East China’s Jiangsu Province has released its latest policy measures to help micro, small and medium-sized enterprises resume production through periodic reduction of corporate social security premiums, reduction of basic medical insurance premiums for employees, property tax, and urban land use tax benefits.
The Provincial Department of Human Resources and Social Security, the Provincial Department of Finance, and the Provincial Taxation Bureau jointly issued the “Notice on Periodic Reduction and Exemption of Enterprise Social Insurance Fees”, which clearly states that from February to June this year, the basic pension insurance, unemployment insurance and work injury insurance for employees of small, medium and micro enterprises are exempted from payment.
From February to April this year, the government will halve three social security contributions from large enterprises. Enterprises do not need to provide certification materials. Social insurance agencies will share information with statistics, civil affairs, and market supervision departments. Qualified participants will automatically enjoy the exemption policy.
The "Implementation Plan for Periodic Reduction of Basic Medical Insurance Premiums for Employees" issued by the Provincial Medical Insurance Administration clearly states that from February to June this year, employees' medical insurance contributions at the prefecture-level will be reduced by half.
The Provincial Department of Finance clarified that for taxpayers in accommodation, catering, sports, entertainment, transportation, tourism and other industries affected by the epidemic, small-scale value-added taxpayers will be temporarily exempted from real estate tax and urban land use tax, which is expected to reduce the burden of 1.92 billion yuan for enterprises.