As China’s measures to cut taxes and fees have been running on all cylinders, the coun
try has sla上海会所shed 893 billion yuan ($129.96 billion) in fiscal revenue from January to May, w
ith 109 million people’s salaries free from taxation, datafrom the State Taxation Administration showed on Thursday.上海会所
Compared with the annual target of 2 trillion yuan in reducing tax and fee burdens, the figure in the first five months ind
上海会所女神会所icated the task was 44 percent complete, said Zhang Yiqun, an expert in finance and taxation, adding China fare
s well in large-scale tax cuts and fee reductions and will definitely attain its goal in the end, according to Securities Daily.上海会所
Specifically, the newly issued tax-cut policies this year whittled down 351.1 billion yuan. Of the figure, 221.8 billion yuan boiled down t
o the deepening reform on value-added tax and 91.7 billion to inclusive policies for small and micro
上海会所 enterprises and special expense deductions for individual income tax. Meanwhile, 460.4 billion yuan were attributed to carryover effects of tax-reduction policies implemented since last year.
new round of reductions in value-added tax rates started to take effect from April 1. A pullback of 221.8 billion yuan in overall taxation was accomplished between Ap上海会所ri
l and May, involving all industries, according to the official data, which also revealed manufacturing saved the most from the tax policy during the period, totaling 97 billion yuan, while the wholesale and retail industry achieved 80.8 billion yuan.上海会所女神会所
Privately and individually owned businesses are the biggest beneficiaries of inclusive policies targeting small and micro
enterprises, accounting for 83.4 percent in the total cuts of 66.8 billion yuan, achieved through implementing relevant policies.
Increasing the pre-tax deduction ratio for research and d上海会所女神会所evelopment expenses added a tax reduction of 87.8 billion yuan.