The first 11 months of this year saw the amount of tax exemptions and reductions handled by SIP Local Tax Bureau add up to 2.5 billion yuan ($362 million), up by 170% over the same period last year, accounting for 14.1% of the total collected tax.

Among others, the tax breaks belonging to "encouraging high and new technologies" amounted to 680 million yuan ($98 million), up by 106.1% over the same period last year. The country has provided more tax preferences for housing transactions this year and the tax breaks belonging to "improving people's livelihood" has increased several times, reaching a total of 1.09 billion yuan ($158 million), which has given an impetus to SIP's transformation and upgrading and the development of people's livelihood. 

Adhering to the idea "failure to implement tax breaks is equal to overtaxing", SIP Local Tax Bureau has always been optimizing services, streamlining processes, and giving full play to the regulating and guiding roles of tax policies.

In particular, in such aspects as small and micro business income tax breaks, commercial life insurance returns, individual house transaction preferences, etc., the bureau has implemented various policies, made the best of tax "subtraction", and brought into full play tax's positive roles in stabilizing income, propelling reform, regulating structure and benefiting the people.