Rudong county in Nantong, Jiangsu province has increased the confidence of local enterprises and accelerated high-quality economic development through tax reductions.

In the first three quarters of this year, a total of 21,300 Rudong enterprises and individual taxpayers benefited from the preferential tax policies. Tax reductions for private enterprises accounted for 61.7 percent of all tax reductions in the county.

According to the chief accountant of Zhongtian Technology Group, the company's tax expenses are expected to be reduced by 25 million yuan ($3.56 million) this year.

Petro China Liquefied Natural Gas (LNG) Jiangsu Co paid 1.012 billion yuan in taxes in 2018. A manager of the company said that the value-added tax deduction will help alleviate financial pressure, as the company carries out the third phase of its LNG project.

Two Rudong county tax officials explain the new tax reductions to a taxpayer. [Photo/WeChant account: rudongfb]

The county's tax bureau has organized several working groups to ensure that the tax reductions are implemented smoothly. To this end, a total of 48 tax-related fairs have been held with more than 23,000 participants, and officials have personally visited around 4,200 taxpayers to inform them of the new tax policies.

An online platform has also been established to provide more convenient taxation services. Over 100 tax-related processes involving tax declaration, tax registration, and invoice management can be handled on the platform.

The reduced taxes are expected to spur research and development, expand production, and stabilize operations.