Canada News Agency

China's tax, fee cuts total 1.5 trillion yuan in H1 amid COVID-19


China's tax and fee cuts totaled over 1.5 trillion yuan (about 216 billion U.S. dollars) in the first half of this year as the country has rolled out a series of support policies to counter the negative effects of COVID-19, said China's State Taxation Administration, the country's top tax authority, on Friday.

The preferential tax and fee measures unveiled this year to support economic development and COVID-19 containment saved a total of 894.1 billion yuan, while the remaining amount of 610.4 billion yuan is attributable to last year's large-scale tax and fee cut policies.

Moreover, better taxation services have also been introduced to improve fee payment and corporate taxpayers can presently handle more than 90 percent of tax-related business online, said the administration. 

In March this year, the tax authority unveiled updated tax-cut guidelines to better cope with COVID-19 and support work and production resumption. For example, it said the value-added tax for small-scale taxpayers will be reduced or exempted in due time.


China's tax and fee cuts totaled over 1.5 trillion yuan (about 216 billion U.S. dollars) in the first half of this year as the country has rolled out a series of support policies to counter the negative effects of COVID-19, said China's State Taxation Administration, the country's top tax authority, on Friday.

The preferential tax and fee measures unveiled this year to support economic development and COVID-19 containment saved a total of 894.1 billion yuan, while the remaining amount of 610.4 billion yuan is attributable to last year's large-scale tax and fee cut policies.

Moreover, better taxation services have also been introduced to improve fee payment and corporate taxpayers can presently handle more than 90 percent of tax-related business online, said the administration. 

In March this year, the tax authority unveiled updated tax-cut guidelines to better cope with COVID-19 and support work and production resumption. For example, it said the value-added tax for small-scale taxpayers will be reduced or exempted in due time.