Nov. 1 (Bloomberg) -- China’s finance ministry raised the threshold for payment of value-added and business taxes so that fewer small companies will have to pay the levy, according to a statement posted to its website yesterday.
The threshold for paying value-added taxes will increase to those businesses with monthly sales of at least 5,000 yuan, according to the statement, which didn’t give the previous minimum. The earlier threshold was 2,000 yuan, the official Xinhua News Agency reported separately.
The threshold for paying business taxes was also raised to those businsses earning 5,000 yuan of sales a month, according to the statement. The previous threshold was 1,000 yuan, according to Xinhua.
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