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Class-A Taxpayers to Enjoy Preferential Treatment in Financing

Twenty-nine Chinese ministries led by the National Development and Reform Commission and State Administration of Taxation (SAT) have jointly issued the Memorandum of Co-operation on the Implementation of Joint Incentives for Class-A Taxpayers (the Memorandum). The incentives package consists of 41 measures in 18 areas including project approval and management, tax services, financing and credit as well as import and export facilitation to encourage honesty. Information sharing and joint incentives of class-A taxpayers are expected to commence before the end of July 2016.

Other signatory departments include the People’s Bank of China, Ministry of Finance, China Securities Regulatory Commission, China Insurance Regulatory Commission as well as the General Office of Central Commission for Guiding Cultural and Ethical Progress.

An SAT official said that the Memorandum is the first multi-departmental joint initiatives launched for honest entity on the basis of joint punishment against serious dishonest entities and also the first major step to implement the Guiding Opinions on the Establishment of a Sound Joint System for Encouraging Credibility and Punishing Incredibility to Accelerate the Building of a Social Credit System (the Guiding Opinions) recently released by the State Council.

Class-A taxpayers can enjoy the following convenience and benefits under the Memorandum:

In project approval and management: priority consideration in relation to direct electricity sales and implementation of pre-emptive right to develop and acquire electricity generation projects; participation in the pilot implementation of annual issuance quota of “approved once, issue in stages and in batches” in a timely manner in relation to filing management of corporate bonds overseas issue; and eligibility for simplified tax certificate and other related procedures in bidding for government-funded projects.

In financing facilitation: as an important reference condition of bank credit financing; as a good credit record in the financial credit information database.

In securities and insurance supervision, enterprise credit information as an important reference in the examination and approval of securities, fund management companies, futures companies and insurance companies in their establishment, changes in and engagement in related business; providing facilitation measures in the establishment of insurance intermediaries.

Priority consideration will also be given in relation to arrangement for projects invested by fiscal funds. Likewise, preference will be given to class-A taxpayers with good compliance record in forex business as pilot and pioneer reform objects for trade and investment facilitation measures; as well as priority in being chosen as pilots in the introduction of various other preferential policies and facilitation measures.

For the Memorandum in Chinese, please see:

http://www.sdpc.gov.cn/zcfb/zcfbtz/201607/t20160712_811040.html

For the Guiding Opinions in Chinese, please see:

http://www.gov.cn/zhengce/content/2016-06/12/content_5081222.htm

Content provided by Picture: HKTDC Research
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