The "tax cuts and fee reductions" include two parts: "tax reductions and exemptions" and "canceling or suspending administrative fees".

The tax cuts will amount to about 350 billion yuan in 2017, including continuing to improve the pilot policy of the Camp Reform and Reinforcement Program (CRP), raising the scope of the preferential half-rate of enterprise income tax from 300,000 yuan to 500,000 yuan for small and micro-enterprises, and increasing the percentage of additional deduction for research and development expenses from 50 percent to 75 percent, among other things.

The individual tax reform plan puts some income items, such as wages and salaries, compensation for labor services, and remuneration for manuscripts, into practice by aggregating taxes on an annual basis. The Ministry of Finance will also consider appropriately increasing the number of deductions for special expenses related to family livelihoods, such as expenses related to the education of "two-child" families, and other special deductions.

In terms of fee reduction, in 2017, fees will be reduced by about 200 billion yuan. The Ministry of Finance is focusing on two tasks, including the comprehensive cleanup and standardization of government funds, after the reform is in place, the national government funds will be left with 21 items; the abolition or suspension of 35 items of enterprise-related administrative fees and charges, the central enterprise-related fees and charges by more than half, will be left with 33 items.

Extended information:

Specific reforms:

1, the camp has become a transformation to enhance the traditional kinetic energy, cultivate and grow the new kinetic energy "catalyst". After the camp, the construction industry actively explore assembly, factory mode, real estate industry divested construction, gardening, property and other specialization, industrialization, the financial industry to asset management, financial products and other modern financial services extension, catering and other services, such as professional outsourcing the rapid development of the industry, the willingness to innovate strongly.

2, camping to become a typical lever prying financial and tax reform. Comprehensively promoting the reform and increase optimizes the tax structure, promotes the specialization and division of labor, and fosters the growth of new kinetic energy, which has led to the professional recognition by international organizations such as the Organization for Economic Development and Cooperation (OECD): the reform and increase of China's value-added tax (VAT) system is in a leading position in the world, and has a milestone significance in the course of China's economic reform.

3. Starting from May 1, 2016, VAT paid by enterprises in all industries is included in the scope of central and local **** enjoyment, with the central and local governments each sharing 50%. The transition program ensures that the established local financial resources remain unchanged, and the central centralized incremental revenue is allocated to localities through balanced transfers, mainly for increasing support to the central and western regions.

Baidu Encyclopedia-Tax and Fee Reductions