Tax, fee cuts top 2.5t yuan
China cut more than 2.5 trillion yuan in taxes and fees in 2020, achieving the annual target set by top-level policymakers and easing burdens on market entities after the coronavirus pandemic outbreak, said the nation's tax authority.
Last year the State Taxation Administration approved 29.2 billion yuan in deferred tax payments for 3.99 million taxpayers, a financial relief measure to mitigate the shocks of COVID-19, the administration reported after its annual meeting held in Beijing on Jan 8.
The full-year tax income, which excludes the export tax rebate, reached 13.68 trillion yuan, down 2.6% from a year earlier. The income of social security fees was 3.81 trillion yuan, and the non-tax income was 631.6 billion yuan, according to data from STA.
Wang Jun, head of the State Taxation Administration, said at the meeting that in 2021, STA will further consolidate and expand the effectiveness of tax and fee reduction policies and promote the modern tax system to facilitate high-quality development.