China's Tax Incentives for Enterprises in 2022: Updates Following the Two Sessions

Presenter(s):

• 

  Lynn Shen

  Assistant Manager, Corporate Accounting Services
  

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In the readout of the 2022 Government Work Report during the Two Sessions, an economic growth target of “around 5.5 percent” for 2022 was announced. To achieve this economic target, China will implement a new policy combination of tax cuts and tax rebate in 2022 to help businesses survive the difficulties, especially smaller enterprises. The supporting measures cover a wide range of tax categories such as corporate income tax (CIT), value-added tax (VAT), individual income tax (IIT), real estate tax, stamp tax, etc. We suggest that companies seize the momentum and stay up-to-date with the policy to make prompt and accurate business decisions. 

Lynn Shen, Assistant Manager of Corporate Accounting Services at Dezan Shira & Associates’ Shenzhen office, discusses the newly issued tax incentive policies and the local implementation measures. She also introduces the pandemic relief measures with a special focus on Shenzhen, covering taxes, social insurance, housing fund and government subsidies for enterprises.