China’s continued tax and fee cuts and the recent move of refunding value-added tax credits to businesses are helping market players withstand economic headwinds and are critical in supporting growth this year, an official said.
Xu Hongcai, vice-minister of finance, said in a published interview in Economic Daily on Tuesday that this year, tax cuts and refunds work as critical means of keeping overall economic performance stable.
Xu said the amount of tax cuts and refunds is expected to reach 2.5 trillion yuan ($378 billion) this year, adding that all competent measures will be put in place in an expedited manner.
Source gov.cn
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