Wednesday, 28 May 2014

China Updates- Tax

Tax breaks are being introduced/ extended for star-ups with an emphasis on new entrants to the job market or those already unemployed. Hence, the breaks can be enjoyed by companies started up by graduates or unemployed persons. In addition, existing companies can get a tax break if they hire long-term unemployed (anyone who has been unemployed for a year or more).

The tax breaks are as follows. Businesses set up by graduates or unemployed can get a deduction of up to RMB9,600 p.a. (previously RMB 8,000) from their Corporate Income Tax (CIT) bill. Start-up businesses who employ a long-term unemployed person will get a further CIT deduction of RMB 5,200 per year per position created.

The measure will be in force until the end of 2016.

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