Chinese firms enjoy over US$152b of tax policy support

China's tax authorities provided businesses nationwide with various types of tax and fee policy support equivalent to over 1 trillion yuan (US$152.4 billion) from January 1 to April 20, official data shows.

Apart from VAT credit rebates and tax and fee cuts, this policy toolbox also includes tax and fee deferrals for small and medium-sized manufacturing firms, according to the State Taxation Administration.

Tax departments across the country will continue to ensure the solid implementation of these policies, streamline tax services, and unveil new preferential measures in a timely manner, the administration said.

China's tax refunds and cuts are expected to total 2.5 trillion yuan in 2022.