Tax break threshold rises again

More small, micro companies to benefit through end of 2017 in innovation drive

More small and micro businesses will be eligible for tax breaks as China strives to encourage innovation and boost employment in the face of downward economic pressure, the State Council decided on Wednesday.

An executive meeting of the council, presided over by Premier Li Keqiang, decided that businesses with annual taxable income below 300,000 yuan ($46,900) will be eligible for a 50 percent reduction in business income tax.