Policies to support SMEs amid outbreak rolled out

A raft of tax policies to reduce financial burdens on some sectors and support the fight against the novel coronavirus epidemic have been unveiled, the country's finance ministry and taxation watchdog said in a statement.

For firms in the transportation, catering, accommodation and tourism sectors, their losses logged in 2020 can be carried over to an extended maximum period of eight years. In addition, airline payments to the government's civil aviation development fund are also waived, according to the new policy.

The specific tax policies took effect on Jan 1, 2020, and the expiration date will be decided later based on the epidemic situation, according to the statement.