INCOME TAX

Small Businesses Allowed to Defer 2020 Income Tax Payment

15 June 2020

The State Taxation Administration recently issued an announcement (No. 10 [2020]) on extending due dates for 2020 income tax payments from small, low-profit enterprises and individually-owned businesses. More

hktdc research

China Announces Tax Concessions for Small and Micro-Businesses

31 January 2019

Any company with an annual revenue of RMB3 million or below will now be entitled to further preferential tax treatment as part of a raft of government measures designed to boost small and low-profit businesses. More

hktdc research

China Announces Big Tax Cuts for Small Businesses

31 January 2019

As part of a raft of measures designed to nurture smaller business operations following the 9 January executive meeting of the State Council, the Ministry of Finance and the State Administration of Taxation jointly announced in a recent circular that any business with a monthly revenue of RMB100,000 or below will no longer be obliged to pay value-added tax (VAT). More

hktdc research

Shenzhen Adjusts Chargeable Rates for Enterprise Income Tax

07 January 2019

The State Administration of Taxation (SAT) Shenzhen Tax Service has recently issued an announcement setting forth the chargeable rates of income for enterprise income tax on assessment basis for different categories of businesses. More

hktdc research

State Council Offers Additional Tax Incentives to Venture Capital Firms

20 December 2018

As of 1 January 2019, partners in venture capital companies will pay income tax at 20% on dividends and share transfers should their firms opt to calculate taxes as single investment funds. More

hktdc research

Revised Individual Income Tax Law to Come into Force in January 2019

13 September 2018

New mainland income tax law for residents and non-residents are to come into force as of 1 January 2019. More

hktdc research

Small Business Income Tax Threshold Raised to RMB1 Million

06 August 2018

The annual taxable income threshold of low-profit small and micro businesses has been raised from RMB500,000 to RMB1 million for the period January 2018 and 31 December 2020, according to a joint statement by the Ministry of Finance and the State Administration of Taxation. More

hktdc research

Upper Annual Tax Limit Raised for Low-Profit Businesses

28 June 2017

The upper limit of annual taxable income of low-profit enterprises is to be raised from RMB300,000 to RMB500,000. In the case of enterprises with an annual taxable income of RMB500,000 or below, taxable income will be calculated at the reduced rate of 50%, with corporate income tax payable at a rate of 20%. More

hktdc research

State Council Updates VAT, Investment Incentives and Tax Deductions

25 April 2017

As part of continued moves to replace business tax with value-added tax (VAT), while streamlining the overall VAT structure, as of 1 July 2017, the four existing VAT brackets will be reduced to just three - 17%, 11% and 6%. The current 13% tax bracket is to be abolished, with the tax rate for such products as agricultural items and natural gas reduced from 13% to 11%. More

hktdc research

More Preferential Income Tax for Low-Profit Small Businesses

11 September 2015

The Ministry of Finance and the State Administration of Taxation issued the Circular on Further Expanding the Scope of Enterprise Income Tax Preferential Policy for Low-Profit Small Enterprises (Cai Shui No. 99 [2015]) in September 2015 to help low-profit small businesses play a bigger role in promoting economic development. More

Page of 2