Core Viewpoint - The article discusses the new value-added tax (VAT) policies for express delivery services as outlined in the announcement by the Ministry of Finance and the State Taxation Administration, emphasizing the definition of express delivery services and the obligations of express companies regarding VAT collection [4]. Group 1: Definition and Scope of Express Delivery Services - Express companies are defined as those operating within the territory and legally licensed to conduct express business, including branches and end-service points registered with postal management [4]. - The services provided by express companies include collection, sorting, transportation, and delivery of packages within a promised timeframe, excluding mere transportation services [4]. - End-service points are defined as locations that provide final delivery services for express packages [4]. Group 2: VAT Collection and Compliance - Express companies are required to pay VAT based on the revenue generated from their delivery services, categorized as "collection and delivery services" [4]. - Most mainstream express companies have launched official apps, mini-programs, or websites for customers to apply for invoices online or at physical locations [4]. - The article references the penalties outlined in the "Invoice Management Measures" for non-compliance with VAT regulations [4].

欢迎扫描下方二维码关注： 图片 ⼩微企业在申报享受税收优惠政策时，存在⼀些常⻅误区，错误适⽤政策可能还会带来涉税⻛险。今天申 税⼩微给⼤家总结5个注意事项，快来看看吧。 误区1/ ⼩规模纳税⼈⼀次性收取的不动产租⾦收⼊，可在租赁期内平均分摊，分摊后⽉收⼊不超过10万元的，可享受免税政 策。 正解： 根据《国家税务总局关于增值税⼩规模纳税⼈减免增值税等政策有关征管事项的公告》（国家税务总局公告2023年 第1号）第三条规定， 其他个⼈⼀次性收取的不动产租⾦对应租赁期内平均分摊，分摊后不超过10万元的，免征增值税。 除其他个⼈外的⼩规模纳税⼈不可分摊收⼊适⽤免税政策。纳税⼈提供租赁服务采取预收款⽅式的， 其 纳税义务发⽣时间 误区2/ ⼩规模纳税⼈跨区（县）提供建筑服务，必须在建筑服务发⽣地预缴增值税。 正解： 增值税⼩规模纳税⼈按规定登记为⼀般纳税⼈的，⾃⼀般纳税⼈⽣效之⽇起不再按照增值税⼩规模纳税⼈适⽤" 六 为收到预收款的当天。 税两费 "减免政策。 但纳税⼈如果符合政策规定的⼩型微利企业和新设⽴企业的情形，或登记为个体⼯商⼾，仍可申报享 受"六税两费"减免优惠。 误区5/ 正解： 登记为⼀般纳税⼈的新设⽴ ...

Core Viewpoint - The article discusses the implementation of the "Six Taxes and Two Fees" reduction policy, which allows for a 50% reduction in certain taxes and fees for eligible businesses until December 31, 2027 [4][5]. Group 1: Policy Details - The "Six Taxes and Two Fees" reduction policy includes resource tax (excluding water resource tax), urban maintenance and construction tax, property tax, urban land use tax, stamp tax (excluding securities transaction stamp tax), and cultivated land occupation tax, along with education fee surcharge and local education surcharge, totaling eight items [4]. - The policy effectively reduces these taxes and fees by half, equating to a 50% discount [4]. Group 2: Eligible Entities - The eligible entities for the "Six Taxes and Two Fees" reduction policy include small-scale VAT taxpayers, small and micro enterprises, individual businesses, and newly established enterprises that meet specific criteria [5]. - Newly established enterprises can enjoy the reduction if they engage in non-restricted and non-prohibited industries, have fewer than 300 employees, and total assets not exceeding 50 million [5]. Group 3: Transition from Small to General Taxpayer - If a company transitions from a small-scale VAT taxpayer to a general VAT taxpayer, it will no longer be eligible for the "Six Taxes and Two Fees" reduction policy from the effective date of the general taxpayer status. However, if the company qualifies as a small and micro enterprise or is an individual business, it can still benefit from the reduction [6]. Group 4: Tax Filing Process - There are three types of filing modes available: confirmation, supplementary, and form-filling. Taxpayers can select the appropriate filing form based on their actual situation through the electronic tax bureau [7]. - For example, general taxpayers can fill out the relevant forms in the system, including the details of the tax reduction, and submit the application once all data is confirmed [7]. Group 5: Specific Tax Filing Examples - For resource tax, property tax, urban land use tax, and stamp tax, taxpayers can log into the electronic tax bureau and access the relevant modules to fill out the tax reduction details [8].

