Wuxi implements new measures to support SMEs

Eight measures to support the stable development of small, medium and micro-enterprises were implemented in Wuxi on Nov 4, according to the municipal development and reform commission.

According to the bureau, the new measures will help reduce the burden on SMEs by nearly 14 billion yuan and are valid until Dec 31, 2021.

Three measures will be implemented to reduce taxes for enterprises facing difficulties in normal operations, such as resource taxes, real estate taxes, urban land use taxes, and stamp taxes.

For SMEs that are unable to pay taxes on time due to the impact of the COVID-19 epidemic and that have difficulties with production and operation, the city will accept applications for tax deferrals in accordance with the law.

To reduce the burden of corporate social security contributions and based on the original provincial flat rate, the work-related injury insurance rate will be reduced by 20 percent. The policy to extend the phased reduction of unemployment insurance rates will continue until April 30, 2022.

Tenants in the service industry who lease operating properties of State-owned enterprises or municipal administrative institutions for production and operation and  that are facing difficulties in production and operation due to the COVID-19 epidemic, can be exempted from one month's rent or extend the corresponding rent term.

In addition, enterprises involved in exhibitions or summits will receive more financial support to make up for losses caused by the COVID-19 epidemic.