China's Ministry of Finance and State Administration of Taxation have issued Announcement No. 43 of 27 November 2020, which extends the preferential tax deduction limit for advertising and business promotion expenses that would otherwise expire on 31 December 2020.
Under the general rules, advertising and business promotion expenses are deductible up to 15% of sales (operating) income for the year, although for enterprises engaged in the manufacturer or sale of cosmetics, manufacture of pha…