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have issued a notice clarifying the value-added tax (VAT) policy for express delivery services, stating that income from express delivery services will be taxed as "delivery services" [1] Group 1: VAT Policy for Express Delivery - The new VAT policy for express delivery services is effective immediately upon publication [1] - Previously unprocessed matters will be executed according to the new regulations, while processed matters will not be adjusted [1] Group 2: Conditions for Tax Deductions - Taxpayers with qualifications for road freight transport who engage in online freight operations can deduct input tax from output tax for certain expenses, including fuel and tolls, if they meet specified conditions [1] - Eligible fuels include finished oil, natural gas, electricity, hydrogen, dimethyl ether, methanol, and other vehicle fuels [1]

Group 1 - The announcement clarifies that express delivery companies must pay value-added tax (VAT) based on "collection and delivery services" for their income [1] - Express delivery services include the collection, sorting, transportation, and delivery of packages within a promised timeframe, excluding mere transportation services [1] - The definition of express delivery companies includes those legally permitted to operate express services and their registered branches and end service points [1] Group 2 - Taxpayers with qualifications for network freight transportation can deduct input tax for fuel and tolls used in their operations, provided they meet specific conditions [2] - Network freight transportation is defined as the integration of transportation resources via internet platforms, where the taxpayer assumes the carrier's responsibilities [3] - The announcement is effective immediately upon release, and previously unresolved matters will be handled according to this announcement [4]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have issued a notice clarifying the value-added tax (VAT) policies for express delivery services and network freight transportation [1] Group 1: VAT Policies for Express Delivery - Express delivery companies are required to pay VAT based on the income generated from providing express delivery services classified as "collection and delivery services" [1] Group 2: Network Freight Transportation - Taxpayers with qualifications for network freight transportation can deduct input tax from output tax for expenses related to fuel and tolls, provided they meet specific conditions [1] - The eligible expenses include fuel types such as refined oil, natural gas, electricity, hydrogen, dimethyl ether, methanol, and other vehicle fuels, as well as road, bridge, and lock tolls [1] - The conditions for deduction include that the expenses must be used for transportation services commissioned to actual carriers and that valid VAT deduction certificates must be obtained [1]

Core Viewpoint - The Ministry of Finance and the State Taxation Administration have clarified the value-added tax (VAT) policies for express delivery services, indicating that express companies will pay VAT based on their income from "collection and delivery services" [1] Group 1: VAT Policy for Express Delivery - Express companies are required to pay VAT on the income generated from their delivery services [1] - The announcement specifies that taxpayers with qualifications for road freight transport who engage in online freight operations can deduct input tax from output tax for certain expenses [1] Group 2: Deductible Expenses - Eligible expenses for deduction include the purchase of fuels such as finished oil, natural gas, electricity, hydrogen, dimethyl ether, methanol, and other vehicle fuels [1] - Additionally, road, bridge, and lock tolls paid by these taxpayers can also be deducted if they meet the specified conditions [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Maintains the view that August - October is a headwind period for the bond market. Currently, it has entered the starting point of the second stage of the bond market's three - step process in the second half of the year. August is regarded as an oscillatory adjustment period after redemption, but the market has not shown a trend improvement in the quarterly dimension [26]. - In the short term, there may be a small - band long - trading window in the first half of August. New bond issuance pressure is low, the VAT policy still benefits old bonds, large banks' bond - allocation power is strong, funds are loose, upcoming weak financial data may provide a profit - taking window, and historically, policy windows usually occur in the second half of August [28]. - For trading portfolios, seize the sentiment - repair period in the first half of August for small - band trading. Take profit at around 1.65% and pay attention to spread opportunities brought by the VAT policy [45]. - For allocation portfolios, wait for new bonds to adjust to more suitable positions, and consider old bonds at curve convex points, such as 6y CDB, 7y ADBC, 10y CDB, and 15y treasury bonds [48]. 3. Summary by Relevant Catalogs 3.1 Value - added Tax New Rule: One - week Market Conditions - **Emotional Impact Stage (August 1st, 4th)**: The "old - new cut - off" of the VAT policy led to tax - exemption advantages for old bonds. Institutions rushed to buy old bonds, with the yield of the 10y treasury active bond dropping from 1.715% to 1.68%, then rising back to around 1.7% due to profit - taking and a strong stock market [13]. - **Bank Bond - buying Stage (August 5th - 7th)**: Banks continued to buy bonds, with the intensity weakening. On August 6th, the Agricultural Development Bank and the Export - Import Bank rushed to issue tax - exempt bonds. The auction results started to price in negative factors as investors awaited higher - yielding new bonds [16][19]. - **New Bond Issuance Stage (August 8th)**: The first batch of local bonds in Hebei and Hubei were auctioned. The adjustment of Hebei bonds was large, attracting more investors to Hubei bonds. The overall impact of VAT on new bonds was controllable, with the adjustment range mostly within the 3 - 6% tax rate [22][24]. 3.2 Bond Market Strategy - **Quarterly Dimension**: Maintains that August - October is a headwind period for the bond market. The bond market is in a difficult trading situation, and accounts need to gradually increase liquidity [26]. - **Short - term (First Half of August)**: There may be a small - band long - trading window. New bond issuance pressure is low, funds are loose, weak financial data may provide a profit - taking window, and policy windows usually occur in the second half of August [28]. - **Trading Portfolios**: Seize the sentiment - repair period in the first half of August. Take profit at around 1.65% and pay attention to spread opportunities [45]. - **Allocation Portfolios**: Wait for new bonds to adjust and consider old bonds at curve convex points [48]. 3.3 Interest - rate Bond Market Review - **Overall Situation**: The central bank's support and the VAT new policy had limited impact. Long - term bonds fluctuated within a narrow range. The yield curve steepened, with the 1y treasury active bond yield down 1.5BP, the 10y down 0.4BP, and the 30y up 1.8BP [9]. - **Funding**: The central bank's OMO had a large - scale net withdrawal, but the funding was balanced and loose. DR001 and DR007 were at low levels, and the central bank's front - loaded 3M term repurchase operations showed a supportive attitude [10]. - **Primary Issuance**: Net financing of treasury bonds, policy - financial bonds, and inter - bank certificates of deposit increased, while that of local bonds decreased [69]. - **Benchmark Changes**: The term spreads of treasury bonds and CDB bonds widened. Short - term bond yields performed better than long - term ones [63].

