China Underground > China Finance > Tax cuts expected to total 2.36 tln yuan in China in 2019

Tax cuts expected to total 2.36 tln yuan in China in 2019

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).

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.

Source: ecns

About Post Author


Subscribe to China Underground and get the free magazine 'Planet China'

* indicates required

View previous campaigns.

By clicking Sign Up, you agree to our terms and conditions.

You can unsubscribe at any time by clicking the link in the footer of our emails.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.


Xpeng Motors 2019 Smart Car Review reveals insights on user behaviors

ASEAN has overtaken the U.S. as China’s second-largest trade partner


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this:
Enable Notifications OK No thanks