China Cabinet Announces Package of Tax Measures to Stabilize Economy

The Chinese State Council May 23 announced a package of tax measures to stabilize the economy. The announcement includes: 1) an expansion of the policy of refunding outstanding and newly added VAT credits to more industries; 2) an extension of the employer contribution deferral for old-age pension, unemployment, and work-related injury insurance for small and medium enterprises (SMEs) and companies in specific sectors until the end of the year, and an expansion of the deferral policy to other industries; 3) an expansion of the subsidy for retaining employees under unemployment insurance to all hard-hit enterprises participating in the regime; 4) ...