Chemical fiber industry analysis, status quo of chemical fiber industry, development prospects of chemical fiber industry
[VAT tax reduction reform measures The chemical fiber industry or become the biggest winner]
Release date:[2018/6/29] Is reading[219]次

The State Council Executive Meeting decided to deepen the reform of VAT reform. The meeting decided that starting from May 1, 2018, the value-added tax rate of the manufacturing industry and other industries will be reduced from 17% to 16%, and the transportation, construction, and basic telecommunication services industries will be The value-added tax rate for goods such as agricultural products is reduced from 11% to 10%, and it is estimated that tax deductions of RMB 240 billion can be achieved throughout the year.


At the same time, the meeting decided to harmonize the standards of small-scale VAT payers. To increase the annual sales standard for small-scale taxpayers of industrial and commercial enterprises from 500,000 yuan and 800,000 yuan to 5 million yuan, and allow companies registered as ordinary taxpayers to be registered as small-scale taxpayers within a certain period of time. , allowing more companies to enjoy tax reductions at lower rates.


The amount of input tax that has not been deducted within a certain period of time shall be refunded once for enterprises and grid companies that meet the requirements of advanced manufacturing, R&D and other modern service industries such as equipment manufacturing. The implementation of the above three measures will reduce the tax burden of market entities by more than 400 billion yuan in the whole year, and domestic and foreign-funded enterprises will all benefit equally.


First, the overall impact of tax reduction on the manufacturing industry?


Li Xunlei, an economist, said that the manufacturing tax cuts are in line with expectations. The government work report of 2018 has clearly stated that “the reform and improvement of value-added tax will adjust the tax rate according to the third gear and two gears, with a focus on reducing the tax rates for industries such as manufacturing and transportation”. This round of tax cuts has long been in vogue, and is expected to open a subsequent drop. Tax curtain.


1. The manufacturing industry cuts taxes by over 100 billion yuan.


According to quantitative calculations, excluding the impact of the increase in taxable income due to the decrease in value-added tax, the manufacturing industry is expected to reduce taxes by 78.3 billion yuan in the first three quarters, which is equivalent to approximately 104.4 billion yuan in the whole year, of which the tax reduction in the upper reaches is approximately 30.91 billion yuan. A total of RMB 42.03 billion was tax-deducted by approximately RMB 31.47 billion in the downstream. The actual tax cuts in the automobile manufacturing, computer communications, and other electronic equipment manufacturing industries were the highest, reaching 16.93 billion yuan and 11.17 billion yuan respectively.


2, the upper reaches of the most obvious profit elasticity.


According to calculations, this tax reduction is expected to boost the total profit of the manufacturing industry by 11.2%. Affected by the profit base, the upper, middle and lower reaches of the Yangtze River increased by approximately 15.7%, 11.2%, and 8.8%, respectively. Non-ferrous metals smelting, chemical fiber, and railway ship industries saw the largest increase in profit, reaching 28.9%, 18.5%, and 17.5%.


3. How will the subsequent tax reduction impact?


If the value-added tax rate subsequently drops to 13%, it is expected that the total net profit of manufacturing companies will increase by 44.8%. Among them, the upper, middle, and lower reaches will increase by 62.8%, 44.9%, and 35.1%, respectively. Non-ferrous metals smelting, chemical fiber, and railway shipbuilding industry profits The rebound rate reached 115.6%, 74.0% and 70.1%.


From the point of view of the introduction of the VAT reform, the tax reduction at this time is just right, because it is precisely because the United States provoked trade disputes, and when everyone is not optimistic about the export situation this year, tax cuts are used to stimulate domestic demand and change expectations. Realize a steady increase in investment growth.


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