Since the implementation of three tax reduction measures involving value-added tax reform, the latter over the first 10 months has been reduced by 298 billion yuan (US$43.3 billion), according to the latest data released by the State Administration of Taxation, Yicai.com reported.
The applicable 17% and 11% tax rates were reduced to 16% and 10% for industries such as manufacturing, transportation, construction and other sectors.
Among them, the scale of tax reduction in the manufacturing industry ranked first, achieving a net reduction of 71.45 billion yuan, accounting for 39.8% of the total tax cut.
Meanwhile, some key industries enjoyed a total tax rebate recording 114.8 billion yuan, of which advanced manufacturing and modern service industries enjoy a tax rebate of 106.1 billion yuan, accounting for 92% of the total rebate.
Tax preferential policies aiming to promote innovation have reduced taxes for startups by 678.9 billion yuan, according to the data.
Lower tax reforms will put more spending money in consumer pockets.
Lower tax reforms will put more spending money in consumer pockets.