Sci-tech, manufacturing sectors benefit from tax cuts

China's scientific and technological innovation and the manufacturing sector received more than 2.5 trillion yuan ($340 billion) in support from tax policies in 2024, according to the State Taxation Administration.

According to a national conference on taxation concluded on Jan 16, the 2.5 trillion yuan in tax rebates as well as tax and fee cuts and deferrals, has contributed to accelerating the development of new quality productive forces.

It was noted at the meeting that as the administration advances the digital transformation of taxation, progress was made last year in terms of the nationwide use of fully digitalized electronic invoices, regular data sharing with multiple central departments, and the online payment of taxes and fees.

In 2025, the administration will step up efforts to implement structural tax cuts and fee reductions to see that those who are entitled can fully enjoy them, further improve the tax system and regulate preferential tax policies in such aspects as boosting consumption and expanding domestic demand, and keep improving business environment with better services, according to the meeting.