Guizhou releases tax preferential policies for market entities

Since the beginning of this year, Southwest China's Guizhou province has released about 40 policies to reduce taxes for market entities, helping the service industry resume development, boosting the recovery of the industrial sector, and stimulating the consumer market.

The policies involve value-added tax credit refunds, tax reductions and exemptions of business income tax for companies with low profits, temporary exemptions of value-added taxes for taxpayers with small-scale value added tax, and reductions and exemptions of other taxes.

By July 20, Guizhou had reduced, exempted, refunded or postponed 36.98 billion yuan ($5.49 billion) in taxes and fees for the service industry. As a result, the invoice revenue of Guizhou's wholesale and retail industries increased by 11.18 percent year-on-year, that of the accommodation and catering industry increased by 14.49 percent year-on-year, and that of the transportation industry increased by 14.62 percent year-on-year in June.

Guizhou also had reduced, exempted, refunded or postponed 9.61 billion yuan in taxes and fees for the manufacturing industry, 724 million yuan for the mining industry, and 4.86 billion yuan for electricity, heat, gas and water production and supply companies by July 20.

In June, the invoice revenue of Guizhou's manufacturing industry increased by 18.24 percent year-on-year, that of the mining industry increased by 33.94 percent year-on-year, and that of electricity, heat, gas and water production and supply companies increased by 29.96 percent year-on-year.

In the future, Guizhou's tax department will continue to cooperate with other departments and implement more preferential tax policies to ease financial pressure on companies.