BEIJING: China will further reduce taxes to support small firms and high-tech companies, state radio quoted the cabinet as saying on Wednesday, with seven measures expected to result in cuts of more than 60 billion yuan ($9.5 billion).
The measures included a rise in the threshold on taxable income for small firms to 1 million yuan from 500,000 yuan and preferential tax deductions for firms’ purchases of equipment for research and development.
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