“In recent years, in addition to strictly implementing national policies of tax and administration fees reduction, Shandong has also launched a series of “optional actions” around the transformation of driving forces and high-quality development of economy,” said Liu Xingyun, a deputy to the NPC and director of Shandong Provincial Finance Bureau.

Since the beginning of 2019, Shandong has rolled out three tax reduction policies.

First of all, the standard of tax on using urban land will be lowered by 20 percent in principle. On this basis, Shandong launched the policy to implement differentiated policy management for high-tech enterprises and halve the tax on the use of urban land, which belongs to a relatively low tax burden level across the country.

Secondly, Shandong has significantly reduced the proportion of stamp tax levied on six types of contracts.

Thirdly, policy was launched to halve the vehicle and vessel tax on goods stocks to further alleviate the tax burden of logistics enterprises.

“The three policies alone are expected to reduce the real economy’s tax burden by more than 12 billion yuan,” Liu added. As a major province of manufacturing and human resources, Shandong is expected to cut taxes and administrative fees by more than 100 billion yuan according to preliminary rough estimate.

Liu said that Shandong Provincial Finance Bureau will formulate specific operable enforcement regulations immediately once the policy of central government is launched, make a good publicity, interpretation and implementation of the policy, and provide accurate push service and integrated release service to enterprises so as to ensure them to enjoy the policy bonus as soon as possible.