Tax and fee reductions, as well as tax refunds, will exceed 2.6 trillion yuan in 2024! Support technological innovation and manufacturing development

Recently, the latest data released by the State Administration of Taxation shows that in 2024, the main policies supporting scientific and technological innovation and the development of the manufacturing industry will reduce taxes, fees, and refunds by 2629.3 billion yuan, which will help accelerate the cultivation of new quality productivity and the high-quality development of the manufacturing industry in China.

In 2024, the tax department will accurately implement structural tax reduction and fee reduction policies, with a focus on supporting technological innovation and manufacturing industry development.

From the perspective of policy types, policies supporting increased investment in science and technology and transfer of achievements, such as additional deduction of research and development expenses, tax reduction and refund of 806.9 billion yuan; Support the reduction of taxes and fees by 132.8 billion yuan through policies such as value-added tax deduction for integrated circuit and industrial mother machine enterprises to solve the "bottleneck" problem and attract and cultivate scientific and technological talents; Support the cultivation and development of high-tech enterprises and emerging industries, and implement policies such as reducing enterprise income tax by 15% and exempting new energy vehicles from vehicle purchase tax, resulting in a tax reduction of 466.2 billion yuan; Policies supporting equipment updates and technological upgrades will result in a tax reduction of 114 billion yuan; The advanced manufacturing enterprises that support the high-quality development of the manufacturing industry have implemented policies such as value-added tax deduction, retention, and refund, resulting in a tax reduction, fee reduction, and refund of 1109.4 billion yuan.

Under a series of policy measures such as structural tax reduction and fee reduction policies, the capacity for scientific and technological innovation continues to strengthen. According to the value-added tax invoice data, in 2024, the sales revenue of high-tech industries grew 9.6 percentage points faster than the national average, reflecting the rapid growth of innovative industries; The sales revenue of national scientific and technological achievements transformation services increased by 27.1% year-on-year, and the growth rate of high-tech service industry was 14.3 percentage points faster, indicating that the transformation of scientific research results into actual productivity is accelerating; The core industries of the digital economy increased by 7.1% year-on-year, and the amount of digital technology purchased by enterprises nationwide increased by 7.4% year-on-year, reflecting the orderly promotion of the integration of data and reality.

Driven by policies such as tax incentives, China's manufacturing industry has steadily developed. According to value-added tax invoice data, in 2024, the sales revenue of manufacturing enterprises grew 2.2 percentage points faster than the overall national growth rate. Among them, the sales revenue of equipment manufacturing, digital product manufacturing, and high-tech manufacturing increased by 6.2%, 8.3%, and 9% respectively year-on-year, and the manufacturing industry is steadily advancing towards high-end and intelligent development.

A series of policy measures supporting technological innovation and manufacturing development have achieved significant results. These policies not only enhance China's technological innovation capabilities, but also promote the high-end and intelligent development of the manufacturing industry, reflecting the positive role of national policies in promoting economic development and industrial upgrading.

The responsible persons of relevant departments of the State Administration of Taxation stated that in the next step, the tax department will thoroughly implement the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China and the Central Economic Work Conference, focus on the reform tasks of innovation driven development strategy and promoting the development of the real economy, conscientiously implement and continuously study and improve the structural tax reduction and fee reduction policies that support key scientific and technological innovation and manufacturing industry development, better assist the development of new quality productive forces, and promote the high-quality development of China's economy.