China will postpone fee payments worth more than RMB 53 billion ($7.39 billion) by companies, mainly small firms, in the fourth quarter, state media quoted the cabinet as saying on Tuesday, reports Reuters. The delayed payments of 14 administrative fees will help ease difficulties facing companies, especially small firms and self-employed businesses, the cabinet was quoted as saying after a regular meeting.
Companies will be allowed to defer payments of some project quality deposits worth RMB 63 billion, the cabinet said. China will provide tax relief for some individual commercial pensions, allowing qualified payers to such pensions to make pre-tax deductions, the cabinet was quoted as saying.
The government has in recent months unveiled a raft of measures to support the COVID-ravaged economy.