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Since the beginning of this year, the State Administration of Taxation and relevant departments have successively launched a number of policy documents, the tax reduction policy has been gradually promoted, and small-diameter galvanized pipes. On June 18th, a discussion forum on the implementation of tax and fee reduction policies in the steel industry was held in Beijing. 15 steel companies exchanged the implementation of relevant policies on tax reduction and fee reduction, and further studied the opinions and suggestions on the implementation of relevant policies. Galvanized pipe.
The performance of steel companies in the first quarter was cold
In the first quarter of 2019, steel company performance announcements have been disclosed one after another. The profitability of the industry is not optimistic. Small-caliber galvanized pipes. Data show that of the 33 listed steel companies, only 8 companies have a year-on-year increase in net profit, and the net profit of 12 listed steel companies has fallen by more than 50% year-on-year, and small-diameter galvanized pipes. Among them, ST Fusteel, Jinzhou Pipeline, Changbao Co., Ltd. and Wujin Stainless doubled their net profit in the first quarter, while Bayi Iron and Steel's net profit fell 234.64% year-on-year, and small-diameter galvanized pipes.
In addition, of the 33 steel companies, only Bayi Iron & Steel suffered a loss in the first quarter, with a net loss of 194 million yuan and small-diameter galvanized pipes. In the first quarter, Baosteel, Valin Iron and Steel, and Nangang Steel achieved net profit of 2.947 billion yuan, 1.567 billion yuan, and 975 million yuan, a year-on-year decrease of 46.75%, 17.35%, and 21.44%, respectively. Small caliber galvanized pipe.
VAT reduction benefits steel and other industries
The China Iron and Steel Industry Association released news on the 18th that on June 18, a survey meeting on the implementation of policies such as tax and fee reduction in the iron and steel industry was held in Beijing, and 15 key steel production companies including TISCO, Baowu and Angang participated in the discussion. Small caliber galvanized pipe.
The meeting exchanged information on the implementation of policies such as reducing value-added tax, reducing enterprise-related charges, alleviating corporate financing difficulties, and clearing government arrears of enterprises, analyzed the difficulties and problems encountered in policy implementation, and studied further implementation. Opinions and suggestions on tax reduction and fee reduction, small diameter galvanized pipe.
Earlier, the Ministry of Finance, the State Administration of Taxation, and the General Administration of Customs jointly issued the "Announcement on Deepening the Related Policies on Value-added Tax Reform" and decided to reduce the value-added tax rate for some industries and small-diameter galvanized pipes from April 1.
According to the announcement, the reduction of VAT includes reducing the original 16% VAT rate for manufacturing and other industries to 13%, reducing the current 10% tax rate for transportation, construction, real estate and other industries to 9%, and maintaining a 6% tax rate. Unchanged, small diameter galvanized pipe. Zhang Haibing, deputy dean of Weber New Economics Research Institute, said that this will form a comprehensive relief effect on the real economy. Coal, steel, non-ferrous metals and other industries can benefit from this. Small-caliber galvanized pipes.
The current VAT reduction policy has also made the real economy feel small galvanized pipes of small caliber. As a large-scale steel manufacturing company, Baoshan Iron and Steel Co., Ltd. preliminary estimates that the tax reduction will reduce the value-added tax by about 400 million yuan per year, and the urban construction tax and education surcharge will be reduced by 36 million yuan. Year, small caliber galvanized pipe. At the same time, domestic passenger transport is included in the deduction range. It is expected that the company's travel costs will be reduced by 2 million per year and small-caliber galvanized pipes.
Steel opens room for 10 billion yuan efficiency gains
The government work report in March of this year proposed to deepen the value-added tax reform, reduce the current tax rate of 16% in the manufacturing and other industries to 13%, and reduce the current tax rate of 10% in the transportation and construction industries to 9%. The tax burden of the industry has been significantly reduced; the tax rate of 6% has been kept unchanged, but by adopting supporting measures such as increasing tax deductions for production and living service industries, to ensure that the tax burden of all industries will only be reduced or not increased, and the tax rate will continue to be promoted to the third level. And two steps, the tax system is simplified, and small diameter galvanized pipes.
Value-added tax is the largest tax in the steel industry. The steel industry is greatly affected by the policy of reducing fees and charges, and small-diameter galvanized pipes. Chen Ziqi, director of the metallurgical building materials department of China International Engineering Consulting Co., Ltd., said that this year's VAT reductions are very strong. The ferrous metal smelting and rolling industry alone has room for tax reduction and efficiency of up to 20 billion to 30 billion yuan. As well as the high-quality development of downstream industries, small-caliber galvanized pipes are of great benefit.
In addition, the reduction in tax rates will help reduce the cost burden of steel companies, alleviate the debt situation of steel production companies, and bring growth to the performance of steel companies. Small-caliber galvanized pipes.
According to Xu Liying, a researcher at Lange Iron and Steel Research Center, taking the steel industry in 2018 as an example, the main business income of the steel industry was 6,400.65 billion yuan, and the main business cost was 5,685.54 billion yuan in the same period. If the raw material procurement cost accounts for about 70% of the main business cost It is estimated that reducing the value-added tax from 16% to 13% can reduce the value-added tax by about 72.6 billion yuan, accounting for about 1% of the industry's main business income. Small-caliber galvanized pipes. Second, tax and fee reductions will help steel companies increase investment, revitalize corporate innovation, deepen the tax reduction bonuses released by the value-added tax reform, reduce the government's allocation of resources, and give full play to the initiative of the enterprise. Small-caliber galvanized pipes.
Source: Futures Daily
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