Value-added tax worth 96.7 billion yuan ($14.53 billion) have been refunded to business in Zhejiang province since the beginning of the year, according to the latest figures released by provincial authorities.

Tax officials introduce the tax refunded policy to a business owner [Photo/zjol.com.cn]

The province had in April implemented a series of tax reduction and tax rebate measures to help businesses.

April alone saw the refund of 63.4 billion yuan worth of value-added tax.

Small and micro enterprises have been the biggest beneficiaries of these measures. In April, 152,400 small and micro enterprises enjoyed tax refunds, accounting for 95.8 percent of all enterprises that received the rebate.

The policy is expected to benefit 222,200 market entities in Zhejiang, with total tax rebates expected to amount to more than 160 billion yuan by the end of the year.

Zhejiang province has been pursuing a proactive fiscal policy. On one hand, the province has maintained its spending intensity. From January to April, Zhejiang’s public budget expenditure reached 397.27 billion yuan, an increase of 8.7 percent year-on-year, and 36.0 percent of the budget at the beginning of the year was completed, 2.7 percentage points faster than expected.

On the other hand, the province has taken measures to expand effective investment. From January to March, Zhejiang issued 109.5 billion yuan of new special bonds, among the highest in China.