China on Tuesday said it would extend existing tax breaks for companies and expand the scope of such measures to increase jobs.
Tax breaks given to employers who create new jobs and individuals who start their own businesses, measures that expired at the end of last year, will be extended for another three years, the Ministry of Finance said in a statement on its website.
Some employers will receive a tax-and-fee waiver of up to 5,200 yuan ($831) annually per job if they sign a contract with employees for more than a year and pay their social insurance in accordance with the law. The old measures gave a total waiver of up to 4,800 yuan.
Individuals who are unemployed and start their own business can receive a tax-and-fee waiver of up to 9,600 yuan a year, Tuesday’s statement said. The figure was 8,000 yuan previously.
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bljworldwide via CHINA US Focus http://ift.tt/1iz4SBR
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