Xinjiang Implements Preferential Tax Policy, Cotton Textile Industry Key Enterprises Cluster Gradually Forming

The IRS is conscientiously implementing the preferential tax policy and actively promoting it.

In the first half of 2015, the textile and garment industry in Xinjiang achieved a value added tax of 130 million yuan, an increase of 54 million 500 thousand yuan, an increase of 72.7% over the same period last year.

In order to solve the plight of Xinjiang's distance from the mainland's consumer market and high pportation costs, the regional government has organized many departments to sell internally.

The veil is subsidized by 500 yuan per ton, with a cumulative amount of 950 million yuan, which has greatly enhanced the price competitiveness of Xinjiang cotton textile enterprises in the mainland market.

Under the overall coordination of the people's Government of the autonomous region, the Xinjiang State Taxation Bureau, based on the function of Taxation, actively implements a series of fiscal and tax support policies for the cotton and textile and garment industries: in line with the cotton subsidy policy launched by the autonomous region, properly handling tax related issues in Cotton Subsidy issuance, regulating the purchase of agricultural products invoices, ensuring timely issuance of cotton subsidies, and ensuring the continuous stability of cotton planting area and output in Xinjiang.

Providing textiles to the financial sector in a timely manner

The relevant information on the tax payment situation of enterprises, and the implementation of the fiscal return policy are put in place, so that enterprises have sufficient funds to optimize investment, personnel training and vocational training, and create conditions for their growth and development.

Guided by a number of fiscal and tax support policies, the investment scale of textile and garment industry in the region has been expanding.

In 2014, Xinjiang's textile and garment industry invested 5 billion 145 million yuan in fixed assets, which resulted in 840 million yuan reduction in tax deduction, which effectively reduced the value added tax burden of Xinjiang textile and garment enterprises.

The textile and garment industry is exempt from the share sharing part of the enterprise income tax. The total income tax is reduced by 2 million 292 thousand and 800 yuan, and the effect of lightening the burden is obvious.

With the stimulation of many dividend policies, Xinjiang's textile and garment industry is showing a rapid development trend.

It is understood that the wholesale and retail trade of cotton and hemp has achieved sales of 8 billion 602 million yuan in Xinjiang's textile and clothing wholesale and retail trade last year, an increase of 5.39% over the same period last year, and tax revenue grew by 7.84% over the same period last year.

The textile and garment enterprises above Designated Size have achieved operating profit of 542 million yuan. A key cluster of cotton spinning industry is gradually forming, and the industry dividends continue to be pmitted downstream.

The total number of households in the textile and garment industry increased by an average of 7.85%. It is estimated that by 2018, the total capacity of the textile industry will reach 420 thousand.

With the stimulation of many policy dividends, Xinjiang's textile and garment industry is showing a rapid development trend.

It is understood that the wholesale and retail trade of cotton and hemp has achieved sales of 8 billion 602 million yuan in Xinjiang's textile and clothing wholesale and retail trade last year, an increase of 5.39% over the same period last year, and tax revenue grew by 7.84% over the same period last year.

The textile and garment enterprises above Designated Size have achieved operating profit of 542 million yuan. A key cluster of cotton spinning industry is gradually forming, and the industry dividends continue to be pmitted downstream.

The total number of households in the textile and garment industry increased by an average of 7.85%. It is estimated that by 2018, the total capacity of the textile industry will reach 420 thousand.