China’s “Announcement on Matters Concerning the Delay in Paying 2020 Income Taxes for Small and Low-Profit Enterprises and Individual Industrial and Commercial Households” is as follows:

Announcement on matters related to the delay of the 2020 income tax payment of small and low-profit enterprises and individual industrial and commercial households
Announcement No. 10 (2020) of the State Administration of Taxation
In order to further support the resumption of work and production of small and low-profit enterprises and individual industrial and commercial households, ease the pressure on their production and operation funds, and stimulate the vitality of market entities, the following matters concerning the delay of the payment of 2020 income tax for small and low-profit enterprises and individual industrial and commercial households are hereby announced:

  1. The policy of postponing the payment of income tax for small and low-profit enterprises:
    From May 1, 2020 to December 31, 2020, after small low-profit enterprises have completed the prepayment declaration in the remaining declaration period of 2020, they can defer the current corporate income tax payment until the first declaration period of 2021 and pay it.
    The term “small and low-profit enterprises” as mentioned in this announcement refers to enterprises that meet the requirements of the “Announcement of the State Administration of Taxation on Issues Concerning the Implementation of Inclusive Income Tax Reduction and Exemption Policies for Small and Low-profit Enterprises” (No. 2 of 2019).
  2. The policy of postponing the payment of income tax for individual industrial and commercial households.
    From May 1, 2020 to December 31, 2020, individual industrial and commercial households can postpone the payment of personal income tax for the current period and postpone their first declaration of personal income tax in 2021 after they have handled their personal income tax declarations for the remaining declaration period of 2020. Pay together during the period. Among them, individual industrial and commercial households that implement simple declarations will not be withheld personal income tax temporarily from May 1, 2020 to December 31, 2020, and will be deferred to the first declaration period in 2021.
    This announcement will come into effect on May 1, 2020. From May 1st to the issuance of this announcement, taxpayers who have already paid the deferred tax payment in accordance with the provisions of this announcement can apply for a refund, which will be paid in the first reporting period in 2021.

Hereby announce.
May 19, 2020