Tax relief for over 85% of micro firms
Print Edition
MORE than 85 percent of China’s small and micro companies will enjoy preferential taxes as the government has extended tax breaks to boost economic vitality, the State Administration of Taxation said yesterday.
The rate was up from the previous 26 percent after the government decided earlier this month to raise the threshold up to 100,000 yuan (US$16,000) from 60,000 yuan, the SAT said.
According to the SAT, any company with annual taxable income under 100,000 yuan will have its business income tax halved from January 1, this year, till the end of 2016.
Small and micro-sized enterprises have played a leading role in generating jobs in China. More than 70 percent of new jobs are created by 11.7 million such operations, a report released by the State Administration for Industry and Commerce said.
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