China Tax Agency Issues Information on Various Tax Measures for Specific Corporate, Individual Taxpayers

The Chinese State Administration of Taxation Aug. 16 issued information on various tax measures for specific corporate and individual taxpayers. The tax agency explains measures: 1) allowing 50 percent reductions in resource tax, urban maintenance and construction tax, real estate tax, urban land use tax, and stamp duty, from Jan. 1, 2022, to Dec. 31, 2024, for small enterprises and individual households; 2) providing a reduced 25 percent corporate income tax rate, and a 20 percent enterprise income tax (EIT) rate, for enterprises with annual taxable income of over 1 million Chinese yuan (US$147,467) and up to 3 million yuan ...