Tag: VAT

CHINA | Digital Special Value-added Tax Invoices

In May 2016, value-added tax (‘VAT’) was reformed and expanded to several key sectors. The reforms unifies all sectors within a disruptive VAT system. It provides incentives to distribute the tax burden down the VAT chain. VAT unification stands to decrease the payable VAT and improve cash flow for registered taxpayers. VAT is offset by…

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Tax news: Value added tax exemptions for China’s small-scale businesses are in place

Recently, 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…

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