Emirates News Agency – China’s tax and fee deferral policy contributes to macroeconomic stability

BEIJING, Sept 29, 2022 (WAM) — China’s combined supportive tax and fee policy is helping to ease the burden on market actors and stabilize the macro economy, official data show on Thursday. indicated by

China’s Xinhua news agency, citing State Taxation Bureau official Tsai Zili, said the country’s tax refunds, reductions and deferrals exceeded 3.4 trillion yuan (about US$478 billion) by Sept. 20. rice field.

The total consists of approximately 2.21 trillion yuan of value-added tax credits returned to taxpayers’ accounts, 591.6 billion yuan of tax and fee reductions, and 632.6 billion yuan of tax and fee deferrals. .

“Multiple policy instruments are effectively combined and synergistic to support efforts to rescue businesses in distress,” Tsai said at a news conference.

According to official data, China has deferred taxes and fees worth 525.6 billion yuan for 3.05 million micro, small and medium enterprises in the manufacturing industry since the implementation of the tax and fee deferment policy.

It is generally estimated that the policy will save these companies more than 20 billion yuan in financing costs.

Thursday’s press conference also said China’s cumulative export rebates and exemptions totaled 1.35 trillion yuan in the first eight months, playing a positive role in driving a steady increase in the country’s exports. showed that.