China continues supporting market entities with tax, fee cuts, deferrals

China's accumulative tax refunds, tax and fee cuts, and tax and fee deferrals this year topped 3 trillion yuan (444 billion U.S. dollars) by July 20, amid multiple preferential policies to ease enterprise burdens, official data showed Friday.

Of the total, value-added tax credit refunds exceeded 2 trillion yuan, more than three times the total amount recorded last year, Wang Daoshu, deputy head of the State Taxation Administration, told a press conference.

Approximately 1.88 trillion yuan of value-added tax credit refunds have been completed since the country began making large-scale refunds in April, said Cai Zili, an official from the administration.

Wang also said that China's tax and fee cuts totaled 507.4 billion yuan in the first half of the year.

Since the beginning of the year, the country's tax and fee deferrals have reached 553.3 billion yuan, of which 525.7 billion yuan of taxes and fees were deferred to continue supporting smaller manufacturing enterprises.

In the second half of the year, China's tax authorities at all levels will promote the effective implementation of new tax and fee support policies to benefit more market entities, Wang said.

Source from State taxation administration of the P.R.C.

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