On 29 May 2022, the Shanghai Municipal government announced several measures for stabilising the Shanghai economy. Namely, the measures support small and micro companies and severely affected sectors including catering, retail, tourism and so forth. Below we summarise the announced measures for businesses in Shanghai. Deferring social insurance payment for companies in catering, retail, tourism…
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Small and micro businesses Corporate income tax The corporate income tax rate was reduced from 10 percent to 5 percent for small and micro-businesses. The tax rate is applied to the profit portion from 1 million RMB to 3 million RMB. Reduction and exemption of six taxes and two fees Six taxes and two fees…
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The Regional Comprehensive Economic Partnership Agreement (“RCEP”) fosters stronger relationships among Asia-Pacific countries and creates new opportunities for international trade and other economic benefits. For China, RCEP is the first free trade agreement with Japan and South Korea and should result in substantial opportunities for companies to seize. Find out the nuts and bolts of…
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