On March 5th, at the fifth session of the 12th National People’s Congress (NPC), Premier Li Keqiang spoke on the Chinese government’s plans for the next year (in addition to reviewing the achievements of the previous year). The main fiscal tasks for 2017 include:
- simplifying the VAT rate categories,
- increasing the percentage of R&D expenses’ “super deduction” for Corporate Income Tax (CIT) for SMEs,
- lowering the level at which qualified small and thin-profit enterprises qualify for CIT preferential treatments,
- continuing to standardise and eliminate the “non-tax [i.e. administrative] burden” of SMEs.