on March 27, the Chinese Ministry of Finance and State Taxation Administration jointly issued an announcement on preferential policies for small businesses regarding income tax. According to the announcement, from January 1, 2023 to December 31, 2024 an enterprise income tax rate of 20% will be applied to annual taxable income no higher than RMB1 million (USD0.15 million) of small and micro businesses, and the individual income tax rate will be halved, in addition to current preferential policies, for annual taxable income no higher than RMB1 million (USD0.15 million) of privately or individually-owned businesses.