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Small Business Income Tax Threshold Raised to RMB1 Million

The annual taxable income threshold of low-profit small and micro businesses has been raised from RMB500,000 to RMB1 million for the period January 2018 and 31 December 2020, according to a joint statement by the Ministry of Finance and the State Administration of Taxation. In the case of businesses with an annual taxable income of RMB1 million or below, they will only be taxed on 50% of their income, while also being liable for enterprise income tax at a 20% rate.

For further details (in Chinese), please visit the following link:

Circular on Further Expanding the Scope of Enterprise Income Tax Preferential Policy for Low-Profit Small Businesses (Cai Shui No. 77 [2018])

Content provided by Picture: HKTDC Research
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