China eases business burden with more tax, fee support

BEIJING - China's newly-implemented tax refunds, as well as tax and fee cuts and deferrals, reached 927.9 billion yuan (about $130.14 billion) in the first half of 2023, official data showed Friday.

More support has been given to small businesses as 62 percent of the tax and fee support went to micro, small, and medium-sized enterprises, Rong Hailou, an official with the State Taxation Administration, told a press conference.

Among the total, the exemption of value-added tax for taxpayers with a monthly sales revenue of less than 100,000 yuan helped them save a total of 214.8 billion yuan, Rong said.

A breakdown of the data showed that among all sectors, manufacturing, as well as related wholesale and retail industries, benefited the most from the support, according to Rong.

Last year, the country's newly-implemented tax and fee cuts amounted to more than 1 trillion yuan, and postponements were introduced for tax and fee payments of over 750 billion yuan, according to the country's 2023 government work report.