Tax cuts health tonic for small businesses

The National Development and Reform Commission recently issued a series of policies to reduce the costs of enterprises and help market entities overcome their difficulties.

The move attracting the most attention is the one about the reasonable reduction in fees and taxes, which is essential for enterprises' further development. In 2020 alone, the authorities introduced 28 policies for cutting taxes and fees worth about 2.6 trillion yuan ($403.8 billion).

Thanks to these policies, many small and medium-sized enterprises have been able to overcome the worst impacts of the novel coronavirus epidemic. The domestic economy has been recovering, but the recovery is still lopsided and, as a result, domestic enterprises, especially SMEs, need further support.