More major tax cuts are on the horizon

New policies will include incentives for SMEs, high-technology firms

Chinese companies and individuals are awaiting the unveiling of a more aggressive tax cut plan, which could be soon and aims to lower business costs and reserve more income next year.

Policymakers from the Ministry of Finance and the tax management authority have promoted the plan multiple times amid their strong determination to reduce taxes by a greater margin in 2019, which may reach 1.5 trillion yuan ($217.5 billion) as some economists predict, compared with this year's tax-cut target of 1.3 trillion yuan.