China accelerated value-added tax (VAT) credit refunds in April to help small companies and key sectors through hardship.
The country issued 801.5 billion yuan ($119 billion) in VAT credit refunds to 1.45 million taxpayers over the month, a leap from the 123.3 billion yuan in refunds issued in the first quarter, data from the State Taxation Administration (STA) showed.
Small and micro enterprises, which make up 96.1 percent of taxpayers who have received tax rebates, are the main beneficiaries of the April VAT credit refunds, said Xie Wen, an official from the STA.
They received 418.9 billion yuan in tax rebates, accounting for 52.3 percent of the total, he added.
China announced in late March to issue VAT credit refunds worth 1.5 trillion yuan this year to support businesses directly and efficiently.
The STA said the credit refunds will focus on key areas in the industrial chain and supply chain and the relief measure is meant to help stabilize economic growth, ensure employment and benefit people's livelihood.
Separately, China's central bank said in a recent report that it will better leverage inclusive loans for small and micro enterprises hit hard by the COVID-19 pandemic.
Source: CGTN
|
