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Tax Relief To Support Small Businesses - Finance Ministry

CHINA PRESS

Authorities in China have announced VAT reduction and exemption policies to support small scale businesses, according to Yicai.com. The Ministry of Finance State Administration said from January 1, small scale firms with monthly sales of less than CNY100,000 will be exempted from VAT in 2023. Any tax paid prior to the new policy can be claimed back retrospectively, the ministry said.

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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