Chinese Government Work Report Includes Further Tax Relief for 2022

The Chinese Government has published the Government Work Report that was delivered on 5 March 2022 at the Fifth Session of the Thirteenth National People's Congress. Among other things, the report covers tax policies for 2022, including further tax relief/support:

• A phased VAT exemption will be introduced for small-scale taxpayers;
• The corporate tax rate on the part of annual taxable income of small and micro enterprises from CNY 1 million to 3 million yuan will be reduced by half;
• Priority…