Firms benefit from less fees, tax

Businesses in Guangdong province have reaped numerous benefits since the government reduced fees and switched from a business tax system to the value-added tax.

A report from the Guangdong Provincial Development and Reform Commission shows the government reduced financial burdens on local businesses by 260 billion yuan ($41 billion) in 2017 through the beneficiary tax system and reduction of fees, some 60 billion yuan more than the reductions seen in 2016.

Bai Yu, an official of the commission in charge of pricing and cost management, said Guangdong has eliminated the provincial administration charges on enterprises, further regulated the list of fees the government charges from enterprises, and given the market a greater role in determining prices.