What You Need To Know About The Reduction Of Corporate Tax For Smbs In China-yyets.com

Business China’s tax policy framework for 2012 largely focuses on reducing taxes for both individuals and small businesses to maintain economic growth and stability. China’s Ministry of Finance presented the tax policy framework for 2012 during the National Finance Work Conference in Beijing. Tax incentive for small low-profit enterprises extended In the year 2011 the in.e tax threshold for individuals had been raised from RMB2000 (USD315) to RMB3500. Micro businesses and small-sized enterprises (with an annual taxable in.e of less than RMB60,000) will benefit this year with 50 percent of its taxable in.e subject to a reduced corporate in.e tax rate of 20percent. The tax reduction will apply from January 1, 2012 to December 31 2015.The measures are aimed at helping smaller firms deal with increased costs of doing business. China plans to keep its import taxes low in 2012 to encourage imports and meet consumer demand while also promoting balanced foreign trading relationships. China import taxes reduced The Chinese government also announced plans to reduce import taxes to 4.4 percent for over 730 goods which is less than half the rate by the World Trade Organization standards for a country that rules the world’s export and import business. Energy and natural resources, agricultural products and high-technology equipment will be the most favored segments for imports. The government also has plans to formulate new policies for resources, consumption and property taxes. China Value Added Tax Last year China had announced a pilot scheme to replace the existing business tax on the country’s service sector with value added tax in Shanghai, which if successful, would be extended nationwide. Expert Assistance can certainly be of help It has never been a better time to expand as China offers tremendous prospects for international expansion . In any business expansion, financial benefits always play a significant role. Incentives and tax reductions offered by the government make it a lucrative proposition to set up a business in a particular country. Therefore partnering with an expert can help tremendously in understanding the .plexities of taxation and having the right people working with you in China can help you succeed. It can be an office with qualified staff, or a consultant hired to assist you but having support from those experienced in the market will be a huge advantage to your .pany. You can get valuable assistance in various areas of your business like regulatory filing requirements, international accounting services to name a few. About the Author: 相关的主题文章:

Comments are closed.