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April 24, 2019

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Everyone’s a winner from lower taxes, official says

China’s continued efforts to reduce taxes have benefited more businesses and individuals, a senior tax office official said yesterday.

New tax cuts saved 341.1 billion yuan (US$50 billion) for taxpayers in the January-March period, said Cai Zili, an official with the State Taxation Administration.

Cai said the cut was more inclusive and sharper than before as tens of millions of small firms started to be covered by favorable policies and private enterprises became the major beneficiaries.

And more than 90 million people were exempt from income tax by end-March.

Most of the reduction, more than 265 billion yuan, came from measures effective since the middle of 2018, including reforms to individual income tax and cuts in value-added taxes. Policies this year, including tax breaks for small and micro firms and a further deduction of individual income tax, led to a reduction of around 72.2 billion yuan.


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