In 2019, the Chinese government introduced several tax policies to support businesses and individuals. One of the key measures was the reduction of value-added tax (VAT) rates for certain industries. For example, the VAT rate for manufacturing and other industries was lowered from 16% to 13%, which significantly reduced the tax burden on enterprises. 💸
Another important policy was the increase in the individual income tax threshold. The threshold was raised from 3,500 yuan per month to 5,000 yuan per month, benefiting millions of salaried workers. Additionally, new deductions were added for items like children's education, further education, serious illness medical expenses, housing loan interest, and housing rent. 👨👩👧👦
Small and micro-sized enterprises also enjoyed favorable tax treatments. They could enjoy an enterprise income tax exemption if their annual taxable income did not exceed 1 million yuan. These policies aimed to stimulate economic growth and improve people's livelihoods. 🏭✨