TAX CUTS TO BOOST SMALL FIRMS

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(1102 CR M09) TAX CUTS TO BOOST SMALL FIRMS DATELINE: Nov. 2, 2011LENGTH: 00:03:34PKGINTROChina has carried out major tax cuts to boost the nation's crisis-hit small firms, even including street vendors. The tax cuts also aim to help curb inflation.The plan is expected to benefit the 300,000 micro-sized businesses greatly.China Report has more.PKGThe tax cuts took effect on Tuesday. According to a statement released by the Ministry of Finance, the value-added tax threshold for small firms increased to the range of 790 to 3150 U.S. dollars, in terms of monthly sales revenues.And the previous threshold was 315 to 790 dollars.Meanwhile, the threshold for levying the business tax for small enterprises was raised to 790-3150 dollars from the previous 157-790dollars. The ministry says the new threshold is designed based on the business traits of small and micro firms and aims to relieve their tax burden.The value-added tax is a consumption tax.Because small businesses are mainly labor-inte
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