The story appears on

Page A12

November 21, 2018

GET this page in PDF

Free for subscribers

View shopping cart

Related News

Home » Business

Firms get a break from taxing times

China will take solid steps to relieve the tax burdens of private enterprises to better support the development of private businesses.

The burden of taxes and fees on private enterprises will be further eased, according to a guideline recently released by the State Administration of Taxation on supporting the private sector.

The guideline outlined 26 detailed measures to facilitate the development of private businesses, including advancing substantial tax cuts, especially the reduction of value-added taxes, working on tax exemptions for micro and small firms as well as technology startups, and promoting the reduction of nominal rates for social security contributions.

Measures will also be taken to address the difficulty and high costs of financing for private firms, simplify tax payment procedures and level the playing field for private businesses.

“China’s taxation authority has always treated private enterprises equally,” said Huang Yun, a senior SAT official.

Huang said micro and small firms enjoyed 143.7 billion yuan (US$20.7 billion) of tax exemptions in the first three quarters, rising 41.3 percent year on year.

The private sector plays an important role in the Chinese economy, contributing more than 50 percent of tax revenue, 60 percent of GDP, 70 percent of technological innovation, 80 percent of urban employment and 90 percent of new jobs and new firms.




 

Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.

沪公网安备 31010602000204号

Email this to your friend