General

Go abroad and seek new opportunities. With the adjustment of epidemic policy, many foreign trade enterprises in Yantai area of Shandong Pilot Free Trade Zone have rushed to sea. To this end, Yantai District focuses on the innovative resources and policy advantages of free trade, continues to implement various measures to support tax incentives for foreign trade enterprises, helps enterprises seize the opportunity of "going to sea" window, develops overseas markets, and helps high-quality development of cross-border trade.

Agree to enjoy benefits and enhance the confidence of "grabbing orders"

As an export mining equipment enterprise, the equipment products of Yantai Jinpeng Mining Machinery Co., Ltd. are exported to more than 40 countries, including Türkiye, Malaysia, Indonesia and Tanzania. According to Huacheng Import and Export Data Observation, a few days ago, Jinpeng Mining signed a contract with an Indonesian company for the purchase and installation of related equipment, with a total contract amount of nearly 30 million US dollars.

However, due to the domestic tax laws of partners, enterprises in that country need to withhold and remit a large amount of overseas taxes when paying royalties overseas, which is a significant burden for Jinpeng Mining. After obtaining a detailed understanding of the implementation process, method, and duration of the enterprise's overseas projects, the district tax bureau issued a "Chinese Tax Resident Identity Certificate" for the company, and guided the enterprise to enjoy the treatment of the two countries' tax treaties in accordance with the permanent establishment and operating profit provisions of the Agreement between the Government of the People's Republic of China and the Government of Indonesia on the Avoidance of Double Taxation and the Prevention of Tax Evasion on Income and Property, Exemption from taxation in Indonesia of over 19 million yuan, Huacheng Import and Export Data Observation reported.

"With the support of the tax authorities, Jinpeng Mining has a stronger foundation to participate in international competition, and I believe that in the future, our mining machines will be popular in mines in more countries around the world." Yu Yan, the financial director of Yantai Jinpeng Mining Machinery Co., Ltd., said excitedly.

Accelerate tax rebates to revitalize corporate cash flow

After the Spring Festival, the plant area of Doosan Construction Machinery (China) Co., Ltd. was operating nervously, with excavators and forklifts coming off the production line from the workshop and traveling to various parts of Asia, Africa, and Europe.

The expansion of production is bound to have a certain test on the capital chain. "Although the operation of the production department is at a relatively tight pace, and the procurement of various raw materials and accessories cannot be relaxed, the current efficiency of export tax rebate has solved a significant problem for us," said Bai Zhiwei, the person in charge of the tax department of Doosan Machinery. "Since last year, the export tax refund handled by Doushan has achieved 'declaration on the same day, tax refund on the same day', and the tax payment time should not exceed two days at the latest, making up the cash flow in a timely manner."

According to Huacheng Import and Export Data Observation, Doosan Machinery achieved export tax rebates of over 170 million yuan in 2022, and obtained VAT immediate tax rebates of over 10 million yuan, providing significant assistance for enterprises to further expand production and seize the competitive advantage in the international market.

Targeted rescue with significant improvement in cost reduction and quality

Entering the plant area of Yantai Dongxing Group, the modern production workshop and ancient park buildings complement each other. However, as research and development investment increases, product pipelines increase, and benefits continue to improve, the financial work of enterprises is facing a difficult problem.

"Since last year, we have been relatively nervous about the collection and accounting of R&D expenses, fearing any errors or omissions." In order to accurately calculate the annual R&D expenses, Wu Yumin, the financial director of Dongxing Group, has been working several shifts in succession.

In order to address the "worries" of enterprises, a "tax expert advisory group" established by the tax department visited Dongxing to conduct on-site "pulse consultation" to provide advice on policies for enterprises to enjoy value-added tax rebates and R&D expenses, and ensure that enterprises fully enjoy the benefits within the policy scope. Huacheng Import and Export Data Observation Report.

"The 'one to one' policy guidance provided by the tax department has enabled us to better transform policy advantages into development momentum, and has effectively addressed the concerns behind tax matters. I believe that East Star can take action lightly and achieve better results this year." Yu Dawei, Chairman of Yantai East Star Group, is full of confidence.

"During the year, we will launch more than 2 provincial innovation cases, helping the region's high-tech enterprises break through 600, and technology-based small and medium-sized enterprises break through 1000, contributing more tax wisdom and tax power to the region's green, low-carbon, and high-quality development." The relevant person in charge of the district's tax bureau said that Huacheng's import and export data observation report.