China’s tax cut benefits more
China’s continued efforts to reduce taxes have benefited more businesses and individuals, an official said.
New tax cuts saved 341.1 billion yuan (around US$50 billion) for tax payers in the January-March period, Cai Zili with the State Taxation Administration said Tuesday at a press conference. Cai said the cut was more inclusive and sharper than before as tens of millions of small firms started to be covered by favorable policies and private enterprises became the major beneficiary.
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