China's small and micro-sized businesses have benefited from a substantial ¥946.1 billion ($131.4 billion) in tax breaks from January to September this year, marking a 6.7% increase year-on-year, official data revealed on Friday.
The State Taxation Administration highlighted that these tax cuts play a crucial role in expanding employment opportunities, energizing the market, and improving the livelihoods of people across the nation.
In conjunction with taxation system reforms, these tax and fee reductions are part of China's broader strategy to alleviate the financial burden on businesses, fostering a more conducive environment for growth and innovation.
Over the past five years, the total tax relief provided to small and micro-sized businesses has exceeded ¥5 trillion, underscoring the government's commitment to supporting this vital sector of the economy.
Reference(s):
China's small businesses enjoy more tax cuts in first 9 months
cgtn.com
