China’s newly implemented tax refunds, as well as its cuts and deferrals of taxes and fees, exceeded 1.81 trillion yuan (about $255 billion) in the first 11 months of the year, official data showed on December 27.
More support was given to small businesses during the period, with 61.8 percent of tax and fee support going to micro, small and medium-sized enterprises, according to the State Taxation Administration.
Approximately 73.8 percent of the support went to private businesses, the administration said.
Manufacturing and related wholesale and retail industries benefited most among all sectors, receiving 41.9 percent of all support, the administration noted.
Source: Xinhua News Agency
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