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  • Beijing Review

    ECONOMY

    Jan 19, 2023 4 minutes

    Tax Exemption

    China will exempt small businesses with monthly sales of 100,000 yuan ($14,740) or less from value-added tax (VAT) throughout 2023, according to finance and taxation authorities.

    The Ministry of Finance and the State Taxation Administration also specified tax relief policies for taxpayers engaged in producer services such as postal and telecom services.

    As part of efforts to support economic growth, China has carried out a wide range of tax and fee cuts over the years. In 2022, the country implemented record high VAT credit refunds, which totaled roughly 2.4 trillion yuan ($353.76 billion)

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