Tax breaks to aid over 2m small businesses
Print Edition
CHINA’S tax officials said yesterday that new tax breaks this year will help more than 2 million small and micro firms halve their tax bill.
To enjoy a 50 percent cut in business income tax, these businesses will no longer need approval from tax authorities but only have to report to tax agencies, said Liu Lijian, an official in charge of business income tax under the State Administration of Taxation.
On an open online chat, Liu said over 2 million small and micro firms, a rise of 30 percent, will benefit.
The Ministry of Finance and SAT said last month that any company with annual taxable income under 100,000 yuan (US$16,000) will have its business income tax halved from January 1, this year, till the end of 2016.
Industrial enterprises with no more than 30 million yuan in assets and no more than 100 employees will have their business tax halved for their taxable income between 100,000 yuan and 300,000 yuan, SAT said.
Companies with no more than 10 million yuan in assets and no more than 80 staff in other sectors will also enjoy the same tax treatment.
The new rules raise the tax cut threshold from the previous 60,000 yuan, with a tax rate of 20 percent.
By the end of 2013, there were about 11.7 million small and micro companies in China, or 76.6 percent of the total number of firms in the country, according to official data.
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