Bonus for small businesses
China Daily | Updated: 2013-07-26 08:35
China took a meaningful step to stabilize the economy on Wednesday when it announced that, from Aug 1, value-added tax and the tax on turnover will be scrapped for small businesses whose revenues are less than 20,000 yuan ($3,200) a month.
This should greatly boost the morale of small businesses, which are one of the biggest sources of jobs in the country. In all, 6 million small businesses are expected to benefit.
The announcement was made in a statement released on Wednesday after an executive meeting of the State Council presided over by Premier Li Keqiang.
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