China Small Businesses Get Continued Pandemic Tax Relief

China will extend certain tax relief policies rolled out during the early days of the Covid-19 pandemic, the Ministry of Finance announced Tuesday.

The pandemic policies mainly support smaller businesses and the film industry. The MOF said it would extend:

• Value-added tax reductions for smaller and micro-sized businesses until Dec. 31, 2021.
• A further value added tax cut to 1% from 3% for qualifying smaller businesses in Hubei province, where the pandemic disruption was most severe, for the same period.
• Tax reductions on theaters and other businesses in the film industry until year-end. ...