Annual buzzwords reflect the characteristics of the times and the appearance of development. "Structural tax cuts and fee reductions" is one of the tax - related buzzwords of 2024.
"Use the good steel on the blade's edge." Since last year, our province has thoroughly implemented the deployment requirements of the Central Committee of the Communist Party of China and the State Council on "implementing structural tax - cut and fee - reduction policies, with a focus on supporting scientific and technological innovation and the development of the manufacturing industry." By simultaneously optimizing services and strengthening supervision, we ensure that these policies can truly benefit the enterprises and industries in need of support. The latest data from the Provincial Tax Service shows that from January to November 2024, Jiangsu implemented tax cuts, fee reductions, and tax rebates of 281.23 billion yuan to support scientific and technological innovation and the development of the manufacturing industry, effectively stimulating development momentum, innovation vitality, and consumption potential.
Cost - reduction and Efficiency - increase: Manufacturing Enterprises Benefit the Most
"The word'stable' has run through the company's operations throughout the year. The year - end sprint is also carried out in an orderly manner, with new orders signed and deliveries proceeding simultaneously." Holding 83 ship - building orders, Chen Herong, the executive deputy general manager of Yangzhou New Dayang Shipbuilding Co., Ltd., is not flustered at all. "The order - completion schedule has been arranged until 2028."
In 2024, China's economy followed a resilient curve of "high at the beginning, low in the middle, and rising at the end." For Jiangsu, a major economic province, the real economy is its foundation, and the manufacturing industry is its cornerstone. With a series of existing and incremental policies working in concert and continuously showing effects, the golden signboard of "Made in Jiangsu" has been continuously burnished. Data shows that from January to November 2024, our province implemented tax reductions of 134.05 billion yuan under policies supporting the high - quality development of the manufacturing industry.
The key to the continuous accumulation of "positive factors" for manufacturing enterprises lies in cost - reduction and efficiency - increase.
"The tax - reduction dividends have effectively reduced production and operation costs, enhancing the company's core competitiveness and profitability in the international market." Chen Herong told reporters that in order to effectively reduce the development burden of ship - building enterprises, the Tax Bureau of Guangling District, Yangzhou City, assigned a "one - to - one" tax - enterprise liaison officer to the company. In 2024, the company received approximately 25.24 million yuan in various tax and fee concessions.
Li Jun, the deputy director of the Tax and Economic Analysis Division of the Provincial Tax Service, introduced that in the first three quarters of 2024, the cost per 100 yuan of revenue of manufacturing enterprises in the province decreased from 88.6 yuan in the same period of the previous year to 87.4 yuan. In more than half of the 31 major industry categories, the cost per 100 yuan of revenue decreased year - on - year.
The reduced manufacturing costs have been transformed into the effectiveness of technological transformation and upgrading. Yancheng Zhenye Machinery Co., Ltd. is a customized production - type enterprise integrating casting and mechanical processing. In the eight years since its establishment, it has become a representative high - tech enterprise in the local area. "Recently, the policies of one - time deduction for newly purchased equipment worth less than 5 million yuan and 100% additional deduction of research and development expenses brought by the tax department have accelerated the company's equipment renewal and provided more working capital for product research and development," said Wu Jianjun, the company's financial director.
By giving full play to the role of tax big data, matching applicable policies with enterprises, focusing on the important focal points of "two priorities" and "two new areas", we help the production side with equipment renewal and promote the consumption side's "trade - in for new" initiative. From January to November 2024, the province implemented tax reductions of 73.6 billion yuan under policies supporting equipment renewal and technological transformation. The tax - reduction dividends have been transformed into the driving force for upgrading. VAT invoice data shows that from January to November 2024, the amount of machinery and equipment purchased by manufacturing enterprises in the province increased by 3.5% year - on - year.
Upgrading with Innovation: 87,000 Enterprises Enjoy Tax Incentives for R & D and Innovation
Set the parameters, press the start button, and from the injection of molten iron to the formation of billets, all links are carried out in an orderly manner under the precise control of a computer... This is the "smart steel - making" scene in the workshop of the No.1 Steel - making Plant of Nanjing Iron and Steel Group Co., Ltd.
With the digital "wings" added to steel casting, there are two "lists" in the "summary plan" of Fu Ping'an, the director of the tax office of Nanjing Iron and Steel Group: one is the "confidence deposit slip" of self - developed products, and the other is the "dividend bill" of tax incentives. "We have self - developed high - end intelligent manufacturing equipment such as industrial robots, intelligent safety helmets, and MR point - inspection systems. This is the confidence to improve production efficiency. We can also enjoy various tax - incentive policies to support research and development and innovation. It is estimated that we can claim an additional deduction of 81 million yuan for research and development expenses throughout the year, which provides financial support for Nanjing Iron and Steel to fully tackle the research and development of new technologies such as the manufacturing of high - performance bridge plates and extra - thick plates for high - homogeneous pressure vessels."
