Announcement on Preferential Policies for Income Tax of Small and Micro Enterprises and Individual Businesses
- For small low-profit enterprises, the portion of their annual taxable income that does not exceed RMB 1M shall be included in the taxable income at a reduced rate of 25%, and the enterprise income tax shall be paid at a tax rate of 20%.
- For individual businesses with an annual taxable income of no more than RMB 1M, individual income tax will be levied at a reduced rate of half based on the current preferential policies.
- The term "small low-profit enterprises" as mentioned in this announcement refers to enterprises with 3 conditions: annual taxable income not exceeding RMB 3M, number of employees not exceeding 300 people, and total assets not exceeding RMB 50M.
- The implementation period of this announcement is from January 1, 2023 to December 31, 2024.
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