The National Development and Reform Commission
("NDRC") and other authorities have, in recent months,
issued several policies for promoting the recovery of
"stranded" industries in the service sector.
The policies propose measures from several aspects, generally
revolving around inclusive bailout and support, and include various
industries, as discussed in this article.
Inclusive bailout and supports
The announcement will extend the value-added tax deductions,
whereby taxpayers in 2022 in the production and living service
industries will continue to enjoy deductions of extra input tax by
10% and 15%, respectively.
They will expand preferential treatment for reducing resource
tax, urban maintenance and construction tax, real estate tax, etc.,
from small-scale VAT taxpayers to small low-profit enterprises and
self-employed businesses.
