Photo: iStock
Photo: iStock

The scale of tax cuts for the year ahead could exceed 1.5 trillion yuan (US$220 billion), according to several tax experts, reported.

Top policymakers have reiterated that they will launch large scale, substantial tax and fee reductions in 2019, based on the estimated 1.3 trillion yuan in tax cuts this year.

Shi Zhengwen, director of the Center for Research in Fiscal and Tax Law of China University of Political Science and Law, thinks the scale of tax cuts will be 1.5 to 2 trillion yuan next year, as the government will attempt to maintain a proactive fiscal policy amid downward pressure.

Zhao Quanhou, director of the Financial Research Center of Chinese Academy of Fiscal Sciences, also predicted that tax cuts in 2019 are expected to reach 1.5 trillion yuan.

The value-added tax, individual taxes and social insurance will be the main source for tax and fee cuts next year, the report said.