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China
25.06.22 10:48
Economics

China's tax and fee cuts from January to April amount to $36bn

The policy of tax incentives provided effective support to market entities during the pandemic

China's General Administration of Taxation reported a total of 244 billion yuan ($36.4 billion) in tax and fee cuts in the first four months of the year.

Of this total, the preferential value-added tax policy has helped small taxpayers save RM33.5 billion, General Tax Administration spokesman Rong Hailou said at a press conference.

As of June 9, taxpayers have received more than 1.5 trillion yuan in tax rebates, more than double the amount of tax rebates in 2021, Rong said.

In addition, a total of 428.9 billion yuan in taxes have been deferred for micro, small and medium-sized enterprises in the manufacturing sector, he added.

Noting that the tax incentive policy has provided effective support to market entities during the pandemic, the organisation indicated that it will make further efforts to ensure that the policy is properly implemented.

China's tax authorities have provided businesses across the country with different types of tax and fee policies to help them overcome difficulties. This is reported by "Xinhua", a partner of the TV BRICS network.

Photo: Xinhua News Agency

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