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In addition to expanded CIT incentives, the tax cuts offer value-added tax (VAT) exemptions for small-scale VAT taxpayers.
Per the Notice on the Collection and Management of Small-scale Taxpayer Exemption from VAT Policy, released by the State Administration of Taxation on January 19, small-scale VAT taxpayers with monthly sales under RMB 100,000 (US$14,715) are exempt from paying VAT on a number of items, up from RMB 30,000 (US$4,415) previously.
Among the incentives, small-scale taxpayers with monthly sales under RMB 100,000 and quarterly sales under RMB 300,000 (US$44,145) do not need to pay VAT on such sales. Further, general VAT taxpayers with less than RMB 5 million (US$734,500) in sales over the last 12 months or four quarters can opt to transfer to small-scale VAT taxpayer status by December 31, 2019.
As well, regional governments are permitted to cut local tax items for small-scale taxpayers by up to 50 percent, and authorities will expand tax breaks for venture capital firms and angel investors that invest in high-tech startups.
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