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China to reduce valued-added tax rates from Apr 1

2019/03/29 12:40

China decided at the second conference for the National People’s Congress held on March 15 that it will cut the value-added tax rates further from April 1.

1)     The government will lower the tax rate on sales and imports by normal taxpayers to 13% from the current 16%. In the case of a current rate of 10%, the rate will be slashed to 9%,

2)     As for agricultural products, the rate would be reduced from the current 10% to 9% while a current rate of 13% would be trimmed to 10%,

3)     For exported products, the tax refund rate would be reduced to 13% from the current 16% and to 9% if the current rate is 10%.

The Chinese government earlier reduced part of the valued added tax rate from May 1 in 2018. For industry sectors with a tax rate of 17%, the rate was reduced to 16%. On the other hand, for sectors with a rate of 11%, the new tax rate was slashed to 10%. 

 

 

Shanghai : Energy Desk  Bian Chunyu  +86-21-5111-3575
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