Tianjin cut taxes worth 5.81 billion yuan for companies in first quarter

(exploringtianjin.com)| Updated : 2020-05-08

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In the first quarter of this year, Tianjin achieved a total of 5.81 billion yuan ($0.82 billion) in tax reductions and fees, according to Tianjin Municipal Tax Service, the State Taxation Administration.

Preferential tax policies promulgated this year contributed 610 million yuan in cuts aimed at supporting both epidemic prevention and control and work resumption. The rest of the 5.2 billion yuan in tax cuts resulted from continuing implementation of policies first rolled out in 2019 to energize local companies.

Local government has arranged a special service to make sure the benefits reach eligible recipients in good time, publishing messages via online and offline channels, and approving applications efficiently and safely via the internet.

Daorigin Technologies Company, a digital technology company in the Tianjin High-tech Zone, received five million yuan of beneficial tax and fee reductions on its research spending - an example of this local government’s efforts to support local companies’ research and innovation.