Less than a month after the two National Conferences ended, this year's government’s trillions of tax reductions and fee reductions have been implemented by more than 70%. These policies mainly focus on industries such as manufacturing, transportation, and construction, especially high-tech manufacturing and strategic emerging industries. At the same time, related operational documents are being developed.
According to news from the Shanghai Daily on the 19th, tax cuts and fee reductions are accelerating. What are the future tax reduction and fee reduction measures worth the wait? Zhang Yiqun, director of the Jilin Provincial Institute of Fiscal Science, told the Shanghai Daily that the value-added tax rate was reduced from three to two, and appropriate cuts were made on the consumption tax rates and tariffs on some commodities, and the tax threshold was increased and the cost of living deducted. A series of measures such as cleaning up and standardizing government fees and charges will have a positive impact on China’s investment, consumption, and foreign trade.
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