Guiyang, capital of Southwest China's Guizhou province, implemented various preferential tax policies to better serve the real economy and help companies go global in 2021.
Last year, Guiyang reduced taxes by a total of 28.07 billion yuan ($4.41 billion), an increase of 24.5 percent year-on-year. Guiyang also saw 5.3 billion yuan in value-added tax credit refunds in 2021, an increase of 128.4 percent year-on-year and accounting for 59.6 percent of the province's total.
In 2021, Guiyang helped three power generation enterprises reduce, refund and hold over 13.13 million yuan in taxes, and held over 200 million yuan in tax and fee payments for 2,314 micro, small and medium-sized enterprises involved in the manufacturing industry.
With online tax refund services, the time needed for processing tax refunds for manufacturers was reduced from six to two workdays, and value-added tax credit refunds can take as little as nine minutes.
Guiyang also enhanced cooperation between banks and tax departments to help micro, small and medium-sized enterprises apply for loans. In 2021, Guiyang helped 13,447 taxpayers apply for 4.85 billion yuan in tax credit loans from financing institutions.
