BEIJING: State Administration of Taxation (SAT) has revealed 10 billion dollar tax breaks for small and micro level businesses in China.
Business income tax of 10.1 billion yuan was reduced or scrapped from 2.46 million small and micro businesses, as companies with annual taxable business income below 100,000 yuan were eligible to a 50 percent reduction.
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Value added tax and turnover tax cuts were worth more than 51.1 billion yuan from 22 million small and micro businesses through a temporary suspension for certain small firms from Aug 1, 2013, to Sept 30, 2014, according to SAT.
China has expanded preferential tax policies for small companies and reduced their taxburden to boost economic growth and employment. Nearly 80 percent of urban jobs are provided by small companies.
