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Jilin enacts 100 policies to further open up

Updated: Mar 19, 2019 govt.chinadaily.com.cn Print
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4. Cost reduction 

There are 18 specific policies offered to reduce costs for enterprises of all sizes.

The enterprise income tax shall be levied at a reduced rate of 15 percent only for those identified technologically advanced enterprises within the service trade sector.

Financial institutions will be exempted from value added tax (VAT) in its interest income obtained from issuing petty loans to small and micro enterprises, as well as individual businesses, from Sept 1, 2018, to Dec 31, 2020. In addition, no more extra fees will be needed for small and micro enterprises if they have the demand for a loan. 

Manufacturing enterprises will also be supported in efforts to renovate their plant areas or to expand their production and storage sites, so as to improve the level of intensive land use so that no more land cost will be charged. 

Starting from Feb 1, 2019, registration charges on medicine, as well as medical apparatus and instruments will be reduced by 30 percent from their current level. 

For taxpayers who are qualified for tax reduction or exemption and have real difficulties in paying taxes, their real estate tax and urban land use tax may be reduced or exempted under the approval of tax authorities. 

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