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Zhoushan cuts 4.5b yuan worth of fees for companies

Updated : 2021-11-04 (chinadaily.com.cn)

Zhoushan in East China's Zhejiang province cut 4.5 billion yuan ($702 million) in taxes and administrative fees for 642,143 local companies in the first three quarters of the year, according to the Zhoushan bureau of economy and information technology.

The figure included 2.3 billion yuan in taxes and 833 million yuan in financing costs.

"Zhoushan authorities adopts digital tools to help reduce the operating costs of local companies," said a staff member from the bureau. "With the Enterprise QR Code, companies can learn about how to apply for the reduction and the reduction amount."

The cut in taxes and administrative fees has reduced companies' operating costs and improved their profits. In the first nine months of the year, industrial companies above designated size in Zhoushan experienced a 33.1 percent decrease in selling expenses and a 281.5 percent increase in total profit.

Their cost of operating income per 100 yuan was valued at 73.10 yuan in the first half of the year, an 11.9 percent year-on-year decrease.