Caixin
May 24, 2022 04:54 AM
ECONOMY

China Pours On Billions of Dollars More in Tax Relief

A tax officer explains the tax reduction policy to taxpayers in Qujing, Yunnan Province, May 18, 2022.
A tax officer explains the tax reduction policy to taxpayers in Qujing, Yunnan Province, May 18, 2022.

China will increase tax relief to businesses and subsidies to grain farmers, postpone social security payments, and extend loan repayments by small companies and consumers as part of the government’s latest push to offset the impact of Covid lockdowns on the economy.

Beijing will offer more than 140 billion yuan ($21.1 billion) of additional tax relief to businesses, increasing the total of tax rebates and tax cuts this year to 2.64 trillion yuan ($394.1 billion), state broadcaster CCTV reported Sunday, citing a State Council meeting chaired by Premier Li Keqiang.

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