China lowered the tax burden on individuals and businesses by 341.1 billion yuan ($50.8 billion) in the first quarter of 2019, the State Taxation Administration said Tuesday at a press briefing.

Beijing has pledged nearly 2 trillion yuan of tax and fee cuts for this year, aiming to pump more oil into the slowing economy.

On the individual level, China amended the personal income tax law last year, raising the exemption threshold to 5,000 yuan per month from the previous 3,500 yuan, and adding special tax deductions for spending on items such as children’s education, interest on mortgages, housing rent and elder care.

On the corporate level, China upgraded its preferential policy for small businesses in 2019. Companies with an annual taxable income of less than 1 million yuan can only have 25% of their income taxed. 

Beginning in April, China reduced the rate of value-added tax (VAT) for manufacturers to 13% from the previous 16%, as well as slashed the VAT rate for transportation and construction companies to 9% from 10%.

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