"In case of increased tax burden due to inadequate deductions in certain individual industries, the government will work out targeted solutions," Li added.
In the Government Work Report this year, Li said that the government's moves to cut tax on this occasion aim at an accommodative effect to strengthen the basis for sustained growth while also considering the need to ensure fiscal sustainability.
It is also a major measure to lighten the burden on businesses and boost market dynamism, and is also the result of a major decision taken at the macro policy level in support of the efforts to ensure stable economic growth, employment, and structural adjustments.
In 2018, taxes and fees levied on enterprises and individuals were reduced by around 1.3 trillion yuan as a result of multiple preferential tax policies introduced by the government.
The Wednesday meeting also decided upon adjustments to the export tax rebate rates of certain goods and services and to the tax deduction rate of purchases of farm produce.
It was also decided at the meeting to increase transfer payments to local governments, focusing on supporting the central and western regions and counties and prefectures in difficulty.
"The share that goes to enterprises in the national income distribution needs to be increased to boost market vitality. This will help keep employment stable, expand tax sources and make public finance sustainable," Li said.
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