an important engine to promote high-quality development, and the manufacturing industry is the main body of the real economy, which is related to the overall situation of high-quality development. Structural tax and fee reductions further support scientific and technological innovation and the development of the manufacturing industry, which is conducive to enhancing new development momentum and promoting high-quality development.
Luo Zhiheng believes that focusing on supporting scientific and technological innovation and manufacturing is conducive to stabilizing the macro tax burden and avoiding the scale of debt rising too quickly due to tax cuts and fee reductions. Wu Chaoming, vice president of the Institute of Finance and Credit Technology, believes that "focusing on supporting the development of scientific and technological innovation and manufacturing industry" means that the future fiscal policy will play a greater role in changing the mode, adjusting the structure and improving the quality.
A new round of reform of the fiscal and taxation system can be expected
In the medium and long term, while implementing and improving the existing tax and fee reduction policies, it is also necessary to further promote the reform of the fiscal and taxation system.
Luo Zhiheng believes that with the change of China's industrial structure, the fiscal and taxation system needs to be reformed accordingly. During the 14th Five-Year Plan period, the reform of the fiscal and taxation system should serve green development, cope with aging, promote scientific and technological innovation, build a new development pattern, and coordinate development and security. The main contents of the new round of fiscal and taxation system reform include: further clarifying the relationship between the market and the market, defining the scale, and avoiding the continuous expansion of expenditure responsibilities** Collect part of the authority and expenditure responsibility, reduce the expenditure responsibility and expenditure burden of the local government;Further stabilize the macro tax burden;We will continue to regulate transfer payments, especially those of joint authority.
It is expected that new ideas and new plans will be introduced next year for the reform of the fiscal and taxation system, and it is likely that a new situation will be opened up for solving the current local debt problem through the adjustment and division of relevant taxes (such as consumption tax and resource tax), the adjustment and division of tax shares, and the adjustment of the central and local powers. Zhao Xueqin, assistant to the president and chief economist of the League of Nations, believes.
Original**: China ** Daily, China Securities Network.