More Shanxi SMEs benefit from preferential tax policy

Nearly half of the small and micro enterprises (SMEs) in the service industry of Shanxi province have benefited from the preferential tax policy this year, according to a survey of the National Bureau of Statistics。

The results of a sampling survey conducted by the bureau show that Shanxi’s business environment for SMEs has improved since 2015, 45.2 percent of them enjoyed the preferential tax policy, 6.7 percentage point more than at the end of the last year. This shows that the policy covers more sectors, especially those closely related to people's livelihood.

For example, more than 70 percent of companies in health and social work are exempt from taxes; and almost half of those in education, culture, sports and entertainment benefited.

Moreover, regulations related to companies' fees and charges are stricter now. A survey in the first half of the year indicated that 75.7 percent of companies surveyed have no arbitrary charges, a figure 40 percentage points higher than the end of the previous year.

In addition to the preferential tax policy, Shanxi’s policies on credit loans were more skewed toward SMEs in the recent two years. The survey reveals that companies which can get loans from banks grew from 8.9 percent at the end of last year to 16.4 percent, and that those got special funds increased from 4.8 percent to 15.5 percent.