Ministry of Finance: refund of VAT allowance for some industries in 2018 relates to "made in China 2025" related areas-Shanghai Metals Market

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Ministry of Finance: refund of VAT allowance for some industries in 2018 relates to "made in China 2025" related areas

Translation 04:56:54PM Jun 28, 2018 Source:SMM
The content below was translated by Tencent automatically for reference.

SMM6, 28 Feb: the Ministry of Finance issued a circular on the tax policy of the General Administration of Taxation of the Ministry of Finance on the refund of VAT allowance for some industries in 2018, the details of which are as follows:

In order to promote the high-quality development of the economy, the final allowance for value-added tax in some industries will be refunded in 2018. The relevant matters are hereby notified as follows:

I. scope of industries and enterprises to refund the retained tax at the end of the period

The industries that refund the tax allowance at the end of the value-added tax period include advanced manufacturing industries such as equipment manufacturing, modern service industries such as R & D, and power grid enterprises, the specific scope of which is as follows:

(1) Advanced manufacturing such as equipment manufacturing and modern services such as research and development.

According to the classification of national economic industries, advanced manufacturing such as equipment manufacturing and modern service industries such as R & D include 18 major categories of industries, such as special equipment manufacturing, research and experimental development, and so on. For details, see Annex "Industry catalogue of retained tax at the end of the 2018 refund of value-added tax". The taxpayer's industry is determined on the basis of the national economic industry in which the tax is registered and gives priority to taxpayers in the following areas:

1. "made in China 2025" clearly defined a new generation of information technology, high-grade CNC machine tools and robots, aerospace equipment, marine engineering equipment and high-tech ships, advanced rail transit equipment, energy-saving and new energy vehicles, electrical equipment, Agricultural machinery and equipment, new materials, biomedicine and high-performance medical devices and other 10 key areas.

2. High-tech enterprises, technologically advanced service enterprises and technology-based small and medium-sized enterprises.

(II) Power grid enterprises

All power grid enterprises that have obtained power business licenses (transmission, power supply).

II. taxpayer conditions for refund of retained tax at the end of the period

The tax credit rating of the taxpayer who refunds the retained tax at the end of the period is A or B.

III. calculation of refund of retained tax at the end of the period

Taxpayers apply to the competent tax authorities for the refund of the amount of tax retained at the end of the period. the amount of tax retained at the end of the current period shall be calculated on the basis of the amount of tax retained at the end of the previous period of the taxpayer's application for tax rebate and the proportion of refund, and shall be subject to the upper limit of the amount of tax retained at the end of 2017. The details are as follows:

(1) refundable tax allowance at the end of the period = the amount of tax retained at the end of the previous period for taxpayers to apply for tax rebate x the proportion of refund

The refund rate is calculated as follows:

1. taxpayers registered (inclusive) by 31 December 2014, The refund ratio is the proportion of the value-added tax deducted in 2015, 2016 and 2017, the special payment letter for customs import value-added tax, and the value-added tax indicated in the tax payment voucher as a proportion of the total deducted input tax in the same period.

2. taxpayers who go through tax registration after 1 January 2015 (inclusive), The refund ratio shall be the proportion of the value-added tax indicated in the special invoices for value-added tax deducted during the actual operation period, the special payment for value-added tax imported by the Customs, and the tax payment vouchers for the payment of taxes as a proportion of all deducted input taxes in the same period.

(2) when the refundable final allowance does not exceed the amount of tax retained at the end of 2017, the amount of retained tax refundable at the end of the period shall be the refundable amount of retained tax at the end of the period. When the refundable final allowance exceeds the amount of tax retained at the end of 2017, the amount of retained tax returned at the end of the current period shall be the amount retained at the end of 2017.

IV. job requirements

(1) all provinces (including autonomous regions, municipalities directly under the Central Government and municipalities separately listed in the plan), The financial and tax departments shall refund the amount of tax retained at the end of the period in accordance with the scale of tax credits set by the Ministry of Finance and the State Administration of Taxation for advanced manufacturing, such as equipment manufacturing, R & D, and other modern services in the provinces in 2018, and conform to the guidance of the state's macro policy. Taxpayers who take into account enterprises of different sizes and types and determine the amount of retained tax to be refunded at the end of the period shall report the list of taxpayers and the amount of tax rebate to the Ministry of Finance and the General Administration of Taxation for the record by August 31, 2018.

In 2018, the Ministry of Finance and the State Administration of Taxation shall notify the Ministry of Finance and the State Administration of Taxation of the scale of tax credits for advanced manufacturing industries such as equipment manufacturing and R & D and other modern service industries in various provinces. The amount of tax retained by each provincial power grid enterprise at the end of the period shall be calculated in accordance with the provisions of this circular and the amount of tax retained at the end of the period shall be refunded according to the facts.

(2) the financial and tax departments of all provinces must attach great importance to this work, carefully plan and promote it as a whole, strengthen monitoring and analysis in the course of implementation, do a good job in propaganda and interpretation, and ensure the smooth and orderly progress of the refund of the retained tax amount at the end of the period; Complete the refund of the final retention tax by September 30, 2018.

(3) by October 31, 2018, the financial and tax departments of the provinces shall submit a summary of the work of refund of the retained tax allowance at the end of the period, including completion, working methods, results, suggestions, etc. Major problems encountered in the process of policy implementation shall be reported to the Ministry of Finance and the General Administration of Taxation in a timely manner.

