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China says to extend some favourable income tax policies -Breaking

by Mike Robinson

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BEIJING (Reuters] – China will expand some favourable income taxes policies to ease burden for low and middle-income groups. State media quoted Premier Li Keqiang as saying this Wednesday at a cabinet meeting.

According to the Cabinet, this measure will reduce taxes by 110 billion Yuan ($17.3 trillion) per year.

China will continue to reduce taxes and fees in the next fiscal year to help struggling companies, China’s finance ministry announced Monday. This was consistent with pledges made at the Central Economic Work Conference earlier this month. It is an agenda-setting gathering of top Chinese leaders.

According to the Cabinet, preferred tax policies for annual bonuses will continue until 2023 while equity-based incentive tax policies will remain in effect until next year.

After a strong recovery from last year’s pandemic, the world’s second largest economy has been struggling. It now faces many challenges, including a deepening property market, persistent supply bottlenecks and tight COVID-19 restrictions that will impact consumer spending.

China’s finance ministry announced Monday that it will implement fiscal policies in order to stabilize economic growth.

($1 = 6.3651 renminbi)

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