A total of 4.7-billion-yuan tax exempted in 06

On Feb.7th,it was known from related departments of finance and taxation that during the year of 2016,the amount of tax reliefs for Ningbo enterprises totaled 42.71 billion yuan, up 13.74 billion yuan since the year before while registering a yearon-year increase of 47.4%. Against a backdrop of New Normal, Ningbo city brings its financial and revenue function into full play, advances structural reform and innovation in terms of tax management, strongly backs up the market to expand, maintain growth while adjust structure and devotedly improves people's livelihood, laying a sound financial foundation for a better and quicker development of economy and society. Promote technical innovation of high-tech enterprises. In 2016, departments of finance and taxation put preferential tax policies into effect for high-tech enterprises, altogether reducing 4.5-bllion-yuan tax for them, which further stimulated technical innovation and progress as well as industrial restructuring. As for SMEs, they enjoyed 2.24 billion yuan's worth of tax exemption, which served as mighty support for their business startup and innovation. Enlarge the extent of tax exemption in key industries to ensure a continuous rise of social investment. According to preferential tax policies set out for financial capital market, a total of 3.93-billion-yuan tax was exempted. With respect to other undertakings such as transportation and infrastructure, a total of 7.79-billion-yuan tax was cut while in terms of company merger and restructuring, tax exemption amounted to 150 million. Implement the policy of reducing taxes on social insurance premiums. A lower tax rate was formulated for medical, unemployment, employment injury and maternity insurance premiums, which directly cut 1.64 billion yuan's worth of tax on enterprises. The policy of determining reduction rates of different social insurance premiums was carried out, contributing to 1.41-billion-yuan tax exemption. The total tax exemption of social insurance premiums in 2016 registered 3.05 billion yuan. Relieve the burden on brick-and-mortar enterprises. Several administrative fees and governmental funds were canceled, exempted or reduced, among which 74 administrative fees were canceled or exempted while five governmental funds and seven administrative fees were reduced. For those eligible taxpayers in terms of turnover, education surcharge, local education surcharge and funds for water conservancy construction were exempted. In this respect, the tax exemption totaled 20 million yuan. Encourage the real estate market to develop steadily. In line with the national demands on adjusting deed and turnover taxes in the real estate market, Ningbo city implemented more favorable tax policies on personal housing purchases to meet its residents' needs to have their own houses and improve living standards. In 2016, favorable policies for the real estate market helped to reduce taxes by 10.38 billion yuan. What's more, a special fund of 620 million yuan was established to support technological upgrading, technical innovation and market expansion, which helped with enterprises' transformation and upgrading.

LINK:	http://en.nbwh.gov.cn/art/2017/2/20/art_1325_93500.html...
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