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Tax breaks extended to services
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CHINA will extend tax breaks to outsourcing service providers in more cities as part of attempts to boost service trade, the Ministry of Finance said yesterday.
Service firms with advanced technology in 10 cities, including Shenyang, Urumqi, Qingdao and Ningbo, will have their corporate income tax cut from 25 percent to 15 percent, from 2016 to 2018, the ministry said in a statement.
Meanwhile, the firms’ staff education expenses will be tax-deductable as long as they account for no more than 8 percent of total wages, the statement said.
The move is in addition to existing tax breaks that apply to similar firms in 21 other cities.
The government has vowed to speed up service trade development to optimize foreign trade structure, foster new growth and increase employment.
China’s service trade increased 24 percent year on year to 3.5 trillion yuan (US$511 billion) in the January-August period, continuing the trend for double-digit growth since the start of the year.
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