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Ministry of Finance to increase tax and fee cuts in 2022

On December 27, a video conference on national fiscal work was held in Beijing. The meeting summarized fiscal work in 2021 and made plans for fiscal work in 2022. The meeting stressed that the financial sector should actively introduce policies conducive to economic stability, and the policy force should be appropriately advanced. Taxes and fees will be further cut to invigorate market entities, and appropriate expenditure intensity will be maintained and expenditure accuracy will be improved.

According to the contents of the meeting, in 2021, the Ministry of Finance optimized and implemented the policy of tax and fee reduction, and the annual new tax and fee reduction reached 1 trillion yuan (157 billion US dollars). In deepening the reform of the fiscal and taxation system, the Ministry of Finance deepened the reform of the budget management system and made preparations for the pilot of real estate tax.