Tax exemption date

The State Administration for Tax announced that June 30 each year would be the commencement date for tax exemption and reduction for newly established enterprises. If a new company's business license is issued before June 30 in a year, that current year shall be regarded as a tax year and be subject to treatment of tax exemption and reduction. If the business license is issued after June 30 in a year, the enterprise may apply for normal taxation for that current year and preferential tax treatment to be commenced from the following year.