On 6 November 2017, according to a joint announcement by the Ministry of Finance and the State Administration of Taxation, tax incentives will be expanded in China to reduce costs for agriculture-related and small-scale businesses, encouraging bank lending to support real economy development.
Small and micro-sized enterprises, with monthly sales of 20,000 to 30,000 Yuan ($3,050-$4,575), will be exempted from value-added tax (VAT) from the beginning of next year until the end of 2020.
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