Photo taken on January 28 shows a worker busying in a photovoltaic enterprise in Ganyu Economic Development Zone, Lianyungang City, Jiangsu Province. (CFP Photo)
Jiangsu government announced a package of 42 measures on January 16 to shore up economic recovery and growth, including the implementation of a slew of fiscal and tax policies.
Data from the provincial Department of Finance showed that the combined tax and fee cuts, refunds and deferrals surpassed 450 billion yuan last year, and this included the value-added tax (VAT) credit refund of 252.3 billion yuan, 10% of the country's total. Jiangsu also waived the rental totaling 9.2 billion yuan for businesses renting state-owned property.
A survey among nearly 1,000 enterprises showed the preferential policies on real estate tax and urban land use tax were highly recognized. In response, Jiangsu decided to extend the policies for six more months, which will lead to a tax reduction of more than 4 billion yuan for market players.
According to the province's Taxation Department, more than 60,000 enterprises in 2022 enjoyed the preferential policy for R&D expenses in advance.
In the first three quarters of last year, Jiangsu's high-tech enterprises benefited from a cut of more than 24 billion yuan in corporate income tax. The output value of the high-tech industry increased by 11.1% year-on-year and accounted for 48.9% of the total generated by industrial enterprises above designated size.
Eligible tech startup incubators, university-run tech parks and entrepreneurship service entities will be exempt from value-added tax, and the real estate tax and urban land use tax will also be waived for the associated users at these venues, according to the new measures.
Last year, more than 25,000 industrial enterprises in the province launched intelligent and digital transformation, and progress was made in promoting the innovative application of industrial Internet and next-generation of information technology.
In 2023, the province will earmark 1.2 billion yuan to support transformation and upgrading of industrial enterprise, such as the use of intelligent and digital technologies.
