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China's tax, fee cuts boost vitality of market entities

2020-08-13    Author:   Views:277    

The orderly implementation of China's tax and fee cut policies has helped invigorate market entities and strengthen the sustainability of enterprises' development, Wang Jun, head of the State Taxation Administration told Xinhua in an interview.

In the first half of the year, China's tax and fee cuts totaled over 1.5 trillion yuan (about $216 billion).

For 100,000 key tax source enterprises, tax and fee burden dropped by 0.65 yuan per 100 yuan of the operating revenue, Wang said.

Citing an 11.5-percent year-on-year increase in profits of major industrial firms in June, Wang said it is clear that a considerable part of the the growth is due to direct or indirect effects of the tax and fee cuts.

To boost the development of foreign trade firms, authorities have taken measures to facilitate export tax refunds, including promoting paperless tax rebate declarations, Wang said.An analysis of taxation data shows that corporate sales are steadily recovering, with the manufacturing sector staging a faster recovery. In the meantime, new growth drivers reported faster growth and investment also picked up, Wang said.

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