Official data points to a reduction in China’s nationwide taxes and administrative fees of over 400 billion yuan in the first two months of 2020.
Figures released by the State Council indicate that during the period from January to February China’s total tax and fee reductions totalled 402.7 billion (approx. USD$56.83 billion).
This included 158.9 billion yuan in tax and fee preference policies unveiled to help reduce the impacts of the COVID-19 outbreak on economic and social development, as well as 243.8 billion yuan in reductions as a result of policies launched last year.
Tax and administrative fee reductions are expected to further increase this month.
“Enterprises will enjoy a further expansion in tax and fee reductions following the quarterly reporting in April,” said Wang Daoshu (王道树), chief auditor with China’s State Taxation Administration.