Ministry of Finance and State Administration of Taxation: exemption of some administrative fees and government funds

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 Ministry of Finance and State Administration of Taxation: exemption of some administrative fees and government funds


According to the announcement, the relevant equipment newly purchased by the material production enterprises for epidemic prevention and control to expand production capacity is allowed to be included in the current cost and deducted before corporate income tax.

VAT shall be exempted for the income obtained by taxpayers from the transportation of key materials for epidemic prevention and control.

The maximum carry over period of losses of enterprises in difficult industries affected by the epidemic in 2020 is extended from 5 years to 8 years. Enterprises in difficult industries include transportation, catering, accommodation and tourism.

Value added tax shall be exempted for the income obtained by taxpayers from providing public transport services, living services and providing express delivery services for residents of necessary living materials.

The announcement shall be implemented from January 1, 2020, and the deadline shall be announced separately according to the epidemic situation.