China cuts income tax for some small firms to 20per cent - finance ministry

BEIJING :China will cut income tax for some small firms to 20per cent from 25per cent, the finance ministry said on Friday, as part of steps to ease burdens on small businesses to support the slowing economy.

Small firms will be subject to the lower income tax until the end of 2024 from the start of 2022, the ministry said in a statement on its website. To be eligible, the small companies' annual taxable income cannot exceed 3 million yuan , with assets below 50 million yuan and fewer than 300 employees, according to the statement.

China's Premier Li Keqiang has pledged to deliver tax cuts and rebates totalling 2.5 trillion yuan this year to help cushion a slowdown in the economy.

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China cuts income tax for small firms - finance ministryBEIJING : China will cut income tax for some small firms until the end of 2024, the finance ministry said on Friday.Small firms will be subject to income tax of 20per cent, effective from the start of 2022, the ministry said in a statement on its website. (Reporting by Kevin Yao, Ellen Zhang
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