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Source Title: China’s Tax and Fee Cuts are Large in Scale, Benefiting a Wide Range of Businesses, and Profit Feeling Enhanced
CCTV News:In the first 11 months of this year, the country’s cumulative new tax and fee cuts reached 2,367.3 billion yuan. The data shows that the preferential tax and fee policies introduced this year to support epidemic prevention and control and economic and social development added 1.64 billion yuan in tax and fee reductions. Policies introduced in the middle of last year added 726.5 billion yuan in tax and fee cuts this year.
Cai Zili, Director of the Department of Accounting and Revenue Planning of the State Tax Administration:This image shows the cumulative monthly completion of new tax and fee cuts in China in 2020. In May, our new tax and fee cuts exceeded 1 trillion yuan, in September they exceeded 2 trillion yuan, and in November they reached 2,367. 300 million yuan. The government work report identified the task of reducing corporate burdens by more than 2.5 trillion yuan throughout the year. It can be completed successfully.
China’s tax cuts and tariff cuts are large in scale and benefit a wide range
Cai Zili presented that since China began implementing tax and tariff reductions in 2016, the cumulative increase in scale has reached about 7.6 trillion yuan, strongly supporting economic and social development. China’s tax and fee cuts are not only on a large scale, but they also benefit from a wide range.
Cai Zili, Director of the Department of Accounting and Revenue Planning of the State Tax Administration:Because our tax reduction policy is a combination of inclusiveness and structure, not only companies benefit, but individuals also benefit, and small, medium and micro businesses benefit even more. Focusing on private micro and small businesses, the real economy and technological innovation, a series of tangible tax and fee reduction policies have literally reduced the burden on businesses and enhanced their profit sense.
