CHINA WILL OFFER more than 140 billion yuan ($21.1 billion) in additional tax relief, mainly aimed at businesses as it seeks to offset the heavy impact of coronavirus lockdowns on its economy.
The measures include additional tax rebates to companies and cuts of 60 billion yuan on passenger car purchase taxes, China National Radio reported, citing a decision from a State Council meeting chaired by Premier Li Keqiang.
Beijing will also extend an existing delay on companies' social-insurance contributions to the end of the year and expand the measure to more sectors, the report said, with that measure expected to save companies 360 billion yuan. The meeting also said that a quota for loans aimed at small and medium-sized enterprises would be doubled.
This story is from the May 24, 2022 edition of Financial Express Mumbai.
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This story is from the May 24, 2022 edition of Financial Express Mumbai.
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