37 billion yuan of taxes reduced for China's small firms

BEIJING - Tax breaks have seen 37.1 billion yuan ($6 billion) slashed from on China small companies' tax bills in the first three quarters of this year, government data showed on Thursday.

Business income tax worth 7.46 billion yuan was reduced or scrapped, as companies with annual taxable business income below 100,000 yuan were eligible for a 50 percent reduction in their bills..

Value-added tax and turnover tax cuts were worth more than 29.6 billion yuan through a temporary suspension for certain small firms from August last year, data from the State Administration of Taxation showed.

The Ministry of Finance also announced on Thursday that a stamp tax on lending contracts between banks and small companies will be abolished.

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