Small Businesses Allowed to Defer 2020 Income Tax Payment

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.

1. Small, low-profit enterprises 
   
   Between 1 May 2020 and 31 December 2020, any small, low-profit enterprise may, after completing its pre-paid tax declaration for the remainder of 2020, temporarily defer payment until the first reporting period of 2021.

2. Individually-owned businesses 
   
   Between 1 May 2020 and 31 December 2020, any individually-owned business may, after completing its declaration of business income for the remainder of 2020, temporarily defer payment until the first reporting period in 2021.  

The announcement took effect on 1 May 2020.

Source: State Taxation Administration