Author(s)

Fan Wang, Peng Yang

Corresponding Author

Fan Wang

Abstract

The latest tax reduction transcripts disclosed by the State Administration of Taxation show that in the first half of the year, China’s accumulated new tax reductions and reductions were 1,170.9 billion yuan, of which the new tax reduction of 1,038.7 billion yuan was the largest, and the value-added tax reform was the largest. In the case of 100 million yuan, the tax cuts have the most significant tax cuts. The two-step reform has a tax cut of 307.7 billion yuan, a drop of 30.6%. A total of 115 million people do not need to pay personal income tax on wages. The data shows that tax reduction and fee reduction have noticeable effects in reducing corporate costs, stimulating social consumption, accelerating the growth of new kinetic energy, and enhancing the vitality of private enterprises. The completion of the 2 trillion tax reduction and fee reduction has been completed. In the next step, the State Administration of Taxation and other departments will have more practical measures to ensure that the tax reduction and fee reduction will fall. In order to ensure that the tax reduction and fee reduction policy is carried out steadily and at the same time actively prevent financial risks, it is necessary to deepen the reform of the fiscal and taxation system and accelerate the construction of a modern fiscal system and tax legislation.

Keywords

Tax reduction and fee reduction, fiscal and taxation system reform, modern fiscal system, tax legislation