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Private businesses received 1 trillion yuan tax cuts in the first 11 months of 2024

Updated: Jan 17, 2025 STA General Office Print
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In the first 11 months of 2024, private businesses received 1 trillion yuan of tax and fee cuts, accounting for 71.3 percent of the total according to the latest tax data. Among them, over 699.1 billion yuan, by 71.2%, was additional tax deductions for R&D expenses and other two deductions of VAT for advanced manufacturing enterprises exceeded, and 269.1 billion yuan on VAT tax credit refund, by 70.4%.

“Targeted taxpayers policy delivery” mechanism will be further streamed by taxation authorities, assisted with big data of tax, and intelligent matching of preferential policies and applicable taxpayers. In the first 11 months of 2024, the preferential tax policies were applied to nearly 400 million target taxpayers.

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