In 2017, Jingzhou actively carried out preferential tax policy to exempt tax of more than RMB 5 billion,which fully released the tax reform dividend and greatly supported the real economy development.

In 2017, after the comprehensive promotion of pilots of the policy to replace the business tax witha value-added tax, Jiangzhou State-Tax Bureau achieved the tax revenue of more thanRMB 10 billion for the first time and at the same time, it carried out all kinds of preferential tax policies, amounting to more than RMB 3 billion. Local-Tax Bureaufully combed tax policies in terms of shanty towns transformation, house rent, and land-related link by relying on the issues that people concern most. In 2017, its tax exemption brought benefits to 169,300 families with an exempted tax of more than RMB 2 billion.

Hubei Henglong EnterpriseGroup is a leading company in terms of automobile parts in Jingzhou. In 2017, it enjoyed RMB 38 million tax preferential policies. Deputy Yao Chuanxin of its Finance Department introduced that, the implementation of series of preferential tax policiesin cluding replacing business tax with value-added tax (VAT), R&D fee weighted deduction, and income tax preferential policy for hi-tech companies practically boosted the transformation and upgrading of the group industry. Last year, its annual output of steering system components reached 7.5 million with a sales amount ofRMB 5.26 billion and rate payment of RMB 256 million.

In 2018, Jingzhou will continuously release the tax reform dividend, stimulate market players’ vitalityand boost the supply-side structural reform in line with national polices so asto lay solid foundation and inject vitality into the high-quality development. (Reportedby Liu Mi)