On September 6, the executive meeting of the state council stressed the need to improve policies to ensure that the tax burden of venture capital funds does not increase on the whole. further promote the development of venture capital funds through fiscal, taxation and financial policies. In addition, we will promptly study and properly reduce social security premiums
to ensure that the burden on enterprises is not increased in general. Ensure that the threshold of taxable income after deducting personal income tax is significantly higher than 5,000 yuan. Kang jie, a partner of pricewaterhousecoopers financial industry tax and business advisory services, told securities daily that the state council’s executive meeting is a “reassurance" that the overall tax burden on venture capital funds will not increase under the new policy.
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Zhang yiqun, director of the research institute of fiscal science of jilin province, told securities daily that the tax burden of venture capital fund is still on the high side due to low starting point, small level difference and high tax rate, which is not conducive to enhancing investment willingness and promoting investment expansion. On October 1 this year, after the implementation of the new personal income tax threshold, the overall tax burden of venture capital fund will be reduced, especially for the natural partner of small and medium-sized venture capital fund.
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The ministry of finance announced on September 6 that some interest income from loans to small and micro businesses will be exempted from VAT to encourage Banks to lend to small and micro businesses at lower interest rates. Financial institutions should keep track of the loan orientation to ensure that the loan funds actually flow to small enterprises, micro enterprises and individual industrial and commercial businesses, and the actual users of the loan are consistent with the applicants. The circ shall, on an annual basis, supervise the implementation of the tax exemption policy and shall promptly notify the relevant financial and tax authorities of the result of the inspection.
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On September 7, the financial stability and development committee of the state council held its third meeting to analyze the current economic and financial situation and study the next key work. The meeting proposed to increase policy support and sectoral coordination, in particular to strengthen coordination and cooperation between the financial sector and the fiscal and development and reform sectors, increase policy precision support, and better promote the development of the real economy.