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. |