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On September 6, the website of the Ministry of Finance published the Notice of the General Administration of Taxation of the Ministry of Finance on the Policy of VAT exemption for loan interest income of small and micro enterprises of financial institutions (hereinafter referred to as the Notice). According to the Notice, from September 1, 2018 to December 31, 2020, the interest income derived from the grant of micro-loans by financial institutions to small enterprises, micro-enterprises and individual businesses is exempted from VAT.
Specifically, how to tax?
Specifically, the two way is tax exemption.
1. For small enterprises, micro-enterprises and individual businesses granted by financial institutions, the interest rate level shall not be higher than the interest income of a single small loan with the benchmark lending rate of 150% (including the principal) of the People's Bank of China in the same period, and the value-added tax shall be exempted; for a single small loan with the benchmark lending rate of 150% higher than the benchmark lending rate of the People's Bank of China in the same period, the In accordance with current policies, VAT shall be paid.
2. Among the interest income of a single small loan issued by a financial institution to small enterprises, micro-enterprises and individual business households, it is exempted from VAT if it is not higher than the part of the interest income calculated according to the benchmark loan interest rate of the People's Bank of China for the same period (including the principal amount); and more than half of the interest income is paid VAT according to the current policy.
Financial institutions may choose one of the above two methods as the applicable method of tax exemption for the year according to the accounting year. Once selected, it shall not be changed in the accounting year.
Which financial institutions are applicable to?
The term "financial institutions" as mentioned in this Circular refers to the institutions approved by the People's Bank of China and the Banking and Insurance Regulatory Commission that have passed the "two additions and two controls" examination by the regulatory authorities in the previous year, as well as the development banks and policy banks, foreign banks and non-banking financial institutions approved by the People's Bank of China, the Banking and Insurance Regulatory Commission and the Securities Regulatory Commission. "Two Increases and Two Controls" means that the annual growth rate of loans to small and micro enterprises with a total credit amount of less than 10 million yuan (including) per household is not lower than that of loans, the number of households with loan balance is not lower than that of the same period last year, and the quality level of loans assets of small and micro enterprises and the comprehensive cost of loans (including interest rates and loan-related banking clothing) are reasonably controlled. Charges) level.
What are the standards of small and micro enterprises?
The term "small enterprises" and "micro enterprises" referred to in this Circular refers to small enterprises and micro enterprises that conform to the "Standards for the Classification of Small and Medium-sized Enterprises" (Ministry of Industry and Information Technology Joint Enterprises  300). The Ministry of industry and Commerce has adopted the delineation of different standards in different industries. For example, for industry, small and medium-sized micro-enterprises (SMEs) have less than 1000 employees or less than 400 million business income. Among them, the medium-sized enterprises with 300 employees and more, and business income of 20 million yuan or more, the small enterprises with 20 employees and more, and business income of 3 million yuan or more, and the micro-enterprises with business income of less than 20 employees or less than 3 million yuan.
What is the standard of small loans?
The term "micro-credit" as mentioned in this Circular refers to loans granted by a single household to small enterprises, micro-enterprises or individual business households with a credit of less than 10 million yuan (including capital). If there is no credit limit, the term "micro-credit" refers to loans with a contract amount of a single household loan and a loan balance of less than 10 million yuan (including capital).
In addition, interest income from loans granted by financial institutions to small enterprises, micro-enterprises and individual businesses with a credit of less than 1 million yuan (including capital) per household, or without a credit limit, with a loan contract value of one household and a loan balance of less than 1 million yuan (including capital), may continue to be derived in accordance with the "General Administration of Taxation of the Ministry of Finance" The provisions of the Notice on Tax Policies for Financing Small and Micro Enterprises (No. 77 of Finance and Taxation) are exempted from VAT.