China's State Administration of Taxation has published Circular 77/2018, which extends the tax incentive for small low-profit enterprises. The incentive provides for a 50% reduction in taxable income along with a reduced tax rate of 20%. The Circular provides for an increase in the annual taxable income threshold to qualify from CNY 500,000 to CNY 1,000,000 from 1 January 2018 to 31 December 2020. Aside from meeting the taxable income threshold, an enterprise must also meet certain employee …