China set to ease tax burden on individuals and firms

A counsellor helps a taxpayer at a revenue office in Lianyungang, Jiangsu province. - China Daily

BEIJING (China Daily/ANN): Tax authorities in China have published a document that outlines a set of policies to ease the tax burden on individuals and corporates during the novel coronavirus outbreak, including exemptions in individual income tax and value-added tax for certain taxpayers.

Cutting taxes and fees for enterprises affected by the epidemic, especially small-and medium-sized ones, reflects the government's decision to launch rescue measures related to expansionary fiscal policies, said a research note from consultancy firm PwC.