The burden of taxes and fees on private enterprises will be further eased, according to a guideline recently released by the State Administration of Taxation (SAT) on supporting the private sector. The guideline outlined 26 detailed measures to facilitate the development of private businesses, including advancing substantial tax cuts, especially the reduction of value-added taxes, working on tax exemptions for micro and small firms as well as technology startups, and promoting the reduction of nominal rates for social security contributions.
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SOURCE: Xinhuanet
tags:
business tax
