China further enforces preferential policies for small businesses regarding income tax
2023-03-28 15:17:06 [Print]
on March 27, the Chinese Ministry of Finance and State Taxation Administration jointly issued an announcement on preferential policies for small businesses regarding income tax
. According to the announcement, from January 1, 2023 to December 31, 2024 an enterprise income tax rate of 20% will be applied to annual taxable income no higher than RMB1 million (USD0 . 15 million) of small and micro businesses, and the individual income tax rate will be halved, in addition to current preferential policies, for annual taxable income no higher than RMB1 million (USD0 . 15 million) of privately or individually-owned businesses.