Tax Reduction To Focus On Consumption and R&D
Tax reduction policies in 2023 are expected to focus on promoting R&D and boosting consumption, according to analysts cited by Securities Daily. Analysts said the recent removal of VAT for small businesses with sales less than CNY100,000 per month, will boost business confidence, help employment, and ensure people's livelihoods. Looking forwards, analysts expected further tax relief measures to be tilted towards advanced manufacturing and high-tech enterprises. Policies will be needed to help stabilize the confidence and accelerate the recovery of the national economy, the paper noted.