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Day: April 22, 2022

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Seven Areas of Tax Savings for SMEs in China for 2022-2024

The Chinese government has released a series of incentives relating to corporate income tax (CIT), value-added tax (VAT), and other taxes for Small and Medium Enterprises (SMEs). Here are seven areas where SMEs can save taxes in China. 1. Lower CIT rate for small low-profit enterprises Small low-profit enterprises mean the enterprises that engage in non-restricted and non-prohibited businesses and meanwhile satisfy the following three criteria: The annual taxable income amount does not exceed RMB3 million; The staff headcount does

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