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Tax breaks for civil aviation engines, new regional jets and large passenger aircraft

Source: China Business News Release time: 2019-10-24

The Ministry of Finance and the State Administration of Taxation jointly issued a public announcement on the preferential policies on value-added tax, property tax and urban land use tax for civil aviation engines, new regional aircraft and large passenger aircraft.

The announcement clearly states that from January 1, 2018 to December 31, 2023, the VAT end-of-year tax credits formed by taxpayers engaged in the development of large-scale civil passenger aircraft engines and medium and high-power civil turboshaft turboprop engines will be given. Refunds: The above taxpayers and their wholly-owned subsidiaries are exempt from real estate tax and urban land use tax for scientific research, production, office real estate and land engaged in the research and development of large civil passenger aircraft engines and medium and high power civil turboshaft turboprop engines. From January 1, 2019 to December 31, 2020, VAT is temporarily levied on taxpayers' production and sales of new regional jets at 5%, and the VAT period for the production and sales of new regional jets is retained at the end of the period. The tax credit is refunded. At the same time, the VAT end-of-year tax credit formed by taxpayers engaged in large passenger aircraft research projects will be refunded; the research, production, office real estate and land used by the above taxpayers and their wholly-owned subsidiaries will be exempted from real estate tax and urban land Use tax.

Taxpayers who meet the VAT end-of-tax credits as stipulated in the announcement may be refunded in a lump sum upon initial application for tax refund. The month in which the taxpayer receives the tax refund amount, the tax refund amount shall be transferred from the input VAT input value. Those who fail to withdraw according to the regulations shall bear corresponding legal liabilities in accordance with the relevant provisions of the Law of the People's Republic of China on the Administration of Tax Collection. The refund of the VAT tax shall be borne by the central and local governments in accordance with the current VAT sharing ratio.

Taxpayers who enjoy the exemption of real estate tax and urban land use tax stipulated in the announcement shall make tax exemption declarations in accordance with the regulations, and keep information on real property ownership, real estate value, land use and other information for future reference. The tax paid by the taxpayer according to the announcement shall be deducted or refunded from the corresponding tax payable. (Chai Xin)

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