China is expanding an income-tax break to help more companies and will speed construction of water projects, the cabinet said on Wednesday, as it boosts fiscal support for a cooling economy.
A scheme to discount corporate tax rates by a fifth will be widened to cover firms with annual taxable income of 200,000 yuan ($31,953), the State Council said in an online statement after a weekly meeting.
The concession was formerly restricted to companies with taxable income of less than 100,000 yuan.
Last year, China logged economic growth of 7.4 percent, its worst in 24 years, dragged down by a sagging housing market and a slowdown across sectors from exports to investment and manufacturing.
Many analysts expect growth in the world’s second-largest economy to fall still further this year, to around 7 percent.
via CNBC
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Alfonso Esparza
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