A circular issued by four state organs, including the National Development and Reform Commission, has announced that sectors focused on technological innovation and key industrial chains will benefit from customized tax and fee reduction measures. The circular further aims to optimize the existing favorable tax policies.
According to the circular, by the end of this year, small-scale taxpayers with monthly sales below 100,000 yuan (approximately 13,986 U.S. dollars) will be exempted from value-added tax.
In addition to lowering loan interest rates, the country will continue to increase lending to small and micro firms, as stated in the circular.
To alleviate the manpower burden on companies, the current policies of reducing premium rates for unemployment insurance and work-related injury insurance will be extended until the end of 2024.
Furthermore, the circular highlights that the country will maintain a zero-tariff policy on coal imports. Efforts will also be made to reduce institutional transaction costs and logistics costs.