BUSINESS New tax cuts save over 100 bln yuan in Beijing in H1

BUSINESS

New tax cuts save over 100 bln yuan in Beijing in H1

Xinhua

23:19, August 09, 2019

(Photo: IC)

BEIJING, Aug. 9 (Xinhua) -- China's newly introduced tax cuts and fee reductions have saved Beijing taxpayers more than 100 billion yuan (about $14.18 billion) in the first half of the year, local authorities said Friday.

The amount is expected to reach about 180 billion yuan this year, according to the municipal bureau of finance.

The individual income sector has gained the most from the reforms, with 54.41 billion yuan of taxes reduced during the period, accounting for over half of the total, it said.

"Besides that, value-added tax, corporate income tax and social insurance premiums have also been significantly reduced," said Han Jie, deputy director of the bureau.

"The tax cuts and fee reductions are important parts of Beijing's active fiscal policy," Han said.

To counter economic downward pressure, the Chinese government has rolled out large-scale tax breaks for small and micro firms and further reduced individual income tax.

In the first half of the year, targeted tax breaks have saved China's small and micro businesses 116.4 billion yuan.

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue