The meeting also adopted measures of stamp duty relief for books of account starting from May 1, 2018.
All the above mentioned measures are expected to reduce corporate tax burden by over 60 billion yuan. The move follows a 400 billion yuan tax cut package for 2018, which was decided at a State Council executive meeting on March 28.
Li stressed that while established firms receive due attention, greater support must be extended to all growth enterprises, including SMEs and micro businesses.
"Tax cuts and fiscal input are like the two sides of a coin. Both can catalyze innovation," he said.
The premier once again called for full implementation of the above policies to deliver concrete benefits to all businesses concerned.
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