BEIJING, May 30 (Xinhua) -- China's new tax cut policies saved 524.5 billion yuan (around 76 billion U.S. dollars) for businesses and individuals in the first four months of this year, official data showed Thursday.

The lowering of value-added tax (VAT) rates starting April 1 contributed to a tax reduction of 111.3 billion yuan, according to data from the State Taxation Administration.

Policies on reducing tax burdens for small and micro firms led to 62.3 billion yuan of tax cuts in the first four months while reform in individual income tax contributed to a new tax reduction of 214.3 billion yuan during the same period.