Latest News:  
Beijing   Light rain/Overcast    15 / 8   City Forecast

Home>>China Business

China raises VAT, business tax thresholds to support small enterprises

(Xinhua)

09:46, November 01, 2011

BEIJING, Oct. 31 (Xinhua) -- China will raise thresholds for levying value-added and business taxes on small enterprises starting from Tuesday, the Ministry of Finance said Monday.

The value-added tax (VAT) threshold for small enterprises will be increased to between 5,000 yuan (791.14 U.S. dollars) and 20,000 yuan, in terms of monthly sales revenues, from the previous threshold of 2,000 to 5,000 yuan, the ministry said in a statement on its website.

Meanwhile, the threshold for levying the business tax for small enterprises will be raised to 5,000-20,000 yuan from the previous 1,000-5,000 yuan.

The adjustments came after a decision announced earlier this month by the State Council, or China's cabinet, to enhance financial support for the country's cash-strapped small enterprises.

Last week, the State Council also announced a pilot program to replace the business tax with VAT in certain service sectors, such as the transportation sector, in Shanghai starting from January 1, 2012.

If the pilot program is successful and the conditions are right, the program will be extended to service businesses nationwide, the State Council said.

 
 
     
 
 
 
     
 
 
 
  We Recommend  
 
 
 
     
 
 

Email|Print|Comments(Editor:陈乐乐)

Leave your comment0 comments

  1. Name

  

Selections for you


  1. Shenzhou-8 takes off for crucial space mission

  2. China’s first space docking mission

  3. Longjiang Shadow play resurrected

  4. Taste tea culture in S. China

Most Popular

Opinions

  1. Effective measures stabilize Wenzhou economy
  2. US gearing up for trade war with China?
  3. How can China raise credibility of public hearings?
  4. Chinese influence on Toronto growing
  5. China's development no threat to Japan
  6. Can Internet accurately gauge public opinion?
  7. How to view public, government opinion realms?
  8. China's development no threat to Japan
  9. Chinese officials need to speak cautiously
  10. Why Taoism can change the world

What's happening in China

Obese boy trying back to normal life

  1. Taiwan to outlaw teacher-student romance
  2. 'Population crisis' looms in Taiwan
  3. SW China explosion kills 4, injures at least 100
  4. Walmart wholesaling deadbeat behavior: landlord
  5. 6.0-magnitude quake hits NW China's Xinjiang

PD Online Data

  1. Tangerines and oranges
  2. Dried persimmon cake
  3. Guangdong candy
  4. Tangyuan
  5. What do Chinese eat during the Spring Festival?