00:00 Today is the first day that the Prime Minister and Minister of Finance, An Hua,
00:02 have proposed the 2024 fiscal budget.
00:05 This time, the budget is no accident,
00:07 and it breaks the record again.
00:08 The total spending is RMB 400 billion.
00:11 At the same time, the national tax is expected to be RMB 3076 billion.
00:15 Needless to say,
00:16 this is still a private budget.
00:19 In order to better open the source of revenue,
00:21 the government announced three measures to expand the national tax this time.
00:24 Among them, the most popular is
00:26 the service tax, which is the most closely related to the ordinary people.
00:30 Don't worry, it's not the time for the GST to restart.
00:33 The government has proposed to increase the service tax rate
00:36 to 8% instead of 6% now.
00:39 However, in order not to burden the people,
00:42 this increase does not include services such as food and drinks,
00:46 as well as telecommunications.
00:48 An Hua said, in order not to increase the burden of the people,
00:50 the service tax for catering and communication areas
00:53 has been maintained at 6%, without increasing.
00:56 However, this service tax will be expanded to
00:58 logistics, economy, castle and karaoke service areas.
01:02 The next tax mentioned
01:03 should not affect the general public.
01:07 One is for luxury goods.
01:09 The government will set a new law
01:11 to collect 5% to 10% of luxury goods taxes
01:12 for special high-end goods such as jewelry or business cards.
01:17 The other is to collect 10% of capital tax
01:20 from the profit of non-local listed companies
01:23 and the profit of the private sector.
01:26 In addition to the three tax adjustments mentioned earlier,
01:29 the government also plans to implement
01:31 the world's lowest tax, Global Minimum Tax, in 2025,
01:34 which is limited to companies with a total of at least
01:36 7.5 billion euros worldwide.
01:38 The government will also force businesses
01:41 to collect more than 100 million RMB a year from August 1, 2024,
01:44 adopt the electronic invoice,
01:47 and then it's the turn of other businesses to implement it in stages.
01:50 The government plans to adopt the electronic invoice system on July 1, 2025.
01:54 At the end of the video,
01:55 please keep an eye on Hotspot.
01:56 We have more rolling reports and lazy bags about the 2024 tax case.
02:00 Remember to like and share this video
02:02 to follow the fiscal budget for next year.
02:04 (electronic music)
02:07 you
