From January to September, China’s small and micro-sized businesses have enjoyed significant tax relief totaling 946.1 billion yuan ($131.4 billion), marking a 6.7 percent increase compared to the same period last year, according to official data released by the State Taxation Administration on Friday.
These tax cuts are instrumental in supporting small and micro-sized enterprises, which play a crucial role in expanding employment, energizing the market, and improving people’s livelihoods across the Chinese mainland.
China has been synchronizing taxation system reforms with tax and fee reductions to alleviate the financial burdens on businesses. Over the past five years, the total tax relief for small and micro-sized businesses has exceeded 5 trillion yuan, demonstrating the government’s commitment to fostering a favorable business environment.
This continued support aims to stimulate economic growth and encourage entrepreneurship, especially in the wake of global economic challenges. As small businesses continue to benefit from these financial incentives, they are expected to contribute significantly to the nation’s economic resilience and development.
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China's small businesses enjoy more tax cuts in first 9 months
cgtn.com
