This undated file photo shows a teller counting cash at a bank in Taiyuan, Shanxi province. (ZHANG YUN / CHINA NEWS SERVICE)

BEIJING – China will exempt small businesses with monthly sales of 100,000 yuan (about $14,790) or less from value-added tax (VAT) throughout 2023, according to finance and taxation authorities.

Ministry of Finance and State Taxation Administration also specified tax relief policies for taxpayers engaged in producer services such as postal and telecom services.

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As part of efforts to support economic growth, China has carried out a wide range of tax and fee cuts over the years. In 2022, the country implemented record-high value-added tax credit refunds, which totaled about 2.4 trillion yuan.