Ministry of Finance: resolutely crack down on tax evasion and fraud, and resolutely stop arbitrary charges

2022-06-23 0 By

Xu Hongcai, vice minister of finance, said at a press conference held by the State Information Office today (January 25) that a combination of tax and fee cuts will be implemented in 2022 to meet the needs of market entities.The Ministry of Finance will focus on the following four areas: First, it will focus on high-quality development of the manufacturing sector and promote scientific and technological innovation, innovation and creativity of enterprises.We will increase VAT rebates, improve the policy of additional tax deductions for research and development expenses, encourage manufacturing enterprises to invest in equipment upgrading and technological upgrading, and promote industrial transformation and upgrading.Second, we will focus on small and micro businesses and individual businesses to accelerate development and invigorate market entities.We will continue to implement tax and fee cuts to support small and micro businesses and individual businesses, which expire at the end of 2021, to further ease the operating pressure on small and micro businesses.Third, we will focus on strengthening local financial resources to ensure tax and fee cuts.The central government will continue to increase transfer payments to local governments to make their financial resources available to cities and counties, and prevent local governments from cutting taxes and fees at a discount due to lack of financial resources.Fourth, we will resolutely crack down on tax evasion and fraud and stop arbitrary charges.Overall, tax and fee cuts in 2022 will play an important role in boosting market confidence, stabilizing market expectations, expanding effective investment, boosting end consumption, and promoting steady and sound economic development.Source: CCTV News