BEIJING : China's finance ministry on Wednesday unveiled a package of tax relief measures to support small businesses and rural households, as the world's second-largest economy struggles with a post-COVID recovery.
The finance ministry said it would extend a value-added tax cut for small taxpayers for an additional four years until the end of 2027, according to a statement. Those offering guarantees of borrowings or bond issues by rural households, small firms and individual businesses would also be exempted from paying the VAT on revenue generated from the guarantees, the ministry said.
Micro loans entitled to the exemption refer to lending to businesses of those types with no more than 10 million yuan in credit lines.
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