Deepening the reform of value-added tax is the key to reducing taxes and fees in 2019. A new policy triggered a wave of waves. For enterprises, does the reduction of VAT mean a disguised increase in revenue? How can finance make the best use of policy changes and give preferential treatment to enterprises? Tax points are lowered. What points should we pay attention to in financial declaration? What is the future direction of tax reform and how to prepare and plan for financial affairs?
On April 23, GFC Consulting invited experts from the Goods and Labor Tax Department of Shanghai Pudong New Area Taxation Bureau.Michael Chen, Tax Manager of Saudi Basic Industries Corporation. John Ying, Senior Tax Manager of GFC Consulting and Alan Jiang, Senior Consulting Manager of GFC to share with you.
Teachers Yan and Wang, experts from the Goods and Labor Tax Department of Pudong New Area Taxation Bureau, first interpreted the adjustment of VAT tax rate and the expansion of the scope of input tax deduction. According to the announcement No. 39 of Finance and Taxation, when a general taxpayer of VAT conducts VAT taxable sales or imports goods, the original 16% tax rate shall be adjusted to 13%; if the original 10% tax rate is applied, the tax rate shall be adjusted to 9%. And the announcement indicates that the applicable tax rate should be determined according to the time when the tax obligation occurs. The two teachers also said that the biggest adjustment of the new policy is to include passenger transport services into the deduction scope. When declaring, we need to pay attention to: domestic passenger transport services can deduct input tax, must indicate identity information, cost excluding civil aviation funds, meet the deduction requirements, and need to have legal employment relations.
When interpreting the policy of adding and deducting, the two teachers put forward that the policy should be applied to the general taxpayers when they declare the business, and the total sales of the "four services" should be taken as the total. At the same time, after the taxpayer determines that the policy of adding and deducting is applicable, it will not be adjusted in the current year, and whether it is applicable in the following year will be determined by calculating the sales of the previous year. Speaking of the trial implementation of the retained tax rebate system, Mr. Wang said that enterprises should pay attention to the conditions of tax rebate during the trial period: threshold of tax rebate, credit rating, no fraud, no penalty for tax evasion, no special tax preferences and so on.
Michael Chen, tax manager of Saudi Basic Industries Corporation, shared the measures taken by enterprises to deal with the new VAT reform policy. He said that due to the short time interval between policy issuance and implementation, enterprises need to make active preparations from business operation to management. Michael also said that the adjustment of the new policy not only affects the daily work of the financial department, but also has a greater impact on the business travel declaration and invoice management. The financial department should timely coordinate with relevant departments to adjust the internal system, and adapt to the new policy as soon as possible from the aspects of daily invoice management, financial accounting, VAT accounting, declaration, contract and business process updating. Enterprise finance should pay attention to the financial accounting of related business, avoid disputes with tax authorities in the future and reduce tax-related risks to the greatest extent at the level of internal control.
The New Deal has put a lot of pressure on financial work. Guests are very concerned about the intelligent application of technology in financial declaration and bill management. For this reason, John Ying, Senior Tax Manager of GFC Consulting, and Alan Jiang, senior manager, have brought you the theme of "Automated Solution for Bill Certification". The scheme aims at identifying the face information and verifying it by OCR, generating deduction forms according to the needs of enterprises (such as deductible cost types, different tax entities), and importing them into the system to achieve batch authentication. GFC chooses the leading OCR technology, based on convolution neural network artificial intelligence ticket recognition, can achieve more than 95% recognition rate, bill cleaning, automatic cutting, multi-type bill recognition (VAT invoice, train ticket, airplane itinerary, taxi ticket, consumption receipt), invoice verification, 0.5 seconds return the results, according to the needs of enterprises, generate structured data tables, maximize financial efficiency. Rate.
GFC Consulting "Bill Certification Automation Solution" also has many advantages:
It only takes 2-6 weeks to get on line quickly.
Large-scale improvement of efficiency and reduction of labor costs;
Intelligent expansion, easy to expand the number and scope of deployment;
7X24 works all year round, releasing productivity;
Intelligent recognition to avoid human error.
Full-time monitoring record, clear footprint, reduce compliance risk.
Value-added tax is the largest tax in China. Deepening the reform of value-added tax and gradually establishing a modern value-added tax system is an important task of the current tax reform in China. This tax reduction policy has a great impact on enterprises. Enterprises should analyze the impact in advance and take appropriate measures.GFC Consulting will continue to pay attention and bring you the latest interpretation.