Shandong Province has raised the threshold for levying business taxes since Nov. 1.

The monthly threshold was increased to 20,000 yuan (US$3,137) and the daily threshold was adjusted to 500 yuan (US$78), according to the Shandong Tax Bureau.

Keeping in line with national policies, the higher threshold was intended to aid the development of small and micro businesses.

The new threshold is expected to benefit 210,179 individual businessmen in the province, accounting for 88.31 percent of the total, according to departments of finance and tax of Shandong Province.

The last large increase of the threshold for levying businesses taxes was from 1,000 yuan (US$157) to 5,000 yuan (US$784) in 2006.