| 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、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。
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