The revised Individual Income Tax Law of the People’s Republic of China stands to significantly affect workers’ monthly net salaries going forth in 2019. From 1 January, individuals monthly net salaries should have risen from their December salary, as the individual withholding tax calculation has been altered from a monthly taxable basis to annual accumulated…
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An annual tax reduction of 200 billion yuan is expected for small-profit businesses as part of the latest tax relief policies set forth for small and micro business. The tax relief was announced during the 12 January State Council meeting chaired by Premier Li Keqiang. Following suit, the Notice on Implementing the Policy of Inclusive…
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Recently, small and micro China enterprises saw preferential tax relief under the promulgation of the Notice on Implementing the Policy of Inclusive Tax Relief for Small Profit Enterprises Circular, Caishui No. 13 [2019] (Circular 13). What’s more, provisions in Circular 13 further exempt small-scale taxpayers from value-added taxes, provided their monthly sales fall below RMB…
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