China will extend certain tax break measures introduced in the early days of the Covid-19 pandemic, the Treasury Department said Tuesday.
The pandemic policy mainly supports smaller companies and the film industry. The MOF said it would extend:
- VAT reductions for small and small businesses by December 31, 2021.
- A further cut in VAT from 3% to 1% for qualified smaller businesses in Hubei Province, where the pandemic was most severe, over the same period.
- Tax reductions for theaters and other companies in the film industry until the end of the year.