China to continue tax cuts campaign in 2020

China will make further efforts in tax cuts and fee reductions to increasingly optimize its business environment in 2020, the country's taxation authority said on Monday.

The country will improve its tax administration efficiency and deepen international tax cooperation, the State Taxation Administration said in a meeting.

In 2019, newly added tax and fee cuts in the country exceeded two trillion yuan (about 287 billion U.S. dollars), accounting for over two percent of GDP and contributing about 0.8 percentage points of GDP growth.

In particular, after deepening value-added tax reform, the average monthly net increase in the number of taxpayers was 88,800, almost that twice before the reform.

The tax cuts and fee reductions have stimulated the vitality of market entities and boosted economic development, said Wang Jun, head of the State Taxation Administration.

In 2019, the 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, an increase of 1.8 percent year on year.

Meanwhile, a total of 15.74 trillion yuan was refunded in export tax rebates, up 4.8 percent year on year, giving a strong boost to exports.

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