China cuts income tax for some small businesses to 20%

© . FILE PHOTO: Yuan notes can be seen in this illustrative photo taken in Beijing July 26, 2010. REUTERS/Jason Lee BEIJING () -China will cut income tax for some small businesses from 25% to 20%, the Treasury Ministry said on Monday. Friday, as part of steps to ease the burden on small businesses to support the slowing economy. Small businesses will be subject to the reduced income tax from early 2022 to late 2024, the ministry reports on its website. To qualify, the small businesses’ annual taxable income must not exceed 3 million yuan ($472,000), with assets under 50 million yuan and fewer than 300 employees, the statement said. Chinese Prime Minister Li Keqiang has pledged to implement tax cuts and rebates totaling 2.5 trillion yuan this year to offset a slowdown in the economy. Small businesses in China account for about 80% of urban employment. ($1 = 6.3620 renminbi) Disclaimer: Fusion Media would like to remind you that the data on this website is not necessarily real-time or accurate. All CFDs (Stocks, Indices, Futures) and Forex prices are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price meaning prices are indicative and not suitable for trading purposes . Therefore, Fusion Media does not bear any responsibility for any trading losses that you may incur as a result of using this data. Fusion Media or anyone associated with Fusion Media accepts no liability for any loss or damage resulting from reliance on any information, including data, quotes, charts and buy/sell signals on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.

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