Tax breaks extended to more small firms
Print Edition
MORE small businesses in China will enjoy tax breaks as part of the government’s efforts to address the pressure on economic growth, authorities said yesterday.
Any company with annual taxable income under 100,000 yuan (US$16,000) will have its business income tax halved starting from January 1, this year, until the end of 2016, a joint statement by the Ministry of Finance and the State Administration of Taxation said yesterday.
This means the tax breaks apply to more small businesses. The State Council decided in 2011 that any firm with annual taxable income under 60,000 yuan will have its business income tax halved during 2012-2015.
The news comes after the Cabinet announced on April 2 that tax breaks for small and micro firms will be extended by one year until the end of 2016.
The move aims to promote economic growth and create jobs, said the statement.
Liu Shangxi, a ministry researcher, thinks of the move as an “important measure to accommodate the downward pressure on growth, maintain growth momentum and restructure the economy.”
Small and micro firms serve as the foundations for continuous and steady economic growth, according to a latest report by SAT.
By the end of 2013, there were about 11.7 million small and micro companies in China, accounting for 76.6 percent of the total number of firms in the country, the SAT report showed.
Taking small family businesses into account, small firms accounted for 94.2 percent of the total and created about 150 million jobs.
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