China Announces Tax Relief Measures for 2022 Due to Coronavirus

The Chinese Government March 12 announced tax relief measures for 2022, due to the coronavirus pandemic. The announcement includes: 1) the continued implementation of tax reduction policies for the manufacturing industry, small and micro enterprises, and commercial entities; 2) an expanded scope for reduced tax rates and exemptions; 3) a phased VAT exemption for small-scale taxpayers; 4) a 50 percent reduction in the corporate tax rate for small and micro enterprises with between 1 million Chinese yuan (US$142,598) and 3 million yuan (US$427,816) in annual income; 5) an improved VAT refund system, including increased VAT credits and refunds; 6) an ...