Turnover tax waiver for small loans to con­tinue

China Daily (Canada) - - FRONT PAGE -

The gov­ern­ment will con­tinue to waive turnover tax on in­ter­est earned by fi­nan­cial in­sti­tu­tions is­su­ing small loans of be­low 100,000 yuan ($16,104) to ru­ral house­holds for pro­duc­tion, the Min­istry of Fi­nance said in a state­ment onWed­nes­day. The min­istry also said that 90 per­cent of such in­ter­est in­come and the pre­mium in­come of is­suance com­pa­nies from agri­cul­tural com­pa­nies in the farm­ing and breed­ing sec­tors will be cal­cu­lated as tax­able in­come.

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