July 26, 2022
By July 20, China had reduced taxes and fees, postponed payments on taxes and fees, and received tax refunds totaling more than 3 trillion yuan ($444 billion), according to official figures released.
According to Wang Daoshu, deputy chairman of the State Taxation Administration, value-added tax credit refunds totaled more than 2 trillion yuan, which is more than three times the entire amount reported previous year.
According to Cai Zili, a representative from the government, since the nation started processing significant returns in April, value-added tax credit refunds totaling 1.88 trillion yuan have been finished.
Wang said that in the first half of the year, China cut taxes and fees by a total of 507.4 billion yuan.
The country has deferred taxes and fees a total of 553.3 billion yuan since the start of the year, of which 525.7 billion yuan were deferred to continue assisting smaller manufacturing businesses.
The efficient implementation of new tax and fee assistance policies would be encouraged by China’s tax authorities at all levels in the second half of the year, according to Wang.
Source: China Daily
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