State Council to allow small businesses to postpone income tax payment

The executive meeting of the State Council was held today. The council heard a report on the implementation of policies and measures to support the resumption of production and the assistance of enterprises, and launched and improved relevant policies to increase the stability of enterprises to secure employment.

The executive meeting of the State Council was held today. The council heard a report on the implementation of policies and measures to support the resumption of production and the assistance of enterprises, and launched and improved relevant policies to increase the stability of enterprises to secure employment.

The meeting requested that the government timely introduce and improve relevant policies in accordance with changes in the situation and corporate demands.

 First, the government should allow small and micro enterprises and individual household businesses to postpone the payment of income tax in response to the current epidemic.

The government provides taxpayers with public transportation services, living services, and provides residents with necessary living resources express delivery service income, extending the time for exemption from VAT.

Second, on the basis of the 1.29 trillion yuan of local government special bonds already issued at the beginning of the year, the government should an additional limit of 1 trillion yuan of special bonds in advance, and strived to complete the issuance by the end of May.

Third, the government has extended the policy of postponing principal and interest repayment for enterprises that offer basically stable jobs, especially small, medium and micro enterprises, and create instruments to support banks in issuing more credit loans.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/05/07/state-council-to-allow-small-businesses-to-postpone-income-tax-payment/.

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