The additional deduction of research and development expenses is an important policy measure in China to promote innovation - driven development. From January to November 2024, the province implemented tax reductions of 90.96 billion yuan under policies supporting increased investment in science and technology and technology transfer. Among them, 87,000 enterprises enjoyed a tax reduction of 88.85 billion yuan from the additional deduction of research and development expenses. Judging from the enterprise income tax declaration data, in the first three quarters of 2024, among the "1650" industrial systems in the province, industrial clusters such as high - tech ships and offshore engineering equipment, new - generation information and communication, and semiconductors saw a relatively rapid growth in the declared additional deduction amount for research and development expenses.
While tax cuts and fee reductions help innovative enterprises grow bigger and stronger, in key areas, tax - incentive policies have exerted a "multiplier effect." From January to November 2024, the province implemented tax reductions of 384.8 billion yuan under policies supporting the cultivation and development of high - tech enterprises and emerging industries, and 103.8 billion yuan under policies supporting the resolution of "bottleneck" problems and the introduction and cultivation of scientific and technological talents.
It is precisely with the support of a "combination punch" of policies in taxation, talent, and science and technology that key areas such as integrated circuits have been able to accelerate core - technology research and development and further seize market opportunities. VAT invoice data shows that from January to November 2024, the sales revenue of industries such as integrated circuit manufacturing, machine - tool manufacturing, and software and information technology services in the province increased by more than 10% year - on - year. The proportion of the sales revenue of high - tech manufacturing in the sales revenue of the manufacturing industry in the province reached 17.8%, an increase of 0.2 percentage points compared with the same period of the previous year.
Warmth in Consumption: Expansion and Strengthening of Tax - incentive Policies
Since last year, a package of policies to benefit the people's livelihood and boost consumption, such as the exemption of vehicle purchase tax for new energy vehicles and preferential deed tax for individuals purchasing housing, have been continuously expanded and strengthened, bringing a warm atmosphere to the market.
As the Spring Festival consumption peak in the Year of the Snake approached, in the Dingmao area of Zhenjiang Economic and Technological Development Zone, the largest automobile 4S - store cluster in Zhenjiang City, consumers coming to buy cars were in high spirits. Since 2024, the 42 automobile sales stores (4S stores) have received nearly 400,000 visitors, and the number of visitors in the past two months has been on the rise. Zeng Hongyu, the head of the Third Section of Tax Source Management of the Tax Bureau of Zhenjiang Economic and Technological Development Zone, said: "By increasing the intensity of explaining preferential policies both online and offline, more and more consumers have a significantly higher awareness and recognition of the 'trade - in for new' policy and the exemption of vehicle purchase tax for new energy vehicles."
The new consumption - promoting policies are more powerful and have a wider scope, which has also inspired many consumers who were previously on the fence to place orders. On the afternoon of January 10, Zhang Li, who was looking at cars in the exhibition hall of Guanyun Qiyang Automobile Sales and Service Co., Ltd. in Lianyungang City, signed a car - purchase order on the spot. "This car can enjoy a 18,000 - yuan national subsidy in Jiangsu Province, and with the exemption of vehicle purchase tax for new energy vehicles, I can save nearly 30,000 yuan!" According to statistics, in 2024, the province exempted 15.445 billion yuan of vehicle purchase tax for new energy vehicles, an increase of 27.9% year - on - year, effectively promoting the increase in automobile consumption.
Housing is a top priority for people's livelihood. Last year, a new deed - tax policy for real estate was introduced, further promoting the release of housing - purchase demand. In the first month of the implementation of the new policy, a total of 177,100 taxpayers in Jiangsu Province declared and enjoyed deed - tax preferential treatment, with a cumulative deed - tax reduction of 3.245 billion yuan, and an average reduction of more than 18,300 yuan per household. "Since the implementation of the new deed - tax policy, the number of real - estate transaction businesses we have handled has increased by 39% year - on - year and 25% month - on - month. There are more than 8,000 businesses for handling deed - tax reduction and exemption, among which the proportion of businesses that meet the expanded - scope deed - tax preferential policy exceeds 47%," introduced Li Yilin, the deputy head of the Third Section of Collection of the Second Tax Sub - bureau of the Nanjing Tax Service.
Xu Guanglie, the secretary of the Party Committee and director of the Provincial Tax Service, said that the tax system will take serving the overall economic and social development of the province as its responsibility, continuously deepen initiatives such as "matching policies with people", "enjoying benefits without application", and "efficiently handling one thing". With first - class sense of responsibility, service quality, and governance efficiency, we will continuously increase the implementation and incentive intensity of structural tax - cut and fee - reduction policies, help business entities move forward with light burdens, and contribute more to the high - quality advancement of the new practice of Chinese - style modernization in Jiangsu.
