The Ministry of Finance and the State Administration of Taxation announced on 1 Aug 2023, value-added tax (VAT) will be deducted. Thus, the government aimed to support the SME to further develop of business and to lessen the burden of individual. The act is valid till end of 2027.
The announcement is as follows:
Value-added tax on Small Scale SME businesses and Individuals
Monthly sales amount for small businesses under CNY100,000 are exempt from VAT.
Individuals taxable levy VAT rate is reduced from 3% to 1%
For further information, please contact us.
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