On 15 March, Premier Li Keqiang of the State Council said that in order to further reduce the tax burden on enterprises and stimulate the vitality of enterprises, the value-added tax (VAT) would be reduced from 1 April. Cut VAT rates in industries such as manufacturing, which account for nearly 60 per cent of VAT, by 3 percentage points to 13 per cent. We will reduce some industries, such as construction, by 1 percentage point, and all other industries will ensure that they will only decrease and not increase.
At present, the market is concerned about the issue of SMM metal quotation after the VAT of the manufacturing industry has been reduced to 13%. SMM hereby announces:
The metal quotation of SMM itself is tax price, which objectively and truly reflects the market price.
Until April 1, SMM quotations still reflect the market price of 16 per cent VAT in accordance with current national laws and regulations and tax requirements. After April 1, the state policy introduced a reduction in the value-added tax rate for manufacturing enterprises to 13%. As a third-party platform, SMM quotation will reflect the market price of 13% VAT in accordance with national laws and regulations and tax requirements, and will not change the principle and methodology of SMM quotation.
The reduction of the tax rate of manufacturing value-added tax is conducive to the rapid development of enterprises, and to a certain extent, on the premise of abiding by national laws, regulations and tax requirements, the state has reduced the tax rate of manufacturing value-added tax, which is conducive to the rapid development of enterprises. The metal products of the enterprise are traded by the enterprise itself. SMM, as a third-party quotation platform, will, as always, objectively and truly reflect the market price.
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