East China’s Jiangsu province will help local enterprises cut costs and reduce burdens by as much as 60 billion yuan, according to a circular on the Policy Measures for Further Reducing Enterprise Burden and Promoting High-Quality Development of the Real Economy which became effective on November 4th.
The cost reduction for the brick-and-mortar enterprises will be carried out in terms of the tax burden, and the costs of land, labor, electricity, logistics, financing, innovation and institutional transaction.
In terms of reducing the burden of taxes and fees, specific policy measures include reducing the import tariff rate of related commodities, expanding the tax incentives for state-level technology incubators to the provincial level, adjusting the stamp duty collection standards, fiscal capital tax reductions, encouraging foreign investors to expand reinvestment, and reducing property tax exemptions.
This is the fourth time since 2016 the province has introduced the policy of reducing costs and reducing burdens. A total of 70 specific measures have been implemented for reducing corporate costs and burdens by reducing burden and cutting costs by more than 330 billion yuan.
The Policy Measures on Further Reducing Enterprise Burden and Promoting High-Quality Development of the Real Economy was reviewed at a provincial government executive meeting last Friday before it came into force on Sunday.
The brick-and-mortar economy is the foundation of wealth and the source of wealth, according to a statement released after the meeting.
（ourjiangsu.com）
