(MENAFN) A new group of corporate tax cuts are projected to reduce the tax burden on China's small businesses by USD15.64 billion, and so firms with an annual taxable income below USD41 thousand will be included in the 10 percent tax rate.
Authorities also stretched the exemption of value-added tax and business tax for small businesses with less than USD4 thousand in monthly sales, and this move stressed China's commitment to boost growth, and create jobs.
Small firms create more than 70 percent of new careers each year, but they are required to pay a range of taxes, such as corporate income tax and value-added tax, beside fees forced by the local governments.
"The move is designed to stimulate the market, boost employment and encourage mass entrepreneurship," said director of the tax policy department at the Ministry of Finance.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.