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Jiangsu’s tax and fee cut in 2020 expected to reach RMB 250 billion
updated on:2021-01-10 08:45

The cumulative amount of additional tax and fee cut from January to November has reached RMB 233.54 billion, already larger than the entire scale of last year. The total amount was expected to reach RMB 250 billion.

The latest data from the provincial taxation administration showed that all industries have experienced tax cut to various degrees, with manufacturing industry, SMEs, and private enterprises being the top beneficiaries.

In 2020, echoing the efforts at the national level, the provincial taxation administration formulated tax-related content for Jiangsu’s 50 measures for boosting economic growth, took the national lead in putting forward implementation opinions that offer solutions to companies’ difficulties and assistance in the fight against Covid-19, made preferential policies related to property taxes and social insurance premiums together with other departments, and compiled Guidelines for Preferential Tax Policies. In addition, tax and fee payment became easier with the promotion of online services. Wang Xuedong, Secretary of Jiangsu Provincial Taxation Administration, said that tax department will continue to improve the way of tax payment and enforcement, tap the value of big data, strengthen supervision, and ensure that enterprises really benefit from preferential tax and fee policies, which will ultimately boost high quality economic development. 

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