China exhibition:the 127th Canton Fair was held online in the middle and late June
Premier Li Keqiang presided over the executive meeting of the State Council on April 7, and launched a series of measures such as the establishment of a comprehensive cross-border e-commerce pilot area, support for processing trade, and the holding of the Canton Fair Online. He actively responded to the impact of the epidemic and made efforts to stabilize the basic board of foreign trade and foreign investment. He decided to continue to implement some tax support policies for Inclusive Finance and small loan companies.
The meeting pointed out that the current global epidemic has a huge impact on the world economy and international trade and investment. In accordance with the work plan of the Party Central Committee and the State Council, we should continue to expand opening up, take a series of measures to stabilize foreign trade and foreign investment, and reduce the serious impact on China's economy.
At present, traditional foreign trade has been greatly impacted by the epidemic. In order to give full play to the advantages of cross-border e-commerce and help foreign trade overcome difficulties with new formats, the meeting decided to add 46 comprehensive cross-border e-commerce pilot areas. Promote the effective practices of promoting the development of cross-border e-commerce, implement the support policies of Exempting Value-added Tax, consumption tax and enterprise income tax from the retail export goods of cross-border e-commerce in the comprehensive test area according to the provisions, and study the cities where the comprehensive test area is located into the scope of cross-border e-commerce retail import pilot.
The meeting called for a coordinated development of domestic and foreign trade and support for the rescue of processing trade enterprises. For the domestic sale of bonded materials or finished products in processing trade, the interest of tax delay shall be temporarily exempted before the end of the year. We will expand the pilot projects where processing trade enterprises can choose to pay tariffs on imported materials or finished products for domestic sales to all comprehensive bonded areas. We will expand the scope of industries that encourage foreign investment.
In response to the severe situation of the global epidemic, it was decided that the 127th Canton Fair would be held online in the middle and late June. Invite domestic and foreign merchants to show their products online, use advanced information technology, provide all-weather online promotion, supply and purchase docking, online negotiation and other services, build an online foreign trade platform for high-quality characteristic commodities, so that Chinese and foreign merchants can place orders and do business at home.
The meeting pointed out that it is necessary to enhance the capacity of China EU trains and other freight channels, fully undertake the transfer of goods by sea and air, and support the stabilization of international supply chain and the resumption of production.
In order to strengthen inclusive financial services, the meeting decided to implement fiscal and financial policy linkage and extend part of the expired preferential tax policies to the end of 2023. Including: interest income from loans of RMB 1 million or less granted by financial institutions to small and micro enterprises, individual businesses and farmers is exempted from value-added tax; interest income from loans of RMB 100000 or less granted to farmers and premium income from providing insurance business for breeding industry are included in taxable income by 90%; interest income from loans of RMB 100000 or less granted by small loan companies is exempted from value-added tax Value tax, 90% of which shall be included in the taxable income of enterprise income tax, and the provision for loan loss withdrawn at 1% of the loan balance at the end of the year shall be allowed to be deducted before income tax.
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