Information Times News (Reporter Xu Yier): After increasing the export tax rebate rate of 3486 labor-intensive, high-tech, and high value-added goods starting next month, yesterday, Information Times reporters learned from reliable channels that the comprehensive transformation plan for value-added tax with a tax reduction scale of 100 billion yuan submitted by the Ministry of Finance in early September has been approved by the State Council, with a minimum tax reduction scale of 150 billion yuan and is expected to reach 200 billion yuan. It will be implemented from January 1, 2009.
The global economic downturn has implicated China. According to the latest figures released by the Chinese Ministry of Finance on the 20th, compared to the cumulative increase of 33.3% in the first half of this year, the national fiscal revenue growth in the third quarter was only 10.5%, and the growth rate in July, August, and September showed a monthly decline trend, with growth rates of 16.5%, 10.1%, and 3.1%, respectively. At the same time, there are reports that in September, the growth rate of national tax revenue was also accelerating, with a year-on-year growth rate of only 2.5%.
Experts believe that the severe decline in both fiscal and tax revenue growth indicates that the Chinese economy is also facing a crisis of decline. In the "three carriages" of driving economic growth (investment, consumption, and exports), considering the domestic reality, it is imperative to support exports.
The decline in tax revenue growth rate began in the second half of the year. In July, the tax revenue growth rate experienced its first decrease in 2003, with a year-on-year increase of 13.8%, a decrease of 19.3 percentage points compared to the same period last year, and a decrease of 19.7 percentage points compared to the first half of the year. In August, tax revenue further declined significantly, with a year-on-year increase of 11%, and a significant decrease of 31.9 percentage points compared to the same period last year. "said Gao Yanrong, a professor at the Department of Finance and Taxation at Jinan University: The decline in fiscal revenue growth indicates that the Chinese economy has shown a downward trajectory
Professor Gao believes that from the perspective of people's livelihood, due to the disharmony in the development of China's real estate industry recently, it is not advisable to continue to forcefully raise it and use it as the main driving force for economic growth. One of the effective methods to stimulate economic growth is to increase the export tax rebate rate and reduce taxes to support exports, as the new round of rural economic system reform has not yet begun and domestic demand has not yet been effectively activated.
The plan is proposed to be implemented from next year. The reporter learned from authoritative departments yesterday that the comprehensive transformation plan for value-added tax with a tax reduction scale of 100 billion yuan proposed by the Ministry of Finance has been approved by the State Council. The biggest highlight of this plan is the implementation of value-added tax transformation in pilot areas, and the full deduction of fixed asset procurement revenue and industry wide transformation throughout the country. The plan is recommended to be implemented from January 1, 2009. It is revealed that the minimum tax reduction scale is 150 billion yuan, which is expected to reach 200 billion yuan. "This is the latest version of the comprehensive transformation reform plan of value-added tax from production to consumption. This means that the transformation of value-added tax will be fully implemented nationwide, which means that in the future, the input tax incurred by enterprises purchasing fixed assets can be deducted from the current output tax
Professor Gao told reporters that currently, China is only experiencing earthquakes in the "three northeastern provinces" (Liaoning, Jilin, Heilongjiang), the "six central provinces" (Henan, Hunan, Hubei, Shanxi, Anhui, Jiangxi), and the Wenchuan earthquake