BUSINESS China's tax, fee cuts top 1.8 trillion yuan in first 8 months

BUSINESS

China's tax, fee cuts top 1.8 trillion yuan in first 8 months

Xinhua

21:01, October 07, 2020

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BEIJING, Oct. 7 (Xinhua) -- China's top tax authority said the country's tax and fee cuts totaled 1.88 trillion yuan (about 276.06 billion U.S. dollars) in the first eight months of the year.

Of the total, the preferential tax and fee measures unveiled in 2020 to support economic development and COVID-19 containment saved 1.17 trillion yuan, according to the State Taxation Administration.

The remaining 706.2 billion yuan of taxes and fees were reduced as a result of the implementation of large-scale tax and fee cuts rolled out last year.

Since the outbreak of the epidemic, China has unveiled a slew of new tax and fee relief measures to alleviate the burdens on market entities.

Taxation services are also improving, as corporate taxpayers can currently handle more than 90 percent of tax-related business online, according to the administration.


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