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ECONOMY
Weekly Watch> WEEKLY WATCH NO. 45, 2011> ECONOMY
UPDATED: November 4, 2011 NO. 45 NOVEMBER 10, 2011
Tax Adjustments
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China raised thresholds for levying value-added and business taxes on November 1.

The value-added tax threshold will be increased to between 5,000 yuan ($790) and 20,000 yuan ($3,150), in terms of monthly sales revenues, from the previous threshold of 2,000 to 5,000 yuan ($315-790), said the Ministry of Finance.

Meanwhile, the threshold for levying the business tax will be raised to 5,000-20,000 yuan from the previous 1,000-5,000 yuan ($158-790).

The adjustments came after a decision made by the State Council to enhance financial support for the country's cash-strapped small and micro enterprises.



 
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