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Xiao Jie, Minister of MOF, disclosed in the press conference of the first session of 13th National People’s Congress that the VAT system would be continuously reformed and perfected; the individual income tax reform would be implemented; the support to medium, small and micro-sized enterprise would be strengthen; the annual sales standards for small-scale tax payer would be unified; the scope of the small and micro-sized enterprises enjoying the half reduced income tax preferential policy would be significantly expanded. Also the equipment and tools newly purchased with the amounts below 5 million RMB would enjoy one time deduction before the tax at the current year.

 

Proof Reader:Cao Yuhong

Released by China Accounting on  June 29, 2018, please indicate the source and author. 

Original Link:http://news.esnai.com/2018/0307/170665.shtml

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