BEIJING – China's finance ministry on Monday issued preferential tax policy for some small firms and household businesses, as part of steps to support the economic recovery. China will levy a 20 percent income tax for small firms with annual sales not exceeding 1 million yuan ($145,340.39), effective from the start of 2023 to the end of 2024, the ministry said in a notice. Small firms to enjoy the lower tax – versus the standard 25 percent rate – need to have annual taxable income not exceeding 3 million yuan, the number of employees not exceeding 300, and total assets not exceeding 50 million yuan, the ministry said.

https://business.inquirer.net/393322/china-issues-preferential-tax-policy-for-small-firms-household-businesses

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