The 600 billion inclusive tax reduction policy will be introduced. More will be introduced before and after the two sessions.

     Although only half a month has passed in 2019, the new corporate tax cuts have already begun. The State Council executive meeting held a few days ago decided to introduce a number of inclusive tax cuts for small and micro enterprises, including raising the threshold for small-scale taxpayers of small value-added tax, relaxing the small-scale enterprise standards that can enjoy income tax benefits, and small-scale enterprises. Some local taxes paid by taxpayers can be reduced by half and the scope of application of preferential policies for start-up technology-based enterprises can be expanded.

    Specifically, in the policy introduced by the State Council, the corporate income tax reduction for small and micro enterprises has increased significantly. According to estimates, the inclusive policy launched this time will cover more than 95% of taxpaying enterprises, 98% of which are private enterprises, and it is estimated that the annual reduction of small and micro enterprises will be about 200 billion yuan. It should be noted that the implementation period of the above-mentioned tax reduction policy is tentatively set for three years, and the overall tax reduction for small and micro enterprises is about 600 billion yuan.

     "In conjunction with the previous measures taken by Premier Li Keqiang, the tax reduction and fee reduction measures, this means that this year's more active fiscal policy will take greater steps in tax reduction and fee reduction." Wang Qing, chief macro analyst of Dongfang Jincheng In an interview with the Securities Daily reporter, it is estimated that the tax reduction in 2019 will be raised from 1.3 trillion yuan in the previous year to 1.5 trillion yuan, and there will be some room for downward adjustment of value-added tax, corporate income tax, personal income tax and social security contributions.

     In addition to more fiscal policy, Wang Qing believes that monetary policy will also be fine-tuned in a looser direction. In 2019, the central bank may also increase the refinancing and rediscounting quotas for small and micro enterprises and private enterprises, thereby indirectly achieving the effect of targeted quantitative easing and quality easing.