Beijing's tax, fee cuts for businesses exceeds 3.3B yuan between Jan.-Aug.

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In the first eight months of this year, a total of 3.3 billion yuan in selected taxes and fees were cut for some 831,000 taxpayers in Beijing, with a temporary exemption on VAT payments worth 1 billion yuan being granted to 44,000 small-scale taxpayers, official data shows.

These selected taxes are called the "six taxes and two surcharges" for short, and include resource tax (excluding water tax), urban maintenance and construction tax, property tax, urban land use tax, stamp duty (excluding stamp duty on securities transactions), farmland occupation tax, educational surcharges, and local surcharges.

To help ease enterprises' difficulties amid the COVID-19 pandemic, Beijing has introduced a policy package and worked to further optimize its business environment. It rolled out 34 measures to ease company burdens in August, and nearly half of the outlined tasks have been completed so far, according to the Beijing Municipal Commission of Development and Reform.

For example, companies across the city can now apply for the temporary suspension of business operations in order to save additional costs during tough economic times, and their business license and other essential information will remain valid for up to three years.

Market entities that failed to declare their annual tax return due to the impact of the epidemic will also be exempted from relevant administrative penalties and will not receive an abnormal business operations status.

In addition, 97% of business-related government services can now be processed online. A total 404,000 newly-established companies received more than two million e-seals for free. Nowadays, it is more convenient for market entities in Beijing to access various government services and open bank accounts.

Beijing also expedites the processing of export rebates to alleviate companies' financial burdens. Since June 20, a total of 2,439 export enterprises have enjoyed more than 6 billion yuan in tax rebates, accounting for 97.6% of the city's total amount.

In the meantime, Beijing has further strengthened support for micro, small, and medium-sized enterprises by increasing their participation in government procurement projects and offering them additional price deductions.

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