China to defer fee payments for small firms- state media

BEIJING (Reuters) – China will postpone fee payments worth more than 53 billion yuan ($7.39 billion) by companies, mainly small firms, in the fourth quarter, state media quoted the cabinet as saying on Tuesday.

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 63 billion yuan, 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.

($1 = 7.1720 Chinese yuan renminbi)

(Reporting by Kevin Yao and Beijing newsroom; Editing by Jon Boyle and Louise Heavens)