China's small businesses enjoy more tax cuts in first 9 months

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China's small and micro-sized businesses enjoyed 946.1 billion yuan ($131.4 billion) of tax breaks from January to September, up 6.7 percent year on year, official data showed on Friday.

Such businesses are important in expanding employment, energizing the market and improving people's livelihoods, said the State Taxation Administration.

China has synchronized taxation system reform with tax and fee cuts to ease the financial burden on businesses.

The total tax relief for small and micro-sized businesses exceeded 5 trillion yuan in the past five years, according to the administration.

(Cover via CFP)

Source(s): Xinhua News Agency