More than $620 Billion Tax Exemptions to Support China’s Economic Stability

Beijing, February 01 (QNA) – China’s tax refunds, as well as tax and fee cuts and deferrals, exceeded 4.2 trillion yuan (about 621.27 billion US dollars) in 2022 amid the country’s efforts to stabilize the macroeconomy, China’s top tax authority said on Tuesday.

The total consists of approximately 2.46 trillion yuan worth of value-added tax credits that have been refunded to taxpayers’ accounts, over 1 trillion yuan of tax and fee cuts, and 750 billion yuan of deferred tax and fee payments, Wang Daoshu, deputy head of the State Taxation Administration, told a press conference.

About 1.5 trillion yuan of tax and fee payments were rebated, deducted or deferred for enterprises in the manufacturing sector last year, accounting for 35 percent of the total, Wang said.

He noted that small and micro enterprises, as well as individual businesses, saw more than 1.7 trillion yuan in tax rebates, tax and fee reductions and deferrals last year.

Chinese Minister of Finance Liu Kun had announced earlier that his country will witness a greater range of tax and fee cuts this year, noting that China has cut about 1.1 trillion yuan (about 173.9 billion US dollars) in taxes and fees in 2021. (QNA)

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