(Yicai Global) Dec. 4 -- China is researching the possibility of further cutting business taxes to help reduce the burden at smaller companies.

The State Administration of Taxation is looking at a substantial reduction of value-added tax and inclusive tax exemptions for micro- and small-sized firms and tech startups, the administration said online yesterday, citing a keynote speech from Commissioner Wang Jun.

He had been speaking at the Organization for Economic Co-operation and Development's Tax Administration Forum in Paris on Nov. 28.

Chinese authorities collected CNY12.4 trillion (USD1.8 trillion) in tax revenue over the first 10 months, 10.7 percent more than the year-ago period, Wang added, though growth in the figure slid 6.4 percent from May through October after China brought in a series of tax cuts.

China is focused on continually improving the local business environment, and the tax bureau has brought in 110 new measures over the past five years, Wang said. The World Bank ranked China 46th in ease of doing business in its Doing Business 2019 report, a large climb from 78th in the previous issue, he continued, noting that China's rank in tax payments also gained 16 places.

The country is also looking to streamline tax operations with an online platform to reduce the time it takes to pay taxes by more than 10 percent by the end of this year, he added. The administration will also reduce the volume of information taxpayers need to submit by a quarter next year as it looks to further optimize business procedures.

Editor: James Boynton