China to strengthen tax and fee cut efforts in 2020

Time:2020-01-07 10:02:38      Source:China.Ecns.cn

China will take further steps in 2020 to consolidate and expand its achievements in cutting taxes and fees, according to the State Taxation Administration.

More efforts will be made to further optimize the tax business environment, improve tax administration efficiency, and deepen international tax cooperation, the authority said on its website after the national tax work conference held on Monday.

In 2019, China introduced unprecedented tax cuts and fee reductions. Newly added tax and fee cuts exceeded 2 trillion yuan (about 287 billion U.S. dollars), accounting for more than 2 percent of GDP and contributing about 0.8 percentage points of GDP growth.

Wang Jun, head of the administration, said that tax cuts and fee reductions have effectively stimulated the vitality of market entities and enhanced confidence in economic development.

With the deepening of the value-added tax reform, in particular, the average monthly net increase in the number of taxpaying entities came in at 88,800, nearly twice that before the reform, said Wang.

In 2019, Chinese tax authorities collected a total of 18.3 trillion yuan in taxes and fees, including 14 trillion yuan in tax revenue after deducting export tax rebates, up 1.8 percent year on year.

A total of 15.74 trillion yuan was refunded in export tax rebates, up 4.8 percent year on year, offering strong support for the country's exports.

Efforts will be stepped up to levy taxes in accordance with laws and regulations, actively cultivate tax sources, and support the development and growth of private enterprises, said the authority.

Index RMB/t DoD Basis Date
Datong 5500 700 0 ex-mine 05-04
Shuozhou 5200 680 0 FOR 05-04
Ordos 5500 700 0 ex-mine 05-04
Yulin 6200 780 0 ex-mine 05-04
Liulin Low-sulphur 900 0 ex-mine 05-04
Gujiao Low-sulphur 1770 -50 FOR 05-04
Xingtai Low-sulphur 2360 0 ex-Factory 05-04
Yangquan PCI 1280 -30 FOR 05-04
Index RMB/t WoW WoW% Date
Qinhuangdao 507.0 1.0 0.20 05-04
Caofeidian 541.0 9.0 1.69 05-04
Huanghua 216.9 12.4 6.06 05-04
Guangzhou 291.2 3.0 1.04 04-27
coastal 6PPs 1629.8 44.7 2.82 07-02
North Ports 2697.8 53.0 2.00 02-01
Yangtze River delta 1242.5 -74.7 -5.67 02-01
South Ports 2233.4 -216.0 -8.82 02-01
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