Reducing tax to support private economy

Tax-related appeals were heard and solutions to promote private economy were discussed recently at a meeting between the State Administration of Taxation and representatives of private enterprises.

At the meeting, delegates affirmed the administration's achievements in aspects like supporting private economy and taxation reform and offered their suggestions for tax cuts and tax services.

Private enterprises are a main source of the national tax. It is a must to support the private enterprises development for revenue departments.

The statistics of the first three quarters showed that the small and micro businesses, large-scale private enterprises and innovative enterprises are the main beneficiaries of the tax cut policy, with tax reductions of 143.7 billion yuan ($20.7 billion), 71.4 billion yuan and 401.6 billion yuan respectively, said Wang Jun, head of the administration.

Wang said the revenue departments will work together on added-value tax cuts and create tax exemption policies for small and micro enterprises and innovative startups.

He added that local revenue departments are also required to release regulations to streamline the tax filings and shorter the time for formalities by the end of this year.

Wang also stressed that tax evasion will be strictly punished to guarantee a fair corporate market environment.