China's tax and fee cuts, along with tax refunds, totaled 2.29 trillion yuan (about 313.69 billion U.S. dollars) in the first 11 months of 2024, as part of efforts to support technological innovation and the development of the manufacturing sector, according to the latest data from the country's top tax authority.
China's tax incentives in 2024 aimed at supporting and boosting enterprises' innovations.
In Cixi, a city of east China's Zhejiang Province, a smart home appliance company which benefited from the tax-cut policies in 2024 used the saved funds in upgrading its production line and developing new products, which has brought the firm additional sales revenue.
"In 2024, we continued to strengthen our innovations. We got four new invention patents, and built up an intelligent production line. Our annual output value was 2.97 billion yuan (about 405.59 million U.S. dollars), an increase of 11.7 percent," said Xu Yangfei, in charge of the company.
Of the total tax and fee cuts, and tax refunds in first 11 months last year, 803.6 billion yuan (about 109.74 billion U.S. dollars) were made for increasing investment in science and technology and the transfer of research results, 80 billion yuan (about 10.92 billion U.S. dollars) for supporting equipment upgrading and technological transformation, and 968.3 billion yuan (about 132.23 billion U.S. dollars) for the high-quality development of the manufacturing industry, according to the State Taxation Administration.
Tax, fee cuts in first 11 months of 2024 near 2.3 tln yuan to support innovation, manufacturing
