Jiangsu issued 973 million yuan to promote the transformation and upgrading of the chemical industry

Jiangsu Provincial Finance announced on March 14 that recently, Jiangsu Provincial Finance issued 973 million yuan in financial subsidies for the chemical industry in 2022 to accelerate the transformation, upgrading and high-quality development of the chemical industry.

Jiangsu Province requires that the policies be well coordinated, and the situation of value-added tax refunds, transfer payment subsidies, and local-level tax reductions in the chemical industry be considered in an overall manner, and support for areas with large-scale tax reductions should be increased.

It is reported that subsidy funds are subsidized in different tiers, and the subsidy funds are combined with the scale of revenue reduction, calculated at the ratio of 80% in northern Jiangsu, 60% in central Jiangsu, and 20% in southern Jiangsu, so as to ease the pressure on fiscal revenue and expenditure balance in economically weak areas.

In addition, Jiangsu Province has made it clear that the subsidy funds are general transfer payments to supplement grassroots financial resources, and the cities and counties will use them as a whole to "ensure basic people's livelihood, wages, and operations" and other aspects.