According to the news on the website of the Ministry of Finance on May 19, the Ministry of Finance and the State Administration of Taxation recently issued the announcement on Further Strengthening the implementation of the tax rebate policy of value-added tax at the end of the period (hereinafter referred to as the announcement). The announcement stressed that the stock tax credits of large enterprises should be refunded in advance, and the dividend of large-scale value-added tax rebate policy should be further accelerated.
The reporter of Securities Daily found that since the implementation of VAT rebate on April 1, 12 listed companies have announced that they have received VAT rebate, totaling about 1.014 billion yuan. The funds received by two companies exceeded 200 million yuan.
Henan Hengxing Science & Technology Co.Ltd(002132) announced that the subsidiary received the refund of VAT on April 8, and the amount of tax left at the end of the period was about 236 million yuan; Recently, Aoshikang Technology Co.Ltd(002913) announced that the company and its wholly-owned subsidiaries received about 237 million yuan of VAT rebate Cpt Technology (Group) Co.Ltd(000536) announced that on May 16, the company’s subsidiary account received a refund of about 66.554 million yuan of VAT.
“If the tax rebate funds are directly paid to the enterprise accounts, it will increase the cash flow of listed companies.” Wang Qing, chief Macro Analyst of Dongfang Jincheng, told the Securities Daily that under the current situation that enterprises are generally facing rising costs, it can effectively enhance the ability of enterprises to operate, repay debts and deal with all kinds of cash expenditure. At the same time, it can also thicken the profits of listed companies, which will help stabilize the market value of listed companies, maintain and even improve their financing ability.
Since the beginning of this year, China has implemented a new combined tax support policy. It is estimated that the annual tax rebate and tax reduction is about 2.5 trillion yuan, of which the value-added tax rebate is about 1.5 trillion yuan. According to the latest data from the State Administration of Taxation, from April 1 to May 16, a total of 979.6 billion yuan of tax withheld and refunded was returned to the enterprise account.
“The implementation of retention tax rebate can not only directly increase cash flow for market subjects and alleviate the pressure of enterprise capital return, but also help to enhance the confidence of enterprise development and stimulate the vitality of market subjects.” Song Xiangqing, vice president of the Government Management Research Institute of Beijing Normal University and director of the industrial economy research center, told the Securities Daily that the tax support policy can also stimulate enterprises to expand reproduction and promote the growth of production, consumption and investment, so as to better carry out innovative development and market expansion, which is of positive significance for promoting industrial transformation and upgrading and structural optimization.
In addition, the announcement requires that we should continue to accelerate the progress of retention tax rebate, further step up the handling of retention tax rebate for small and micro enterprises and individual industrial and commercial households, strengthen assistance, and actively implement the tax rebate policy of centralized refund of stock retention tax rebate before June 30, 2022 on the basis of taxpayers’ voluntary application.
“The retention tax rebate mainly focuses on small, medium-sized and micro enterprises and individual industrial and commercial households. Now the rhythm of stock retention tax rebate of large enterprises has also accelerated, indicating that the scope of policy support is expanding and the countercyclical regulation of macro policies is strengthened.” Wang Qing said that this means that there is still a large room for macro policies. With the gradual emergence of the effect of steady growth policies, the momentum of economic growth is expected to be significantly enhanced in the second half of the year, and the business environment of various enterprises will be significantly improved.
“While implementing the retention tax rebate policy, the finance and taxation departments should strictly prevent the risk of tax rebate, resolutely crack down on tax fraud, ensure that the retention tax rebate is accurate, stable and fast, and withdraw from a new vitality and new vitality of the market.” Song Xiangqing said that in the process of tax rebate, it is also necessary to ensure that local finance has money to refund. It is suggested to guarantee the capital supply of tax rebate through various forms such as financial allocation and issuance of bonds, and support the grass-roots level to implement tax rebate and tax reduction, so as to ensure that the tax rebate funds fall on enterprises.
