EYESHENZHEN  /   Business  /   Industry News

Enterprises benefit from ¥125B in tax cuts, refunds

Writer: Chen Siqi  |  Editor: Liu Minxia  |  From: Shenzhen Daily  |  Updated: 2023-01-20

The amount of tax refunds and cuts in Shenzhen exceeded 125 billion yuan (US$18.45 billion) in 2022, which has greatly relieved the financial burden of local enterprises, according to data released at a working conference held by the Shenzhen Municipal Tax Bureau on Wednesday.

This included 95 billion yuan in tax relief after the city government rolled out a series of policies to support enterprises hit by the pandemic.

Last year, the Shenzhen tax department cooperated with the city’s human resources and fiscal departments to allocate subsidies worth as much as 160 million yuan to 850,000 small and micro-sized manufacturing enterprises. Lucky customers claimed prizes that they won from invoices via lottery with award money worth over 10 million yuan. The award money boosted consumer spending to the tune of 4.14 billion yuan.

Over the past year, the Shenzhen tax bureau has also made improvements in working efficiency, moving 90% of 233 tax-related matters online. Taxpayers can handle 148 matters in any offices of the city’s tax departments, and 83% of the matters can be handled in one offline visit.