China's tax and fee cuts, refunds, deferrals top 13t yuan from 2013-2022: official

Updated: Jan 18, 2023 Xinhua Print
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BEIJING -- China's combined tax and fee cuts, refunds and deferrals surpassed 13 trillion yuan ($1.93 trillion) from 2013 to 2022, a senior official said on Tuesday.

Wang Jun, head of the State Taxation Administration, made the remarks at a taxation work conference.

China has stepped up its tax and fee cut policies over recent years to help businesses weather economic hardships and stimulate market vitality.

An array of favorable policies has lowered value-added tax rates, deepened reforms on individual income tax, and promoted technological innovation. Thanks to these efforts, the development of manufacturers and micro and small enterprises has received stronger support.

At the meeting, Wang also said that the country has collected a total of 140 trillion yuan in tax revenues (without the deduction of export tax rebates) over the past 10 years. When social insurance premiums and non-tax revenues are added, the figure surpasses 187 trillion yuan.

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