China’s 2019 tax. According to the Ministry of Industry and Technological Information (MIIT), China’s annual amount of tax and fee cuts in 2019 is expected to amount to 2.36 trillion yuan (approximately $ 340.73 billion).
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According to an MIIT official on Monday at the 2019 China Industrial Economic Forum annual meeting in Beijing, the business environment in China was significantly improved in 2019, with benefits of tax and tariff cuts visible in manufacturing and medium- and small-sized firms.
“Private sector businesses and small and medium-sized businesses have seen increasing vitality,” said the official.
Tax cuts in manufacturing and related industries accounted for nearly 70 percent of the annual value-added tax reduction amount, the official said, while the tax reduction included for small and micro businesses stood at about 250 billion yuan.
“Over 50 percent of late payments to businesses must be made later this year, and new arrears are not eligible,” said the 2019 government work report.
In 2019, accounts of firms in the private sector and small and medium-sized enterprises saw over 600 billion yuan of their overdue payments settled, meeting the goal set by the government work report, according to the MIIT.