Changjiang International Port Co received a tax refund of 2.75 million yuan ($449,144), becoming the first logistics enterprise to benefit from a government policy in Zhangjiagang Free Trade Zone of Jiangsu province.

According to the policy, if a company pays a value-added tax of more than 3 percent of its turnover at the free trade zone, any amount over the 3 percent will be returned to the company.

Since the policy to replace business taxes with value-added taxes was implemented, the local tax department has done a lot of work and research to give tax refunds to enterprises as soon as possible.

The department has also simplified tax payment procedures.

A total of 496 enterprises have received tax refunds totaling 7.29 million yuan in Zhangjiagang to date.