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Notice of the Ministry of Finance and the State Administration of Taxation on the Exemption of Value-Added Tax on the Interest Income Obtained by Financial Institutions from Granting Loans to Micro and Small Enterprises [Revised]
财政部、税务总局关于金融机构小微企业贷款利息收入免征增值税政策的通知 [已被修订]
【法宝引证码】

Notice of the Ministry of Finance and the State Administration of Taxation on the Exemption of Value-Added Tax on the Interest Income Obtained by Financial Institutions from Granting Loans to Micro and Small Enterprises 

财政部、税务总局关于金融机构小微企业贷款利息收入免征增值税政策的通知

(No. 91 [2018] of the Ministry of Finance) (财税〔2018〕91号)

The public finance departments (bureaus) of all provinces, autonomous regions, municipalities directly under the Central Government, and cities under separate state planning; offices of the State Administration of Taxation in all provinces, autonomous regions, municipalities directly under the Central Government, and cities under separate state planning; and the Finance Bureau of Xinjiang Production and Construction Corps: 各省、自治区、直辖市、计划单列市财政厅(局),国家税务总局各省、自治区、直辖市、计划单列市税务局,新疆生产建设兵团财政局:
For the purpose of further enhancing the support for micro and small enterprises, you are hereby notified of the policy of exemption of value-added tax (“VAT”) on the interest income obtained by financial institutions from granting loans to micro and small enterprises as follows: 为进一步加大对小微企业的支持力度,现将金融机构小微企业贷款利息收入免征增值税政策通知如下:
I. From September 1, 2018, to December 31, 2020, the interest income obtained by financial institutions from granting petty loans to small enterprises, micro enterprises, and individual industrial and commercial households shall be exempt from VAT. A financial institution may select to be subject to tax exemption in either of the following two methods:   一、自2018年9月1日至2020年12月31日,对金融机构向小型企业、微型企业和个体工商户发放小额贷款取得的利息收入,免征增值税。金融机构可以选择以下两种方法之一适用免税:
(1) The interest income obtained from a single petty loan granted by the financial institution to a small or micro enterprise or an individual industrial and commercial household with the interest rate level not higher than 150% (including the figure mentioned) of the benchmark lending rate of the People's Bank of China (“PBC”) over the same period of time shall be exempt from VAT; and the interest income obtained from a single petty loan with the interest rate level higher than 150% of the benchmark lending rate of the PBC over the same period of time shall be subject to VAT under the provisions of current policies. (一)对金融机构向小型企业、微型企业和个体工商户发放的,利率水平不高于人民银行同期贷款基准利率150%(含本数)的单笔小额贷款取得的利息收入,免征增值税;高于人民银行同期贷款基准利率150%的单笔小额贷款取得的利息收入,按照现行政策规定缴纳增值税。
(2) Of the interest income obtained from a single petty loan granted by the financial institution to a small or micro enterprise or an individual industrial and commercial household, the portion calculated at the rate not higher than 150% (including the figure mentioned) of the benchmark lending rate of the PBC over the same period of time shall be exempt from VAT; and the excessive portion shall be subject to VAT under the provisions of current policies. (二)对金融机构向小型企业、微型企业和个体工商户发放单笔小额贷款取得的利息收入中,不高于该笔贷款按照人民银行同期贷款基准利率150%(含本数)计算的利息收入部分,免征增值税;超过部分按照现行政策规定缴纳增值税。
A financial institution may select either of the aforesaid two methods by accounting year as the applicable method for tax exemption for that year. Once selected, it shall not be changed within the accounting year. 金融机构可按会计年度在以上两种方法之间选定其一作为该年的免税适用方法,一经选定,该会计年度内不得变更。
II. For the purpose of this Notice, “financial institutions” means the institutions which are formed upon approval by the PBC and the China Banking and Insurance Regulatory Commission (“CBIRC”) and have passed the “Two Increases and Two Controls” assessment conducted by regulatory departments in the previous year (the list of institutions that pass the assessment in 2018 shall be that of those that have achieved the “Two Increases and Two Controls” objectives in the first half of 2018), and the development banks and policy banks, foreign-funded banks and non-banking financial institutions formed upon approval by the PBC, the CBIRC and the China Securities Regulatory Commission. “Two Increases and Two Controls” means that the year-on-year growth rate of loans for micro and small enterprises with a total credit line for each single client of RMB 10 million or less is not lower than the year-on-year growth rate of various other loans, and the number of enterprises with loan balances is not less than that over the same period of the previous year; and the levels of the quality of micro and small enterprises' loan assets and the comprehensive loan costs (including interest rates and loan-related bank service charges) are reasonably controlled. How a financial institution completes the “Two Increases and Two Controls” shall be determined by the assessment result issued by the CBIRC or any of its local offices.   二、法宝本通知所称金融机构,是指经人民银行、银保监会批准成立的已通过监管部门上一年度“两增两控”考核的机构(2018年通过考核的机构名单以2018年上半年实现“两增两控”目标为准),以及经人民银行、银保监会、证监会批准成立的开发银行及政策性银行、外资银行和非银行业金融机构。“两增两控”是指单户授信总额1000万元以下(含)小微企业贷款同比增速不低于各项贷款同比增速,有贷款余额的户数不低于上年同期水平,合理控制小微企业贷款资产质量水平和贷款综合成本(包括利率和贷款相关的银行服务收费)水平。金融机构完成“两增两控”情况,以银保监会及其派出机构考核结果为准。
