Tax breaks extended
Print Edition
THE State Council, China’s Cabinet, yesterday decided to extend tax breaks to more small businesses, recognition of their roles in generating jobs and growth.
From October 1, 2015, to the end of 2017, companies with annual taxable income under 300,000 yuan (US$46,900) will have their corporate tax halved, said a statement released after a meeting chaired by Premier Li Keqiang. The previous threshold was 200,000 yuan.
The meeting also promised tax breaks for companies with a monthly revenue under 30,000 yuan. They will be exempted from value-added tax and business tax until the end of 2017.
The move is the latest attempt to help small businesses as they provide nearly 80 percent of urban jobs.
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