In the first 10 months, the newly added tax cuts, fee reductions, and deferred tax refunds in China exceeded 1.6 trillion yuan-瞭望新时代网-瞭望时代，放眼世界

In the first 10 months, the newly added tax cuts, fee reductions, and deferred tax refunds in China exceeded 1.6 trillion yuan

2023-11-28

On the 27th, the State Administration of Taxation released data showing that in the first 10 months of this year, the country added 166.07 billion yuan in tax reduction and fee deferral, with private economy taxpayers being the main beneficiaries of tax and fee preferential policies, accounting for nearly 75% of the total amount. The manufacturing industry and related wholesale and retail industries are the industries that enjoy the largest proportion of discounts and benefit the most significantly. In the first 10 months, private economy taxpayers nationwide added 1238.56 billion yuan in tax reductions, fee reductions, and deferred tax refunds. The State Administration of Taxation has launched 28 convenient tax measures to promote the development and growth of private enterprises, and guided local tax departments to launch supporting service measures. At the same time, the tax department fully leverages the advantages of tax big data and has continuously carried out policy precision push over 500 million times since August. It is understood that in March this year, China will uniformly increase the proportion of R&D expenses deduction for eligible enterprises from 75% to 100%, and implement it as a long-term institutional arrangement. The addition of the July prepayment declaration period as a policy enjoyment point will guide enterprises to increase their research and development investment faster and better. In the first three quarters, a total of 403000 enterprises across the country enjoyed the policy of deducting research and development expenses in advance. It is reported that in the next step, the tax department will continuously optimize the precise promotion process of tax and fee preferential policies, and use greater efforts and more practical measures to ensure that policy dividends are accurately and directly delivered to business entities, fully unleashing the effect of innovation incentive policies. (Lai Xin She)

Edit：Hou Wenzhe Responsible editor：WeiZe

Source：economic daily

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