The tax preference in Jiangsu totaled 570 billion yuan last year, according to figures released by the provincial state tax bureau.
The tax preferences include 230 billion yuan of tax rebates on exports, 58.8 billion yuan for new and hi-tech enterprises, 31.9 billion yuan for livelihood improvement and 14.1 billion yuan for the development of micro and small enterprises.
The bonus from replacing business tax with value-added tax has benefited 1.45 billion businesses by exempting 190 billion yuan of taxation.
Tax preference has become the booster for the promotion of innovation and entrepreneurship and the development of high-quality economy.
In the meantime, the provincial state tax authority handled more than 70 million administrative approvals through online procedures while 92% of the taxpayers paid their taxes online, reducing nearly 10 billion yuan of institutional transaction costs for the taxpayers.
(Source:Jiangsu International Channel)
