Chinese authorities are stepping up support for micro, small and medium-sized enterprises as well as self-employed individuals by extending and improving a series of preferential tax and fee policies amid broader efforts to drive development of the private sector.
More efforts should be made to consolidate gains in curbing arbitrary taxes to prevent a resurgence of irregularities and foster a good business environment, Premier Li Keqiang said at a State Council executive meeting on Wednesday.
Concerted efforts from multiple authorities in supporting value-added tax (VAT) credit refunds to businesses will play a critical role for the country's smaller businesses facing strong headwinds, and are expected to tide them through challenging times, officials and experts said.
China's continued tax and fee cuts and the recent move of refunding value-added tax credits to businesses are helping market players withstand economic headwinds and are critical in supporting growth this year, an official said.
China will offer more export tax rebates to ease the current financial pressure on export-oriented companies, and open green channels for the import of vital manufacturing parts to maintain the stability of the industrial chain, government officials said on Thursday.