China has unveiled a slew of new tax and fee relief measures to alleviate the burdens on market entities amid the coronavirus pandemic. (PHOTO / VCG)
BEIJING – China's top tax authority said the country's tax and fee cuts totaled over 1.5 trillion yuan (about US$216 billion) in the first half of the year.
Of the total, the preferential tax and fee measures unveiled in 2020 to support economic development and COVID-19 containment saved a total of 894.1 billion yuan, according to the State Taxation Administration.
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The remaining 610.4 billion yuan of taxes and fees were reduced as a result of the implementation of large-scale tax and fee cut policies rolled out last year.
Since the outbreak of the pandemic, China has unveiled a slew of new tax and fee relief measures to alleviate the burdens on market entities.
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Taxation services are also improving, as corporate taxpayers can currently handle more than 90 percent of tax-related business online, according to the administration.
