Policy-backed tax relief boosts private sectors and manufacturing
2023-12-28
Shoppers are seen walking in a shopping center in Shanghai in January. WANG GANG/FOR CHINA DAILY
China's newly implemented tax and fee cuts, tax refunds and deferrals have exceeded 1.81 trillion yuan ($254.6 billion) in the first 11 months of this year, according to the latest data showed by the State Taxation Administration.
Taxpayers from the private sector, including private enterprises and individual businesses, have become major beneficiaries of China's tax and fee relief measures.
Over 1.33 trillion yuan in tax and fee payments, or 73.8 percent of the total amount, were rebated, deducted or deferred for private businesses during the period, the administration said.
Manufacturing and related wholesale and retail sectors enjoyed 759.7 billion yuan in tax refunds, tax and fee cuts and deferrals, which make up 41.9 percent of the total in terms of different industries.
Besides, small and medium-sized enterprises have benefited the most, and 1.12 trillion yuan were rebated, deducted or deferred, accounting for 61.8 percent of all types of scales of enterprises, the administration said.
