The National Development and Reform Commission of China's Ministry of Finance has issued Announcement No. 23 of 23 April 2020, which extends the preferential corporate income tax rate for enterprises in encouraged industries located in the western regions. This includes a reduced corporate income tax rate of 15% for qualifying enterprises with effect from 1 January 2021 to 31 December 2030.
For the purpose of the reduced rate incentive, the announcement provides that an enterprise's main bu…