(Yicai Global) Jan. 28 -- China's customs administration slashed taxes by CNY268.8 billion (USD41.4 billion) last year.

Almost 40 percent of the total was caused by relaxed taxation policies, involving fields such as anticancer and orphan drug duties, the General Administration of Customs revealed today. Almost 31 percent was coming from free trade agreements.

Amid the Covid-19 pandemic, the GAC exempted importers of anti-epidemic supplies and other types of important industrial goods from tariffs. It also allowed trading firms to defer tax payments to help them overcome the impacts of the epidemic.

Editor: Emmi Laine