China to extend some tax concession policies
China is to extend a number of tax concession policies which were launched during the COVID-19 fight last year.
The Ministry of Finance and State Taxation Administration said the move would further support prevention and control of the pandemic and promote bail-outs for enterprises.
Value-added tax cuts for individual industrial and commercial households, aimed at supporting them to return to work and resume business operations, will be extended to the end of this year.
From April to December, small-scale taxpayers in hardest-hit Hubei Province will be offered more privileged policies. For example, their taxable sales income which attracted VAT at 3 percent can now enjoy a lower 1 percent rate.
Preferential policies on personal income tax and taxes for some of the worst-hit industries, such as the film industry, will also see the implementation period extended to the end of the year.
Some other policies supporting pandemic prevention and control and those related to donations for it will be extended to the end of March.
Taxes already levied since January, if covered in the latest notice, can be refunded in cash or as a credit against future tax liabilities.