Introduce a policy of exempting interest income from value-added tax for loans to small and micro enterprises to reduce the financing costs of small and micro enterprises. This policy is applicable to the loan interest income issued by commercial banks, rural credit cooperatives, trust companies and other financial institutions to small and micro enterprises. According to relevant regulations, small and micro enterprises refer to enterprises with less than 300 employees and sales or total assets of less than 50 million yuan in the previous year. The object of exemption from value-added tax refers to the payable value-added tax calculated according to the statutory tax rate. Therefore, the loan interest income of small and micro enterprises is exempt from value-added tax, which means that the corresponding loan interest income does not need to pay the value-added tax. The implementation time of the exemption policy is from May 20 19 to May 20 1 year, and the validity period is from February 20021year to February 20 1 year. At the same time, it should be noted that when banks and other financial institutions issue loans to small and micro enterprises, they should issue a certificate of exemption from value-added tax on loan interest income of small and micro enterprises in accordance with relevant state regulations. After the loan is issued, financial institutions should provide the required supporting documents and relevant materials to small and micro enterprises in a timely manner as required.
Under what circumstances does it not meet the conditions for exempting interest income of small and micro enterprises from VAT? Conditions that do not meet the tax exemption requirements for interest income from loans of small and micro enterprises include but are not limited to the following: 1. Small and micro enterprises employ more than 300 people; 2. Its sales or total assets in the previous year exceeded 50 million yuan; 3. Loan interest of non-commercial banks, rural credit cooperatives, trust companies and other financial institutions on small and micro enterprises; 4. Loans borrowed by small and micro enterprises are used to purchase non-production and business activities such as real estate and stocks; 5. Small and micro enterprises have serious violations of laws and regulations.
The introduction of the policy of exempting interest income from value-added tax on loans for small and micro enterprises will play a certain role in alleviating the problem of financing difficulties and high cost for small and micro enterprises. While enjoying the policy, small and micro enterprises should carefully understand the corresponding application process and requirements to ensure that they meet the applicable conditions of the policy and avoid the adverse effects caused by tax risks.
Legal basis:
Law of People's Republic of China (PRC) on the Administration of Tax Collection Article 1 This Law is formulated with a view to strengthening the administration of tax collection, standardizing tax collection, safeguarding national tax revenue, protecting the legitimate rights and interests of taxpayers and promoting economic and social development.