The first eight months of the country's new tax refunds and tax, fee cuts, deferrals over 3.3 trillion yuan

By August 31, this year, the country's total new tax refunds and tax, fee cuts, deferrals exceeded 3.3 trillion yuan, according to the State Taxation Administration. Among them, a total of 217.23 billion yuan of tax refunds have been returned to taxpayers' accounts, effectively guiding social expectations, and stimulating the vitality of market entities.

The relevant person in charge of the State Taxation Administration introduced that the implementation of the large-scale VAT credit refund policy has effectively eased the financial pressure on enterprises. The VAT invoice data showed that from April to August this year, the sales revenue of enterprises that applied for tax refunds increased by 6.9% year-on-year, an increase of 4.6 percentage points higher than that of enterprises without tax refunds.

VAT invoice data also showed that from April to August this year, manufacturing enterprises enjoyed a total of 537.7 billion yuan in tax refunds, and the sales revenue of those with tax refunds increased by 7.5% year-on-year, an increase of 4.2 percentage points higher than that of enterprises without tax refunds.

Small and micro enterprises play an important role in promoting employment and protecting people's livelihood. Since this year, the new combined tax and fee support policies have focused on small and micro enterprises. Up to August 31, the tax and fee support policies for small and micro enterprises accumulated a total of 1.31 trillion yuan of new tax refunds and tax, fee cuts, deferrals. From April 1 to August 31, the number of small and micro enterprises accounted for 93.1% of the taxpayers who had received VAT credit refunds. The total tax refund is 833.2 billion yuan, accounting for 40.7%.

Source from State taxation administration of the P.R.C.

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