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China extends 3% VAT rate withdrawal for small businesses till 31 Dec 2027

3 August 2023 in

China

Aug 2023: Ministry of Finance provides SMB VAT relief for further 5 years as growth slows The Chinese Ministry of Finance and State Administration of Taxation have extended the exemption for small businesses from the 3% VAT rate. Also, the alternative cash-flow based VAT accounting

China VAT on foreign digital services update

7 March 2023 in

China

New draft law indicates foreign providers will face digital services VAT responsibilities In January, Chinese draft VAT law was issued. Aside from consolidating many existing laws, it includes a shift towards imposing VAT compliance obligations on non-resident providers of digital services. It talks of VAT

China proposed VAT Law overhaul 2023

22 January 2023 in

China

New draft VAT Law consolidates existing rules, adding major reforms to bring into line with OECD guidelines China has issued a new draft VAT Law to consolidate a number of existing VAT regulations, but also to continue the development of the rules inline with the

China small businesses VAT cut for 2023

11 January 2023 in

China

Struggling economy given tax boost as 3% VAT on small businesses temporarily withdrawn for 2023 and replaced with 1% rate On 9 January 2023, the Chinese Ministry of Finance provided fiscal relief for small businesses by reducing the Value Added Tax rate applicable to small

China special e-fapiao mandatory VAT invoice update

5 November 2022 in

China

13 new regions join mandatory e-invoice (e-fapiao) pilot in August 2022; full roll out by 2023 28th Oct 2022 update: the southwestern Chinese province of Sichuan has joined the e-fapiao pilot. China’s State Taxation Administration (‘STA’) is continuing to expand its introduction of the special e-fapiao e-invoice system,

China prolongs Additional VAT Deduction relief for key services industry

9 August 2022 in

China

Qualified enterprises have 10% or 15% additional deduction of creditable input VAT into 2023 China’s State Council has indicated that it will extend the right for input credits for a number of key services sectors. The aim is to continue to support businesses as China

China zero’s VAT on delivery services

4 May 2022 in

China

Stringent COVID-19 lockdowns lead to VAT break The Chinese Ministry of Finance and State Taxation Administration have confirmed that delivery services will be zero-rated between 1 May and 31 December 2022. This will cover express delivery services of household essentials, aimed at providing some support

China releases CNY 420bn VAT credits as economy slows

20 April 2022 in

China

Over 500,000 business receive CNY 420 billion (approx €700bn) to boost COVID-hit economy The accelerated release of credits to small businesses and larger corporations in certain sectors is giving large scale liquidity to the economy. The first wave of VAT repayments has been paid over

China special e-fapiao VAT invoice 2025 mandatory

3 February 2022 in

China

2022 – three further provinces join electronic invoicing pilot China’s State Taxation Administration (‘STA’) is continuing to expand its voluntary introduction of the special e-fapiao e-invoice system, based on national invoicing platform, since the last wave of 25 regions joining the pilot in January 2021. These are

China VAT on foreign digital services

18 November 2021 in

China

Mainland China places the Value Added Tax responsibilities for non-resident sourced digital or electronic onto the Chinese resident customer. This applies to both B2C and B2B. There is no facility for non-residents to register for VAT. Non-resident providers of digital services should consider the likelihood

Tag: China

China extends 3% VAT rate withdrawal for small businesses till 31 Dec 2027

China VAT on foreign digital services update

China proposed VAT Law overhaul 2023

China small businesses VAT cut for 2023

China special e-fapiao mandatory VAT invoice update

China prolongs Additional VAT Deduction relief for key services industry

China zero’s VAT on delivery services

China releases CNY 420bn VAT credits as economy slows

China special e-fapiao VAT invoice 2025 mandatory

China VAT on foreign digital services

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