China to prioritize small businesses in tax rebates: Premier Li

BEIJING -- China will give priority to small and micro enterprises in its tax rebates to help them navigate difficulties, Premier Li Keqiang said Friday.
Small and micro firms are of a large amount and cover a wide range of sectors, helping create a great number of job opportunities, Li said, stressing many of them are financially strapped.
The country's goal is to refund all value-added tax (VAT) credits to these firms by the end of June, and complete the refund to key sectors, such as manufacturing and R&D-intensive service, within 2022, Li said.
Since the launch of the VAT reform in 2013, China has reduced taxes by 8.7 trillion yuan (about $137.4 billion), Li said.
Businesses have benefited from the tax refunds and fee cuts, which help create new sources of tax revenue and cultivate market entities, Li added.
- Fujian plays key role in boosting cross-Strait ties
- China studies in the era of digital intelligence
- New platform aimed at China-Africa economic and trade cooperation launched
- Guangzhou upgrades tax refund services for visitors
- Xiong'an supporting policies attract talent
- Meng Fanli elected as Guangdong's new governor