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Tax authorities nurture spirit of entrepreneurship

Updated: May 4,2015 2:15 PM

Tax authorities have carried out a series of measures and policies this year, offering support to small- and micro-sized businesses, part of ongoing efforts by the government to encourage entrepreneurship and innovation.

In the first quarter of this year, 2.16 million small- and micro-sized companies, more than 90 percent of the total, have availed of the 50 percent income tax cut, which saved them 5.1 billion yuan ($820 million); another 27 million small- and micro-sized enterprises and privately-owned businesses have been exempted from value-added tax and business tax, which saved them 18.9 billion yuan.

The authorities also have made the implementation of preferential policies their key task.

The State Administration of Taxation held seminars, participated in by representatives of small- and micro-sized businesses, to learn about their difficulties and needs.

It also introduced 10 measures to ensure that every enterprise fully understands the taxation policies they can enjoy and the policies are put in place.

Strengthening supervision is another important task for the tax authorities to ensure policy implementation. Five teams have been sent to local tax bureaus to inspect their work and third-party agencies will be authorized to evaluate the implementation of preferential tax policies.

Tax authorities have coordinated their efforts to help the small- and micro-sized businesses get financial support more quickly, and tackle their financing difficulties.

All tax authorities this year have strived to create a healthy environment for the development of “makers”, those who turn their ideas into products through the Internet.

For example, local tax authorities in Shanghai and Beijing have held activities of various kinds for entrepreneurs to better understand tax policies relating to them.