State Administration of Taxation: 12.578 million new tax related business entities were established in the first three quarters
2024-11-27
The latest data released by the State Administration of Taxation on November 26th shows that in the first three quarters, the number of newly established tax related business entities in China reached 12.578 million, a year-on-year increase of 4%, reflecting the continuous improvement of the vitality and development confidence of business entities in China. Newly established tax related business entities refer to business entities that have already registered and gone to the tax authorities for the first time to handle tax related matters such as tax identification, invoice issuance, and tax declaration. The number of such entities is one of the important indicators for measuring economic vitality and market confidence. Since the beginning of this year, with the continuous implementation of tax and fee preferential policies and the continuous optimization of the business environment, there have been many positive changes in the structure of newly established tax related business entities in the first three quarters. Specifically, the number and quality of newly established tax related enterprises have decreased. In the first three quarters of this year, 7.216 million new individual industrial and commercial households were established, a year-on-year increase of 17.4%; 5.223 million new businesses were established, a year-on-year decrease of 8.3%. The main reason for the decrease in the number of newly established enterprises is the implementation of the new Company Law this year, which has changed the registered capital from subscribed to paid, raised the threshold for enterprise registration, squeezed out the moisture of "shell enterprises", and significantly improved the quality of enterprise registration. The tax activity continues to increase. The actual development status of the operating entity should not only depend on quantity, but also on quality and activity. Tax related data is the "thermometer" that can best perceive the activity level of taxpayers. In the first three quarters, among the newly established tax related business entities, there were 8.321 million tax active households that received invoices and declared income in the same year, a year-on-year increase of 5.8%, accounting for 66.2% of all newly established households, an increase of 1.1 percentage points year-on-year. The investment attraction in the park is more standardized and structurally optimized. In the first three quarters, there were 1.001 million newly established tax related business entities in high-tech industrial parks across the country, a year-on-year decrease of 11.8%. This was mainly due to a rapid decline in business entities in key areas such as flexible employment platforms, waste material recycling, and online freight that violated previous investment regulations, with a year-on-year decrease of 21.7%. However, compared to the previous year, the number of business entities engaged in the development of new quality productivity such as new materials and pharmaceutical manufacturing introduced into the park increased by 3.8%. The enthusiasm for foreign investment is high. In the first three quarters, there were 47000 newly established tax related business entities with foreign investment nationwide, a year-on-year increase of 4.5%. Among them, the number of new investment households in the "the Belt and Road" countries increased by 26.2% year on year. According to statistics from the State Administration for Market Regulation, China's newly established business entities maintained a good growth momentum in the first three quarters of this year, with 20.696 million new business entities established nationwide. Among them, various business entities such as newly established enterprises, newly established individual industrial and commercial households, and newly established farmer professional cooperatives have shown a stable growth trend. The growth trends of newly established business entities nationwide and newly established tax related business entities nationwide are the same, but there are certain differences in the data. Regarding this, Fu Yangfan, Deputy Director of the Tax Collection and Technology Development Department of the State Administration of Taxation, introduced that there is a process from registration to opening for business entities. During this period, no business activities or tax obligations have occurred, and there is no need to use invoices. Therefore, there is no need to go to the tax authorities to handle tax related matters, and this part of the business entities is not included in the statistical scope of newly established tax related business entities. After removing these differential factors, the two are essentially matched, and the increase in their numbers objectively reflects the further enhancement of China's endogenous driving force and the optimization of its industrial structure, highlighting the strong resilience and vitality of China's economic development. Fu Yangfan stated that the tax department will continue to implement structural tax reduction and fee reduction policies, promote the development and growth of new tax related business entities, and adhere to a problem oriented approach. We will continue to launch more convenient tax payment services, focus on doing practical things to solve people's worries, help boost market confidence, stabilize market expectations, and better serve high-quality economic development. (New Society)
Edit：Yao jue Responsible editor：Xie Tunan
Source：China Securities Journal
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