Shandong to raise tax thresholds for small enterprises
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The Shandong provincial government recently issued the Opinions on Giving Micro and Small Enterprises Increased Financial and Tax Support to Promote their Continued Healthy Development. The new policy aims to promote the sound development of micro and small enterprises in the whole province by raising their VAT and business tax thresholds and other measures.
Besides raising the VAT and business tax thresholds of micro and small enterprises, Shandong will also extend the 50% enterprise income tax cut for low-profit small enterprises to the end of 2015 and expand the scope of this policy. The public technical service demonstration platforms of qualified small and medium-sized state-owned enterprises will also be eligible for import duty concessions on certain imported articles used in scientific and technological development.
At the same time, Shandong will expand the scale of special funds for foreign trade development and actively support small and medium-sized enterprises in their efforts to open up international markets. It will also give increased support to small and medium-sized outsourcing service enterprises in a bid to beef up their capacity to undertake international outsourcing business. Efforts will also be made to enhance the multiplier effects of small secured loan funds, increase the total amount of small loans granted and actively offer loans with fiscal interest discounts to support the establishment and development of micro and small enterprises.
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