Authorities in Shenzhen cut more than 37 billion yuan (US$5.5 billion) in fees and taxes for local enterprises in April following the implementation of a slew of policies to help ease the financial distress of business entities, Shenzhen Special Zone Daily reported.
Shenzhen Samcien Semiconductor Materials Co. is one of the enterprises that have enjoyed tax benefits. In the first quarter of the year, it encountered unprecedented operational and financing challenges caused by the pandemic and other complicated factors.
The taxation administration in Bao’an District lent a hand to this firm by helping it receive all kinds of tax cuts and exemptions from the government.
“With the government’s relief measures, the company has deferred tax payment by over 60,000 yuan since October 2021. The newly unveiled policy can extend our tax payment for another six months, offer tax refunds and ease our cash flow pressure. It is timely and great help,” said Ding Fang, an executive at the company. “We are now more confident in the market and the future.”
The taxation authority has also expedited the approval of tax-related applications by reducing the average tax return processing time from 13.08 to 5.12 days.
Leading freight forwarder SF Express Group’s operations were impacted by the COVID. To ensure a stable supply chain, officials from Nanshan’s taxation bureau visited SF Express on March 23.
A tax refund service task force was arranged to offer consultations to address the group’s needs, and it has assisted SF in getting a value-added tax credit refund of 21 million yuan.
In Futian District, the tax bureau has delivered taxpayers and fee payers targeted information on who are eligible for preferential policies, through smart call services and other taxation service platforms.