Shanghai's support to the development of enterprises - 2

Policies and Measures of Shanghai to Prevent and Control the Novel Coronavirus Pneumonia (NCP) and to Support and Serve the Stable and Healthy Development of Enterprises (Abstract)

For Part 1, please read yesterday’s article.

2

Effectively relieve the burdenfor all kinds of enterprises

09

Reduce/waive rents for enterprises.

Small and medium-sized enterprises (hereinafter referred to as the SMEs) that rent the profit-oriented properties of state-owned enterprises in Shanghai (including all kinds of development zones and industrial parks, start-up bases and science & technology business incubators) for production and business activities will be exempted from the rents for February and March; measures should be taken to ensure that the SMEs that sub lease the properties, the actual operators, also benefit from rent reduction and exemption. State-owned enterprises are encouraged to give up as many profits as possible to tide the SMEs over through reduction, exemption, deferment of payments or other ways after negotiation, and relevant revenue reduction will be taken into consideration for business performance assessment. All kinds of market operators such as large-scale commercial buildings, shopping malls, parks and other market operators are encouraged to reduce or exempt rents for the tenants engaged in business operation. Those enterprises that take the initiative to reduce or exempt the real estate or land rents for the tenants can apply for reduction or exemption of real estate tax and urban land use tax if it is too much of a burden for them.

10

Postpone the deadline for tax declaration.

During the NCP prevention and control campaign, taxpayers who have difficulties tax declaration within the statutory time limit due to the impact of the NCP may apply for further extension in accordance with the law. Taxpayers who have difficulties in paying taxes on time due to the impact of the NCP and meet the conditions for tax deferral shall be granted tax deferral in accordance with the law for a maximum period of three months. Taxpayers who fail to declare and pay taxes on time due to the impact of the NCP may be exempted from overdue fine and tax administrative penalty upon confirmation by the competent tax authorities.

11

Give tax incentives for related enterprises and individuals.

During the NCP prevention and control period, if it is really difficult for the enterprises whose real estate or land is expropriated by the government to pay the real estate tax and the urban land use tax, they may apply for reduction or exemption of both kinds of taxes. According to the national policy, the maximum carry-over period for the losses incurred by enterprises in difficulty-ridden industries greatly affected by the NCP in 2020 will be extended from 5 years to 8 years. Social forces are encouraged to actively contribute cash and supplies for the NCP prevention and control, and those donations can be totally deducted before the income tax in accordance with regulations. The donated supplies are free of VAT, consumption tax and additional taxes. The subsidies and bonuses received by the medical personnel and NCP prevention & control workers participating in the anti-epidemic battle in accordance with the standards set by the government, as well as the protective gear distributed to individuals by their workplaces, shall be exempted from individual income tax.

12

Relieve the tax burden of individual businesses that pay taxes periodically at a fixed amount.

During the NCP prevention and control period, individual industrial and commercial households that pay taxes periodically at a fixed amount are exempted from paying fixed taxes in accordance with the law.

13

Temporarily refund the tourism service quality deposits and subsidize the construction of cultural undertakings.

According to the national policy, 80% of the service quality deposits will be temporarily refunded to travel agencies with sound operation and good reputation from February 5, 2020 and be returned before February 5, 2022. The payers of construction fees for cultural undertakings in the life service industry will be given certain financial subsidies according to the extent affected by the NCP and the actual payment amounts.

Source: 上海市人民政府外事办公室

More to come tomorrow on AnyShanghai.

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