State Taxation Administration of China Updated Guidelines on Four Preferential Tax and Fee Policies

The State Taxation Administration recently updated the "Guidelines on Preferential Tax and Fee Policies for ‘Widespread Entrepreneurship and Innovation’”, "Guidelines on Preferential Tax and Fee Policies for Small and Micro Enterprises and Self-employed Individuals", "Guidelines on Preferential Tax and Fee Policies for the Software and Integrated Circuit Enterprises", "Guidelines on Preferential Tax and Fee Policies for Supporting Rural Revitalization" (hereinafter generally referred to as the "Guidelines").

The State Taxation Administration said on Saturday that the latest update includes new preferential tax and fee policies issued after the last guideline, especially the new combined tax support policy launched in 2022. Tax and fee preferential policies that have been implemented and expired have been deleted; The duration of some preferential policies are extended, such as phased-in exemptions on VAT payments for small taxpayers, giving preferential tax treatment to key groups for innovation and employment, and to those who invest in high-tech start-ups.

"Guidelines on Preferential Tax and Fee Policies for ‘Widespread Entrepreneurship and Innovation’” focuses on key areas of innovation and entrepreneurship, and integrates 120 preferential tax policies and measures, covering the entire life cycle of enterprises' start-up, growth, and maturity. "Guidelines on Preferential Tax and Fee Policies for Small and Micro Enterprises and Self-employed Individuals" have sorted out and formed 39 preferential policies on taxes and fees reduction for small and micro businesses and individual businesses from the three aspects: burden reduction, financing promotion and entrepreneurship assistance. "Guidelines on Preferential Tax and Fee Policies for the Software and Integrated Circuit Enterprises" has given prominent support to the development of software and integrated circuit enterprises, and sorted out 21 preferential tax and fee policies for software and integrated circuit enterprises. As for "Guidelines on Preferential Tax and Fee Policies for Supporting Rural Revitalization"，a total of 109 preferential tax and fee policies for rural revitalization have been formulated from six aspects, including supporting rural infrastructure construction, promoting the development of rural industries with distinctive characteristics, and promoting coordinated regional development, etc.

The State Taxation Administration said it will continuously improve the implementation of tax and fee policies, make continuous innovation of tax and fee services for the convenience of the public, push preferential tax and fee policies precisely, optimize the tax business environment, and further cultivate and stimulate the vitality of market entities.

Source from State taxation administration of the P.R.C.

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