China's Tax And Fee Cuts, Refunds, Deferrals Exceed 4 Trillion Yuan In 2022

BEIJING, Jan. 31 (UrduPoint / Pakistan Point News - 31st Jan, 2023 ) --:China's tax refunds, as well as tax and fee cuts and deferrals, exceeded 4.2 trillion Yuan (about 621.27 billion U.S. Dollars) in 2022 amid the country's efforts to stabilize the macroeconomy, China's top tax authority said on Tuesday.

The total consists of approximately 2.46 trillion yuan worth of value-added tax credits that have been refunded to taxpayers' accounts, over 1 trillion yuan of tax and fee cuts, and 750 billion yuan of deferred tax and fee payments, Wang Daoshu, deputy head of the State Taxation Administration, told a press conference.

About 1.5 trillion yuan of tax and fee payments were rebated, deducted or deferred for enterprises in the manufacturing sector last year, accounting for 35 percent of the total, Wang said.

He noted that small and micro enterprises, as well as individual businesses, saw more than 1.7 trillion yuan in tax rebates, tax and fee reductions and deferrals last year.