www.chinaservicesinfo.com

Policies

China cuts tax on technologically advanced service trade firms

Updated: May 29, 2018 Xinhua Print
Share - WeChat

996_副本.jpg

Foreign visitors experience a digital blood pressure monitor system at the China Beijing International Fair for Trade in Services, on May 28, 2016. [Photo/VCG]

BEIJING - China is to expand a tax cut program on qualified technologically advanced service firms nationwide.

The rate of enterprise income tax will be cut to 15 percent for businesses in the service trade sector which are qualified as technologically advanced, according to a statement released by the Ministry of Finance.

The tax cut has been in place in 15 regions including Tianjin, Shanghai and Shenzhen since 2016 on a pilot program.

Seventeen other regions, including Beijing, will join the program between July 1 this year and June 30, 2020 to further promote innovative service trade.

China's service trade volume has ample room for growth compared with developed countries. Trade in services totaled 4.7 trillion yuan ($730 billion) in 2017, up 6.8 percent year on year.

Copyright©2024 China Daily. All rights reserved.

京ICP备13028878号-6

京公网安 京公网安备 11010502032503号