Announcement on Tax and Expense Policies to Further Support the Development of Small Enterprises and Sole Proprietors (Announcement No. 12 of 2023 by the General Administration of Taxation, Ministry of Finance)
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To further support the development of small enterprises and individual business owners, the following policies regarding related taxes and fees are announced:
1. From January 1, 2023, to December 31, 2027, the individual income tax on the annual taxable income of individual business owners up to 2 million yuan will be halved. Individual business owners can enjoy this preferential policy in addition to other existing preferential policies related to individual income tax.
2. From January 1, 2023, to December 31, 2027, small-scale taxpayers, small enterprises, and individual business owners will have their collection or taxation of resource tax (excluding water resource tax), urban maintenance and construction tax, property tax, urban land use tax, stamp tax (excluding securities transaction stamp tax), cultivated land occupation tax, education surcharge, and local education surcharge halved.
3. The policy of paying corporate income tax by multiplying the annual taxable income amount by 25% and then by the small enterprise tax rate of 20% will be extended until December 31, 2027.
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