There’s more tax reform, this one aimed at helping smaller companies cope with rising costs. China’s Ministry of Finance has raised the threshold for value-added and business taxes.

Under the new policy, the thresholds of both taxes will be lifted to between five thousand to twenty thousand yuan a month.

Previously, the business tax threshold stood at one thousand to five thousand yuan. The VAT threshold for businesses that sell products was two thousand to five thousand yuan, for companies providing labour and services was fifteen to thirty thousand yuan.

The changes will take effect on November 1st.

Source:cntv.cn