China will defer the collection of all the taxes payable from coal-fired power and heat enterprises in the fourth quarter in a bid to effectively alleviate their financial difficulties and operating pressure, according to an announcement issued by the State Administration of Taxation (SAT).
The tax ministry said it will also accelerate the processing of VAT tax deduction and refunds, and further enhance the implementation of preferential tax policies.
The local taxation departments in provinces and cities will investigate the operation and taxation of coal-fired power and heating companies one by one, tease out a lift of corporate tax preferential policies, carry out one-on-one guidance, and meanwhile simplify the procedure, in a bid to ensure reduction, rebate or deferral of taxes from power and heat companies.
According to the latest SAT data, as of October 20, the national taxation system has processed a total of 7.5 billion yuan in tax reductions, refunds and deferrals for coal-fired power and heating companies that have been assigned with winter supply tasks by the country.
(Writing by Emma Yang Editing by Tammy Yang)
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