China Cuts SME Tax Burden By USD10bn In 2014China's State Administration of Taxation (SAT) has disclosed that, in 2014, preferential corporate income tax rates, value-added tax (VAT) exemptions, and business tax concessions provided RMB61.2bn (USD9.8bn) in tax relief to small and micro enterprises.
Tax relief for China's small and micro enterprises is considered very important, as these entities account for more than 75 percent of the total number of businesses in the country and provide jobs for almost 80 percent of urban workers.
In a bid to support smaller firms, from January 1, 2014, the Chinese Government increased the scope of a tax break for companies with annual incomes below RMB60,000 to cover those with annual incomes below RMB100,000. This tax break, which has been extended until the end of 2016, allows companies to reduce their taxable income by 50 percent.
In addition, the exemption from the imposition of VAT and business tax granted to businesses with monthly sales of up to RMB30,000 has been extended to December 31, 2015.
Other measures have included stamp duty exemptions and exemptions from certain registration and license fees.
According to the SAT, the corporate income tax rate reduction provided RMB10.1bn in relief to almost 2.5m taxpayers last year, while 22m taxpayers were exempt from VAT and business sales tax totaling RMB30.7bn and RMB20.4bn, respectively.
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