Optics Valley provides $1.8b tax relief in five years

Updated: 2017-10-30 



Over the past five years, East Lake High-tech Development Zone (Optics Valley of China) in Wuhan, Hubei province has reduced and remitted taxes of 12 billion yuan ($1.8 billion) for 17,000 taxpayers, and offered export tax rebates of 8 billion yuan for nearly 1,000 taxpayers, according to a report on tax revenues released on Oct 24.

During the first three quarters of this year, the zone counted over 56,000 taxpayers, with 10,258 new businesses, marking an increase of 22.25 percent.

During the first nine months of this year, the zone has managed export tax rebates of 4.04 billion yuan for foreign trade companies in the zone, an increase of 55.61 percent compared to the same period of last year, accounting for 61.1 percent of the total amount of refunds in Wuhan.

Optics Valley of China has been working to offer convenient services for taxpayers in recent years, implementing online transactions and one-stop service windows for tax-related matters, speeding up service by more than 70 percent.

The recently-introduced payments system, which handles the whole process of electronic tax rebates, is a future model for how the processing of electronic tax rebates could work for the whole country.