III. For the purpose of this Notice, “micro enterprises and small enterprises” means the micro enterprises and small enterprises that comply with the Provisions on the Standards for Classification of Small and Medium-Sized Enterprises (No. 300 [2011], MIIT). The indicators of total assets and employees thereof shall be determined on the basis of the actual status when a loan is granted; and the indicator of operating income shall be determined on the basis of the cumulative number of the 12 calendar months before a loan is granted. In the case of less than 12 calendar months from the opening of an enterprise to the date when a loan is granted, the operating income shall be calculated under the following formula:   三、本通知所称小型企业、微型企业,是指符合《中小企业划型标准规定》(工信部联企业〔2011〕300号)的小型企业和微型企业。其中,资产总额和从业人员指标均以贷款发放时的实际状态确定;营业收入指标以贷款发放前12个自然月的累计数确定,不满12个自然月的,按照以下公式计算:
Operating income (of a year) = Operating income during the period of the actual existence of the enterprise/Months of the actual existence of the enterprise×12 营业收入(年)=企业实际存续期间营业收入/企业实际存续月数×12
IV. For the purpose of this Notice, “petty loan” means a loan granted to a single small enterprise, micro enterprise, or individual industrial and commercial household with the credit line of RMB 10 million or less; and “having no credit line” means that the loan contract amount for a single client and the loan balance are respectively less than RMB 10 million (including the figure mentioned).   四、本通知所称小额贷款,是指单户授信小于1000万元(含本数)的小型企业、微型企业或个体工商户贷款;没有授信额度的,是指单户贷款合同金额且贷款余额在1000万元(含本数)以下的贷款。
V. Financial institutions shall retain the relevant tax exemption certification materials for future inspection, separately calculate the interest income obtained from granting petty loans to clients eligible for tax exemption, and file tax returns with the competent tax authorities under the current provisions; and where the said interest income fails to be calculated separately, the VAT thereon shall not be exempt.   五、金融机构应将相关免税证明材料留存备查,单独核算符合免税条件的小额贷款利息收入,按现行规定向主管税务机构办理纳税申报;未单独核算的,不得免征增值税。
Financial institutions shall enjoy preferential VAT policies in accordance with the laws and regulations. Whoever is found to have made any false report or fraudulently obtained such tax preference by practicing fabrication shall stop enjoying the relevant preferential VAT policy in this Notice. 金融机构应依法依规享受增值税优惠政策,一经发现存在虚报或造假骗取本项税收优惠情形的,停止享受本通知有关增值税优惠政策。
Financial institutions shall keep tracking the flow of loans, and ensure the actual flow of loan funds to small enterprises, micro enterprises, and individual industrial and commercial households and the consistency between the actual users of and the applicants for the loans. 金融机构应持续跟踪贷款投向,确保贷款资金真正流向小型企业、微型企业和个体工商户,贷款的实际使用主体与申请主体一致。
VI. The CBIRC shall organize the supervisory inspection on the implementation of the tax exemption policy by the year, and notify the supervisory inspection results to the competent departments of finance and taxation in a timely manner. Financial institutions shall be encouraged to grant credit loans for micro and small enterprises, reduce the intermediate links of mortgage guarantee, and effectively reduce the comprehensive financing costs of micro and small enterprises.   六、银保监会按年组织开展免税政策执行情况督察,并将督察结果及时通报财税主管部门。鼓励金融机构发放小微企业信用贷款,减少抵押担保的中间环节,切实有效降低小微企业综合融资成本。
The tax authorities of all localities shall strengthen the follow-up administration of the implementation of the tax exemption policy, and conduct special inspections on financial institutions' implementation of the financial tax exemption tax policy for micro and small enterprises. Where any problem is found, it shall be dealt with according to the current tax laws and regulations, and the relevant information shall be escalated to the State Administration of Taxation (Goods and Services Tax Department). 各地税务部门要加强免税政策执行情况后续管理,对金融机构开展小微金融免税政策专项检查,发现问题的,按照现行税收法律法规进行处理,并将有关情况逐级上报国家税务总局(货物和劳务税司)。
The financial supervision commissioner's offices of the Ministry of Finance in all localities shall organize special inspections on the implementation of the tax exemption policy. 财政部驻各地财政监察专员办要组织开展免税政策执行情况专项检查。
VII. The interest income obtained from a loan granted by a financial institution to a small enterprise, micro enterprise, or individual industrial and commercial household with the credit line of RMB 1 million or less or with no credit line, or with the loan contract amount and the loan balance respectively less than RMB 1 million (including the figure mentioned) may continue to be exempt from VAT in accordance with the provisions of the Notice of the Ministry of Finance and the State Administration of Taxation on the Relevant Tax Policies on Supporting the Financing of Micro and Small Enterprises聊五分钱的天吗 (No. 77 [2017], Ministry of Finance).   七、金融机构向小型企业、微型企业及个体工商户发放单户授信小于100万元(含本数),或者没有授信额度,单户贷款合同金额且贷款余额在100万元(含本数)以下的贷款取得的利息收入,可继续按照《财政部 税务总局关于支持小微企业融资有关税收政策的通知》(财税〔2017〕77号)的规定免征增值税。
Ministry of Finance 财政部
State Administration of Taxation 税务总局
September 5, 2018 2018年9月5日
     
     
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