"From Dec. 1, 2017 to Dec. 31, 2019, financial institutions will be exempt from VAT on income from interests for loans to small, micro-sized and individually-owned businesses," according to a document jointly released by the ministry and taxation administration.
Currently the policy applies to loans to farmers only.
By the end of June, outstanding loans from financial institutions to small and micro businesses reached 22.6 trillion yuan (about 3.4 trillion U.S. dollars), nearly double the amount of 2017, accounting for 32 percent of total loans to all businesses, the statement said.
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