受服务业价格回升影响，美国7月核心通胀水平加速至年初以来最高位，这进一步加剧了市场对关税政 策冲击的持续担忧。 如果服务业价格持续回升，将为美联储政策制定者带来新的挑战。当前决策者正就"关税会否对商品价 格造成更持久的通胀压力"展开辩论。尽管特朗普多次呼吁降息，但美联储官员今年始终维持利率不 变，以进一步观察关税对通胀的实际影响。 服务成本 美国劳工部周二公布数据显示，剔除波动较大的食品和能源类别后，7月核心消费者价格指数环比上涨 0.3%，创今年1月以来最大涨幅，符合经济学家预期;同比涨幅升至3.1%。7月整体CPI则环比上涨 0.2%，略低于6月的0.3%涨幅;同比上涨2.7%，与6月持平。这一数据低于经济学家预期的环比0.2%和同 比2.8%的涨幅。 其中不包括能源在内的服务价格环比上涨0.4%，创今年以来最大涨幅——机票价格出现三年来最大跳 涨，医疗保健和娱乐服务价格也同步上行。而剔除食品和能源后的商品价格涨幅较为温和，虽然玩具、 体育用品及家居用品等受关税影响的品类价格仍在上扬，但增速较上月有所放缓。 数据公布后，美国国债市场上涨，因交易员押注美联储下月将降息;美元指数应声下挫，标普500指数期 货 ...

Core Viewpoint - The article discusses the Cultural Industry Development Fee, a non-tax revenue imposed by the government to promote the healthy development of cultural industries, detailing the payment obligations and exemptions for advertising and entertainment services [2]. Group 1: Payment Obligations - Different entities are responsible for paying the Cultural Industry Development Fee: advertising service providers must pay, while individuals (including sole proprietors) are exempt. In contrast, both entities and individuals providing entertainment services are required to pay [3]. - The fee is calculated based on the gross sales amount, which includes tax, at a rate of 3% [4]. - For example, if Company A issues an invoice for advertising services totaling 100,000 yuan, the fee owed would be 3,000 yuan. Due to a policy extending from 2025 to 2027, this amount can be halved, resulting in a payment of 1,500 yuan [5]. Group 2: Deductions and Exemptions - To deduct costs from the sales amount, valid proof such as a VAT invoice is required. Without this, deductions cannot be made [6]. - There are specific exemptions for small-scale VAT taxpayers whose monthly sales do not exceed 20,000 yuan (or 60,000 yuan quarterly) and for those who do not meet the VAT threshold [8]. - It is crucial to fill out the "Taxable Service Deduction Item List" accurately during the declaration process [7]. Group 3: Common Mistakes and Recommendations - Errors in invoicing can lead to overpayment of the Cultural Industry Development Fee, especially when services are misclassified between advertising and entertainment [9]. - The article provides a table of services that may be confused, indicating which are subject to the fee and which are not [10]. - It is recommended to declare the Cultural Industry Development Fee after completing the VAT declaration to avoid mistakes, ensuring that any applicable exemptions are correctly recorded [12].

Group 1 - The article discusses the advertising and entertainment service sectors in China, highlighting the responsibilities of advertising media units and outdoor advertising operators in providing services both domestically and internationally [3][5]. - It defines advertising services to include advertising agency services and the publication, broadcasting, promotion, and display of advertisements [3]. - The entertainment services mentioned include various venues such as karaoke halls, dance halls, nightclubs, bars, billiard halls, golf courses, and amusement activities like shooting, hunting, and arcade games [3].

Group 1 - The article discusses the implementation of the Cultural Undertaking Construction Fee, which was established to strengthen socialist spiritual civilization and promote the healthy development of cultural undertakings in China [2][12]. - The fee was officially implemented nationwide starting January 1, 1997, as per the State Council's regulations [2][12]. - The fee applies to advertising service providers and entertainment service units and individuals within the People's Republic of China [6][12]. Group 2 - The calculation method for the Cultural Undertaking Construction Fee is based on a rate of 3% applied to the total taxable sales revenue from advertising and entertainment services [8][12]. - The fee is classified as a government fund and is included in the general public budget, specifically under the category of "Cultural Undertaking Construction Fee Revenue" [10]. - There are preferential policies in place, such as exemptions for small-scale VAT taxpayers with monthly sales not exceeding 20,000 yuan (60,000 yuan quarterly) [12].

Overview - The core CPI data for June in the US was slightly weaker than expected, but the inflation effects of tariffs are becoming more evident [3][7][38] - The June CPI year-on-year was 2.7%, slightly above the market expectation of 2.6%, while the core CPI was 2.9%, matching expectations [3][38] - The market reacted to the data with a temporary decline in the 10Y Treasury yield and the US dollar index, which later recovered, indicating a focus on future inflation expectations [11][38] Structure - The main drivers of the CPI rebound include rising oil prices, core goods (excluding new and used cars), and non-rent services [4][39] - The energy CPI for June increased by 0.9% month-on-month, recovering from a previous decline of -1.0%, reflecting global oil price increases [4][39] - Core goods inflation showed signs of warming, with a month-on-month increase of 0.2%, driven by clothing, toys, and audio-visual equipment, indicating the impact of tariffs [20][39] - Rent inflation slightly slowed to 0.2% month-on-month, while core non-rent service inflation rebounded, particularly in medical, transportation, and entertainment services [4][39] Outlook - The second half of the year may see continued upward pressure on inflation, with the third quarter being a critical verification period for tariff inflation effects [5][28][40] - The Federal Reserve is expected to initiate rate cuts in September, with two cuts anticipated within the year, despite potential inflation increases [5][34][40] - The combination of moderate inflation increases and weakening employment may influence the Fed's decision-making [34][40]

Core Viewpoint - The article discusses the classification and taxation of entertainment services, highlighting common errors in tax calculations and the specific conditions for exemptions related to cultural construction fees and value-added tax [5]. Group 1: Entertainment Services Definition - Entertainment services include venues and services for activities such as karaoke, dance halls, nightclubs, bars, billiards, golf, bowling, and various amusement activities [3]. Group 2: Common Tax Calculation Errors - A frequent mistake is assuming that the billing sales amount and the tax basis for value-added tax (VAT) are the same, leading to underpayment of cultural construction fees [3]. - Another common error is the inconsistency between the payment deadlines for cultural construction fees and VAT, which should align according to regulations [3]. Group 3: Exemption Conditions - Exemptions for cultural construction fees apply to small-scale VAT taxpayers with monthly sales not exceeding 20,000 yuan (or 60,000 yuan quarterly) for taxable services [3]. - Individuals not reaching the VAT threshold are also exempt from cultural construction fees, but this exemption does not apply to general taxpayers [3].

Core Viewpoint - The data from the U.S. Department of Labor indicates a decline in prices for major non-essential services in May, reflecting consumers tightening their spending amid economic difficulties [1] Group 1: Price Declines in Non-Essential Services - Prices for non-essential services, which consumers tend to cut back on during tough economic times, have decreased [1] - Airline ticket prices fell by 2.7% month-over-month, marking the third consecutive month of decline, with a total drop of over 10% since February [1] - Hotel prices also saw a slight decrease of 0.1% in May, continuing a trend of decline for the third month [1] Group 2: Other Service Price Changes - Entertainment service prices, which include expenditures on sports events, cable TV, streaming services, and pet spending, decreased by 0.1% [1]

迪士尼(DIS.N)：二季度娱乐部门运营收入为12.6亿美元。 ...