China Report (Chen Zanliang, Report) With the in-depth implementation of the "Belt and Road Initiative" initiative, the Guangdong-Hong Kong-Macao Greater Bay Area has accelerated its launch, and Zhuhai enterprises have made every effort to seize new opportunities for future development. Focusing on the implementation of tax cuts and fee reductions, from the perspective of tax management and services, the tax department has helped Meizu, Quanzhi Technology, Ninestar and other enterprises to write the "Zhuhai Story" of open development in the new era, becoming Zhuhai’s participation"Belt and Road Initiative"A new force under construction.
The implementation of tax and fee reduction policies has given enterprises more confidence to "go global"
Since 2019, the tax department has implemented a larger-scale tax reduction and fee reduction, allowing enterprises to reap full dividends. Zhuhai Allwinner Technology joint stock company is a large software enterprise, its main business is the research and development and sales of electronic components and software. It established a wholly-owned subsidiary in Hong Kong, which is a "going global" enterprise of the type of foreign direct equity investment.
It is reported that in order to help enterprises develop and expand overseas markets, the Zhuhai tax department has increased publicity and guidance on policies related to "going global" and tax reduction and fee reduction for enterprises, accelerated the approval of export tax rebates for enterprises, and ensured that enterprises enjoy the preferential tax policies in a timely manner. According to statistics, in 2019, Quanzhi Technology paid more than 4 million less taxes after the value-added tax rate was reduced from 16% to 13%, and paid less than 450,000 yuan for urban construction tax, education surcharge and local education surcharge.
"With the benefits of tax cuts, we are more confident in our hearts. We will use the funds obtained from tax cuts to be used more for technological innovation and R & D investment to improve the core competitiveness of enterprises," said the head of Allwinner Technology.
As a high-tech enterprise, in recent years, the company’s revenue has been around 1 billion yuan, while the annual R & D investment is between 2-300 million yuan. Transforming the dividend of tax policy into innovation-driven strength is one of the secrets for Quanzhi Technology to lead the industry. In order to implement the policy dividend, the tax department of Zhuhai High-tech Zone has organized policy promotion teams to Quanzhi Technology for many times to carry out special policy training and answer difficult questions. "The tax department comes to talk about preferential policies, so we are not afraid of missing any good policies," said the person in charge of finance of the company.
It is understood that since 2019, the Zhuhai Municipal Tax Department, PricewaterhouseCoopers Consulting (Shenzhen) Co., Ltd., the Macao Federation of Industry and Commerce, the Macao Association of Certified Auditors, and CPA Australia have jointly organized the "Tax Service’Belt and Road Initiative ‘".
Jointly build the Guangdong-Hong Kong-Macao Greater Bay Area "international tax policy lecture, nearly 200" going out "enterprises in the city benefited from it, and held a roundtable salon exchange meeting, edited the" Belt and Road Initiative "series" going out "enterprise tax guide, and built the tax department" Belt and Road Initiative "" going out "Enterprise Services team to escort the overseas development and growth of enterprises.
"We invited a team of tax experts from PricewaterhouseCoopers, one of the world’s four largest accounting firms, to provide a comprehensive tax policy interpretation on the latest corporate tax policies in mainland China, personal income tax policies, tax reduction and fee reduction policies, and tax systems in Hong Kong and Macau. At the same time, we exchanged and answered questions on the spot, and opened the pulse for enterprises to" bring in "and" go out "," said Chen Jiahui, deputy chief of the international tax administration department of Zhuhai Taxation Bureau.
"Taxation must take the lead in creating a convenient, efficient and fair business environment, and play an important role on the stage of this era," said the person in charge of the Zhuhai Taxation Bureau. "The tax department will take the construction of the Guangdong-Hong Kong-Macao Greater Bay Area as a new starting point and take active actions to carry out tax services and publicity in a more in-depth and lasting manner, so that’going out ‘enterprises can enjoy the dividends of tax reform and escort and sail forward for Zhuhai’s economic development."
Tracking service professional coaching to make enterprises "going global" more competitive
From the tax authorities, our country has signed bilateral tax treaties, arrangements and agreements with 107 sovereign countries and regions in the world, of which 54 belong to the countries along the "Belt and Road Initiative", providing a legal basis for cross-border investment and business enterprises to enjoy fair treatment in the host country, effectively resolve disputes and safeguard tax rights and interests.
