“十四五”税改发力稳经济，新增减税降费预计10.5万亿

Core Insights - The "14th Five-Year Plan" period in China is characterized by steady economic growth and significant tax reforms, with total tax revenue expected to exceed 85 trillion yuan, an increase of 13 trillion yuan compared to the "13th Five-Year Plan" period [1][2] - A series of tax reduction and fee reduction policies have been implemented, with an estimated total of 10.5 trillion yuan in new tax cuts and fee reductions, significantly aiding economic recovery [1][3] Tax Revenue and Economic Growth - During the "14th Five-Year Plan," tax revenue is projected to surpass 155 trillion yuan, accounting for approximately 80% of total fiscal revenue, with tax revenue (excluding export tax rebates) expected to exceed 85 trillion yuan [2] - The tax revenue growth rate has slowed in recent years, with a 3.4% year-on-year decline in 2024 and a 1.2% decline in the first half of the year [5] Tax Reduction Policies - From 2021 to mid-2023, new tax cuts and fee reductions totaled 9.9 trillion yuan, with expectations to reach 10.5 trillion yuan by the end of the year, averaging over 2 trillion yuan annually [3] - The majority of tax cuts have benefited the private sector, with private enterprises receiving 7.2 trillion yuan in tax reductions, accounting for 72.9% of the total [3] Emerging Industries and Tax Contributions - Traditional industries like real estate are experiencing slower growth, while emerging sectors such as new energy vehicles and high-tech manufacturing are showing strong growth, with sales revenue increasing by 37.6% annually [4] - The contribution of new productive forces to tax revenue is on the rise, with private enterprises' sales revenue increasing from 68.9% in 2020 to 71.7% in mid-2023 [4] Individual Tax Policies - A series of individual income tax deductions have been introduced, including increased deductions for childcare, education, and elder care, aimed at alleviating family financial burdens [7][8] - Over 1 billion individuals benefited from these deductions, with a significant portion of the benefits going to middle-aged individuals with dependents [7] Future Tax Reforms - The recent policy discussions emphasize the need to improve the individual income tax system, suggesting a more equitable distribution of tax burdens among different income types [9]