1.38m enterprises to benefit from tax reduction measures

Inner Mongolia released measures for cutting taxes and fees for micro or small-sized companies at a press conference on Feb 15.

According to local authorities, starting in 2019, the taxes and fees burden for micro and small firms will be eased by about 7.2 billion yuan ($1.06 billion) every year. These new measures will benefit a total of 1.38 million companies.

The newly released preferential policies for micro and small firms cover eight taxes and two surcharges and will come into effect from Jan 1, 2019 to Dec 31, 2021.

The measures for reducing taxes and fees will promote the development of the private sector of the economy.