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New Measures Set to Make Shanghai Businesses US$26.7 Billion Better Off

The collective financial burden on Shanghai-based enterprises is set to be lightened by RMB183.5 billion (US$26.7 billion) following the 15 cost-cutting measures recently announced by the city’s government.

Among the key elements of the city’s initiative are the following:

  • Lowering the value-added tax rate with effect from 1 April and further expanding the eligibility for input tax credits
  • Reducing employers’ share of basic pension premiums for urban workers from 20% to 16%
  • Reducing government fund management fees and operational service charges, including a cut to the overall level of port charges
  • Cutting the cost of gasoline and diesel fuel

For further details (in Chinese), please access the following links:

News Briefing on Measures for Easing Burdens on Enterprises

Content provided by Picture: HKTDC Research
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