Group 1: Market Overview - The fixed income market is experiencing a decline in investment returns, prompting investors to seek "fixed income plus" products to enhance yields while managing withdrawal risks[14]. - The recent policy to restore value-added tax (VAT) on bond interest income is expected to reduce returns by 5-10 basis points (bp) for bond investors[14][15]. - The bond market is currently seeing a recovery in sentiment, with significant fluctuations in interest rates and a high issuance volume of government bonds[40][44]. Group 2: Investment Strategies - The North Exchange's online IPOs offer low-cost, high-yield opportunities, making them suitable for "fixed income plus" strategies[16]. - Historical data shows that the average first-day return for new stocks listed on the North Exchange in 2024 was 245%, with no instances of price drops below the issue price[16]. - A strategy involving the maximum subscription amount (5% of the initial issuance) yields an average return of 0.17%, while optimizing for minimum investment can lower returns to 0.12%[21][27]. Group 3: Recommendations - Investors are advised to focus on "fixed income plus" opportunities due to the low withdrawal risk associated with the North Exchange's IPO strategy[35]. - The optimal investment strategy involves adjusting the investment amount to achieve a balance between success probability and return efficiency, with a target return of 0.20% when investing 2.5 times the minimum subscription amount[30][31].

Core Viewpoint - The article discusses various tax policies and exemptions related to value-added tax (VAT) for different sectors, including public rental housing, rural drinking water projects, and the sale of vegetables, emphasizing the importance of proper accounting and documentation to qualify for these exemptions [3][5][8]. Group 1: Tax Policies for Financial Products - Taxpayers purchasing financial products such as stocks or funds are required to pay VAT on interest income, while non-principal guaranteed income is exempt from VAT [3]. Group 2: VAT Exemptions for Public Rental Housing - Income from renting public rental housing is exempt from VAT, provided that the rental income is separately accounted for [5]. - The public rental housing must be approved by local government authorities and managed according to specific guidelines to qualify for tax exemptions [5]. Group 3: VAT Exemptions for Rural Drinking Water Projects - Operators of drinking water projects providing water to rural residents are exempt from VAT on sales revenue from water supply [8]. - For operators supplying both urban and rural areas, VAT exemptions are based on the proportion of revenue or volume of water supplied to rural residents [8][9]. Group 4: VAT Policies for Vegetable Sales - Taxpayers selling both vegetables and other taxable goods must separately account for sales to qualify for VAT exemptions on vegetable sales [4].