A government work report submitted to the fifth session of the 13th National People's Congress for deliberation on March 5 estimated that about 2.5 trillion yuan in tax rebates and reductions will be made this year, of which the overpaid VAT totals 1.5 trillion yuan. The report makes it clear that large-scale tax rebates will be implemented this year: priority will be given to small and micro enterprises, the outstanding amount of overpaid VAT for small and micro enterprises will be refunded in a lump sum by the end of June, and the incremental amount of overpaid VAT will be fully refunded. Yantai FTZ will focus on supporting the manufacturing sector, and comprehensively address the issue of overpaid VAT in manufacturing, scientific research and technical services, ecological protection, electric power and gas, and transportation.
"Financing difficulty" has been a key factor affecting and restricting the growth of small and medium-sized enterprises for a long time. To revitalize the deposit capital and allow businesses to truly enjoy the 100% tax credit effect, Yantai FTZ has comprehensively combed out the various business processes involving rebates, guarantees, loans, interest and so on, and innovatively launched overpaid VAT special loan (hereinafter referred to as the "special loan") system. In other words, the commercial loans, which are independently reviewed and issued by commercial banks and partially supported by the finance with discounted interest, are based on enterprises' overpaid VAT, creating a precedent for the linkage of finance, taxation, banking and enterprises to allow more financial resources to be channeled into the real economy.
In this model, fiscal, tax, finance and other departments will screen class A tax credit rating companies, gain the accurate enterprise profiles from the five dimensions including strength, innovation ability, growth potential, stability and risk, issue a credit "health check form" to the enterprise and provide the loan "white list" for the bank so that financial institutions can be reassured when it comes to enterprise financing. Meanwhile, for enterprises included in "white list" of special loan, Yantai FTZ has rolled out the incentive policy of financial discount of 50%.
Up to now, Yantai FTZ has intended to cooperate with 29 commercial banks in terms of "overpaid VAT special loan", and 5 enterprises have successfully obtained the special loan 68.5 million yuan. As the credit quota breaks through 200 million yuan within the year, Yantai FTZ will support enterprises to increase investment, strengthen the efforts on R&D and expand reproduction to further stimulate market vitality.