Shanghai says it will hand out $22 billion in tax relief to businesses amid COVID battle

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© . A security guard stands guard at a residential entrance after the coronavirus (COVID-19) outbreak in Shanghai, China, March 28, 2022. REUTERS/Aly Song

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SHANGHAI () – China’s Shanghai said on Tuesday it would roll out policies to help the local economy cope with a spate of COVID-19 cases in the city, including offering refunds that will cut the tax burden on businesses by 140. billion yuan ($22 billion) in 2022. Internet platforms will be encouraged to further reduce service costs and telecom operators to offer, for example, three months of free cloud services, the city government said in a statement on its website. Grants will be given to retail and hospitality companies to send their staff for regular COVID testing, and will also be provided to frontline health personnel and volunteers involved in the city’s fight against the pandemic. The government will encourage financial institutions to increase credit support and lower loan interest rates for businesses involved in the food supply, while also providing support to the tourism, transportation and exhibition industries, the government said. Shanghai is on the second day of a two-phase COVID-19 lockdown, conducting massive testing as it battles its largest-ever outbreak. ($1 = 6.3680 renminbi) Disclaimer: Fusion Media would like to remind you that the data on this website is not necessarily real-time or accurate. All CFDs (Stocks, Indices, Futures) and Forex prices are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price meaning prices are indicative and not suitable for trading purposes . Therefore, Fusion Media does not bear any responsibility for any trading losses that you may incur as a result of using this data. Fusion Media or anyone associated with Fusion Media accepts no liability for any loss or damage resulting from reliance on any information, including data, quotes, charts and buy/sell signals on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.

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