Tax breaks have seen 37.1 billion yuan (6 billion U.S. dollars) slashed from on China small companies' tax bills in the first three quarters of this year, government data showed .
Business income tax worth 7.46 billion yuan was reduced or scrapped, as companies with annual taxable business income below 100,000 yuan were eligible for a 50 percent reduction in their bills..
Value-added tax and turnover tax cuts were worth more than 29.6 billion yuan through a temporary suspension for certain small firms from August last year, data from the State Administration of Taxation showed.
The Ministry of Finance also announced on Thursday that a stamp tax on lending contracts between banks and small companies will be abolished.