The tax bureau in Jingjiang city – a county-level city of Taizhou in East China's Jiangsu province – has been ramping up its tax support and promoting preferential policies to help local enterprises in recent years.
One of them is manufacturer Jiangsu Dongan Special Steel Machinery Manufacturing Co Ltd, which has been benefiting from an immediate refund policy for value-added tax.
In March of this year, the Ministry of Finance introduced a preferential policy for the employment guarantee fund for disabled individuals, which the Jingjiang tax bureau promptly informed the company about.
What's more, the tax bureau provided its interpretation of the policy and guidance on organizing documents, ensuring a smooth declaration process and a prompt tax refund.
To date, the company has received over 2 million yuan ($273,355) in tax refunds this year alone.
Additionally, the company qualifies as a technology-based small and medium-sized enterprise, making it eligible for deductions on research and development expenses and salaries paid to disabled employees. The tax bureau has also established an efficient process for approving the tax refunds.
Similarly, Jingjiang Hengfeng Rivet Manufacture Co Ltd – based in Jingjiang Northern Industrial Park in the Jingjiang Economic and Technological Development Zone – received a deduction of over 4.4 million yuan for research and development expenses in corporate income tax for 2022.
The timely refund of tax funds is understood to alleviated financials pressure on the company.