Tax Rebate Uncertainty Awaits Resolution, Enterprises Await Policy Clarity [SMM Analysis]

As September progresses, the attention of enterprises nationwide is focused on the implementation of the tax rebate policy after the 15th. This critical juncture not only concerns the recovery of cash flow for enterprises but also serves as an important measure of the policy's support strength. Recently, SMM conducted a survey in Sichuan and Anhui, with the specific findings as follows:

This survey covered 15 enterprises with a total capacity of 1.55 million mt. According to the SMM survey data, more than 30% of the surveyed enterprises, especially small and medium-sized enterprises, are adopting a cautious approach, waiting for the new policy to be fully implemented before making production adjustments to avoid potential risks. At the regional level, enterprises in Sichuan continue to perform steadily, with half of the four surveyed enterprises maintaining their production. In contrast, enterprises in Anhui show a more pronounced divergence under the tax rebate policy. Only a few enterprises can continue normal operations, while some previously well-operating enterprises face production reduction pressures due to policy adjustments. Some enterprises are adopting a wait-and-see attitude, awaiting policy clarity. Regarding the implementation of the tax rebate policy, SMM survey results indicate that most regions will proceed as planned, with tax rebate payments expected to be received on time by the end of the month.

Additionally, concerning the widely discussed issue of the new policy delay, SMM stated that no official confirmation has been received yet. However, SMM will closely monitor policy developments, continuously track the latest progress, and promptly release relevant information to enterprises and the public.