Credit Guarantee Institutes of Minor Enterprises Acquired Another Three-Year Exe

The Ministry of Industry and Information and the State Administration of Taxation stated explicitly that the qualified credit guarantee institutes of minor enterprises will be exempt from business tax for another three years. Part of guarantee institutes have enjoyed the preferential policy of tax exemption for 12 consecutive years since its implementation in 2001.

The guarantee institutes enjoying tax exemption shall be mainly engaged in providing services for minor enterprises, have the experience of sustainable development for more than two years, and the capital is mainly used for the businesses of guarantee. In addition, the institutes shall have the sound internal management system and the ability to provide guarantee for minor enterprises, with outstanding performances of operation and the actual received capital exceeding RMB20m.

The credit guarantee institutes of minor enterprises that are qualified for the requirements may voluntarily make the applications, and the Ministry of Industry and Information and the State Administration of Taxation shall examine and approve and issue the list of tax exemption after the administration departments of minor enterprises at provincial level and local tax authorities at provincial level examine and approve, and recommend, and the guarantee institutes in the list hold relevant documents to go through the procedures of tax exemption in competent tax authorities.