China Defers $31bn in Corporate Taxes: Caixin

Chinese manufacturers have been allowed to defer 200 billion yuan ($31 billion) in tax payments to ease the pressure of rising costs, Caixin reported on Friday.

Industry, especially micro-, small and medium-sized enterprises, have been squeezed on profits and the State Council, China’s cabinet, offered tax relief in the fourth quarter.

The deferral applies to corporate income tax and domestic value-added tax, domestic consumption tax, urban maintenance and construction tax, as well as personal income tax paid by individual industrial and commercial households, individual proprietorships and partnerships.

Read the full report: Caixin

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.