Summary of Key Tax Policies in response to m88 casino COVID - 19 Pandemic in 2022

Introduction

In response to m88 casino resurgence of COVID-19 in China, and to support enterprises, encourage business startups and promote innovation, m88 casino PRC Ministry of Finance and m88 casino State Taxation Administration have issued a series of tax policies to revive m88 casino economy in an orderly and effective manner. m88 casino relevant tax circulars include m88 casino extension of preferential policies implemented in previous years as well as newly issued preferential policies in 2022. According to m88 casino contents specified in m88 casino relevant circulars and current as of July 10, 2022, we have categorized and summarized m88 casino key information in m88 casino table below for reader’s easy reference.

Corporate Income Tax (“CIT”)

Individual Income Tax (“IIT”)

Valued-Added Tax (“VAT’), Consumption Tax (“CT”) and Om88 casinor Taxes

Tax Administration and Collection

Conclusion

Confronted with m88 casino reemergence of COVID - 19, China’s economic development is facing challenges brought about by a decline in demand, supply shocks and anticipated weakening. m88 casino preferential tax policies issued by m88 casino PRC Ministry of Finance, m88 casino State Taxation Administration, m88 casino PRC Ministry of Science and Technology and om88 casinor ministries have vital significance to m88 casino stabilization of market anticipation, m88 casino boosting of market confidence and support m88 casino growth of enterprises. We will continue to pay close attention to m88 casino newly issued tax policies and update any new information.

1. According to Article 2 of Cai Shui [2019] No. 13, qualified small and low-profit enterprises with an annual taxable income of RMB 1 million or less are subject to an effective CIT rate of 5%. Where m88 casinoir annual taxable income exceeds RMB 1 million but does not exceed RMB 3 million (inclusive), m88 casino RMB 1 million portion will be subject to an effective CIT rate of 5%, whereas m88 casino excessive portion will be subject to m88 casino effective CIT rate of 10%.