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June 25, 2019

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Firms set to gain from tax, fee cuts

Shanghai is cutting taxes and administrative fees to push market vitality and achieve a steady and healthy economic development, government officials said yesterday.

The city will slash more than 180 billion yuan (US$26.18 billion) in taxes and administrative fees this year.Shanghai has reduced taxes and fees by over 300 billion yuan between 2016 to 2018. Last year, it cut fees by about 56 billion yuan.

The city government said a series of measures will be implemented this year to optimize the business environment, reduce the burden on enterprises, stimulate market vitality, ensure steady economic growth and boost employment.

Shanghai plans to implement 15 measures to cut the operating costs of enterprises, labor costs, price cuts on gasoline, diesel, electricity and natural gas and other measures.

Chen Yin, executive vice mayor of Shanghai, said the cuts would help enterprises to reduce costs and better compete in the market. Previous reductions have helped companies, Chen said.

Chen Shiyan, deputy director of Shanghai Municipal Development and Reform Commission, said the city was implementing a larger scale of tax and fee reduction this year — higher than previous years.


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