General Administration of Taxation, Ministry of Finance

27 June 2018

Ministry of Finance: refund of VAT allowance for some industries in 2018 relates to "made in China 2025" related areas

Translation 04:56:54PM Jun 28, 2018 Source:SMM
The content below was translated by Tencent automatically for reference.

SMM6, 28 Feb: the Ministry of Finance issued a circular on the tax policy of the General Administration of Taxation of the Ministry of Finance on the refund of VAT allowance for some industries in 2018, the details of which are as follows:

In order to promote the high-quality development of the economy, the final allowance for value-added tax in some industries will be refunded in 2018. The relevant matters are hereby notified as follows:

I. scope of industries and enterprises to refund the retained tax at the end of the period

The industries that refund the tax allowance at the end of the value-added tax period include advanced manufacturing industries such as equipment manufacturing, modern service industries such as R & D, and power grid enterprises, the specific scope of which is as follows:

(1) Advanced manufacturing such as equipment manufacturing and modern services such as research and development.

According to the classification of national economic industries, advanced manufacturing such as equipment manufacturing and modern service industries such as R & D include 18 major categories of industries, such as special equipment manufacturing, research and experimental development, and so on. For details, see Annex "Industry catalogue of retained tax at the end of the 2018 refund of value-added tax". The taxpayer's industry is determined on the basis of the national economic industry in which the tax is registered and gives priority to taxpayers in the following areas:

1. "made in China 2025" clearly defined a new generation of information technology, high-grade CNC machine tools and robots, aerospace equipment, marine engineering equipment and high-tech ships, advanced rail transit equipment, energy-saving and new energy vehicles, electrical equipment, Agricultural machinery and equipment, new materials, biomedicine and high-performance medical devices and other 10 key areas.

2. High-tech enterprises, technologically advanced service enterprises and technology-based small and medium-sized enterprises.

(II) Power grid enterprises

All power grid enterprises that have obtained power business licenses (transmission, power supply).

II. taxpayer conditions for refund of retained tax at the end of the period

The tax credit rating of the taxpayer who refunds the retained tax at the end of the period is A or B.

III. calculation of refund of retained tax at the end of the period

Taxpayers apply to the competent tax authorities for the refund of the amount of tax retained at the end of the period. the amount of tax retained at the end of the current period shall be calculated on the basis of the amount of tax retained at the end of the previous period of the taxpayer's application for tax rebate and the proportion of refund, and shall be subject to the upper limit of the amount of tax retained at the end of 2017. The details are as follows:

(1) refundable tax allowance at the end of the period = the amount of tax retained at the end of the previous period for taxpayers to apply for tax rebate x the proportion of refund

The refund rate is calculated as follows:

1. taxpayers registered (inclusive) by 31 December 2014, The refund ratio is the proportion of the value-added tax deducted in 2015, 2016 and 2017, the special payment letter for customs import value-added tax, and the value-added tax indicated in the tax payment voucher as a proportion of the total deducted input tax in the same period.

2. taxpayers who go through tax registration after 1 January 2015 (inclusive), The refund ratio shall be the proportion of the value-added tax indicated in the special invoices for value-added tax deducted during the actual operation period, the special payment for value-added tax imported by the Customs, and the tax payment vouchers for the payment of taxes as a proportion of all deducted input taxes in the same period.

(2) when the refundable final allowance does not exceed the amount of tax retained at the end of 2017, the amount of retained tax refundable at the end of the period shall be the refundable amount of retained tax at the end of the period. When the refundable final allowance exceeds the amount of tax retained at the end of 2017, the amount of retained tax returned at the end of the current period shall be the amount retained at the end of 2017.

IV. job requirements

(1) all provinces (including autonomous regions, municipalities directly under the Central Government and municipalities separately listed in the plan), The financial and tax departments shall refund the amount of tax retained at the end of the period in accordance with the scale of tax credits set by the Ministry of Finance and the State Administration of Taxation for advanced manufacturing, such as equipment manufacturing, R & D, and other modern services in the provinces in 2018, and conform to the guidance of the state's macro policy. Taxpayers who take into account enterprises of different sizes and types and determine the amount of retained tax to be refunded at the end of the period shall report the list of taxpayers and the amount of tax rebate to the Ministry of Finance and the General Administration of Taxation for the record by August 31, 2018.

In 2018, the Ministry of Finance and the State Administration of Taxation shall notify the Ministry of Finance and the State Administration of Taxation of the scale of tax credits for advanced manufacturing industries such as equipment manufacturing and R & D and other modern service industries in various provinces. The amount of tax retained by each provincial power grid enterprise at the end of the period shall be calculated in accordance with the provisions of this circular and the amount of tax retained at the end of the period shall be refunded according to the facts.

(2) the financial and tax departments of all provinces must attach great importance to this work, carefully plan and promote it as a whole, strengthen monitoring and analysis in the course of implementation, do a good job in propaganda and interpretation, and ensure the smooth and orderly progress of the refund of the retained tax amount at the end of the period; Complete the refund of the final retention tax by September 30, 2018.

(3) by October 31, 2018, the financial and tax departments of the provinces shall submit a summary of the work of refund of the retained tax allowance at the end of the period, including completion, working methods, results, suggestions, etc. Major problems encountered in the process of policy implementation shall be reported to the Ministry of Finance and the General Administration of Taxation in a timely manner.

General Administration of Taxation, Ministry of Finance

27 June 2018