China decided on Thursday to scrap all approval procedures for income tax breaks so that tax exemption or reduction will become more accessible to enterprises.

The State Administration of Taxation (SAT) put tax breaks into 55 categories. Enterprises wishing to have tax breaks will not need approval from authorities but can refer to these categories and go through a record-keeping process.

Local authorities should abide by the latest rule change and not reintroduce any covert forms of approval, the SAT said. Endi

Go to Forum >>0 Comment(s)