Shenzhen cut an additional 79.66 billion yuan (US$12.32 billion) in taxes and fees in the first 11 months last year, the city’s tax administration said.
The city’s overall tax revenue in 2020 reached 859.68 billion yuan. The city also received 39.79 billion yuan in social security contribution and 18.25 billion yuan from non-tax revenue.
The number of newly registered taxpayers reached 541,000 last year, an increase of 2.9 percent year on year. Of them, 339,000 are newly founded companies.
Some 117,000 new market players achieved sales of 146.77 billion yuan last year.
In a breakdown by the type of market players, the number of newly registered private businesses reached 537,000, up 3.5 percent. Private economy becomes a new driving force of the city’s economy and tax revenue growth.
Shenzhen has issued a series of measures to help enterprises resume production amid the pandemic.
The city allowed 8,496 taxpayers to defer their tax payments totaling 7.32 billion yuan.
The tax administration in the city also used technology to allow taxpayers to pay taxes at home and to reduce the time required for tax calculation.
For example, the time needed for calculating environmental tax was reduced from 1.5 days to 3 minutes.
Meanwhile, Shenzhen’s tax administration has created cooperation schemes to allow the free flow of capital, services and products in the Guangdong-Hong Kong-Macao Greater Bay Area.
Shenzhen piloted blockchain-based electronic invoices in 2018. As of the end of last year, the range of electronic invoices expanded to 117 industries, with 40.38 million invoices handed out.
The tax authority built a full digital business chain, including smart platforms to handle business approval and risk management.