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China to defer tax payment for manufacturing SMEs

Updated: Oct 27, 2021 Xinhua Print
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A technician works on the production line of a circuit board in a high-tech company in Hai'an, Jiangsu province. [Photo/Xinhua]

BEIJING - China will defer tax payment for small and medium-sized enterprises (SMEs) in the manufacturing sector to ease the impact of rising costs, a State Council executive meeting decided on Wednesday.

The decision would in effect defer around 200 billion yuan ($31.32 billion) of tax payment for manufacturing SMEs, the meeting said.

The meeting also decided to defer tax payment of around 17 billion yuan for coal-fired power companies and heating firms to ease their operating difficulties.

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