China's Ministry of Finance has issued Announcement No. 22 of 20 April 2020 which extends the preferential tax policies for the financing of micro and small businesses, sole proprietors, and farmers. This includes that several preferential VAT policies introduced in 2017 and scheduled to expire 31 December 2019 are extended to 31 December 2023. The policies include VAT exemptions on the financing of qualifying small taxpayers and allowed input tax deductions for fixed asset leasing. VAT that…