国内英语资讯:China rolls out further tax cuts in support of real economy_时事

国内英语资讯:China rolls out further tax cuts in support of real economy

It was decided at the Thursday meeting that more steps will be taken to support the real economy while all existing measures are fully implemented.

Enterprises whose production is halted or business suspended due to the required cutting of overcapacity or restructuring will see their real estate tax and urban land-use tax reduced or exempted. The investment businesses of social security funds and basic pension insurance funds will enjoy a tax break.

The meeting also decided to expand value-added tax exemption on lenders' interest income for loans to those micro and small businesses with a credit quota of up to 10 million yuan, up from the previous credit quota of five million yuan, between Sept. 1 to the end of 2020.

Corporate income tax and value-added tax on foreign institutions' interest gains from onshore bond market investments will be exempted for three years as an effort for greater opening up and further attract overseas capital, the meeting decided. Export rebate rates for some products will also be improved.

The above-mentioned incentives are expected to cut corporate tax burden by 45 billion-plus yuan this year.

"A thriving business community is vital for creating jobs, sustaining growth, increasing fiscal revenues and anchoring market expectations. Tax and fee reduction shall send a positive signal. All new measures in tax and fee cuts must be implemented without delay," Li said.