Guangdong releases ten measures to reduce manufacturing costs
Tax and fee financial “gift package”Help enterprises reduce their burden and provide relief
Guangzhou Daily (all-media reporter Yang Chaolu) supports financial institutions in carrying out non-repayable loan renewal business for small and micro enterprises, implements the policy of pre-tax super deduction for research and development expenses of manufacturing enterprises, and reduces the cost of corporate medical insurance… Yesterday, the people of Guangdong Province The government’s official website announced “Several Measures to Reduce Manufacturing Costs and Promote High-Quality Development of Manufacturing in Guangdong Province” (hereinafter referred to as the “Measures”). Through ten measures such as tax incentives and financial support, it adheres to the combination of cost reduction and burden reduction with transformation and upgrading. Increase efforts to provide relief and assistance to manufacturing enterprises and promote high-quality development of the manufacturing industry.
Multiple tax exemption policies reduce the burden on enterprises
The “Measures” propose a number of preferential tax policies to reduce the costs of manufacturing enterprises. For example, in terms of implementing the policy of pre-tax super deduction of R&D expenses for manufacturing enterprises, the “Measures” propose that R&D expenses actually incurred by manufacturing enterprises in carrying out R&D activities that do not form intangible assets and be included in the current profits and losses will be deducted according to the regulations. Basically, starting from January 1, 2023, 100% of the actual amount will be deducted before tax; if intangible assets are formed, starting from January 1, 2023, 200% of the cost of the intangible assets will be deducted before tax. Pre-amortization. Enterprises can prepay and declare the second quarter (or June) corporate income tax in July of the current year, prepay and declare the third quarter (or September) corporate income tax in October of the current year, and enjoy preferential treatment when making annual settlement and settlement the following year.
In terms of implementing the policy of additional value-added tax deduction for advanced manufacturing enterprises, the “Measures” propose that general taxpayers in the manufacturing industry among high-tech enterprises (including their unincorporated branches), from January 1, 2023 to December 2027 On March 31, enterprises are allowed to deduct an additional 5% of the value-added tax payable based on the deductible input tax for the current period. Enterprises can enjoy the discount when reporting monthly value-added tax. If an enterprise meets the requirements of multiple VAT additional deduction policies at the same time, it can apply them on a selective basis, but it cannot be applied in a superimposed manner during the same period.
The “Measures” also propose the implementation of tax policies for integrated circuit and industrial machine companies. In terms of pre-tax super deductions for R&D expenses, the Measures propose that the R&D expenses actually incurred by integrated circuit and industrial motherboard enterprises in carrying out R&D activities, if they do not form intangible assets and are included in the current profits and losses, will be deducted on the basis of actual deductions in accordance with regulations. During the period from January 1, 2023 to December 31, 2027, 120% of the actual amount will be deducted before tax; if intangible assets are formed, 220% of the cost of the intangible assets will be deducted before tax during the above period. Sales etc. In terms of additional VAT deductions, the “Measures” propose that from January 1, 2023 to December 31, 2027, enterprises are allowed to deduct an additional 15% of the VAT payable based on the deductible input tax for the current period. Enterprises can enjoy discounts when filing their monthly VAT returns. If an enterprise meets the requirements of multiple VAT additional deduction policies at the same time, it can apply them on a selective basis, but it cannot be applied in a superimposed manner during the same period.
Support financial institutions to carry out loan renewal business for small and micro enterprises without principal repayment
The “Measures” emphasize ensuring the power consumption of enterprises and reducing the cost of electricity consumption of manufacturing enterprises. For example, if an external power connection project is fully constructed for low-voltage small and micro enterprises, users do not need to invest in external power connection projects. All industrial users in Zhuhai Hengqin and Guangzhou Nansha Pilot Free Trade Zone can use low-voltage power supply. We will clean up and standardize charges in the power supply industry and eliminate unreasonable charges.
Accelerate the transformation of industrial parks to power supply, promote the implementation of a number of “conversion to direct” pilot demonstration projects, and by the end of 2025, major industrial platforms such as the province’s 7 large industrial clusters, 15 main platforms for the orderly transfer of industries, and the provincial Industrial parks at or above the provincial level such as industrial parks, high-tech industrial development zones, and economic (technological) development zones have implemented power supply transformation to reduce power supply levels and reduce electricity costs for manufacturing enterprises.
In addition, the “Measures” propose to reduce the comprehensive logistics costs of enterprises by optimizing and adjusting the transportation structure, vigorously developing various forms of multimodal transport, and improving international shipping service levels. The “Measures” also propose to reduce the cost of corporate medical insurance.
In order to reduce the financial pressure on manufacturing enterprises, the “Measures” propose to broaden corporate financing channels, support financial institutions in carrying out non-repayable loan renewal business for small and micro enterprises, and expand the scale of medium and long-term loans and credit loans for manufacturing enterprises. Financial institutions are encouraged to develop exclusive credit products for manufacturing enterprises, provide differentiated financial services, and promote the continued reduction of comprehensive financing costs for manufacturing enterprises. Guide financial institutions to raise funds through multiple channels to provide high-quality enterprises in Guangdong with diversified financial services such as listing, stock and bond financing, mergers and acquisitions, asset management, and direct investment.
The reporter noticed that the “Measures” emphasized financial support for high-tech enterprises, specialized new enterprises and small, medium and micro enterprises, and proposed to support scientific and technological enterprises and manufacturing enterprises in using financial leasing to promote technological transformation and equipment upgrading. The “Measures” propose to support high-tech enterprises and specialized new enterprises in participating in cross-border financing facilitation pilots. Optimize the loan interest subsidy, reward and subsidy policy for specialized, specialized, special and new small and medium-sized enterprises, and increase financing support for specialized, specialized, special and new small and medium-sized enterprises. For qualified manufacturing small, medium and micro enterprise loans issued through the Guangdong Provincial Small and Medium Enterprises Financing Platform, certain interest rate discount support will be provided, and the implementation period will be until December 31, 2025.
In order to increase the intensity of bailout and assistance for enterprises, the “Measures” propose that enterprises can enjoy special handling and emergency handling on issues such as project approval, tax reduction and exemption, recruitment and employment, and on the premise of compliance with laws and regulations.