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2 Nov, 2011

China cuts tax to boost small businesses – chinadaily.com.cn

BEIJING – China carried out major tax cuts on Tuesday designed to benefit the nation’s crisis-hit small and micro-sized firms – including street vendors – and also help curb inflation. The value-added tax (VAT) threshold for small enterprises increased to between 5,000 yuan ($791.14) and 20,000 yuan, in terms of monthly sales revenues, from the previous threshold of 2,000 to 5,000 yuan, according to a statement released by the Ministry of Finance (MOF) on its website.

Meanwhile, the threshold for levying the business tax for small enterprises was raised to 5,000-20,000 yuan from the previous 1,000-5,000 yuan.

via China cuts tax to boost small businesses|Politics|chinadaily.com.cn.