CHINA China's tax, fee cuts total 1.5 trillion yuan in H1 amid COVID-19

CHINA

China's tax, fee cuts total 1.5 trillion yuan in H1 amid COVID-19

CGTN

21:13, August 09, 2020

d34010130d5f48f9b39fbcc5b7243ecf.pngPhoto: VCG

China's tax and fee cuts totaled over 1.5 trillion yuan (about 216 billion U.S. dollars) in the first half of this year as the country has rolled out a series of support policies to counter the negative effects of COVID-19, said China's State Taxation Administration, the country's top tax authority, on Friday.

The preferential tax and fee measures unveiled this year to support economic development and COVID-19 containment saved a total of 894.1 billion yuan, while the remaining amount of 610.4 billion yuan is attributable to last year's large-scale tax and fee cut policies.

Moreover, better taxation services have also been introduced to improve fee payment and corporate taxpayers can presently handle more than 90 percent of tax-related business online, said the administration. 

In March this year, the tax authority unveiled updated tax-cut guidelines to better cope with COVID-19 and support work and production resumption. For example, it said the value-added tax for small-scale taxpayers will be reduced or exempted in due time.

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