Announcement on Preferential Policies for Income Tax of Small and Micro Enterprises and Individual Businesses

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  1. 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%.
  2. 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.
  3. 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.
  4. The implementation period of this announcement is from January 1, 2023 to December 31, 2024.

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