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Policies help companies save US$37.2b in taxes
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CHINESE companies received tax cuts totaling 237.5 billion yuan (US$37.2 billion) in the first three quarters of this year as a result of government policies to spur innovation and mass entrepreneurship, the tax administration said yesterday.
Millions of businesses have seen their taxes reduced, according to the State Administration of Taxation.
In the first nine months of the year, the government slashed the corporate income tax rate from 25 percent to 15 percent, which affected 96.5 billion yuan of taxes on high-tech companies, SAT said.
Tax exemptions and breaks for small enterprises reached 73.3 billion yuan.
Tax cuts designed to encourage spending on research and development totaled 44.4 billion yuan, according to SAT.
Companies which transfer and commercialize new technology also enjoyed billions of yuan of tax breaks.
In the face of economic headwinds, China is counting on entrepreneurship and innovation to generate new jobs and improve the skill set of its citizens, and give a boost to the slowing economy.
An executive meeting of the State Council, China’s Cabinet, decided last month to further optimize its preferential tax policies for enterprises engaged in research and development in 2016.
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