Take multiple measures to cut costs.More small businesses with low profits will enjoy halved corporate income tax, with the upper limit of taxable annual income raised from 300,000 to 500,000 yuan. For small and medium high-tech enterprises, the proportion of R&D expenses covered by the additional tax reduction policy is to be raised from 50 to 75 percent. We will do all we can to see the intensity and impact of structural tax cuts deliver further results. The great number of charges have placed an unbearable burden on many businesses; we are going to slash non-tax burdens.
First, we will completely overhaul government-managed funds, abolish municipal public utility surcharges, and authorize local governments to reduce and cancel some funds.
Second, we will abolish or suspend 35 administrative charges paid by enterprises to the central government, again cutting the number of charges by more than half; and then reduce as far as possible those that still apply. Local governments also need to make significant cuts to government administrative fees.
Third, we will reduce government-set operating fees for businesses. Unauthorized fees charged by intermediaries for government review and approval will be overhauled or abolished. We will work toward lower operating fees levied on businesses in the finance and railway freight sectors. We will strengthen oversight over the collection of market-set service fees.
Fourth, we will continue to lower as appropriate the share paid by enterprises for contributions to social security.
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