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China Supports New Firms With Extended Tax Breaks

by Mary Swire, Tax-News.com, Hong Kong

02 May 2014


The Chinese Ministry of Finance and the State Administration of Taxation has announced the extension and upgrade of employment-boosting tax breaks that expired at the end of 2013.

The tax breaks are given to companies that create jobs and to individuals starting their own companies. Extended to December 31, 2016, the measures will now also be unrestricted to include all sectors of the economy and all categories of workers.

In particular, businesses established by unemployed workers or new graduates can now receive an annual tax deduction of RMB9,600 (USD1,530), up from RMB8,000 previously. Companies providing new employment for more than one year can receive a tax reduction of RMB5,200 per job – an increase of RMB400 on the previous allowance.

The measure's extension will prop up the economy after a slowdown to a growth rate of only 7.4 percent in the first three months of this year.

TAGS: individuals | tax | economics | business | fiscal policy | entrepreneurs | China | tax authority | unemployment | tax breaks | Tax

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