Recently, the Ministry of Finance, the State Administration of Taxation and the Ministry of Science and Technology issued the “Announcement on Further Improving the R&D Expenses of Technology-based Small and Medium-Sized Enterprises”, which pointed out that the R&D expenses actually incurred in the R&D activities of scientific and technological small and medium-sized enterprises are not intangible. If the assets are included in the current profit and loss, on the basis of the actual deduction according to the regulations, from January 1, 2022, 100% of the actual amount will be deducted before tax; if an intangible asset is formed, it will be deducted from January 1, 2022. From January 1, 200% of the cost of intangible assets will be amortized before tax.
Just a month ago, Premier Li Keqiang mentioned in the government work report that the additional deduction ratio for technology-based SMEs will be increased from 75% to 100%.
So, what is a super deduction? After the ratio is increased to 100%, what benefits can enterprises enjoy? In this regard, the reporter of Science and Technology Daily asked experts to clarify their doubts.
” This is an important measure to encourage enterprises to increase investment in research and development under the innovation-driven development strategy, and it is also a practical measure to deal with the adverse impact of the new crown epidemic on the real economy .” said Wei Shijie, a researcher at the China Academy of Science and Technology Development Strategy. The impact is relatively large, and a stronger tax reduction policy can reduce the burden on small and medium-sized enterprises, and can also further encourage small and medium-sized enterprises to increase investment in research and development expenses, and support small and medium-sized enterprises to recharge their batteries in a special period.
In 2017, my country introduced a policy to allow technology-based SMEs to enjoy a super deduction of 75% of their research and development expenses; from 2021, manufacturing enterprises can enjoy a pre-tax deduction of 100% of their research and development expenses.
“This policy will radiate preferential treatment to technology-based SMEs, and increase the deduction ratio of R&D expenses to 100%, which reflects the country’s targeted support for technology-based SMEs .” Xue Wei, a researcher at the Chinese Academy of Sciences’ Science and Technology Strategy Consulting Institute, told The reporter of Science and Technology Daily said that this move will further reduce the cost of R&D investment of enterprises, support enterprises to improve their technological innovation capabilities through tax incentives, and stimulate stronger innovation vitality of market players.
“The core of the super deduction lies in the ‘plus’, which should be ‘plus’ to be precise, that is, the ‘expenses’ that should have been deducted according to the facts when calculating the taxable income can now be deducted more.” Wei Shijie said, because When the expenses are deducted, the taxable income is reduced accordingly. The “deduction” mentioned in the additional deduction of research and development expenses refers to the “deductions” mentioned in the Corporate Income Tax Law, which refers to the actual and reasonable expenses incurred by the enterprise in relation to the income obtained.
Xue Wei further explained that the “Notice of the Ministry of Finance, the State Administration of Taxation, and the Ministry of Science and Technology on Improving the Pre-tax Deduction Policy for Research and Development Expenses” clarifies that research and development expenses include: personnel labor, direct investment, amortization of intangible assets, depreciation, “three new ” (new product design fee, new process specification formulation fee, clinical trial fee for new drug development and field trial fee for exploration and development technology), other related expenses, etc.
The reporter learned from the Torch Center of the Ministry of Science and Technology that as of December 31, 2021, my country’s technology-based small and medium-sized enterprises reached 328,000. How much benefit will the super deduction ratio increase from 75% to 100% to bring to these companies?
Xue Wei calculated an account on this: if the qualified R&D expenditure of the technology-based SMEs is 2 million yuan, if it is deducted according to the previous 75% ratio, 3.5 million yuan can actually be deducted before tax; the ratio is raised to 100% After that, 4 million yuan can be deducted before tax. This means that if the super deduction ratio of enterprises is increased by 25%, the super deduction amount will increase by 500,000 yuan. According to the 25% corporate income tax rate applicable to technology-based SMEs, enterprises can pay 50×25 less tax than before. %=125,000 yuan.
“Policies such as increasing the ratio of additional deductions for R&D expenses for technology-based SMEs, and expanding the value-added tax refund at the end of the period have a great effect on reducing the tax burden of small, medium and micro enterprises.” Regarding the profit and loss situation of the company, ” If a company is in a state of loss, it is difficult for the preferential income tax policy to take effect immediately, and this problem is particularly prominent in difficult times. “
Xue Wei felt the same way. She suggested that it is also possible to increase the exploration of tax rebates for loss-making small and medium-sized enterprises . “This actually turns tax incentives into financial subsidies, and small and medium-sized enterprises can receive blood transfusions immediately when they lose money.”
“It is recommended to implement the VAT refund policy faster at the end of the period to ease the financial pressure of SMEs as soon as possible.” Wei Shijie said that previous surveys found that technology-based SMEs believe that the biggest problem hindering innovation is funding, especially external funds. question. “my country can also consider directly subsidizing R&D funds for technology-based SMEs, such as the technology innovation fund for technology-based SMEs, which has played a very good role in the past,” he said.
Source: Science and Technology Daily
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