BEIJING — China's tax authorities nationwide in March have deferred 256.7 billion yuan (about $40.26 billion) of taxes for micro, small and medium enterprises in the manufacturing sector, according to the State Taxation Administration.

A total of 2.57 million enterprises benefited from the delay of payment, the administration said.

China deferred tax payments for the fourth quarter of 2021 for micro, small and medium enterprises to ease the impact of rising costs. The delay of payment will be extended by six months.

In addition, the administration plans to improve the tax management information system and optimize payment delay service procedures, while implementing tax and fee cuts and issuing refunds.