Tax, fee cuts to better shore up biz recovery

Revenue reports reflect confidence in achieving growth target of this year

China's tax and fee cuts and related preferential policies have grown more targeted and tailor-made this year to better boost the economy with a steady and strong recovery by unleashing business vitality, officials and experts said.

Their comments came as Wang Daoshu, deputy head of the State Taxation Administration, said at a news conference on Thursday that China is expected to reduce tax and fee charges for businesses by 1.8 trillion yuan ($261.62 billion) this year via preferential tax policies and tax credit refunds.

Wang said tax and fee cuts are a key part of a proactive fiscal policy. Since the beginning of this year, the Ministry of Finance and the STA announced the extension and improvisation for existing preferential tax and fee policies, which are expected to reduce business tax and fee payments by another 1.2 trillion yuan.