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Friday, 11 January 2019 11:00

China to introduce larger-scale tax cuts for micro businesses

China to introduce larger-scale tax cuts for micro businesses

China will unveil larger-scale tax cuts and tax exemptions for micro and small enterprises (MSEs), a State Council executive meeting chaired by Premier Li Keqiang decided on Jan 9, Caspian Energy News ( reports with reference to the press statement of the State Council of the People’s Republic of China.

Further tax and fee cuts reflect intensified implementation of the proactive fiscal policy. At the annual Central Economic Work Conference held in December 2018, President Xi Jinping stressed the need to introduce tax and fee cuts on a larger scale and more inclusive tax breaks for MSEs.

Reducing tax burdens for MSEs has been on the agenda of the State Council’s executive meetings four times throughout 2018. Statistics from tax authorities show that from January to November 2018, tax cuts for MSEs totaled 184 billion yuan ($27 billion). These tax cuts have helped to lower the cost of entrepreneurship and innovation and help businesses gain vitality, create more jobs and ease their financing woes.

 “Amid increasing downward pressure, it is essential to introduce tax and fee cuts for small and micro firms, as this will be conducive to boosting employment and shoring up private businesses at the same time,” Premier Li said.

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Person in charge of the newsline: Olga Nagiyeva 

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