A new strategy designed to boost the development of medical treatments for less common ailments, while reducing costs for patients, has been jointly unveiled by the Ministry of Finance and three other government departments. More
In line with the 13th Five-Year Plan’s commitment to continuing the policy of exempting certain plant and livestock imports from VAT, detailed plans have been drawn up for the administration and implementation of this strategy. More
All elderly care institutions established in accordance with the Law on the Protection of the Rights and Interests of the Elderly and with all the required documentation duly filed with the appropriate Department of Civil Affairs are now to be deemed as exempt from any and all VAT liabilities. More
Over the next 12 months, the mainland’s primary economic and social development goals are set to include GDP growth of 6%-6.5%, urban unemployment of about 5.5%, inflation of about 3% and the basic balance of international payments being maintained. 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).
Streamlining administrative processes and cutting taxes and fees, while improving the overall business environment and reducing corporate tax burdens were among the priorities outlined by Li Keqiang, the Chinese Premier, when he presented the Report on the Work of the Government on 5 March this year. More