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China offers tax-free interest income
Published on: 2017-11-08
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041China will exempt banks' interest income from loans to small firms and rural households from value added tax, in the latest step to address the long-standing issue of a lack of financing for small firms.

The policy will be put into effect from December 1, 2017 to the end of 2019, the finance ministry and tax administration said, while contracts for loans to small firms will also be free of stamp taxes from 2018 to 2020.

The supportive policies will apply to loans of 1 million yuan or less, said the notice posted on the finance ministry's website.

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