Jiangxi Yushan County Local Taxation Bureau Pushes Bearing Industry Development

Recently, the Yushan County Local Taxation Bureau issued an announcement that the income taxable income tax rate and personal income tax rate for the bearing industry in the county will be adjusted from May 1. After the adjustment, the bearing enterprise identified as a combination of approved collection and auditing levied collection method shall have a unified taxable income rate standard of 8%. The individual income tax collection method shall be identified as a bearing enterprise that combines approved collection and auditing, and The personal income tax rate has been reduced from 2% to 1.6%. This adjustment will reduce taxpayers’ part of the tax burden, standardize taxpayers' declaration and settlement, and further promote the development of the bearing industry.

It is understood that the bearing industry is one of the pillar industries in Yushan County. In 2010, the county's bearing industry taxation reached 7.8194 million yuan, accounting for 86.76% of the province's share. In recent years, due to rising costs of raw materials and services, domestic inflationary pressures have continued to increase, and the bearing industry has faced great difficulties in its development. In order to help bearing companies get out of difficulties, the Local Taxation Bureau of Yushan County has actively exerted its taxation function, promptly introduced taxation preferential policies, and greatly reduced the tax burden for enterprises. At the same time, the Bureau also incorporated the bearing industry into the key tax source supervision, which was regularly visited and researched by key business leaders. To solve problems in the process of enterprise development.