On 30 May 2024, the General Office of the State Taxation Administration and the General Office of the All-China Federation of Industry and Commerce jointly issued the 2024 Special Action Plan on Tax Measures for Supporting the Development of Micro and Small Enterprises (“Action Plan”), which outlines twelve strategic measures aimed at enhancing support for micro and small enterprises (“MSEs”).
Key initiatives of the action plan:
- Targeted policy delivery: the plan details a strategy to tailor tax and fee incentives more precisely based on the specific characteristics such as type, operational scale, and industry sector of the businesses.
- Focus on key sectors: there will be an increased emphasis on providing policy guidance to MSEs within the sci-tech innovation and manufacturing sectors, recognizing their critical role in economic growth.
- Support for cross-border MSEs: the Action Plan proposes customized support measures for MSEs engaging in cross-border activities, tailored to their needs in the various stages of growth and development.
- Collaborative dispute resolution: it encourages multi-departmental cooperation to enhance mechanisms for resolving tax and fee disputes, aiming to streamline and diversify the resolution process.
Action Plan: http://fgk.chinatax.gov.cn/zcfgk/c102424/c5232277/content.html