Tai'an deepens VAT reform to reduce corporate burden

High-tech enterprises have also benefited from the VAT reform.
Shandong Runtong Gear Group Co is a comprehensive national high-tech enterprise integrating casting, forging, and gear processing services.

Li Mingdong, the legal representative of the company, said that the value-added tax cut alone is estimated to be more than 3 million yuan for the year, which will inject "a shot in the arm" to the company's development.

"We are ready to continue to increase our investment in science and technology innovation, as well as seize the major opportunities of the new and old kinetic energy conversion in the province to improve industrial efficiency and achieve transformation and upgrading," he added.

Deepening the VAT reform has benefited taxpayers significantly. This could not have been achieved without the real practice and solid work of tax authorities.

The taxation department of Tai'an has organized symposiums, special trainings, telephone return visits, and feedback from WeChat work groups to sort out the potential problems and pain points in each link since the VAT reform was implemented.

It has also selected targeted enterprises to conduct door-to-door counseling and solve the problems encountered by taxpayers.

"As a number of tax and fee reduction policies have been introduced intensively this year, many of the senior accountants often fail to grasp the new policies. The taxation department not only organized trainings, but also provided door-to-door guidance to solve problems for us,” said Wang Chuanzhan, financial manager of Ruxing Group.

In addition, it also intensified policy publicity, as well as established a supervision and assessment mechanism to ensure that all policies for deepening the VAT reform are fully implemented.