Latest Headlines
China Announces Tax Cuts Worth 60 Bln Yuan for Innovative, Small Businesses
  ·  2018-04-26  ·   Source:

China will make further tax cuts worth over 60 billion yuan (about $9.5 billion) to drive innovation and entrepreneurship and boost the development of small and micro businesses, the State Council said Wednesday.

"The move aims to reduce the cost for innovation and entrepreneurship, energize small and micro businesses, and spur job creation," said a statement released after an executive meeting of the State Council presided over by Premier Li Keqiang.

"The per unit value of newly-purchased R&D instruments and equipment eligible for one-time tax deduction will be raised from 1 million to 5 million yuan. The annual taxable income threshold of small and micro businesses eligible for halved income tax will be raised from 500,000 to 1 million yuan," the statement said.

These two measures will be effective from January 1, 2018 to December 31, 2020, it said.

The tax cut is part of efforts to implement the requirements set out by the Central Economic Work Conference and the Government Work Report.

(Xinhua News Agency April 25, 2018)

China
Opinion
World
Business
Lifestyle
Video
Multimedia
 
China Focus
Documents
Special Reports
 
About Us
Contact Us
Advertise with Us
Subscribe
Partners: China.org.cn   |   China Today   |   China Pictorial   |   People's Daily Online   |   Women of China   |   Xinhua News Agency   |   China Daily
CGTN   |   China Tibet Online   |   China Radio International   |   Global Times   |   Qiushi Journal
Copyright Beijing Review All rights reserved 京ICP备08005356号 京公网安备110102005860