Leaders of Wuxi Bureau of the State Tax Visit Far East

On May 12, Jiang Wufeng, Party Secretary and Director of Wuxi Bureau of the State Tax, leading visiting group named "strong enterprises and wealthy people accompanied by tax", paid a visit to Far East Holding group to conduct visiting and investigational study. Jiang Xipei, Founder, Board Chairman and Party Secretary of Far East Holding Group, Jiang Huajun, Director of Far East, Vice President and CEO of Far East Smarter Energy Co., Ltd. (hereinafter referred to as Smarter Energy, stock code: 600869), Chen Jianhong, Chief Financial Officer of the group, Chen Xiaofen, investor, Senior Consultant, Zhang Yan, investor, Deputy Director of Financial Supervision Department of the group, Ren Jianxi, investor, Assistant to Dirctor of Financial Department of Smarter Energy and others received the guests.

Jiang Xipei is Speaking at the Symposium

On the individual income tax, Jiang Xipei pointed out that at present China's individual income tax accounts for not more than 8% of the tax, far below the level of developed countries. He proposed to raise the individual income tax threshold, from the current RMB 3500 to RMB 7000, and to increase the individual tax declaration thereshold, from the current RMB 120,000 to RMB 240,000. It is proposed to reduce the maximum marginal tax rate of individual income tax, from 3%~45% to 3%~30% below, to make individual income tax adapt to the current price level in China, which is conducive to reducing the cost of labor and retaining finances and talents so as to enhance China's competitiveness in the global environment

At the same time, Jiang Xipei recommended lowering corporate income tax. Under the background of the global tax reduction, the demand of supply-side structural reform for enterprises to reduce the cost is proposed to reduce the enterprise income tax rate to 15%~20%, enhancing the enterprise's global competitiveness.

In addition, Jiang Xipei also proposed to allow interest deduction and abolish stamp duty. At present, the stamp duty has 13 taxable items with high tax rates. In particular, it is not appropriate to collect taxes by account books. According to the current policy of " replacing business tax with value-added tax ", the purchase tax cannot be offset, related to the financing costs arising from the interest generated by enterprises obtaining loan financing from banks and other financial institutions. It is recommended that financing costs also be included in the deduction chain, effectively reducing the cost of financing enterprises to support enterprise development.

Jiang Xipei is Speaking at the Symposium

On the individual income tax, Jiang Xipei pointed out that at present China's individual income tax accounts for not more than 8% of the tax, far below the level of developed countries. He proposed to raise the individual income tax threshold, from the current RMB 3500 to RMB 7000, and to increase the individual tax declaration thereshold, from the current RMB 120,000 to RMB 240,000. It is proposed to reduce the maximum marginal tax rate of individual income tax, from 3%~45% to 3%~30% below, to make individual income tax adapt to the current price level in China, which is conducive to reducing the cost of labor and retaining finances and talents so as to enhance China's competitiveness in the global environment

At the same time, Jiang Xipei recommended lowering corporate income tax. Under the background of the global tax reduction, the demand of supply-side structural reform for enterprises to reduce the cost is proposed to reduce the enterprise income tax rate to 15%~20%, enhancing the enterprise's global competitiveness.

In addition, Jiang Xipei also proposed to allow interest deduction and abolish stamp duty. At present, the stamp duty has 13 taxable items with high tax rates. In particular, it is not appropriate to collect taxes by account books. According to the current policy of " replacing business tax with value-added tax ", the purchase tax cannot be offset, related to the financing costs arising from the interest generated by enterprises obtaining loan financing from banks and other financial institutions. It is recommended that financing costs also be included in the deduction chain, effectively reducing the cost of financing enterprises to support enterprise development.

The Scene of the Symposium

It is learnt that the goal of this visiting is to collect actual tax problems encountered by enterprises in the operation and development, so as to promote system reform and service improvement, and to help the enterprises with brands and reputation like Far East to solve practical problems.