Tax reduction! The manufacturing VAT rate is lowered by 3 percentage points! Manufacturing, small and micro enterprises benefit
On March 5, Premier Li Keqiang said in his government work report that a larger tax cut will be implemented. Both inclusive tax cuts and structural tax cuts are combined, with a focus on reducing the tax burden on manufacturing and small and micro enterprises.
Specifically, deepen the VAT reform, reduce the current 16% tax rate in industries such as manufacturing to 13%, and reduce the current 10% tax rate in the transportation, construction and other industries to 9%, ensuring a significant reduction in tax burdens in major industries. Maintain a 6%-level tax rate unchanged, but by adopting complementary measures such as increasing tax deductions for production and life service industries, ensure that tax burdens in all industries are only reduced.
Some insiders also pointed out that the reduction of the VAT rate by 3 percentage points also means a reduction in cross-border import taxes.
It is understood that according to the cross-border e-commerce retail import tax policy, the individual single transaction limit is 5,000 yuan, and the individual annual transaction limit is 26,000 yuan. For cross-border e-commerce retail imports imported within the limits, the tariff rate is temporarily set at 0%; the import value-added tax and consumption tax are levied at 70% of the statutory tax payable. The calculation rules are as follows:
Taxes = purchase price x pieces x cross-border e-commerce comprehensive tax rate
Cross-border e-commerce comprehensive tax rate = [(consumption tax rate + VAT rate) / (1 - consumption tax rate)] × 70%