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  • Beijing Review

    ECONOMY

    May 07, 2020 4 minutes

    Tax Exemptions

    China announced on April 26 to extend tax exemptions by an additional four years to further improve the inclusive finance service for smaller businesses.

    The tax exemptions, which expired at the end of last year, will be extended to December 31, 2023, according to a statement jointly issued by the Ministry of Finance and State Taxation Administration.

    In order to boost policy support and encourage financial institutions to step up financial services, Chinese authorities decided in 2017 that financial institutions will be exempt from value-added taxes (VAT) on income from interests for loans to small and micro-sized businesses and individually owned businesses.

    The joint statement also said

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