Latest notice! Preferential tax rates will continue.

On March 26, 2023

the State Administration of Taxation issued“Announcement of the State Administration of Taxation of the Ministry of Finance on the Preferential Income Tax Policies for Small and Micro Enterprises and Individual Industrial and Commercial Households” (Announcement No. 6, 2023).

The policy specifies that from January 1, 2023 to December 31, 2024, the part of the annual taxable income of small, low-profit enterprises that does not exceed 1 million yuan shall be included in the taxable income at a reduced rate of 25%, and corporate income tax shall be paid at a tax rate of 20%. (The actual tax burden is 5%, which is consistent with the partial tax burden of 1 million to 3 million yuan.)

That would be 2.5% income tax in 2022, rising to 5% in 2023.

Policy Interpretation

01

Small & low-profit enterprises must meet certain conditions:

Small and low-profit enterprises refer to those engaging in industries not restricted or prohibited by the state and meeting the three requirements of no more than 3 million yuan in annual taxable income, no more than 300 employees and no more than 50 million yuan in total assets.

02

Small and low-profit enterprises can enjoy this policy, whether it is income tax audit collection or income tax verification collection.

03

Small and low-profit enterprises enjoy preferential policies for income tax. No special application required. Just fill out the declaration form.

04

Small enterprise income tax with low profit shall be paid quarterly in advance and settled annually.

If you need any more information, feel free to contact SOLUTIONS. We will be glad to assist you.

SOLUTIONS

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