The State Taxation Administration recently issued an announcement (No. 10 ) on extending due dates for 2020 income tax payments from small, low-profit enterprises and individually-owned businesses. More
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
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).
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
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
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
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
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 ) in September 2015 to help low-profit small businesses play a bigger role in promoting economic development. More