(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.