MOF: China to implement larger tax and fee cuts for small businesses

The Ministry of Finance (MOF) and the State Taxation Administration on March 1 jointly issued a notice on further intensifying tax and fee cuts for small and micro businesses.Asian Metal Copyright According to the notice, small-scale value-added taxpayers, low-profit small businesses and self-employed households are eligible for a 50% deduction in resource tax, urban maintenance and construction tax, real-estate tax, urban land use tax, stamp tax and tax of farmland used for non-agricultural purposes as well as education surcharge and local education surcharge.Asian Metal Copyright According to the notice, small-scale value-added taxpayers, low-profit small businesses and self-employed households are eligible for a 50% deduction in resource tax, urban maintenance and construction tax, real-estate tax, urban land use tax, stamp tax and tax of farmland used for non-agricultural purposes as well as education surcharge and local education surcharge.

The tax and fee cuts came into play from January 1, 2022, and will be effective until December 31, 2024.


.Asian Metal Copyright According to the notice, small-scale value-added taxpayers, low-profit small businesses and self-employed households are eligible for a 50% deduction in resource tax, urban maintenance and construction tax, real-estate tax, urban land use tax, stamp tax and tax of farmland used for non-agricultural purposes as well as education surcharge and local education surchargeAsian Metal Copyright