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Pay less tax
Source: Xinhua |
February 16, 2011, Wednesday
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Print Edition
Print Edition
A small business in China only needs to pay 50 percent of income tax if the amount of its due tax is 30,000 yuan (US$4,550) or lower annually, according to a policy announced yesterday.
Additionally, the income tax rate will be set at 20 percent for these businesses, compared with 25 percent for other firms, the Ministry of Finance said in a statement.
The policy, which was implemented last year, is designed to ease the burden on small firms following the global economic downturn and partially to alleviate these firms' financing difficulties.
The State Council, China's Cabinet, has approved the tax plan to continue this year, the ministry said. China started offering the preferential tax status to these small firms from January 1 last year.
Additionally, the income tax rate will be set at 20 percent for these businesses, compared with 25 percent for other firms, the Ministry of Finance said in a statement.
The policy, which was implemented last year, is designed to ease the burden on small firms following the global economic downturn and partially to alleviate these firms' financing difficulties.
The State Council, China's Cabinet, has approved the tax plan to continue this year, the ministry said. China started offering the preferential tax status to these small firms from January 1 last year.
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