Tax breaks given to small firms

Source: Xinhua | 2017-06-09

CHINA will expand tax breaks for small businesses in a move to reduce corporate burden and support economic growth, authorities said yesterday.

From January 1, 2017 to December 31, 2019, small businesses with an annual taxable income of no more than 500,000 yuan (US$73,599) will be eligible for tax preferences, raised from the previous limit of 300,000 yuan, according to a notice by the Ministry of Finance and the State Administration of Taxation.

This is the third time that the tax break coverage is expanded since the start of 2015, when the income threshold for tax preferences was changed from 100,000 yuan to 200,000 yuan.