Changes to Value Added Tax (VAT) in China
At the 13th National People’s Congress (NPC), it was announced that China would decrease the current Value Added Tax (VAT) rates of 16% and 10% for General VAT Taxpayers to lower VAT rates of 13% and 9% respectively.
The decrease follows after China raised the VAT exemption thresholds for small-scale taxpayers in January, in a bid to stabilize the economy and further stimulate economic activity in specific sectors.
According to Moore Stehpens (MS) Advisory, the announcement is good news for businesses and consumers alike in China and will reduce the overall tax burden.
To about the changes and what they mean for your business, download the summary by MS Advisory.
