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Are there any preferential enterprise income tax policies currently on offer to small businesses?

Photo: Are there any preferential enterprise income tax policies currently on offer to small businesses?
Photo: Are there any preferential enterprise income tax policies currently on offer to small businesses?

For the period 1 January 2018-31 December 2020, low-profit small enterprises with an annual taxable income of RMB1 million or below can have their taxable income assessed on the basis of 50% of their actual income and then pay enterprise income tax at a rate of 20%, provided that they meet the following criteria:

Industrial Enterprises

Qualifying industrial enterprises need to have an annual taxable income of RMB1 million or below, have no more than 100 employees and have total assets valued at no more than RMB30 million.

All Other Enterprises

All other qualifying enterprises need to have an annual taxable income of RMB1 million or below, have no more than 80 employees and have total assets valued at no more than RMB10 million.

These latest requirements were outlined in a recent circular jointly issued by the Ministry of Finance and the State Administration of Taxation.

For further details, please visit the following link:

Small Business Income Tax Threshold Raised to RMB1 Million

Content provided by Picture: HKTDC Research
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