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Key Points of Fiscal and Tax Support Policies for COVID-19 Prevention and Control

The editor of Hargent is now focusing on the Announcement No. 8 of 2020 of the Ministry of Finance and the State Administration of Taxation (hereinafter referred to as Announcement No. 8), the Announcement of the Ministry of Finance and the State Administration of Taxation of 2020 No. 9 (hereinafter referred to as Announcement No. 9), and the Announcement of the State Administration of Taxation of the Ministry of Finance in 2020 Announcement No. 10 (hereinafter referred to as Announcement No. 10) and Announcement No. 11 of 2020 (Announcement No. 11) of the Ministry of Finance and National Development and Reform Commission (hereinafter referred to as Announcement No. 11) shall be sorted out.

1. Epidemic prevention and control guarantee unit

(1) One-time pre-tax deduction for newly purchased related equipment by production enterprises of key materials for epidemic prevention and control

1. Policy text

Article 1 of Announcement No. 8:

Relevant equipment newly purchased by enterprises producing key materials for epidemic prevention and control to expand production capacity is allowed to be included in the current cost as a one-time deduction before corporate income tax.

2. Summary of points

The list of production enterprises shall be determined by the development and reform departments, industry and information technology departments at the provincial level and above.

The equipment is newly purchased to expand production capacity, and the equipment purchase time should be after January 1, 2020 (including January 1, 2020).

There is no limit to the unit value of the equipment, and a one-time deduction can be made as long as the conditions are met.

This policy aims to encourage enterprises to purchase equipment to expand production capacity. The deadline for this policy will be announced separately depending on the epidemic situation.

（2) The amount of incremental VAT credits for production enterprises of key materials for epidemic prevention and control will be fully refunded

1. Policy text

Article 2 of Announcement No. 8:

Enterprises producing key materials for epidemic prevention and control can apply to the competent tax authorities for a full refund of the incremental value-added tax credits on a monthly basis.

The term “incremental tax credits” as mentioned in this announcement refers to the newly added tax credits at the end of the period compared with the end of December 2019.

2. Summary of points

The list of production enterprises shall be determined by the development and reform departments, industry and information technology departments at the provincial level and above.

The full refundable incremental tax credit refers to the newly added tax credit at the end of the period after January 1, 2020 compared with the end of December 2019.

Incremental tax credits are refunded in full on a monthly basis.

The purpose of this policy is to increase the cash flow of enterprises. The deadline for this policy will be announced separately depending on the situation of the epidemic.

（3) Transportation of key materials for epidemic prevention and control

1. Policy text

Article 3 of Announcement No. 8:

Taxpayers will be exempted from value-added tax on their income from transporting key materials for epidemic prevention and control.

The specific scope of key support materials for epidemic prevention and control will be determined by the National Development and Reform Commission and the Ministry of Industry and Information Technology.

2. Summary of points

The objects of transportation exempt from value-added tax are the key support materials for epidemic prevention and control, and the transportation income of other materials and passenger transportation is not within the scope of tax exemption.

The specific scope of the transported key support materials for epidemic prevention and control shall be determined by the National Development and Reform Commission and the Ministry of Industry and Information Technology.

If the transportation income in a reporting period is both tax-exempt and taxable, the taxable income and tax-exempt income shall be accurately divided. At the same time, the input tax corresponding to the tax-exempt income cannot be deducted, and this part of the input tax should be properly handled.

This policy will be implemented from January 1, 2020, and the implementation deadline will be announced separately depending on the epidemic situation.