The state council has proposed further tax cuts to reduce the burden on small and micro businesses by another 200 billion yuan annually
On January 9, premier li keqiang presided over an executive meeting of the state council, which decided to launch another batch of preferential tax cuts for small and micro businesses.At the same time, we will speed up the issuance and use of special bonds issued by local governments, support projects under construction and projects that strengthen weak links, and boost consumption.The meeting put forward five specific measures to reduce the burden of small and micro enterprises, the implementation period is tentatively set at three years, it is estimated that each year for small and micro enterprises to reduce the burden of about 200 billion yuan.
In particular, the meeting decided to significantly relax the standards for small, low-profit enterprises that can enjoy income tax benefits, and to reduce the amount of their annual taxable income not exceeding 1 million yuan, 1 million yuan to 3 million yuan by 25% and 50%, respectively, to reduce the tax burden to 5% and 10%.The preferential policy will cover more than 95 percent of tax paying enterprises, 98 percent of which are private enterprises.
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