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The updated Corporate Income Tax holiday
2021-10-13

On June 6, 2017, The State Administration of Taxation released the new tax incentive on the Corporate Income Tax (CIT) for the micro-low-profit companies. It looks fantastic for most companies. Now let’s take a closer look at it.

 

Ø  What are the CIT holiday?

-CIT rate is reduced from 25% to 10%

 

Ø  How long does the Tax holiday last?

-From January 1, 2017 to December 31, 2019 (full three years)

 

Ø  Who could benefit from this tax holiday?

-If you are a manufacturing company, you have to satisfy the following conditions (all of them)

Taxable Income

(Profit before tax) per year

Annually Employees Number

Annually

Total Assets

<=RMB 500,000

<=100

<=RMB 30 Million

-if you are any other types of company (i.e. trading, consulting, designing, other than Mfg company), you have to follow the below criteria

Taxable Income

(Profit before tax) per year

Annually Employees Number

Annually

Total Assets

<=RMB 500,000

<=80

<=RMB 10 Million

 

More information of updated local tax, please subscribe our newsletters on www.victortruman.com

 

 

Keywords: Ningbo accounting, Ningbo Auditor, Ningbo accountants, Ningbo CPA

关键词：宁波会计，宁波审计，宁波会计师，宁波涉外会计，宁波注册会计师

 

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