Beijing cuts tax, fees to relieve business burden

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China's capital city Beijing has been taking multiple measures to relieve burdens of businesses, stabilize market expectations and support steady economic growth, said Wang Lei, vice head of the municipal economy and information bureau, at a press conference on Wednesday.

The measures include reducing tax and fees, increasing policy support, resolving payment arrears, and strengthening financial support.

According to statistics released at the press conference, the total tax and fee reduction, refund, and rebate in Beijing has reached 200 billion yuan (US$28.67 billion), and 920 million yuan in arrears to small and medium-sized enterprises (SMEs) has been cleared.

The VAT rebates policy has taken a central role in stabilizing the city's economic performance. By Nov. 10, a total of 106.3 billion yuan in VAT credit had been refunded to taxpayers, with the manufacturing and tech sectors being the biggest beneficiaries, accounting for 19.4% and 9.6% of the total refunds, respectively.

Since May this year, multiple government departments in Beijing have introduced a policy allowing sectors such as catering, retail, and road and railway transportation to delay their social insurance payment to keep market entities afloat, and to stabilize employment and ensure people's livelihood. By Nov. 10, the tax departments across the city had handled a total of 18.91 billion yuan in deferred taxes and fees.

The city also launched a special campaign to resolve delayed payment to SMEs. Until now, 90.9% of the outstanding payments owed to SMEs this year have been cleared.

"We have established a joint punishment system targeting serious dishonest practices," Wang said. "We will also urge large enterprises to make public their overdue arrears to SMEs through the credit information publicity system."

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