value added tax in China

VAT Registration in China

China's Ministry of Finance (MOF) issued an announcement on January 9, 2023, clarifying some of its value-added tax incentives. As per the changes, the taxpayers in the production-oriented services industry can deduct an additional 5% of VAT, while those in the lifestyle services industry can deduct an additional 10% of…

VAT in China

From the beginning, we remind that the value added tax (VAT) in China is a tax imposed on the sale and import of goods and the supply of certain services. The standard rate is applicable to most products and services, but a reduced rate is also available. The VAT is one of the most…