Sixty Percent of Tax and Fee Reductions for the Private Sector

Over 60% of 262.93 billion yuan reduced taxes and fees for technology innovation and manufacturing advancement in 2024, went to the private sector, including private enterprises and individual businesses,  according to the latest data from the State Taxation Administration (STA).

The private economic entities were effectively boosted by tax and fee incentives, along with many other supporting measures. The tax data indicates that the sales revenue of the private sector grew by 0.5 percentage points higher than the national average rate for all enterprises. Specifically, the sales revenue of high-tech manufacturing and core digital economy-related industries increased by 13 percent and 4.7 percent year-on-year respectively, 1.8 and 1.7 percentage points higher than the average of the industries nationwide.

Tax authorities will firmly implement tax and fee preferential policies, and continuously improve tax collection and management services, said a senior officer of the STA, adding that they will also create a favorable tax environment for the healthy growth and development of the private economy with strict, standardized and fair tax law enforcement.