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.