More tax reduction policies in the pipeline

Finance ministry seeks to cut costs of corporates, stimulate market vitality

Further detailed tax reduction policies will be issued soon to support employment and strengthen economic growth momentum, ensuring the annual goal of reducing more than 1.3 trillion yuan ($187 billion) in taxes and fees for both corporates and households, the Ministry of Finance said on Thursday.

The ministry plans to issue specific guidance to improve policies for export tax rebates. In addition, details of special expense deductions for individual income tax are being studied, said Yuan Haiyao, deputy head of the ministry's Department of Tax and Policy.