China Optimizes Tax Relief Policies
Date
3/26/2023 8:01:54 AM
(MENAFN) During a State Council executive meeting chaired by Premier Li Qiang, China's State Council confirmed the key tasks that need to be accomplished this year and assigned them to responsible departments. The meeting also passed a work plan on agriculture, rural areas, and farmers, while hearing a report on the consolidation of the results of poverty alleviation.
To strengthen economic growth, the meeting decided to continue and optimize certain tax relief policies. Measures include allowing eligible firms to deduct twice the sum of their R&D costs from taxable income rather than 175 percent, making the previously temporary tax-relief policy a long-term institutional arrangement. China will also extend the zero tariffs on coal imports by the end of this year.
Efforts will be made to provide solid and detailed support for grain production and ensure it tops 650 billion kilograms annually. Rural industries with local characteristics will be fostered to create more channels to increase rural incomes and advance rural revitalization.
China will also consolidate the results of its poverty alleviation campaign and work to prevent a large-scale return to poverty. The meeting called for planning and implementing fiscal supports, project arrangements, and assistance policies in a development-oriented manner.
The State Council has assigned the key tasks to responsible departments, emphasizing the importance of conducting in-depth research and adjusting policies based on the realities at the primary level in a timely manner, ensuring that the assigned tasks are accomplished effectively.
In summary, the State Council executive meeting chaired by Premier Li Qiang confirmed key tasks to be accomplished this year and assigned them to responsible departments. To strengthen economic growth, China will continue and optimize certain tax relief policies, including allowing eligible firms to deduct twice the sum of their R&D costs from taxable income rather than 175 percent. Efforts will be made to provide support for grain production and advance rural revitalization, while consolidating the results of the poverty alleviation campaign to prevent a large-scale return to poverty. The meeting called for planning and implementing fiscal supports, project arrangements, and assistance policies in a development-oriented manner.
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