"We have encountered many difficulties in the process of’going out ‘, such as not knowing the tax policy of the host country, not knowing how to use tax treaties to protect the legitimate rights and interests of enterprises, etc. The Zhuhai tax department has given enterprises a lot of help in this regard."
Ninestar joint stock company CFO Chen Lei introduced to reporters,
Ninestar joint stock company’s main business is general printing supplies, chips and other components, in the acquisition of Lexmark International Limited encountered many cross-border transactions tax issues.
"Lexmark is a world-renowned printer manufacturer and occupies an important position in the field of high-end printers. During the acquisition of Lexmark by our group company, the financial and tax structure of the US company was very complex, and the professional guidance of Zhuhai tax experts helped us solve the problem smoothly," Chen Lei said.
After learning about the situation of enterprises’ foreign investment, the Zhuhai tax department learned about the problems faced by enterprises and the need to obtain foreign-related tax support, and took the initiative to track services to help enterprises clarify their tax obligations in transaction links, such as income tax and stamp duty involved in equity transfer, income tax and various turnover taxes involved in asset transfer, tax laws of other countries for buyers to withhold and pay taxes, etc., and provided policy guidance to enterprises on dividends, interest, and dividend dividend credits, providing tax law protection for the enterprise to "go global", and providing a full range of tax policy guidelines and a series of meticulous high-quality services for overseas investment of enterprises, so as to put the service "Belt and Road Initiative" into practice.
"The tax department has been committed to providing professional tax policy services for’going out ‘and’bringing in’ enterprises, actively making good use of preferential policies such as tax treaties, tax credits, and export refunds (exemptions), and further simplifying the filing procedures for filing preferential applications, so that enterprises can enjoy various tax preferential policies more conveniently, quickly and fully," said Liu Zhanyong, chief of the international tax management section of the Zhuhai Taxation Bureau.
Strengthen tax risk prevention and control, so that enterprises can "go global" more steadily
It is reported that Zhuhai Meizu Technology Co., Ltd. was established in March 2003 and is a well-known smartphone manufacturer at home and abroad. The "Meizu" brand ranked 79th in the BrandZ "Top 100 Most Valuable Chinese Brands in 2019" list, 36th in the "Top 50 Overseas Brands" list, won the second prize of the National Tax Technology Progress Award, and was listed in the list of unicorn enterprises. Since 2018, Meizu Technology has faced the bottleneck of upgrading and development. Understanding the difficulties encountered by the enterprise, the tax department went deep into Meizu Technology, conducted door-to-door research, and found that many of the raw materials required by Meizu Technology to produce mobile phones need to be imported from overseas. In order to ensure the production progress of mobile phones, enterprises will purchase raw materials in advance according to product planning, so there will be a large amount of tax deduction. The company has a production cycle of about 16 weeks from raw material procurement to product scheduling and listing. During this period, funds are in a state of net outflow, which brings certain pressure to the company’s capital chain.
The double financial pressure has a certain impact on the operation of enterprises, the longer the capital circulation cycle, the higher the operating risk of enterprises, and the tax department accelerates the progress of tax refund processing. During the period of June 2018, Meizu Technology’s tax deduction amount at the end of the period is 83.84 million yuan. Full refund in time, relieving financial pressure for enterprises and reducing business risks.
"The competition pressure of mobile phone companies abroad is very high, and we are encountering a bottleneck period of development. We have not fully considered many things, and the tax department has taken them into account for us." The financial person in charge of Meizu Technology said that the refund of the retained tax has enabled the company to obtain 83.84 million yuan in working capital, which provides strong financial support for the centralized listing of new products. The company will use the funds for the production of new products, especially to ensure that there is an adequate supply of popular new products. At the same time, it will also increase investment in overseas markets, add overseas offices, expand the business scale of existing overseas subsidiaries, and develop mobile phone products suitable for overseas markets according to the needs of overseas markets.
The tax department will continue to provide targeted policy guidance to enterprises, comprehensively optimize the tax business environment, and help "going global" enterprises go further and become stronger.
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