China's tax, fee cuts approximate 2.4 trillion yuan

BEIJING - According to China's tax authorities, tax and fee cuts totaled 2.37 trillion yuan ($363.22 billion) in the first 11 months of 2020.

Of the total, 1.64 trillion yuan was saved under the preferential tax and fee measures unveiled this year to support economic development and COVID-19 containment, according to the State Taxation Administration.

A total of 10.16 million new taxpayers were registered between January and November, up by 7.4 percent year-on-year, said Cai Zili, an official with the administration.

In the first 11 months of the year, nearly 90 percent of tax-related services were handled online, said the administration.