China Finance

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

China-Underground and are two websites focused on China and Chinese culture. The site includes thousands of articles on this country structured in categories: news, trends, economy, history, art, guides, literature , pictures gallery, videos and Chinese cinema.

Recent Posts

Ancient Chinese Astronomy: History, Myths & Facts

From Xiu to Dragons: Understanding Chinese Constellations. Ancient Chinese astronomy reflects a deep-rooted interest in…

2 days ago

China’s “996” Work Culture: Impacts and Implications

Balancing Ambition and Well-being: A Look at the "996" Phenomenon. The "996" work culture (九九六工作制)…

4 days ago

Hong Kong’s Quest for Gender Equality: TWF’s #BreakZeroSum Campaign 2023

Gender Equality is a Win-win. The Women's Foundation (TWF) launched the #BreakZeroSum video campaign aimed…

7 days ago

Journey to Wang Tong: Larry Feign’s Enigmatic Village Tales

The Village At The Center of the World: Larry Feign's Vivid Visual Chronicles Acclaimed writer…

1 week ago

Tokyo Experiences the Charm of Sichuan Baijiu and Culinary Wonders

The Fusion of Flavors: Sichuan Meets Tokyo. The flavors and traditions of China's premier liquor…

2 weeks ago

“Moonlight Sculptor: Dark Gamer” Debuts Across Asian Markets Today

XLGAMES Reveals Newest Game: "Moonlight Sculptor: Dark Gamer". Leading gaming corporation, XLGAMES, Inc., helmed by…

2 weeks ago