Small firms and tech companies in China can expect further tax cuts worth up to RMB 60 billion ($9.5 billion), state media reported on Wednesday.
The taxable income for small firms will rise to RMB 1 million, twice the existing level, reports Reuters. Firms engaging in research and development will benefit from tax deductions on purchases of new capital, the message said.
The cuts will help the government meet the pledge made by premier Li Keqiang last month to lower taxes by RMB 800 billion in 2018.
You must log in to post a comment.