In the
annual Work Report delivered at the Two Sessions (Chinese People’s Political
Consultative Conference and National People’s Congress), Premier Li Keqiang
announced further cuts to value-added tax rates.
From 1
April 2019, the following rates shall be effective:
Sector Previous rate New rate Manufacturing sector
16%
13%
Construction and transport (including passenger transport services)
10%
9%
Although
VAT rates for services remain unchanged, an additional input VAT […]
An annual tax reduction of 200 billion yuan is expected for small-profit businesses as part of the latest tax relief policies set forth for small and micro business. The tax relief was announced during the 12 January State Council meeting chaired by Premier Li Keqiang. Following suit, the Notice on Implementing the Policy of Inclusive Tax Relief for Small and Micro Enterprises Circular, Caishui No. 13 [2019] (Circular 13), jointly released by the Ministry of Finance and the State Administration […]
Read moreRecently, small and micro China enterprises saw preferential tax relief under the promulgation of the Notice on Implementing the Policy of Inclusive Tax Relief for Small Profit Enterprises Circular, Caishui No. 13 [2019] (Circular 13). What’s more, provisions in Circular 13 further exempt small-scale taxpayers from value-added taxes, provided their monthly sales fall below RMB 100,000 or RMB 300,000 quarterly.
Small-scale taxpayers were introduced into the 2016 VAT reforms, which included expanding VAT to the sale and importation of all […]
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