On March 28, the State Council executive meeting decided to deepen the VAT reform measures. The meeting decided that the value-added tax rate for manufacturing and other industries will fall from 17% to 16% from May 1. The VAT rate for transportation and basic telecommunications will be reduced from 11% to 10%. Increase the taxpayer's annual sales standard from 50 and 800,000 to 5 million.
In fact, the Ministry of Industry and Information Technology reported at the beginning of this year that China is now fully promoting the "Made in China 2025" strategy, and the international competitiveness of manufacturing enterprises is constantly increasing. At the same time, however, China's manufacturing enterprises face problems such as high cost, thin profit, and heavy tax burden, which have inhibited the formation of core competitiveness of enterprises to a certain extent.
Therefore, it is recommended to reduce the first major tax category - the value-added tax rate, enhance the strength of China's manufacturing enterprises, and promote the transformation and upgrading of the real economy.
According to industry analysts, this VAT tax cut directly benefits manufacturing companies, especially high-end manufacturing and technology innovation companies.
As we all know, China is the world's largest manufacturing country. As far as the LED industry is concerned, China has become the world's largest LED lighting manufacturing country. Especially for LED displays, China has already become the world's largest manufacturing base.
Undoubtedly, the reduction of the VAT rate is undoubtedly not a big boon for LED manufacturers.
Liu Wenhui, the director of Ganzhao Optoelectronics, said that the reduction of the VAT rate will greatly help the profit recovery. It also reflects the state's support for the industry and the policy of supporting the high-end manufacturing industry, and it is a real move. I believe that the country will be detached from the future. "The policy will be more and more, more and more grounded."
Zhu Xihe, general manager of Xingguangbao, also believes that this decision of the State Council is a boon for the LED manufacturing industry. The value-added tax has been reduced from 17% to 16%, which has reduced some tax costs and correspondingly reduced the burden of corporate tax burden. For Starlight Treasure, it can play a certain role in promoting.
However, I believe that many people will be confused. The VAT rate is only reduced by 1%. How much can it be reduced for manufacturing companies? How big can the profit recovery space be?
In this regard, Zhongtai Securities said that according to quantitative calculations, the impact of the increase in taxable income caused by the decline in value-added tax is excluded. In the first three quarters, the manufacturing industry is expected to reduce tax by 78.3 billion yuan, equivalent to about 104.4 billion yuan for the whole year. The tax is about 30.91 billion yuan, the tax reduction in the middle reaches is about 42.03 billion yuan, and the downstream tax reduction is about 31.47 billion yuan. The automobile manufacturing industry, computer communications and other electronic equipment manufacturing industries actually have the most tax reductions, reaching 16.93 billion yuan and 11.17 billion yuan respectively.
A 1% reduction in value-added tax can increase the proportion of total net profit
Of course, if you are specific to each company, the degree of burden reduction will vary.
Zhang Bing, general manager of Chuangxiang Co., said frankly, "The direction of the VAT rate is correct, and the cost of the enterprise is reduced to a certain extent, but the scope seems to be slightly lower. In terms of the creation of shares, the monthly reduction can be tens of thousands of yuan. Accumulating a year can probably reduce hundreds of thousands of dollars."
Indeed, a 1% reduction in the VAT rate is not particularly significant for individual companies. In Zhu Xihe's view, "tax rate adjustment is a chain of things. For enterprises, it can reduce the tax burden by 0.3% in one month. The space for profit recovery is really limited, and this must be implemented after the actual policy is implemented. Calculation."
It is undeniable that the decline in the VAT rate will help reduce the tax burden of the manufacturing enterprises, increase the profit rate of enterprises and increase the capital accumulation of enterprises, and provide a basis for expanding production scale and increasing R&D investment. To a certain extent, the decline in the VAT rate will also help promote economic restructuring, build a manufacturing power, and achieve high-quality development.
I believe everyone has noticed that as the LED market gradually warms up, many LED companies are beginning to pursue quality first, especially for many small and medium-sized enterprises that take the subdivision route, positioning high-end, insisting on using product quality to speak.
"The way a company can live a life is the quality of its products. How to ensure the quality is excellent? What we need is that we continue to invest in research and development and improve management. This requires us to have sufficient profits to support, as well as profit margins, of course. It will also help our quality improvement." Liu Wenhui told Gaogong LED.
Zhu Xihe also put forward, "In fact, regardless of whether there is any tax reduction or not, the pursuit of quality has always been the goal of our Starlight. Of course, with this tax reduction opportunity, the LED market will adjust accordingly to promote industrial transformation and upgrading. ."
All in all, this tax cut will benefit both domestic and foreign companies. At the same time, the tax reduction will further improve the tax system, support the development of the real economy such as manufacturing and small and micro enterprises, and continue to reduce the burden on the market. It is believed that LED manufacturing enterprises will also step out of their own path of “building a healthy body†in the “spring breeze†of tax reduction.
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