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China's tax, fee cuts, deferrals inject market vitality

Updated: Sep 16, 2022 Xinhua Print
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BEIJING -- China's tax and fee cuts and deferrals are injecting vitality into the country's market players, official data shows.

The country's accumulated tax refunds, tax and fee cuts, and tax and fee deferrals this year topped 3.3 trillion yuan ($477.56 billion) by Aug 31, according to the State Taxation Administration.

These preferential policies have taken effect in easing the financial burden on enterprises, value-added tax (VAT) invoices data shows.

From April to August, the sales revenue of enterprises enjoying VAT credit refunds increased by 6.9 percent year-on-year, 4.6 percentage points higher than that of enterprises not enjoying such refunds.

During the same period, the sales revenue of manufacturing enterprises enjoying VAT credit refunds expanded by 7.5 percent year-on-year, 4.2 percentage points higher than that of enterprises not enjoying such refunds.

Small and micro firms are the major beneficiaries of the country's tax and fee preferential policy package, accounting for 93.1 percent of the taxpayers enjoying VAT credit refunds during the April-August period.

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