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China Tax & Investment News | Out of darkness, the light is shining through – China issues a set of hardship relief and economic stimulating packages to overcome COVID-19 impact
China Tax & Investment News (CTIN) is a bilingual thought leadership prepared by EY’s China Tax Center team and distributed in PDF to all EY clients which have subscribed to EY email notifications. Different from China Tax & Investment Express (CTIE), which is a weekly quick briefing on multiple rules/regulations/polices officially issued in that period, CTIN – normally focusing on one ruling or one type of issues/industries each issue - provides more detailed interpretation and in-depth business implication analysis on significant policies as well as trends of development in tax and business related areas.
In a truly historical moment, almost the entire globe is fighting the COVID-19 battle. Some statistics indicate that 190 countries, i.e. over 97% of the globe, are under the attack of the virus; many of them have suffered casualties and some are starting to enter the recovery stage. While things are moving fast, with people still travelling around, a stable situation may turn, so every government is very cautious and is ready to act expediently in response to the changing environment.
As a major economy that is still fighting the battle on COVID-19 but which is gradually stepping forward to recovery, China has been offering a number of stimulus measures to support businesses in navigating this challenging time. A series of finance and tax policies have been announced at both central and local levels - all aiming to help the country to mitigate the brunt of economic damage.
The newly introduced policies are comprehensively covering many fields. Although most of them are temporary but some may have long term impacts on businesses' cash flow and investment plans. To help the businesses quickly understand the questions of what, how and when to apply, this issue of China Tax and Investment News will introduce you the details of some key supporting measures and our observations.
For more information, please contact your usual EY contact or one of the EY’s China tax leaders in the list attached at the end of this tax alert.