1 September 2021
China's Ministry of Finance and State Administration of Taxation have jointly issued Announcement No. 27 of 2021 regarding the continuation of preferential policies for urban maintenance and construction tax (UMCT). The announcement notes that the Urban Maintenance and Construction Tax Law as adopted in August 2020 will enter into force on 1 September 2021 and, in connection with this, certain past UMCT preferential policies will continue to apply. This includes UMCT exemptions for sales of standard gold by members of the Gold Exchange and Shanghai Futures Exchange and for the national major water conservancy project construction fund, with no specified end dates for the exemptions. Other preferential policies include a 50% UMCT rate reduction for small-scale VAT payers and a UMCT exemption for retired military personnel starting their own business from 1 January 2019 to 31 December 2021, and a UMCT reduction and exemption to support and promote the entrepreneurship and employment of key groups from 1 January 2019 to 31 December 2025.
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