our opinion:
1. In the nine years of implementation, the policy has played a huge role in encouraging Chinese enterprises to purchase domestic equipment and carry out technological transformation. However, due to the principle of WTO national treatment, this policy was honored with a curtain call on the implementation of the new Corporate Income Tax Law. In the future, the country may introduce other policies that encourage the purchase of home-made equipment.
2. The policy clarifies that newly-purchased domestic equipment no longer enjoys an income tax credit as of January 1, 2008, but it still has the approval or approval for income tax deduction in 2007 or before but it has not arrived at the end of 2007. In addition, the issue of whether companies that have purchased equipment for less than five years and whether they have not arrived at part of the continuation of credits in 2008 and beyond is not clearly defined.
3. At present, there are two views in the industry: 1 It is possible to continue crediting on the basis that it is believed that Guoshuifa [2008] No. 52 applies only to domestically-manufactured equipment purchased after December 31, 2007. 2 No credit can be continued on the basis that the income tax credit for domestic equipment investment does not belong to the item and scope of excessive preferential policies in the document No. 39 of Guofa [2007]. We believe that the possibility of continued crediting is more likely because the document No. 39 of Guofa [2007] is applicable to enterprises that originally enjoyed low tax rates and regular tax reductions and exemptions. The purchase of domestically-made equipment for the deduction of corporate income tax was not within this scope. Therefore, the second point cannot be drawn.
4. The income tax concession has not been completely cancelled, but it has been transferred from the general credit to a specific credit. The new “Enterprise Income Tax Law†stipulates that 10% of the investment for special equipment purchased by enterprises for environmental protection, energy saving and water-saving production, etc., can be credited from the amount of tax payable in the year of the enterprise. If the credit is insufficient for the year, it can be In the next five tax years, the credit will be carried forward.
5. We believe that the cancellation of the preferential income tax policy for the purchase of domestic equipment will have an impact on the enthusiasm of companies to purchase domestically-manufactured equipment. In the future, the tendency of companies to purchase imported equipment will rise. China's machinery and equipment manufacturing companies have a certain degree of influence.
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