China Increases Revenue Thresholds for Exemptions from Certain Government Funds Charges

On 29 January 2014, China's Ministry of Finance and State Administration of Taxation issued Circular 12/2016, which increases the thresholds for exemptions from certain government funds charges. From 1 January 2015, enterprises with monthly revenue not exceeding CNY 30,000 or quarterly revenue not exceeding CNY 90,000 have been exempted from local education surcharges, water conservancy charges, urban maintenance and construction charges, and others. Under Circular 12/2016, the thresholds for…