The Ministry of Finance and the State Administration of Taxation (SAT) has jointly issued an announcement that tax breaks to increase employment are to be extended until 31 December 2016. The tax relief applies to companies that increase employment and to individuals creating their own business. These tax breaks are now to extend to all business sectors and all types of employee. A new business that is set up by new graduates or unemployed workers qualifies for a tax deduction of RMB 9,600 and companies creating new employment that will continue for more than one year qualify for a tax reduction amounting to RMB 5,200 for each job created.
Related Posts
China publishes 15th APA programme report
China’s State Taxation Administration (STA) has published its 15th annual report on the advance pricing agreement (APA) programme on 26 December 2024. The report provides comprehensive statistical insights into the implementation of the APA
Read MoreChina enacts first VAT Law
The 13th Session of the 14th National People's Congress Standing Committee has reviewed and approved the draft of the Value-Added Tax (VAT) Law of China. This legislation, which marks the introduction of China's first VAT Law, is set to take
Read MoreArgentina, China tax treaty enter into force
The income and capital tax treaty between Argentina and China came into force on 26 November 2024. This was confirmed in a notice published in the Argentine Official Gazette on 19 December 2024. This income tax treaty aims to eliminate double
Read MoreItaly ratifies new tax treaty with China
Italy has published Law No. 182 of November 18, 2024, in the Official Gazette on 3 December, 2024, ratifying the new tax treaty with China. The agreement aims for the elimination of double taxation with respect to taxes on income and the prevention
Read MoreAustria, China amending protocol to tax treaty enters into force
The amendment to the 1991 tax treaty between Austria and China came into force on 19 November 2024. The protocol, signed on 14 September 2023, introduces several updates to modernise the agreement and align it with global tax standards. The
Read MoreBrazil ratifies pending tax treaty protocol with China
Brazil's Chamber of Deputies (lower house of the National Congress) has ratified the pending protocol to the 1991 income tax treaty with China on 19 November 2024. The protocol has been submitted to the Senate for approval. Signed on 23 May
Read More