China Signals Long-Term Tax Relief for Smaller Companies

China will set up special relief funds, seek long term-tax cuts, and require public agencies to purchase from small businesses to mitigate the damage from the coronavirus, the government said Friday.

Provincial and local governments should cut levies on micro and small companies by including deferments, reductions, and exemptions from corporate income tax and value-added taxes, the State Council and other government agencies said in a statement. They also called for business fees to be reduced and standardized.

The national government will also set up a special fund to guide financial support to small and medium-sized companies, the statement ...