China prepares to cut business costs

China prepares to cut business costs

China prepares to cut business costs
 
  According to the official announcement from China, a new general has been released aimed at helping companies break out of the financial bottleneck that entered the company due to the Cavid-19 epidemic.
 
  Under the joint circular announced by the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Finance and the Bank of China (the Central Bank), the main cost items for enterprises will drop by 15 percent this year.
 
  In this context, the value-added tax exemption will be extended until the end of this year.  According to the circular, this exemption will cover sectors such as public transportation, restaurant and hotel management, tourism and leisure, and cultural and sports services.
 
  Small businesses will be allowed to postpone income tax payments next year, and illegal expenses on companies will be canceled.
 
  On the other hand, according to the same publication, SMEs and SMEs will be exempt from pension contributions, unemployment insurance and occupational accident insurance until the end of this year.
 

  China Radio International


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