China Provides Tax Support for Individuals and Small Taxpayers

China's Ministry of Finance and State Administration of Taxation have jointly issued a series of announcements on support measures for individuals and small taxpayers.

Announcement No. 12 of 2023

Announcement No. 12 of 2023 provides several support measures, including:

• A 50% reduction in personal income tax on the portion of annual taxable income of individual industrial and commercial households not exceeding CNY 2 million from 1 January 2023 to 31 December 2027;
• A 50% reduction in res…