BEIJING (Reuters) – China will defer fee payments worth more than 53 billion yuan ($7.39 billion) by businesses, especially small businesses, in the fourth quarter, state media quoted the Cabinet as saying on Tuesday.
The agency quoted the cabinet as saying after a regular meeting that the late payments of 14 administrative fees will help ease the difficulties facing businesses, especially small businesses and self-employed businesses.
The cabinet said companies will be allowed to defer payments for some 63 billion yuan of project quality deposits.
The Cabinet was quoted as saying that China will offer tax breaks for some individual business pensions, allowing eligible payers of such pensions to make pre-tax deductions.
In recent months, the government unveiled a set of measures to support the economy devastated by the Corona virus.
(dollar = 7.1720 renminbi)