BEIJING, March 27 (Xinhua) -- China has extended and improved a raft of preferential tax and fee policies, according to multiple statements issued by the Ministry of Finance and the State Taxation Administration based on decisions made at a State Council meeting last week.
For low-profit small enterprises, the portion of their annual taxable income that does not exceed 1 million yuan (about 145,530 U.S. dollars) will be calculated as 25 percent of the original amount from 2023 to 2024. For self-employed individuals under the same condition, their corresponding individual income tax payments will be halved.
