Tax benefits to boost real economy

Agriculture sector, small businesses will receive preferential treatment

Tax incentives will be expanded in China to reduce costs for agriculture-related and small-scale businesses, encouraging bank lending to support real economy development, according to a joint announcement on Monday by the Ministry of Finance and the State Administration of Taxation.

Small and micro-sized enterprises, with monthly sales of 20,000 to 30,000 yuan ($3,050-$4,575), will be exempted from value-added tax from the beginning of next year until the end of 2020, the announcement said.