China Doled Out $622 Billion of Tax and Fee Relief to Support Businesses in 2022

What’s new: China provided tax and fee relief worth more than 4.2 trillion yuan ($622 billion) in 2022, the country’s tax authority said, as the government ramped up efforts to help businesses weather an economic slowdown.

Micro and small enterprises, as well as individual businesses, were the biggest beneficiaries of the support, which included value-added tax (VAT) refunds and tax and fee cuts, said Wang Daoshu, a deputy commissioner of the State Taxation Administration.