Statistics showed that the accumulated tax refunds, tax and fee cuts, and tax and fee deferrals from January to May in Taixing city, administered by Taizhou in East China's Jiangsu province, reached 4.16 billion yuan ($573.79 million), benefiting 77,764 market entities.
The private economy has benefited the most from these preferential policies, accounting for over 70 percent of the total. Small and micro enterprises also benefited, with 54,670 businesses enjoying preferential tax policies.
Scientific research enterprises, such as technology-based SMEs, have saved 1.91 billion yuan in research and development expenses, while high-tech enterprises have saved 552 million yuan in income tax.
Many locals have also benefited from the city's preferential policies. For example, small business owners with monthly sales that are below 100,000 yuan are exempt from paying value-added tax.
From January to May, Taixing's policy to reduce the percentage charges from 3 percent to 1 percent for small-scale taxpayers has saved a total of 51.92 million yuan for 5,643 taxpayers.
Additionally, the tax exemption policy for purchasing new energy vehicles has reduced 14.92 million yuan of tax during the period, benefiting 938 consumers.