Jinhua, East China's Zhejiang province, recently introduced 30 measures to support the stable and healthy development of market entities.
The city will fully implement the new combined tax and fee support policy, increase the implementation of the value-added tax refund policy, strengthen the preferential income tax policy for micro, small and medium-sized enterprises, and temporarily exempt small-scale taxpayers from value-added tax.
According to the measures, for small and low-profit enterprises, annual taxable income of between 1 million yuan ($157,062.58) and 3 million yuan will be subject to a tax rate of 20 percent.
Small and medium-sized enterprises that purchased equipment and appliances in 2022 and with a unit value of more than 5 million yuan can choose to deduct such expenses before corporate income tax according to a certain percentage of the unit value.
Micro and small-sized enterprises in the service industry and individual industrial and commercial households that rent State-owned houses in county-level areas can enjoy a six-month rent reduction, if the location is at high or medium-risk for COVID-19.
Micro, small and medium-sized enterprises that do not lay off or reduce layoffs can get a refund on social insurance of up to 90 percent in 2022.
The city will also provide services for enterprises to maintain production if they are affected by the COVID-19 epidemic, according to officials.
