A company applies for tax and fee refunds via an online platform in Huzhou, East China's Zhejiang province [Photo/WeChat account: huzhoufabu]

Huzhou in East China's Zhejiang province slashed 6.63 billion yuan ($1.02 billion) worth of taxes and fees in the first four months of this year, according to statistics recently released by local taxation authorities.

Of these cuts, 4.35 billion yuan were distributed via online channels in accordance with preferential policies rolled out by the local government to stimulate the local economy amid the COVID-19 epidemic.

Local enterprises have benefited much from these preferential policies.

A spokesman at Zhejiang Hengfeng Top Leisure Co Ltd said that the company had been exempted from 130 million in export tariffs this year, and this has helped ease its capital strains.

This year, the local government has set the target of slashing 20 billion yuan in taxes and fees for enterprises.