China’s small and micro-sized businesses have received a significant financial boost this year, thanks to massive tax cuts implemented by the government. From January to September, these businesses enjoyed tax breaks totaling 946.1 billion yuan (approximately $131.4 billion), marking a 6.7% increase compared to the same period last year, according to official data released on Friday.
Small and micro-sized enterprises play a crucial role in expanding employment, energizing the market, and improving people’s livelihoods, as highlighted by the State Taxation Administration. Recognizing their importance, China has been synchronizing taxation system reforms with tax and fee reductions to alleviate the financial burden on these businesses.
Over the past five years, the total tax relief for small and micro-sized businesses has exceeded 5 trillion yuan, showcasing the government’s commitment to fostering a supportive environment for entrepreneurship and economic growth.
These measures are part of China’s broader efforts to stimulate the economy and ensure sustainable development. By easing the financial pressure on small businesses, the government aims to promote innovation, create jobs, and enhance the overall vitality of the market.
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China's small businesses enjoy more tax cuts in first 9 months
cgtn.com
