Policies to support SMEs amid outbreak rolled out

Tax authorities in China on Feb 11 published a document that outlines a set of policies to ease the tax burden on individuals and corporations during the novel coronavirus outbreak, including exemptions in individual income tax and value-added tax for certain taxpayers.

The State Taxation Administration has released 12 preferential tax policies for supporting coronavirus prevention work, related to epidemic prevention and treatment, material supply, public donations, and support for companies to restart production, a statement said.

Companies, which provide key supplies for controlling the epidemic, will receive a full refund of the tax credits for the incremental value-added tax. VAT on income from transportation and courier deliveries of epidemic control supplies will be canceled.