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China to defer more taxes, reduce fees

by Mike Robinson

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© Reuters. FILEPHOTO: A view of Beijing’s Central Business District, China on a pollution-free day, 5/11/2021. REUTERS/Thomas Peter

SHANGHAI (Reuters – China may increase tax and fee decreases. A state-backed newspaper reported Friday that experts predicted they could reach more than 500 billion yuan ($78.31 trillion).

Securities Daily reported that experts think the next round of tax exemptions and reductions will focus on small and medium enterprises and manufacturing companies, in particular, as well as increasing their deductions from research expenses.

Zhang Yiqun (deputy chairman of the Society of Public Finance of China) was quoted as saying by the paper that he thought the entire scale of reductions might exceed 500 billion yuan.

China’s cabinet announced last month that it will defer certain taxes on manufacturing companies for three months starting in November. This was due to rising raw material prices and increasing production costs. The total amount of these increased production costs for small firms within the manufacturing sector was around 200 billion Yuan.

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